Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Employee Benefits Charged To Operating Expenses

Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions.



(In thousands)	2018		2017		2016
Payroll taxes	$	25,712	$	24,402	$	23,210
Medical plans	27,030		25,143		25,497
401(k) plan	14,986		14,244		13,562
Pension plans	651		704		987
Other	2,918		2,883		3,214
Total employee benefits	$	71,297	$	67,376	$	66,470

Components Of The Net Pension Cost

The following items are components of the net pension cost for the years ended December 31, 2018, 2017 and 2016.



(In thousands)	2018			2017			2016
Service cost-benefits earned during the year	$	651		$	621		$	500
Interest cost on projected benefit obligation	3,756			3,826			3,944
Expected return on plan assets	(5,255		)	(5,785		)	(5,751		)
Amortization of prior service cost	(271		)	(271		)	(271		)
Amortization of unrecognized net loss	2,267			2,313			2,565
Net periodic pension cost	$	1,148		$	704		$	987

Summary Of Pension Plans Funded Status

The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2018 and 2017.



(In thousands)	2018			2017
Change in projected benefit obligation
Projected benefit obligation at prior valuation date	$	120,667		$	116,695
Service cost	651			621
Interest cost	3,756			3,826
Benefits paid	(6,622		)	(6,780		)
Actuarial (gain) loss	(6,389		)	6,305
Projected benefit obligation at valuation date	112,063			120,667
Change in plan assets
Fair value of plan assets at prior valuation date	108,260			99,537
Actual return on plan assets	(2,244		)	9,564
Employer contributions	24			5,939
Benefits paid	(6,622		)	(6,780		)
Fair value of plan assets at valuation date	99,418			108,260
Funded status and net amount recognized at valuation date	$	(12,645	)	$	(12,407	)

Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis

Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2018 and 2017 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.



(In thousands)	2018			2017
Prior service cost	$	1,535		$	1,806
Accumulated loss	(32,342		)	(33,499		)
Accumulated other comprehensive loss	(30,807		)	(31,693		)
Cumulative employer contributions in excess of net periodic benefit cost	18,162			19,286
Net amount recognized as an accrued benefit liability on the December 31 balance sheet	$	(12,645	)	$	(12,407	)
Net loss arising during period	(1,110		)	(2,527		)
Amortization of net loss	2,267			2,313
Amortization of prior service cost	(271		)	(271		)
Total recognized in other comprehensive income	$	886		$	(485	)
Total expense recognized in net periodic pension cost and other comprehensive income	$	(262	)	$	(1,189	)

Assumptions On A Weighted Average Basis, Used In Accounting For Plans

The following assumptions, on a weighted average basis, were used in accounting for the plans.



	2018		2017		2016
Determination of benefit obligation at year end:
Effective discount rate for benefit obligations	4.14	%	3.57	%	4.05	%
Assumed credit on cash balance accounts	5.00	%	5.00	%	5.00	%
Determination of net periodic benefit cost for year ended:
Effective discount rate for benefit obligations	3.57	%	3.95	%	4.16	%
Effective rate for interest on benefit obligations	3.28	%	3.28	%	3.38	%
Long-term rate of return on assets	5.00	%	6.00	%	6.00	%
Assumed credit on cash balance accounts	5.00	%	5.00	%	5.00	%

Fair Value Of Pension Plan Asset Category

The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2018 and 2017. Information about the valuation techniques and inputs used to measure fair value are provided in Note 16 on Fair Value Measurements.



			Fair Value Measurements
(In thousands)	Total Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2018
Assets:
U.S. government obligations	$	2,994	$	2,994	$	—	$	—
Government-sponsored enterprise obligations^(a)	1,200		—		1,200		—
State and municipal obligations	8,299		—		8,299		—
Agency mortgage-backed securities ^(b)	8,209		—		8,209		—
Non-agency mortgage-backed securities	4,398		—		4,398		—
Asset-backed securities	3,520		—		3,520		—
Corporate bonds ^(c)	37,207		—		37,207		—
Equity securities and mutual funds:^(d)
Mutual funds	8,645		8,645		—		—
Common stocks	18,173		18,173		—		—
International developed markets funds	5,046		5,046		—		—
Emerging markets funds	1,727		1,727		—		—
Total	$	99,418	$	36,585	$	62,833	$	—
December 31, 2017
Assets:
U.S. government obligations	$	3,719	$	3,719	$	—	$	—
Government-sponsored enterprise obligations ^(a)	1,282		—		1,282		—
State and municipal obligations	8,527		—		8,527		—
Agency mortgage-backed securities^(b)	7,896		—		7,896		—
Non-agency mortgage-backed securities	4,891		—		4,891		—
Asset-backed securities	3,833		—		3,833		—
Corporate bonds ^(c)	37,457		—		37,457		—
Equity securities and mutual funds:^(d)
Mutual funds	6,979		6,979		—		—
Common stocks	23,744		23,744		—		—
International developed markets funds	7,870		7,870		—		—
Emerging markets funds	2,062		2,062		—		—
Total	$	108,260	$	44,374	$	63,886	$	—


(a)	This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Federal Home Loan Bank, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association.


(b)	This category represents mortgage-backed securities issued by the agencies mentioned in (a).


(c)	This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries.


(d)	This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the financial services, technology services, healthcare, electronic technology, and

Future Benefit Payments

The following future benefit payments are expected to be paid:



(In thousands)
2019	$	7,163
2020	7,353
2021	7,510
2022	7,473
2023	7,509
2024 - 2028	36,468