EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Retirement Benefits [Abstract] |
|
|
Schedule of Changes in Accumulated Postemployment Benefit Obligations [Table Text Block] |
The following table provides the change in benefit obligation, change in plan assets, funded status, and amounts recognized in the Consolidated Balance Sheet of the defined benefit pension plans as of December 31, 2022 and 2021 (amounts in thousands): | | | | | | | | | | | | Change in benefit obligation: | 2022 | | 2021 | Benefit obligation at beginning of year | $ | 106,587 | | | $ | 114,940 | | | | | | Service cost | 590 | | | 655 | | Interest cost | 2,872 | | | 2,880 | | Disposition of Australia benefit obligation | (853) | | | — | | Actuarial gain | (19,991) | | | (1,985) | | Benefits paid | (8,866) | | | (8,381) | | Foreign currency translation | (960) | | | (1,522) | | Benefit obligation at end of year | $ | 79,379 | | | $ | 106,587 | | Change in plan assets: | | | | Fair value of plan assets at beginning of year | $ | 97,007 | | | $ | 89,744 | | | | | | Actual return on plan assets | (14,179) | | | 13,259 | | Employer contributions | 436 | | | 1,397 | | Benefits paid | (8,228) | | | (7,355) | | Foreign currency translation | (11) | | | (38) | | Fair value of plan assets at end of year | $ | 75,025 | | | $ | 97,007 | | Unfunded status at end of year | $ | (4,354) | | | $ | (9,580) | | Amounts recognized in Consolidated Balance Sheet: | | | | Noncurrent assets | $ | 11,241 | | | $ | 11,095 | | Current liabilities | (1,718) | | | (1,551) | | Noncurrent liabilities | (13,877) | | | (19,124) | | Net amount recognized in the Consolidated Balance Sheet | $ | (4,354) | | | $ | (9,580) | |
|
|
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block] |
| | | | | | | | | | | | Amounts recognized in accumulated other comprehensive loss: | | | | | 2022 | | 2021 | Unrecognized prior service cost | $ | 643 | | | $ | 668 | | Unrecognized net loss | (21,091) | | | (22,231) | | Deferred tax effect of unrecognized items | 11,181 | | | 11,181 | | Net amount recognized in accumulated other comprehensive loss | $ | (9,267) | | | $ | (10,382) | |
|
|
Defined Benefit Plan, Assumptions [Table Text Block] |
| | | | | | | | | | | | The weighted-average assumptions used in the actuarial computation that derived the benefit obligations at December 31 were as follows: | 2022 | | 2021 | Discount rate | 5.5 | % | | 2.7 | % | Expected long-term return on plan assets | 6.5 | % | | 6.5 | % |
The weighted-average assumptions used in the actuarial computation that derived net periodic pension cost for the years ended December 31, 2022, 2021, and 2020 were as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Discount rate | 2.7 | % | | 1.4 | % | | 3.6 | % | Expected long-term return on plan assets | 6.5 | % | | 6.5 | % | | 6.9 | % |
|
|
Schedule of Net Benefit Costs [Table Text Block] |
The following table provides the components of net periodic pension cost for the plans, settlement cost, and the assumptions used in the measurement of the Company’s benefit obligation for the years ended December 31, 2022, 2021, and 2020 (amounts in thousands): | | | | | | | | | | | | | | | | | | Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | | | | | | Net periodic benefit cost: | 2022 | | 2021 | | 2020 | Service cost | $ | 590 | | | $ | 655 | | | $ | 801 | | Interest cost | 2,872 | | | 2,880 | | | 3,496 | | Assumed return on assets | (6,071) | | | (6,024) | | | (5,463) | | Amortization of unrecognized prior service cost | (85) | | | (95) | | | (69) | | | | | | | | Amortization of net unrecognized loss | 1,426 | | | 2,805 | | | 2,840 | | Net periodic pension cost | $ | (1,268) | | | $ | 221 | | | $ | 1,605 | |
|
|
Schedule of Allocation of Plan Assets [Table Text Block] |
The allocation of the fair value of plan assets was as follows: | | | | | | | | | | | | | | | | | | | Percentage of Plan Assets at December 31, | | Target Allocation | Asset Category | 2022 | | 2021 | | 2022 | U.S. equities (a) | 62 | % | | 64 | % | | 40% - 80% | Fixed income | 23 | % | | 23 | % | | 20% - 50% | Cash and cash equivalents | 8 | % | | 6 | % | | 0% - 20% | International equities (a) | 7 | % | | 7 | % | | 0% - 16% | | 100 | % | | 100 | % | | |
(a) Total equities may not exceed 80% of total plan assets. The fair value of the plan assets by asset categories consisted of the following as of the dates set forth below (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2022 | | Total | | Level 1 | | Level 2 | | Level 3 | Money market funds | $ | 5,377 | | | $ | 5,377 | | | $ | — | | | $ | — | | Common stock | 29,759 | | | 29,759 | | | — | | | — | | Bonds and securities | 4,891 | | | 4,891 | | | — | | | — | | Mutual and insurance funds | 34,998 | | | 34,084 | | | 914 | | | — | | Totals | $ | 75,025 | | | $ | 74,111 | | | $ | 914 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2021 | | Total | | Level 1 | | Level 2 | | Level 3 | Money market funds | $ | 5,830 | | | $ | 5,830 | | | $ | — | | | $ | — | | Common stock | 38,231 | | | 38,231 | | | — | | | — | | Bonds and securities | 8,240 | | | 8,240 | | | — | | | — | | Mutual and insurance funds | 44,706 | | | 44,194 | | | 512 | | | — | | Totals | $ | 97,007 | | | $ | 96,495 | | | $ | 512 | | | $ | — | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2021 | | Total | | Level 1 | | Level 2 | | Level 3 | Money market funds | $ | 5,830 | | | $ | 5,830 | | | $ | — | | | $ | — | | Common stock | 38,231 | | | 38,231 | | | — | | | — | | Bonds and securities | 8,240 | | | 8,240 | | | — | | | — | | Mutual and insurance funds | 44,706 | | | 44,194 | | | 512 | | | — | | Totals | $ | 97,007 | | | $ | 96,495 | | | $ | 512 | | | $ | — | |
|
Schedule of Expected Benefit Payments [Table Text Block] |
Projected benefit payments from the plans as of December 31, 2022, are estimated as follows (amounts in thousands): | | | | | | 2023 | $ | 8,197 | | 2024 | 7,665 | | 2025 | 7,487 | | 2026 | 7,294 | | 2027 | 6,819 | | 2028-2032 | 30,037 | |
|
|
Schedule of Accumulated and Projected Benefit Obligations |
Information for pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets were (amounts in thousands): | | | | | | | | | | | | | 2022 | | 2021 | Projected and accumulated benefit obligations (a) | $ | 79,379 | | | $ | 59,895 | | Fair value of plan assets | 75,025 | | | 39,561 | |
(a) The majority of the Company's pension plans are frozen plans and therefore there is no difference between the projected and accumulated benefit obligations.
|
|