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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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)202320222021
Payroll taxes$31,507 $29,580 $28,084 
Medical plans36,277 31,004 31,131 
401(k) plan19,216 18,590 17,237 
Pension plans499 516 388 
Other3,587 3,097 1,170 
Total employee benefits
$91,086 $82,787 $78,010 
Components Of The Net Pension Cost
The following items are components of the net pension cost for the years ended December 31, 2023, 2022 and 2021.

(In thousands)202320222021
Service cost$499 $516 $388 
Interest cost on projected benefit obligation4,615 2,725 2,169 
Expected return on plan assets(4,051)(4,515)(4,532)
Amortization of prior service cost(271)(271)(271)
Amortization of unrecognized net (gain) loss1,464 1,717 2,578 
Net periodic pension cost$2,256 $172 $332 
Summary Of Pension Plans Funded Status
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2023 and 2022.

(In thousands)
20232022
Change in projected benefit obligation
Projected benefit obligation at prior valuation date
$95,842 $121,738 
Service cost
499 516
Interest cost
4,615 2,725 
Benefits paid
(7,667)(6,933)
Actuarial (gain) loss
660 (22,204)
Projected benefit obligation at valuation date
93,949 95,842 
Change in plan assets
Fair value of plan assets at prior valuation date
88,396 109,807 
Actual return on plan assets
8,307 (14,492)
Employer contributions
806 14 
Benefits paid
(7,667)(6,933)
Fair value of plan assets at valuation date
89,842 88,396 
Funded status and net amount recognized at valuation date
$(4,107)$(7,446)
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, 2023 and 2022 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.

(In thousands)20232022
Prior service credit (cost)$181 $452 
Accumulated gain (loss)(18,304)(23,363)
Accumulated other comprehensive income (loss)
(18,123)(22,911)
Cumulative employer contributions in excess of net periodic benefit cost14,016 15,465 
Net amount recognized as an accrued benefit liability on the December 31 balance sheet
$(4,107)$(7,446)
Net gain (loss) arising during period
3,594 3,197 
Amortization of net (gain) loss
1,464 1,717 
Amortization of prior service cost
(271)(271)
Total recognized in other comprehensive income (loss)
$4,787 $4,643 
Total income (expense) recognized in net periodic pension cost and other comprehensive income
$2,531 $4,471 
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.

202320222021
Determination of benefit obligation at year end:
Effective discount rate on benefit obligations4.98 %5.19 %2.58 %
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 obligations5.19 %2.64 %2.25 %
Effective rate for interest cost on benefit obligations5.09 %2.15 %1.63 %
Long-term rate of return on assets4.75 %4.25 %4.25 %
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, 2023 and 2022. 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, 2023
Assets:
U.S. government obligations$14,041 $14,041 $— $— 
Government-sponsored enterprise obligations (a)
1,039 — 1,039 — 
State and municipal obligations3,740 — 3,740 — 
Agency mortgage-backed securities (b)
2,230 — 2,230 — 
Non-agency mortgage-backed securities2,271 — 2,271 — 
Asset-backed securities5,687 — 5,687 — 
Corporate bonds (c)
48,534 — 48,534 — 
Equity securities and mutual funds: (d)
Mutual funds4,443 4,443 — — 
Common stocks5,809 5,809 — — 
International developed markets funds1,809 1,809 — — 
Emerging markets funds239 239 — — 
Total
$89,842 $26,341 $63,501 $— 
December 31, 2022
Assets:
U.S. government obligations
$9,960 $9,960 $— $— 
Government-sponsored enterprise obligations (a)
1,022 — 1,022 — 
State and municipal obligations
6,840 — 6,840 — 
Agency mortgage-backed securities (b)
2,871 — 2,871 — 
Non-agency mortgage-backed securities
2,527 — 2,527 — 
Asset-backed securities
6,768 — 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 $— 
(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 technology services, financial services, electronic technology, healthcare technology, and retail trade industries.
Future Benefit Payments
The following future benefit payments are expected to be paid:

(In thousands)
2024$7,883 
20257,859 
20267,734 
20277,618 
20287,434 
2029 - 203333,673