EMPLOYEE BENEFIT PLANS (Tables) - Defined benefit pension plan

12 Months Ended

Dec. 31, 2022

Employee Benefit Plans

Summary of benefit plans for employees

	December 31,
	2022		2021
	(dollars in thousands)
Change in benefit obligations:
Benefit obligations at beginning of year	$	139,566	$	147,934
Interest cost		3,749		3,438
Actuarial gain		(32,996)		(6,406)
Benefits paid		(5,637)		(5,400)
Benefit obligations at end of year		104,682		139,566
Change in plan assets:
Fair value of plan assets at beginning of year		113,976		100,969
Employer contribution		—		3,312
Actual return on plan assets		(16,210)		15,095
Benefits paid		(5,637)		(5,400)
Fair value of plan assets at end of year		92,129		113,976
Funded status at the end of year	$	(12,553)	$	(25,590)
Amounts recognized in balance sheet:
Non-current liability	$	(12,553)	$	(25,590)
Amounts recognized in accumulated other comprehensive income consists of:
Prior service cost	$	(382)	$	(568)
Net actuarial loss		(15,160)		(27,271)
	$	(15,542)	$	(27,839)
Weighted-average assumption to determine benefit obligations as of December 31,
Discount rate		5.10%		2.73%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31,
Discount rate		2.73%		2.37%
Expected return on plan assets		6.00%		6.50%

Schedule of long-term rate of return assumptions

	Asset allocation
As of December 31, 2022	assumption
Equity securities	60%
Fixed income securities	35%
Real estate	5%
	100%

Components of net periodic benefit cost

	Year Ended December 31,
	2022		2021		2020
	(in thousands)
Components of net periodic benefit cost:
Interest cost	$	3,749	$	3,438	$	4,185
Expected return on plan assets		(6,638)		(6,580)		(5,861)
Amortization of prior service cost		186		186		186
Amortization of net loss		1,963		4,327		4,128
Net periodic benefit cost (1)	$	(740)	$	1,371	$	2,638

(1) Nonservice components of net periodic benefit cost are included in the Other income (expense) line item within our consolidated statements of operations.

Schedule of other changes in plan assets and benefit obligation recognized in accumulated other comprehensive income

	Year Ended December 31,
	2022		2021
	(in thousands)
Other changes in plan assets and benefit obligation recognized in accumulated other comprehensive loss:
Net actuarial gain	$	10,148	$	14,921
Reversal of amortization item:
Prior service cost		186		186
Net actuarial loss		1,963		4,327
Total recognized in accumulated other comprehensive loss		12,297		19,434
Net periodic benefit cost (credit)		740		(1,371)
Total recognized in net periodic benefit cost and accumulated other comprehensive loss	$	13,037	$	18,063

Schedule of estimated future benefit payments

Year Ended
December 31,	(in thousands)
2023	$	6,239
2024		6,416
2025		6,605
2026		6,816
2027		6,907
2028-2032		35,293
	$	68,276

Schedule of asset allocation guidelines, actual asset allocations and fair value of Pension Plan assets

	Percentage of Total Portfolio
	Minimum	Maximum
Equity securities	35%	80%
Fixed income securities	15%	65%
Convertible securities	0%	10%
Alternatives	0%	20%

	December 31,
	2022		2021
	(in thousands)
Cash and cash equivalents (a)	$	5,422	$	4,426
Commingled investment funds measured at net asset value (b):
Equities - Global		—		24,868
Equities - United States		36,259		41,140
Equities - United States futures		(697)		(2,055)
Equities - International developed markets		14,214		16,382
Equities - International developed markets futures		(1,693)		(16,260)
Equities - International emerging markets		782		(3,363)
Equities - International emerging markets futures		3,289		7,024
Fixed income - Investment grade		13,856		27,095
Fixed income - High yield		156		177
Fixed income - Futures		8,590		(689)
Alternatives		11,951		15,231
Total	$	92,129	$	113,976

(a) Cash and cash equivalents represents a Level 1 fair value measurement.  See Note 2 – Summary of Significant Accounting Policies – Fair Value Measurements for more information regarding the definitions of fair value hierarchy levels.

(b) Investments measured at fair value using the net asset value per share (or its equivalent) have not been classified within the fair value hierarchy.  The fair values of all commingled investment funds are determined based on the net asset values per unit of each of the funds. The net asset values per unit represent the aggregate value of the fund's assets at fair value less liabilities, divided by the number of units outstanding.