EMPLOYEE BENEFIT PLANS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
Retirement Benefits [Abstract] |
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Schedule of Obligation and Funded Status |
The following table sets forth the obligation and funded status as of December 31, 2021 and 2020: | | | | | | | | | | | | | | | (In Thousands) | | 2021 | | 2020 | Change in benefit obligation: | | | | | Benefit obligation at beginning of year | | $ | 23,553 | | | $ | 21,456 | | | | | | | Interest cost | | 509 | | | 641 | | Actuarial (gain) loss | | (269) | | | 160 | | Benefits paid | | (896) | | | (887) | | | | | | | Change in actuarial assumptions | | (974) | | | 2,183 | | Benefit obligation at end of year | | $ | 21,923 | | | $ | 23,553 | | | | | | | Change in plan assets: | | | | | Fair value of plan assets at beginning of year | | $ | 23,484 | | | $ | 19,901 | | Actual return on plan assets | | 2,785 | | | 2,967 | | Employer contribution | | 700 | | | 1,500 | | Benefits paid | | (896) | | | (887) | | Adjustment to fair value of plan assets | | — | | | 3 | | Fair value of plan assets at end of year | | 26,073 | | | 23,484 | | Funded status | | $ | 4,150 | | | $ | (69) | | | | | | | Accounts recognized on balance sheet as: | | | | | Total liabilities | | $ | 4,150 | | | $ | (69) | | | | | | | Amounts not yet recognized as a component of net periodic pension cost: | | | | | Amounts recognized in accumulated other comprehensive income (loss) consist of: | | | | | Net loss | | $ | 4,412 | | | $ | 7,084 | |
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Schedule of Components of the Net Periodic Cost and Other Amounts Recognized in other Comprehensive Income (loss) |
Components of Net Periodic Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) as of December 31, 2021, 2020, and 2019 are as follows: | | | | | | | | | | | | | | | | | | | | | (In Thousands) | | 2021 | | 2020 | | 2019 | Net periodic pension cost: | | | | | | | Service cost | | $ | — | | | $ | — | | | $ | — | | Interest cost | | 509 | | | 641 | | | 763 | | Expected return on plan assets | | (1,542) | | | (1,274) | | | (995) | | | | | | | | | | | | | | | | Amortization of unrecognized net loss | | 186 | | | 185 | | | 187 | | Net periodic (benefit) cost | | $ | (847) | | | $ | (448) | | | $ | (45) | |
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Schedule of Weighted-Average Assumptions used to Determine Benefit Obligations and Net Periodic Cost |
Weighted-average assumptions used to determine benefit obligations at December 31, 2021, 2020, and 2019: | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | Discount rate | 2.61 | % | | 2.24 | % | | 3.04 | % | Rate of compensation increase | N/A | | N/A | | N/A |
Weighted-average assumptions used to determine net periodic cost for years ended December 31, 2021, 2020, and 2019: | | | | | | | | | | | | | | | | | | | 2021 | | 2020 | | 2019 | Discount rate | 2.24 | % | | 3.04 | % | | 4.10 | % | Expected long-term return on plan assets | 7.00 | % | | 7.00 | % | | 7.00 | % | | | | | | |
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Schedule of Plan's Weighted-Average Asset Allocations by Asset Category |
The Plan’s weighted-average asset allocations at December 31, 2021 and 2020 by asset category are as follows: | | | | | | | | | | | | | | | Asset Category | | 2021 | | 2020 | Cash | | 5.09 | % | | 3.62 | % | Fixed income securities | | 12.29 | % | | 12.99 | % | Equity | | 68.76 | % | | 69.06 | % | Inflation Hedges/Real Assets | | 5.23 | % | | 5.16 | % | Hedged Strategies | | 8.63 | % | | 9.17 | % | Total | | 100.00 | % | | 100.00 | % |
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Schedule Setting Forth by Level, within the Fair Value Hierarchy the Plan's Assets at Fair Value |
The following table sets forth by level, within the fair value hierarchy detailed in Note 21 - Fair Value Measurements, the Plan’s assets at fair value as of December 31, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 1,326 | | | $ | — | | | $ | — | | | $ | 1,326 | | Mutual funds - taxable fixed income | | 3,205 | | | — | | | — | | | 3,205 | | Mutual funds - domestic equity | | 11,422 | | | — | | | — | | | 11,422 | | Mutual funds - international equity | | 6,505 | | | — | | | — | | | 6,505 | | Inflation Hedges/Real Assets | | 1,364 | | | — | | | — | | | 1,364 | | Hedged Strategies | | 2,251 | | | — | | | — | | | 2,251 | | Total assets at fair value | | $ | 26,073 | | | $ | — | | | $ | — | | | $ | 26,073 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2020 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | | | | | | | | Cash and cash equivalents | | $ | 850 | | | $ | — | | | $ | — | | | $ | 850 | | Mutual funds - taxable fixed income | | 3,051 | | | — | | | — | | | 3,051 | | Mutual funds - domestic equity | | 11,325 | | | — | | | — | | | 11,325 | | Mutual funds - international equity | | 4,889 | | | — | | | — | | | 4,889 | | Inflation Hedges/Real Assets | | 1,214 | | | — | | | — | | | 1,214 | | Hedged Strategies | | 2,155 | | | — | | | — | | | 2,155 | | Total assets at fair value | | $ | 23,484 | | | $ | — | | | $ | — | | | $ | 23,484 | |
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Schedule of Future Benefit Payments Expected to be Paid |
The following future benefit payments are expected to be paid: | | | | | | (In Thousands) | | 2022 | $ | 1,005 | | 2023 | 1,068 | | 2024 | 1,071 | | 2025 | 1,125 | | 2026 | 1,181 | | 2027-2031 | 6,034 | | | $ | 11,484 | |
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