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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
EMPLOYEE BENEFIT PLANS |
Schedule of pension benefits | PENSION BENEFITS:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022
​ | ​ | (IN THOUSANDS)
CHANGE IN BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Benefit obligation at beginning of year | ​ | $ | 34,906 | ​ | $ | 50,287
Service cost | ​ |  | 1,071 | ​ | ​ | 1,419
Interest cost | ​ |  | 1,761 | ​ | ​ | 1,462
Actuarial loss (gain) | ​ |  | 82 | ​ | ​ | (9,787)
Settlements | ​ |  | — | ​ | ​ | (7,541)
Benefits paid | ​ |  | (3,001) | ​ | ​ | (934)
Benefit obligation at end of year | ​ |  | 34,819 | ​ | ​ | 34,906
CHANGE IN PLAN ASSETS: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of year | ​ |  | 56,257 | ​ | ​ | 70,432
Actual return on plan assets | ​ |  | 6,079 | ​ | ​ | (9,700)
Employer contributions | ​ |  | — | ​ | ​ | 4,000
Settlements | ​ |  | — | ​ | ​ | (7,541)
Benefits paid | ​ |  | (3,001) | ​ | ​ | (934)
Fair value of plan assets at end of year | ​ |  | 59,335 | ​ | ​ | 56,257
Funded status of the plan | ​ | $ | 24,516 | ​ | $ | 21,351
Schedule of amounts not yet recognized as a component of periodic pension cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022
​ | ​ | (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 | ​ | $ | 7,626 | ​ | $ | 9,597
Total | ​ | $ | 7,626 | ​ | $ | 9,597
Schedule of accumulated benefit obligation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022
​ | ​ | (IN THOUSANDS)
ACCUMULATED BENEFIT OBLIGATION: |  | ​ |  |  | ​ |
Accumulated benefit obligation | ​ | $ | 32,137 | ​ | $ | 32,190
Schedule of weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine benefit obligations at December 31, 2023 and 2022 were as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2023 |  | 2022 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  | ​
Discount rate |  | 5.12 | % | 5.45 | %
Salary scale | ​ | ​ | ​ | ​ | ​
Ages 25-34 | ​ | 5.00 | ​ | 5.00 | ​
Ages 35-44 | ​ | 4.00 | ​ | 4.00 | ​
Ages 45-54 | ​ | 3.00 | ​ | 3.00 | ​
Ages 55+ |  | 2.50 |  | 2.50 | ​
Schedule of net periodic pension cost | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
COMPONENTS OF NET PERIODIC BENEFIT COST: | ​ | ​ |  |  | ​ |  |  | ​ |
Service cost | ​ | $ | 1,071 | ​ | $ | 1,419 | ​ | $ | 1,708
Interest cost | ​ |  | 1,761 | ​ |  | 1,462 | ​ |  | 894
Expected return on plan assets | ​ |  | (4,063) | ​ |  | (4,193) | ​ |  | (4,008)
Amortization of net loss | ​ |  | 37 | ​ |  | 1,330 | ​ |  | 2,421
Settlement charge | ​ |  | — | ​ |  | 2,498 | ​ |  | 1,736
Net periodic pension (benefit) cost | ​ | $ | (1,194) | ​ | $ | 2,516 | ​ | $ | 2,751
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive loss | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31,
​ |  | 2023 |  | 2022 |  | 2021
​ | ​ | (IN THOUSANDS)
OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS |  | ​ | ​ |  | ​ |  |  | ​ |
Net (gain) loss | ​ | $ | (1,934) | ​ | $ | 4,106 | ​ | $ | (7,153)
Recognized loss | ​ |  | (37) | ​ |  | (3,828) | ​ |  | (4,157)
Total recognized in other comprehensive loss before tax effect | ​ | $ | (1,971) | ​ | $ | 278 | ​ | $ | (11,310)
Total recognized in net benefit cost and other comprehensive loss before tax effect | ​ | $ | (3,165) | ​ | $ | 2,794 | ​ | $ | (8,559)
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, 2023, 2022 and 2021 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  |  |  | ​
Discount rate |  | 5.45 | % | 2.81 | % | 2.48 | %
Expected return on plan assets |  | 7.00 |  | 7.00 |  | 7.00 | ​
Rate of compensation increase | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ages 25-34 | ​ | 5.00 | ​ | 2.50 | ​ | 2.50 | ​
Ages 35-44 | ​ | 4.00 | ​ | 2.50 | ​ | 2.50 | ​
Ages 45-54 | ​ | 3.00 | ​ | 2.50 | ​ | 2.50 | ​
Ages 55+ |  | 2.50 |  | 2.50 |  | 2.50 | ​
Schedule of plan's asset allocations | The plan’s measurement date is December 31, 2023. This plan’s asset allocation at December 31, 2023 and 2022, by asset category is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | YEAR ENDED DECEMBER 31, |
​ |  | 2023 |  | 2022 |
ASSET CATEGORY: |  |  |  |  | ​
Cash and cash equivalents |  | 2.4 | % | 89.9 | %
Domestic equities |  | 3.4 |  | 7.1 | ​
Mutual funds/ETFs |  | 94.2 |  | — | ​
Corporate bonds |  | — |  | 3.0 | ​
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,
​ |  | 2023 |  | 2022
​ | ​ | (IN THOUSANDS)
Level 1: |  | ​ |  |  | ​ |
Cash and cash equivalents | ​ | $ | 1,419 | ​ | $ | 50,553
Domestic equities | ​ |  | 2,007 | ​ | ​ | 4,026
Mutual funds/ETFs | ​ |  | 55,909 | ​ | ​ | —
Level 2: | ​ |  | ​ | ​ | ​ | ​
Corporate bonds | ​ |  | — | ​ | ​ | 1,678
Total fair value of plan assets | ​ | $ | 59,335 | ​ | $ | 56,257
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)
2024 | ​ | $ | 4,874
2025 | ​ |  | 4,470
2026 | ​ |  | 4,651
2027 | ​ |  | 3,860
2028 | ​ |  | 3,220
Years 2029-2033 | ​ |  | 12,630

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