Annual report [Section 13 and 15(d), not S-K Item 405]

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)

v3.25.0.1
RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule 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) 2024 2023
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 28,798  $ 26,210 
Service Cost —  105 
Interest Cost 1,371  1,302 
Actuarial (Gain) Loss (6,134) 1,529 
Special Termination Benefits 624  — 
Benefits Paid (348) (348)
End of the Year — December 31 $ 24,311  $ 28,798 
Schedule 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:
2024 2023
Discount Rate 5.48% 4.79%
Future Average Compensation Increases 3.00% 3.00%
Schedule 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) 2024 2023 2022
Net Periodic Cost
Service Cost — Benefits Earned During Period $ —  $ 105  $ 138 
Interest Cost 1,371  1,302  834 
Amortization of Prior Service Cost 386  386  386 
Amortization of Losses 738  358  949 
Net Periodic Cost $ 2,495  $ 2,151  $ 2,307 
Schedule of Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2024 2023 2022
Discount Rate 4.79% 5.00% 2.75%
Future Average Compensation Increases
3.00%
2.00% - 3.00%
2.00% - 3.00%