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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2022
EMPLOYEE BENEFIT PLANS |
Schedule of pension benefits | PENSION BENEFITS: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
CHANGE IN BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 50,287 | ​ | $ | 54,861
Service cost | ​ |  | 1,419 | ​ | ​ | 1,708
Interest cost | ​ |  | 1,462 | ​ | ​ | 894
Actuarial (gain) loss | ​ |  | (9,787) | ​ | ​ | 273
Settlements | ​ |  | (7,541) | ​ | ​ | (6,516)
Benefits paid | ​ |  | (934) | ​ | ​ | (933)
Benefit obligation at end of year | ​ |  | 34,906 | ​ | ​ | 50,287
CHANGE IN PLAN ASSETS: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ |  | 70,432 | ​ | ​ | 58,447
Actual return on plan assets | ​ |  | (9,700) | ​ | ​ | 11,434
Employer contributions | ​ |  | 4,000 | ​ | ​ | 8,000
Settlements | ​ |  | (7,541) | ​ | ​ | (6,516)
Benefits paid | ​ |  | (934) | ​ | ​ | (933)
Fair value of plan assets at end of year | ​ |  | 56,257 | ​ | ​ | 70,432
Funded status of the plan | ​ | $ | 21,351 | ​ | $ | 20,145
Schedule of amounts not yet recognized as a component of periodic pension cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
AMOUNTS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC PENSION COST: |  | ​ |  |  | ​ | ​
Amounts recognized in accumulated other comprehensive loss consists of: |  | ​ |  |  | ​ | ​
Net actuarial loss | ​ | $ | 9,597 | ​ | $ | 9,319
Total | ​ | $ | 9,597 | ​ | $ | 9,319
Schedule of accumulated benefit obligation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
ACCUMULATED BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Accumulated benefit obligation | ​ | $ | 32,190 | ​ | $ | 46,319
​
Schedule of weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine benefit obligations at December 31, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2022 |  | 2021 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  | ​
Discount rate |  | 5.45 | % | 2.80 | %
Salary scale | ​ | ​ | ​ | ​ | ​
Ages 30-34 | ​ | 5.00 | ​ | 2.50 | ​
Ages 35-44 | ​ | 4.00 | ​ | 2.50 | ​
Ages 45-54 | ​ | 3.00 | ​ | 2.50 | ​
Ages 55+ |  | 2.50 |  | 2.50 | ​
​
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (IN THOUSANDS)
OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS |  | ​ | ​ |  | ​ |  |  | ​ |
Net loss (gain) | ​ | $ | 4,106 | ​ | $ | (7,153) | ​ | $ | 968
Recognized loss | ​ |  | (3,828) | ​ |  | (4,157) | ​ |  | (2,453)
Total recognized in other comprehensive loss before tax effect | ​ | $ | 278 | ​ | $ | (11,310) | ​ | $ | (1,485)
Total recognized in net benefit cost and other comprehensive loss before tax effect | ​ | $ | 2,794 | ​ | $ | (8,559) | ​ | $ | 684
​
Schedule of weighted-average assumptions used to determine net periodic benefit cost | The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2022, 2021 and 2020 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  |  |  | ​
Discount rate |  | 2.81 | % | 2.48 | % | 3.20 | %
Expected return on plan assets |  | 7.00 |  | 7.00 |  | 7.00 | ​
Rate of compensation increase |  | 2.50 |  | 2.50 |  | 2.50 | ​
​
Schedule of plan's asset allocations | The plan’s measurement date is December 31, 2022. This plan’s asset allocation at December 31, 2022 and 2021, by asset category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2022 |  | 2021 |
ASSET CATEGORY: |  |  |  |  | ​
Cash and cash equivalents |  | 89.9 | % | 0.1 | %
Domestic equities |  | 7.1 |  | 12.1 | ​
Mutual funds/ETFs |  | — |  | 84.1 | ​
International equities |  | — |  | 0.3 | ​
Corporate bonds |  | 3.0 |  | 3.4 | ​
Total |  | 100.0 | % | 100.0 | %
​
Schedule of fair value of plan assets | The major categories of assets in the Company’s pension plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
Level 1: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 50,553 | ​ | $ | 56
Domestic equities | ​ |  | 4,026 | ​ | ​ | 8,488
Mutual funds/ETFs | ​ |  | — | ​ | ​ | 59,306
International equities | ​ |  | — | ​ | ​ | 199
Level 2: | ​ |  | ​ | ​ | ​ | ​
Corporate bonds | ​ |  | 1,678 | ​ | ​ | 2,383
Total fair value of plan assets | ​ | $ | 56,257 | ​ | $ | 70,432
​
Schedule of benefit payments | The following benefit payments, which reflect future service, as appropriate, are expected to be paid. ​
​ | ​ | ​ | ​
​ |  | ESTIMATED FUTURE
YEAR: | ​ | BENEFIT PAYMENTS
​ | ​ | (IN THOUSANDS)
2023 | ​ | $ | 3,422
2024 | ​ |  | 4,177
2025 | ​ |  | 3,934
2026 | ​ |  | 4,059
2027 | ​ |  | 3,534
Years 2028-2032 | ​ |  | 12,780
​

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