PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

The Pension Plan’s funded status at December 31 is as follows:


(In thousands)	2023		2022
Reconciliation of Projected Benefit Obligation:
Projected obligation at January 1	$	35,539	$	48,079
Interest cost	1,021		1,301
Actuarial (gain)/ loss	(1,726)		376
Benefit payments	(1,102)		(2,106)
Increase/ (decrease) related to change in assumptions	—		(12,111)
Annuity Purchase	(33,732)		—
Projected obligation at December 31	—		35,539
Reconciliation of Fair Value of Plan Assets:
Fair value of plan assets at January 1	32,287		45,207
Actual return on plan assets	1,197		(10,814)
Employer contributions	1,350		—
Benefit payments	(1,102)		(2,106)
Annuity Purchase	(33,732)		—
Fair value of plan assets at December 31	$	—	$	32,287

Funded status at December 31	$	—	$	(3,252)

Accumulated benefit obligation at December 31	$	—	$	35,539

Unrecognized net actuarial loss	$	—	$	10,736
Net periodic pension cost not yet recognized	$	—	$	10,736

Weighted average assumptions used to determine benefit obligations at December 31 are presented in the following table:


	2023	2022	2021
Discount rate	N/A	5.10%	2.80%
Rate of compensation increase	N/A	N/A	N/A

The components of net periodic benefit cost for the years ended December 31 are presented in the following table:


(In thousands)	2023		2022		2021
Interest cost on projected benefit obligation	$	1,021	$	1,301	$	1,269
Expected return on plan assets	(870)		(1,410)		(1,247)
Recognized net actuarial loss	526		783		909
Settlement charge	8,157		—		560
Other	113		—		—
Net periodic benefit cost	$	8,947	$	674	$	1,491

Weighted average assumptions used to determine net periodic benefit cost for years ended December 31 are presented in the following table:


	2023	2022	2021
Discount rate	5.10%	2.80%	2.50%
Expected return on plan assets	5.25%	3.75%	3.25%
Rate of compensation increase	N/A	N/A	N/A