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EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2023
EMPLOYEE BENEFIT PLANS [Abstract]  
Schedule of Changes in Projected Benefit Obligation and Changes in Plan Assets [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2023
December 31, 2022
(In thousands)
Changes in projected benefit obligation:
Projected benefit obligation at the beginning of year,
 
defined benefit pension plans
$
73,508
$
97,867
Interest cost
3,800
2,614
Actuarial loss (gain)
(1)
1,966
(21,265)
Benefits paid
(5,727)
(5,708)
Projected benefit obligation at the end of year,
 
pension plans
$
73,547
$
73,508
Projected benefit obligation, other postretirement benefit plan
244
182
Projected benefit obligation at the end of year
$
73,791
$
73,690
Changes in plan assets:
Fair value of plan assets at the beginning of year
$
77,189
$
103,487
Actual return on plan assets - gain (loss)
5,903
(20,590)
Benefits paid
(5,727)
(5,708)
Fair value of pension plan assets at the end of year
(2)
$
77,365
$
77,189
Net asset, pension plans
3,818
3,681
Net benefit obligation, other postretirement benefit plan
(244)
(182)
Net asset
$
3,574
$
3,499
(1)
For 2022, significant components of the Pension Plans’ actuarial loss
 
(gain) that changed the benefit obligation were mainly related
 
to updates in discount rates.
(2)
Other postretirement plan did not contain any assets as of
 
December 31, 2023 and 2022.
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
The following
 
table presents
 
information
 
for
 
the plans
 
with a
 
projected
 
benefit obligation
 
and accumulated
 
benefit obligation
 
in
excess of plan assets for the years ended December 31, 2023 and 2022:
December 31, 2023
December 31, 2022
(In thousands)
Projected benefit obligation
$
49,793
$
48,501
Accumulated benefit obligation
49,793
48,501
Fair value of plan assets
46,801
46,398
Schedule of Net Benefit Costs [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Affected Line Item
in the Consolidated
Year Ended December 31,
Statements of Income
2023
2022
2021
(In thousands)
Net periodic benefit, pension plans:
Interest cost
Other expenses
$
3,800
$
2,614
$
2,473
Expected return on plan assets
Other expenses
(3,543)
(4,158)
(4,523)
Net periodic cost (benefit), pension plans
257
(1,544)
(2,050)
Net periodic cost, postretirement plan
Other expenses
25
8
6
Net periodic cost (benefit)
$
282
$
(1,536)
$
(2,044)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
2023
2022
2021
Discount rate
5.43%
2.77%
2.36%
Expected return on plan assets
4.80%
4.43%
5.99%
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The following table presents the changes in pre-tax accumulated other comprehensive
 
income of the Pension Plans and
Postretirement Benefit Plan for the years ended December 31, 2023, 2022,
 
and 2021:
Year Ended December 31,
2023
2022
2021
(In thousands)
Accumulated other comprehensive income (loss) at beginning
 
of year, pension plans
$
1,974
$
5,457
$
(404)
Net gain (loss)
 
395
(3,483)
5,861
Accumulated other comprehensive income at end of year, pension plans
2,369
1,974
5,457
Accumulated other comprehensive loss at end of year, postretirement plan
(155)
(61)
(29)
Accumulated other comprehensive income at end of year
$
2,214
$
1,913
$
5,428
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
Ended December 31,
2023
2022
2021
(In thousands)
Net actuarial gain (loss), pension plans
$
395
$
(3,483)
$
5,861
Net actuarial loss, other postretirement benefit plan
(111)
(35)
(2)
Amortization of net loss
17
3
1
Net amount recognized
$
301
$
(3,515)
$
5,860
Schedule of Allocation of Plan Assets [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
The Pension Plans asset allocations by asset category are as follows as of the indicated
 
dates:
December 31, 2023
December 31, 2022
Asset category
Investment in funds
97%
97%
Other
3%
3%
100%
100%
Schedule of Expected Benefit Payments [Table Text Block]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount
(In thousands)
2024
$
6,386
2025
6,060
2026
6,071
2027
5,923
2028
5,692
2029 through 2033
27,144
$
57,276