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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
EMPLOYEE BENEFIT PLANS  
Schedule of funded status of retirement income plan

December 31, 

    

2023

    

2022

(in thousands)

  

  

Accumulated benefit obligation at end of year

$

$

29,651

Change in projected benefit obligation:

 

  

 

  

Benefit obligation at beginning of year

$

29,651

$

41,038

Service cost

 

 

Interest cost

 

22

 

972

Actuarial (gain) loss

 

(3,715)

 

(5,258)

Benefits paid

 

(836)

 

(3,248)

Settlement

(25,122)

(3,853)

Projected benefit obligation at end of year

$

$

29,651

Change in Plan assets:

 

 

Fair value of Plan assets at beginning of year

$

20,041

$

35,339

Actual return on Plan assets

 

249

 

(8,197)

Employer contribution

 

5,454

 

Benefits paid

 

(836)

 

(3,248)

Transfer of assets

524

Refund related to Plan trust dissolution

(310)

Settlement

(25,122)

(3,853)

Fair value of Plan assets at end of year

$

$

20,041

Funded status at end of year

$

$

(9,610)

Schedule of amounts recognized in the current liabilities section on the balance sheets

December 31, 

    

2023

    

2022

(in thousands)

  

  

Amounts (pre-tax) recognized in accumulated other comprehensive income (loss) consist of:

 

  

 

  

Net loss

$

$

22,476

Prior service cost (credit)

 

 

Net transition obligation (asset)

 

 

$

$

22,476

Schedule of net periodic benefit cost

December 31,

2023

2022

2021

(in thousands)

Interest cost

$

22

 

$

972

 

$

988

Expected return on Plan assets

 

 

(1,509)

Amortization of net losses

226

 

1,010

 

808

Settlement loss

18,286

2,921

Net periodic benefit cost

$

18,534

$

4,903

$

287

Schedule of amounts recognized in other comprehensive loss

December 31,

    

2023

    

2022

    

2021

(in thousands)

Net (loss) gain

$

(3,964)

$

2,939

$

4,169

Amortization of net loss

(226)

(1,010)

(808)

Settlement loss

(18,286)

(2,921)

Amount recognized in accumulated other comprehensive (loss) income

$

(22,476)

$

(992)

$

3,361

Schedule of weighted average assumptions

December 31, 

    

2023

    

2022

    

2021

 

Projected Benefit Obligation:

  

  

  

 

Discount rate

(1)

(1)

(1)

Rate of compensation increase

 

N/A

 

N/A

 

N/A

Net Benefit Cost:

 

  

 

  

 

  

Discount rate

 

N/A

4.86

%  

2.50

%

Expected return on Plan assets

 

N/A

0.0

%  

4.00

%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

(1)As of December 31, 2023, there was no liability in the plan and therefore, a discount rate does not apply. Projected benefit obligation as of December 31, 2022, and 2021 reflects proposed termination of the Plan and is calculated based on various assumptions in accordance with the Plan agreement.
Schedule of weighted average asset allocation of plan assets

    

Percentage of Plan Assets

 

December 31, 

2022

 

Asset Category

  

 

Cash and cash equivalents

 

3.7

%

Fixed income securities

 

96.3

%

Total

 

100.0

%  

Schedule of Fair Value Hierarchy

Fair Value Hierarchy as of December 31, 2022:

Investments (in thousands)

    

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

(1)

$

740

$

740

$

Fixed Income Securities

(2)

19,301

19,301

Total Assets in the Fair Value Hierarchy

$

20,041

$

740

$

19,301

Investments measured at Net Asset Value

 

 

 

  

 

  

Investments at Fair Value

$

20,041

 

  

 

  

(1)Cash and cash equivalents, which are used to pay benefits and Plan administrative expenses, are held in money market funds.
(2)Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades. Subsequent to December 31, 2022 these securities were liquidated to fund the annuity purchases.
Schedule of summary of the changes in non-vested restricted shares

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2023:

Weighted Average 

    

Shares

    

Grant-Date Fair Value

Non-vested shares at January 1, 2023

3,248,728

$

6.87

Granted

 

1,235,728

 

9.50

Vested

 

(859,485)

 

8.63

Forfeited

 

(92,786)

 

7.74

Non-vested shares at December 31, 2023

 

3,532,185

$

7.35

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2022:

    

Weighted Average 

    

Shares

    

Grant-Date Fair Value

Non-vested shares at January 1, 2022

2,619,691

$

7.89

Granted

 

1,254,276

 

6.72

Vested

 

(510,084)

 

11.86

Forfeited

 

(115,155)

 

6.29

Non-vested shares at December 31, 2022

 

3,248,728

$

6.87