XML 73 R44.htm IDEA: XBRL DOCUMENT v3.22.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Costs of Retirement Plans
The following summarizes retirement plan expense for the years ended December 31:
202120202019
 (in thousands)
401(k) Retirement Plan$10,338 $9,853 $8,976 
Pension Plan217 660 2,484 
Total$10,555 $10,513 $11,460 
Pension Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31:
202120202019
 (in thousands)
Interest cost$2,244 $2,726 $3,257 
Expected return on assets(4,044)(3,925)(2,754)
Net amortization and deferral2,017 1,859 1,981 
Net periodic pension cost$217 $660 $2,484 
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:
20212020
 (in thousands)
Projected benefit obligation at beginning of year$92,292 $86,204 
Interest cost2,244 2,726 
Benefit payments(4,272)(4,104)
Change in assumptions(2,613)7,532 
Experience gain(121)(66)
Projected benefit obligation at end of year$87,530 $92,292 
Fair value of plan assets at beginning of year$87,177 $83,676 
Actual return on plan assets11,210 7,605 
Benefit payments(4,272)(4,104)
Fair value of plan assets at end of year$94,115 $87,177 
Schedule of Net Funded Status
The following table presents the funded status of the Pension Plan, included in other assets and other liabilities on the consolidated balance sheets, as of December 31:
20212020
 (in thousands)
Projected benefit obligation$(87,530)$(92,292)
Fair value of plan assets94,115 87,177 
Funded status$6,585 $(5,115)
Schedule Of Changes In Unrecognized Pension And Postretirement Items
The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss):
 Unrecognized Net Loss 
 Before taxNet of tax
 (in thousands)
Balance as of December 31, 2019$23,546 $18,337 
Recognized as a component of 2020 periodic pension cost(1,859)(1,452)
Unrecognized gains arising in 20203,787 2,958 
Balance as of December 31, 202025,474 19,843 
Recognized as a component of 2021 periodic pension cost(2,017)(1,574)
Unrecognized losses arising in 2021(9,899)(7,724)
Balance as of December 31, 2021$13,558 $10,545 
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31:
202120202019
Discount rate-projected benefit obligation2.80 %2.50 %3.25 %
Expected long-term rate of return on plan assets5.00 %5.00 %5.00 %
Schedule of Allocation of Plan Assets
The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31:
 20212020
 Estimated
Fair Value
% of Total
Assets
Estimated
Fair Value
% of Total
Assets
 (dollars in thousands)
Equity mutual funds$35,752 $37,847 
Equity common trust funds19,824 12,450 
Equity securities55,576 59.1 %50,297 57.7 %
Cash and money market funds8,447 9,444 
Fixed income mutual funds15,566 16,134 
Corporate debt securities2,733 3,319 
U.S. Government agency securities9,524 6,257 
Fixed income securities and cash36,270 38.5 %35,154 40.3 %
Other alternative investment funds2,269 2.4 %1,726 2.0 %
Total$94,115 100.0 %$87,177 100.0 %
Schedule of Expected Benefit Payments
Estimated future benefit payments are as follows (in thousands):
Year 
2022$4,505 
20234,595 
20244,663 
20254,745 
20264,839 
Thereafter24,505 
Total$47,852 
Other Postretirement Benefit Plans  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost
The components of the net benefit for Postretirement Plan other than pensions are as follows:
202120202019
 (in thousands)
Interest cost$32 $43 $61 
Net amortization and deferral(536)(548)(556)
Net postretirement benefit$(504)$(505)$(495)
Schedule of Changes in Accumulated Postemployment Benefit Obligations
This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31:
20212020
 (in thousands)
Accumulated postretirement benefit obligation at beginning of year$1,322 $1,450 
Interest cost32 43 
Benefit payments(167)(177)
Change in experience71 (32)
Change in assumptions(14)38 
Accumulated postretirement benefit obligation at end of year$1,244 $1,322 
Schedule Of Changes In Unrecognized Pension And Postretirement Items The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss):
 Before tax 
 Unrecognized
Prior Service
Cost
Unrecognized
Net Loss (Gain)
TotalNet of tax
 (in thousands)
Balance as of December 31, 2019$(3,476)$(948)$(4,424)$(3,451)
Recognized as a component of 2020 postretirement cost464 84 548 428 
Unrecognized gains arising in 2020— 
Balance as of December 31, 2020(3,012)(858)(3,870)(3,018)
Recognized as a component of 2021 postretirement cost464 72 536 418 
Unrecognized gains arising in 2021 57 57 44 
Balance as of December 31, 2021$(2,548)$(729)$(3,277)$(2,556)
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations
The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31:
202120202019
Discount rate-projected benefit obligation2.80 %2.50 %3.25 %
Expected long-term rate of return on plan assets3.00 %3.00 %3.00 %
Schedule of Expected Benefit Payments
Estimated future benefit payments under the Postretirement Plan are as follows (in thousands):
Year 
2022$160 
2023147 
2024134 
2025123 
2026111 
Thereafter403 
Total $1,078