PENSION AND OTHER RETIREMENTS BENEFITS (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Retirement Benefits [Abstract] |
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| Funded Status of Company's Defined Benefit Pension Plans |
The following table reconciles the funded status of the Company’s defined benefit pension plans (in thousands):
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Year Ended |
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December 31, 2023 |
|
December 31, 2022 |
| Accumulated benefit obligations |
$ |
7,941 |
|
|
$ |
7,706 |
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| Changes in projected benefit obligations: |
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|
| Projected benefit obligations at beginning of year |
$ |
7,706 |
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|
$ |
20,314 |
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| Service cost |
— |
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|
41 |
|
| Interest cost |
377 |
|
|
326 |
|
Actuarial loss (gain) |
208 |
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|
(3,084) |
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| Benefits paid |
(350) |
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|
(9,891) |
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|
|
|
|
| Projected benefit obligations at end of year |
7,941 |
|
|
7,706 |
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| Change in plans’ assets: |
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|
|
| Fair value of plans’ assets at beginning of year |
2,522 |
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|
12,902 |
|
| Actual returns on plans’ assets |
10 |
|
|
(349) |
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Employer contributions |
350 |
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|
360 |
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| Benefits paid |
(419) |
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|
(9,891) |
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| Transfers related to plan termination |
(2,463) |
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|
(500) |
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| Fair value of plans’ assets at end of year |
— |
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|
2,522 |
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| Net pension liability |
$ |
(7,941) |
|
|
$ |
(5,184) |
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| Schedule of Amounts Recognized in Balance Sheet |
Amounts recognized in the Company’s consolidated balance sheets consisted of (in thousands):
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
| Other assets |
$ |
— |
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|
$ |
2,522 |
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| Accrued expenses and other current liabilities |
(355) |
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|
(355) |
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| Other liabilities |
(7,586) |
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|
(7,351) |
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| Net amount recognized |
$ |
(7,941) |
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|
$ |
(5,184) |
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| Schedule of Net Periodic Benefit Cost Not yet Recognized |
Amounts recognized in accumulated other comprehensive income (loss), net of tax, which have not yet been recognized as a component of net periodic pension expense for the Company’s defined benefit pension plans, are as follows (in thousands):
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
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Net actuarial gain |
$ |
(1,323) |
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|
$ |
(1,523) |
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|
$ |
(207) |
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|
$ |
(1,323) |
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|
$ |
(1,523) |
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|
$ |
(207) |
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| Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
The components of the changes in unrecognized amounts included in pension obligation, net in other comprehensive income (loss) for the Company’s defined benefit pension plans were as follows (in thousands):
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
Net actuarial loss (gain) |
$ |
152 |
|
|
$ |
(1,316) |
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|
$ |
527 |
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|
|
|
|
|
Amortization of actuarial gain (loss) |
48 |
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|
— |
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|
(36) |
|
Total loss (gain) recognized in other comprehensive income (loss) |
$ |
200 |
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|
$ |
(1,316) |
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|
$ |
491 |
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| Components of Net Periodic Benefit (Credit) Expense |
The components of net periodic benefit cost (credit) for the Company’s defined benefit pension plans were as follows (in thousands):
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Service cost |
$ |
— |
|
|
$ |
41 |
|
|
$ |
63 |
|
| Interest cost |
377 |
|
|
326 |
|
|
1,047 |
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| Expected return on plan assets |
— |
|
|
144 |
|
|
(1,310) |
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|
|
|
|
|
Amortization of net actuarial (gain) loss |
(63) |
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|
— |
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|
36 |
|
Settlement loss (income) |
59 |
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|
(1,178) |
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|
(644) |
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Net periodic benefit cost (credit) |
$ |
373 |
|
|
$ |
(667) |
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|
$ |
(808) |
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Net periodic benefit cost (credit) is reflected in the Company’s consolidated financial statements as follows (in thousands):
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Selling, general and administrative expense |
$ |
— |
|
|
$ |
41 |
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|
$ |
63 |
|
Other expense (income), net |
373 |
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|
(708) |
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|
(871) |
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Net periodic benefit cost (credit) |
$ |
373 |
|
|
$ |
(667) |
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|
$ |
(808) |
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| Schedule of Assumptions for Benefit Obligations |
The following assumptions were used to determine the net periodic benefit cost during 2022 for the Company’s funded defined benefit pension plan:
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Year Ended December 31, 2022 |
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| Weighted-average assumptions used to determine net periodic benefit cost: |
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| Discount rate |
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|
2.38 |
% |
| Expected long-term rate of return on plan assets |
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|
1.70 |
% |
The following assumptions were used to determine the benefit obligation at year end and net periodic benefit cost during the year for the Company’s unfunded supplemental defined benefit pension plan:
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Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
| Weighted-average assumptions used to determine benefit obligation at year end: |
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| Discount rate |
4.81 |
% |
|
5.01 |
% |
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| Weighted-average assumptions used to determine net periodic benefit cost: |
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| Discount rate |
5.01 |
% |
|
2.78 |
% |
| Rate of compensation increase |
— |
% |
|
3.50 |
% |
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| Schedule of Target Allocation and Fair Value of Plan Assets |
The following tables set forth, by category, the Company’s pension plan assets as of December 31, 2022, using the fair value hierarchy established under ASC Topic 820 and as described in Note 9 (in thousands):
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Pension Plan Assets as of December 31, 2022 |
|
Level 1 |
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Level 2 |
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Level 3 |
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Total |
| Pension plan assets measured at fair value: |
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| Cash and cash equivalents |
$ |
2,522 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,522 |
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| Total pension plan assets measured at fair value |
$ |
2,522 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,522 |
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| Schedule of Projected Benefit Payments |
The projected benefit payments for the unfunded non-qualified defined benefit pension plans are as follows (in thousands):
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| 2024 |
$ |
355 |
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| 2025 |
425 |
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| 2026 |
592 |
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| 2027 |
588 |
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| 2028 |
583 |
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| 2029-2033 |
3,177 |
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