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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Summary Of Contributions To Defined Benefit Pension Plans

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

2019

Company contributions

$

3,821

 

$

6,825

 

$

4,750

Summary Of Accumulated Benefit Obligation

 

At December 31,

(Dollars in thousands)

2021

 

2020

Qualified Plan

$

339,360

 

$

336,027

Non-qualified Plan

 

12,190

 

 

16,258

Total

$

351,550

 

$

352,285

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Projected Benefit Obligations In Excess Of Plan Assets

 

At December 31,

(Dollars in thousands)

2021

 

2020

Qualified Plan

 

 

 

 

 

Projected benefit obligation

$

390,437

 

$

388,213

Fair value of plan assets

 

377,303

 

 

354,464

Non-qualified Plan

 

 

 

 

 

Projected benefit obligation

$

12,190

 

$

16,258

Fair value of plan assets

 

-

 

 

-

Accumulated Benefit Obligations In Excess Of Plan Assets

 

At December 31,

(Dollars in thousands)

2021

 

2020

Qualified Plan

 

 

 

Accumulated benefit obligation

$

-

 

$

-

Fair value of plan assets

 

-

 

 

-

Non-qualified Plan

 

 

 

 

 

Accumulated benefit obligation

$

12,189

 

$

16,258

Fair value of plan assets

 

-

 

 

-

Defined Benefit Pension Plan [Member]  
Summary Of Pension Expenses

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

2019

Pension expense

$

3,388

 

$

8,429

 

$

10,042

Summary Of Status Of Plan

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

Change in projected benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

$

404,471

 

$

355,356

Service cost

 

10,637

 

 

9,522

Interest cost

 

8,253

 

 

10,112

Actuarial (gain)/loss

 

(8,587)

 

 

43,595

Curtailment

 

-

 

 

-

Benefits paid

 

(12,147)

 

 

(14,115)

Projected benefit obligation at end of year

 

402,626

 

 

404,471

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

354,464

 

 

301,467

Actual return on plan assets

 

31,166

 

 

60,286

Actual contributions during the year

 

3,821

 

 

6,825

Administrative expenses paid

 

-

 

 

-

Benefits paid

 

(12,147)

 

 

(14,115)

Fair value of plan assets at end of year

 

377,303

 

 

354,464

 

 

 

 

 

 

Funded status at end of year

$

(25,323)

 

$

(50,007)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Amounts Recognized In The Consolidated Balance Sheets

 

At December 31,

(Dollars in thousands)

2021

 

2020

Other assets (due beyond one year)

$

-

 

$

-

Other liabilities (due within one year)

 

(1,469)

 

 

(2,197)

Other liabilities (due beyond one year)

 

(23,854)

 

 

(47,810)

Net amount recognized in the consolidated balance sheets

$

(25,323)

 

$

(50,007)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)

 

At December 31,

(Dollars in thousands)

2021

 

2020

Accumulated income (loss)

$

(67,729)

 

$

(91,979)

Accumulated other comprehensive income (loss)

$

(67,729)

 

$

(91,979)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Other Changes In Other Comprehensive Income (Loss)

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

Other comprehensive income (loss) at December 31, prior year

$

(91,979)

 

$

(97,466)

Net gain (loss) arising during period

 

15,298

 

 

(4,090)

Recognition of amortizations in net periodic benefit cost:

 

 

 

 

 

Actuarial loss

 

8,953

 

 

9,576

Curtailment loss recognized

 

-

 

 

-

Other comprehensive income (loss) at December 31, current year

$

(67,729)

 

$

(91,979)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Net Periodic Benefit Cost

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

2019

Service cost

$

10,637

 

$

9,522

 

$

8,255

Interest cost

 

8,253

 

 

10,112

 

 

11,712

Expected return on assets

 

(24,454)

 

 

(20,781)

 

 

(17,968)

Amortization of actuarial loss from earlier periods

 

8,489

 

 

8,551

 

 

7,635

Settlement

 

464

 

 

1,025

 

 

408

Net periodic benefit cost

$

3,388

 

$

8,429

 

$

10,042

 

 

 

 

 

 

 

 

 

Other changes recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

Other comprehensive income (loss) attributable to change from prior year

 

(24,251)

 

 

(5,486)

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and other

 

 

 

 

 

 

 

 

comprehensive income (loss)

$

(20,863)

 

$

2,943

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Expected Benefit Payments

(Dollars in thousands)

 

 

2022

$

16,662

2023

 

12,639

2024

 

13,565

2025

 

14,550

2026

 

15,439

Next 5 years

 

95,005

Fair Value Measurement Levels For Qualified Plan Assets

 

 

 

Fair Value Measurement Using:

 

 

 

Quoted Prices

 

 

 

 

 

 

 

in Active

 

Significant

 

 

 

 

 

Markets for

 

Other

 

Significant

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

Assets

 

Inputs

 

Inputs

(Dollars in thousands)

December 31, 2021

 

(Level 1)

 

(Level 2)

 

(Level 3)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments, which approximates fair value (a)

$

2,540

 

$

2,540

 

$

-

 

$

-

Mutual funds, fair value

 

 

 

 

 

 

 

 

 

 

 

Fixed income (b)

 

84,663

 

 

84,663

 

 

-

 

 

-

Equities (c)

 

287,382

 

 

287,382

 

 

-

 

 

-

Total

$

374,585

 

$

374,585

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

(a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities.

