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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2024
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2024

    

2023

​

​

(in thousands)

Projected benefit obligation, beginning of year

​

$

65,653

​

$

56,520

Service cost

​

 

1,022

​

 

1,016

Interest cost

​

 

2,799

​

 

2,909

Actuarial loss (gain)

​

 

(409)

​

 

4,808

Benefits paid

​

 

(1,934)

​

 

(1,452)

Translation adjustment

​

 

(2,790)

​

 

1,852

Projected benefit obligation, end of year

​

​

64,341

​

​

65,653

​

​

​

​

​

​

​

Fair value of plan assets, beginning of year

​

$

14,115

​

$

12,489

Expected return

​

 

714

​

 

654

Contributions

​

 

1,556

​

 

1,443

Benefits paid

​

 

(1,363)

​

 

(1,140)

Actuarial gain (loss)

​

 

(564)

​

 

17

Translation adjustment

​

 

(404)

​

 

652

Fair value of plan assets, end of year

​

​

14,054

​

​

14,115

Funded status of plan

​

$

(50,287)

​

$

(51,538)

​

​

​

​

​

​

​

​

​

​

December 31, 

​

December 31, 

​

    

2024

    

2023

​

​

(in thousands)

Accumulated benefit obligation

​

$

55,918

​

$

58,968

Schedule of current portion of the liability

​

​

​

​

​

​

​

​

​

​

December 31, 

​

    

2024

    

2023

​

​

(in thousands)

Current

​

$

732

​

$

2,403

Long-term

​

 

49,555

​

 

49,135

Total pension benefit obligation

​

$

50,287

​

$

51,538

Schedule of net periodic pension benefit costs

​

​

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

​

    

2024

    

2023

    

2022

​

​

(in thousands)

Service cost

​

$

1,022

​

$

1,016

​

$

1,133

Interest cost

​

​

2,799

​

​

2,909

​

​

1,819

Expected return on plan assets

​

 

(714)

​

 

(654)

​

 

(535)

Amortization of actuarial gains and losses

​

 

(210)

​

 

(404)

​

 

322

Net periodic pension cost

​

$

2,897

​

$

2,867

​

$

2,739

Schedule of assumptions used in determination of net period pension cost

​

​

​

​

​

​

​

​

​

​

​

Years Ended December 31, 

 

​

    

2024

    

2023

    

2022

 

Discount rate used for net periodic pension costs

 

4.4

%  

5.1

%  

2.6

%

Discount rate used for pension benefit obligations

​

5.0

%  

4.4

%  

5.1

%  

Expected long-term return on plan assets

 

5.9

%  

5.2

%  

3.2

%

Schedule of fair value qualified pension plan assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

    

Level 1

    

Level 2

    

Level 3

    

Total

​

​

(in thousands)

Diversified Growth Fund

​

$

—

​

$

11,510

​

$

—

​

$

11,510

Corporate Bonds

​

 

—

​

​

1,334

​

​

—

​

​

1,334

Insurance Contracts

​

​

—

​

​

—

​

​

697

​

​

697

Cash

​

 

513

​

​

—

​

​

—

​

​

513

Total

​

$

513

​

$

12,844

​

$

697

​

$

14,054

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

    

Level 1

    

Level 2

    

Level 3

    

Total

​

​

(in thousands)

Diversified Growth Fund

​

$

—

​

$

11,606

​

$

—

​

$

11,606

Corporate Bonds

​

 

—

​

 

1,212

​

 

—

​

 

1,212

Insurance Contracts

​

​

—

​

 

—

​

 

799

​

 

799

Cash

​

 

498

​

 

—

​

 

—

​

 

498

Total

​

$

498

​

$

12,818

​

$

799

​

$

14,115

Schedule of expected future benefit payments under defined benefit pension plans

​

​

​

​

​

Year Ending December 31,

    

​

(in thousands)

2025

​

$

2,420

2026

​

​

3,943

2027

​

​

3,389

2028

​

​

3,578

2029

​

​

5,125

2029 to 2034

​

​

23,509