Annual report pursuant to Section 13 and 15(d)

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)

v3.22.4
RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation
The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows:
(In thousands) 2022 2021
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 30,503  $ 31,730 
Service Cost 138  195 
Interest Cost 834  764 
Actuarial Gain (4,917) (1,838)
Benefits Paid (348) (348)
End of the Year — December 31 $ 26,210  $ 30,503 
Summary of Assumptions Used to Calculate the Post Retirement Benefit Obligation The assumptions used to calculate the projected benefit obligation as of December 31 are as follows:
2022 2021
Discount Rate 5.00% 2.75%
Future Average Compensation Increases
2.00% - 3.00%
2.00% - 3.00%
Summary of the Components of Net Periodic Cost The following table summarizes the components of the net periodic cost for the years ended December 31:
(In thousands) 2022 2021 2020
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 138  $ 195  $ 223 
Interest Cost 834  764  836 
Amortization of Prior Service Cost 386  386  386 
Amortization of Losses 949  1292  648 
Net Periodic Cost $ 2,307  $ 2,637  $ 2,093 
Summary of Assumptions Used to Determine the Net Periodic Cost The assumptions used to determine the net periodic cost are as follows:
2022 2021 2020
Discount Rate 2.75% 2.42% 3.17%
Future Average Compensation Increases
2.00% - 3.00%
2.00% - 3.00%
2.00%