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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
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)202220212020
Payroll taxes$29,580 $28,084 $27,664 
Medical plans31,004 31,131 30,002 
401(k) plan18,590 17,237 16,834 
Pension plans516 388 410 
Other3,097 1,170 1,990 
Total employee benefits
$82,787 $78,010 $76,900 
Components Of The Net Pension Cost
The following items are components of the net pension cost for the years ended December 31, 2022, 2021 and 2020.

(In thousands)202220212020
Service cost-benefits earned during the year$516 $388 $410 
Interest cost on projected benefit obligation2,725 2,169 3,282 
Expected return on plan assets(4,515)(4,532)(5,214)
Amortization of prior service cost(271)(271)(271)
Amortization of unrecognized net (gain) loss1,717 2,578 2,138 
Net periodic pension cost$172 $332 $345 
Summary Of Pension Plans Funded Status
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2022 and 2021.

(In thousands)
20222021
Change in projected benefit obligation
Projected benefit obligation at prior valuation date
$121,738 $127,163 
Service cost
516388
Interest cost
2,725 2,169 
Benefits paid
(6,933)(6,735)
Actuarial (gain) loss
(22,204)(1,247)
Projected benefit obligation at valuation date
95,842 121,738 
Change in plan assets
Fair value of plan assets at prior valuation date
109,807 109,615 
Actual return on plan assets
(14,492)6,913 
Employer contributions
14 14 
Benefits paid
(6,933)(6,735)
Fair value of plan assets at valuation date
88,396 109,807 
Funded status and net amount recognized at valuation date
$(7,446)$(11,931)
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, 2022 and 2021 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.

(In thousands)20222021
Prior service credit (cost)$452 $723 
Accumulated gain (loss)(23,363)(28,277)
Accumulated other comprehensive income (loss)
(22,911)(27,554)
Cumulative employer contributions in excess of net periodic benefit cost15,465 15,623 
Net amount recognized as an accrued benefit liability on the December 31 balance sheet
$(7,446)$(11,931)
Net gain (loss) arising during period
3,197 3,627 
Amortization of net (gain) loss
1,717 2,578 
Amortization of prior service cost
(271)(271)
Total recognized in other comprehensive income (loss)
$4,643 $5,934 
Total income (expense) recognized in net periodic pension cost and other comprehensive income
$4,471 $5,602 
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.

202220212020
Determination of benefit obligation at year end:
Effective discount rate on benefit obligations5.19 %2.58 %2.25 %
Assumed cash balance interest crediting rate5.00 %5.00 %5.00 %
Determination of net periodic benefit cost for year ended:
Effective discount rate on benefit obligations2.64 %2.25 %3.08 %
Effective rate for interest cost on benefit obligations2.15 %1.63 %2.69 %
Long-term rate of return on assets4.25 %4.25 %5.00 %
Assumed cash balance interest crediting rate5.00 %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, 2022 and 2021. Information about the valuation techniques and inputs used to measure fair value are provided in Note 17 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, 2022
Assets:
U.S. government obligations$9,960 $9,960 $— $— 
Government-sponsored enterprise obligations (a)
1,022 — 1,022 — 
State and municipal obligations6,840 — 6,840 — 
Agency mortgage-backed securities (b)
2,871 — 2,871 — 
Non-agency mortgage-backed securities2,527 — 2,527 — 
Asset-backed securities6,768 — 6,768 — 
Corporate bonds (c)
35,234 — 35,234 — 
Equity securities and mutual funds: (d)
Mutual funds4,395 4,395 — — 
Common stocks15,868 15,868 — — 
International developed markets funds2,604 2,604 — — 
Emerging markets funds307 307 — — 
Total
$88,396 $33,134 $55,262 $— 
December 31, 2021
Assets:
U.S. government obligations
$6,824 $6,824 $— $— 
Government-sponsored enterprise obligations (a)
2,066 — 2,066 — 
State and municipal obligations
8,000 — 8,000 — 
Agency mortgage-backed securities (b)
3,266 — 3,266 — 
Non-agency mortgage-backed securities
2,974 — 2,974 — 
Asset-backed securities
7,648 — 7,648 — 
Corporate bonds (c)
40,832 — 40,832 — 
Equity securities and mutual funds: (d)
Mutual funds6,004 6,004 — — 
Common stocks27,702 27,702 — — 
International developed markets funds3,943 3,943 — — 
Emerging markets funds548 548 — — 
Total
$109,807 $45,021 $64,786 $— 
(a)    This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Government National Mortgage Association, 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, electronic technology, healthcare technology, and retail trade industries.
Future Benefit Payments
The following future benefit payments are expected to be paid:

(In thousands)
2023$7,988 
20247,884 
20257,810 
20267,722 
20277,597 
2028 - 203234,819