Annual report pursuant to Section 13 and 15(d)

RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)

v3.22.4
RETIREMENT AND SAVINGS BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Components of Pension Cost
The following tables present key components of pension costs, amounts recorded in the balance sheets and related key assumptions:
Year Ended December
(In thousands)
2022
2021
2020
Amounts included in the statements of operations:
Net pension costs $ 811  $ 866  $ 1,027 
Curtailments $ (2,581) $ —  $ — 
Actuarial assumptions used to determine pension expense:
Discount rate in effect for determining service cost 0.64  % 0.64  % 0.68  %
Rate of inflation 1.70  % 1.70  % 1.80  %
Expected long-term return on plan assets 3.00  % 3.00  % 3.00  %
Rate of compensation increase 2.90  % 2.90  % 3.00  %
(In thousands)
December 2022
December 2021
Amounts included in the balance sheets:
Projected benefit obligations $ 14,206  $ 22,935 
Fair value of plan assets 9,872  9,250 
Funded status - recorded in other liabilities (Note 11) $ 4,334  $ 13,685 
Accumulated other comprehensive gain (loss), pretax - net deferred amounts 2,985  (2,904)
Actuarial assumptions used to determine pension obligations:
Discount rate 0.91  % 0.64  %
Rate of compensation increase 3.10  % 2.90  %
Accumulated benefit obligations $ 11,694  $ 13,514