(c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

 

 

 

Fair Value Measurement Using:

 

 

 

Quoted Prices

 

 

 

 

 

 

 

in Active

 

Significant

 

 

 

 

 

Markets for

 

Other

 

Significant

 

 

 

Identical

 

Observable

 

Unobservable

 

 

 

Assets

 

Inputs

 

Inputs

(Dollars in thousands)

December 31, 2020

 

(Level 1)

 

(Level 2)

 

(Level 3)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments, which approximates fair value (a)

$

1,204

 

$

1,204

 

$

-

 

$

-

Mutual funds, fair value

 

 

 

 

 

 

 

 

 

 

 

Fixed income (b)

 

93,609

 

 

93,609

 

 

-

 

 

-

Equities (c)

 

255,054

 

 

255,054

 

 

-

 

 

-

Total

$

349,867

 

$

349,867

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

(a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars.

(b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities.

(c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.

Post-Retirement Plan [Member]  
Summary Of Status Of Plan

 

At December 31,

(Dollars in thousands)

2021

 

2020

Change in projected benefit obligation:

 

 

 

 

 

Benefit obligation at beginning of year

$

35,098

 

$

29,376

Service cost

 

1,096

 

 

1,066

Interest cost

 

641

 

 

845

Amendments

 

-

 

 

-

Actuarial (gain)/loss

 

(6,044)

 

 

4,042

Benefits paid

 

(267)

 

 

(232)

Benefit obligation at end of year

 

30,523

 

 

35,098

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

Fair value of plan assets at beginning of year

 

-

 

 

-

Employer contributions

 

267

 

 

232

Benefits paid

 

(267)

 

 

(232)

Fair value of plan assets at end of year

 

-

 

 

-

 

 

 

 

 

 

Funded status at end of year

$

(30,523)

 

$

(35,098)

Amounts Recognized In The Consolidated Balance Sheets

 

At December 31,

(Dollars in thousands)

2021

 

2020

Other liabilities (due within one year)

$

(682)

 

$

(613)

Other liabilities (due beyond one year)

 

(29,840)

 

 

(34,484)

Net amount recognized in the consolidated balance sheets

$

(30,523)

 

$

(35,098)

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss)

 

At December 31,

(Dollars in thousands)

2021

 

2020

Accumulated income (loss)

$

2,191

 

$

(3,854)

Accumulated prior service credit (cost)

 

1,750

 

 

2,327

Accumulated other comprehensive income (loss)

$

3,941

 

$

(1,527)

Other Changes In Other Comprehensive Income (Loss)

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

Other comprehensive income (loss) at December 31, prior year

$

(1,527)

 

$

3,092

Net gain (loss) arising during period

 

6,044

 

 

(4,042)

Prior Service credit (cost) arising during period

 

-

 

 

-

Recognition of amortizations in net periodic benefit cost:

 

 

 

 

 

Actuarial loss (gain)

 

-

 

 

-

Prior service cost

 

(577)

 

 

(577)

Other comprehensive income (loss) at December 31, current year

$

3,941

 

$

(1,527)

Net Periodic Benefit Cost

 

Years Ended December 31,

(Dollars in thousands)

2021

 

2020

 

2019

Service cost

$

1,096

 

$

1,066

 

$

983

Interest cost

 

641

 

 

845

 

 

980

Prior service credit recognition

 

(577)

 

 

(577)

 

 

(577)

Net gain recognition

 

-

 

 

-

 

 

(155)

Net periodic cost

$

1,161

 

$

1,334

 

$

1,231

 

 

 

 

 

 

 

 

 

Other changes recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

Other comprehensive gain (loss) attributable to change from prior year

 

(5,468)

 

 

4,619

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and

 

 

 

 

 

 

 

 

other comprehensive income (loss)

$

(4,307)

 

$

5,953

 

 

 

 

 

 

 

 

 

 

 

 

(Some amounts may not reconcile due to rounding.)

Expected Benefit Payments

(Dollars in thousands)

 

2022

$

683

2023

 

779

2024

 

831

2025

 

974

2026

 

1,084

Next 5 years

 

7,252