XML 52 R38.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:


(In thousands)	2022		2021
Projected benefit obligation:
Balance, January 1	$	117,323	$	122,035
Service cost	—		1,002
Interest cost	3,293		3,076
Actuarial gain	(31,982)		(5,822)

Benefits paid	(3,201)		(2,968)
Balance, December 31	$	85,433	$	117,323
Plan assets:
Fair value, January 1	$	114,136	$	106,667
Actual investment return	(26,820)		10,107
Employer contribution	—		330
Expenses paid from plan assets	(721)		—
Benefits paid	(3,201)		(2,968)
Fair value, December 31	$	83,394	$	114,136
Funded status:
Accrued pension liability	$	(2,039)	(3,187)

A summary of the activity in the SERP’s projected benefit obligation and amounts recognized in the Company’s consolidated balance sheets is as follows:


	December 31,
(In thousands)	2022		2021
Benefit obligation:
Balance, January 1	$	12,420	$	13,412
Service cost	—		147
Interest cost	318		291
Benefits paid	(348)		(282)
Actuarial gain	(2,811)		(1,148)
Balance, December 31	$	9,579	$	12,420

Schedule of Assumptions used to Determine Projected Benefit Obligation

The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2022, 2021 and 2020, the Plan’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve. For 2022, the Pri-2012 Mortality Table and MP-2022 Mortality Improvement Scale were used. For 2021, the Pri-2012 Mortality Table and MP-2021 Mortality Improvement Scale were used. For 2020, the Pri-2012 Mortality Table and MP-2020 Mortality Improvement Scale were used.


	2022		2021		2020
Weighted average discount rate	5.25	%	2.85	%	2.55	%
Rate of increase in compensation levels	N/A		(a)		(a)

(a)6.0% graded down to 3.25% over the first seven years of service.

The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2022, 2021 and 2020, the SERP’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve.


	2022		2021		2020
Weighted average discount rate	5.15	%	2.65	%	2.20	%
Rate of increase in compensation levels	N/A		(a)		(a)

(a)6.00% graded down to 3.25% over the first seven years of service.

Schedule of Expected Benefit Payments

The following pension benefit payments, as appropriate, are expected to be paid by the Plan:


	Amount
2023	$	4,193,000
2024	4,436,000
2025	4,636,000
2026	4,844,000
2027	5,048,000
2026-2030	27,845,000

Expected future benefits payable by the Company over the next ten years are as follows:


	Amount
2023	$	810,000
2024	791,000
2025	788,000
2026	785,000
2027	780,000
2026-2030	$	3,787,000

Schedule of Plan's Pension Costs

The Plan’s (benefit) pension cost included the following components:


	For the Year Ended December 31,
(In thousands)	2022		2021		2020
Service cost – benefits earned during the year	$	—	$	1,002	$	4,329
Interest cost on projected benefit obligations	3,293		3,076		3,908
Expected return on plan assets	(5,857)		(6,310)		(6,049)
Net amortization and deferral	—		393		1,946
Net periodic (benefit) pension cost	$	(2,564)	$	(1,839)	$	4,134

Schedule of Assumptions used to Determine Net Pension Cost

The following represent the major assumptions used to determine the net (benefit) pension cost of the Plan:


	2022		2021		2020
Weighted average discount rate	2.85	%	2.55	%	3.30	%
Rate of increase in compensation levels	N/A		(a )		(a )
Expected long-term rate of return on assets	6.00	%	6.00	%	6.50	%

(a)6.0% graded down to 3.25% over the first seven years of service.

Schedule of Assumed Long-term Rate of Return on Assets

The expected one-year nominal returns and annual standard deviations are shown by asset class below:


Asset Class	% of Total Portfolio		One-Year Nominal Return		Annual Standard Deviation
Core Fixed Income	68.5	%	5.46	%	10.49	%
Large Cap U.S. Equities	14.0	%	7.98	%	17.66	%

International (Developed)	10.0	%	9.07	%	18.52	%
International (Emerging)	4.0	%	11.91	%	26.71	%
Real Estate	3.5	%	7.19	%	15.13	%

Summary of the Fair Value Measurements by Type of Asset

A summary of the fair value measurements by type of asset is as follows:


	Fair Value Measurements as of December 31,
	2022						2021
(In thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Observable Inputs (Level 2)
Cash	$	566	$	566	$	—	$	535	$	535	$	—
Real estate investment trusts	7,120		—		7,120		6,250		—		6,250
Equity securities
U.S. Small/Mid Cap Growth	2,055		—		2,055		4,734		—		4,734
Non-U. S. Core	7,822		—		7,822		19,164		—		19,164
U.S. Large Cap Passive	8,319		—		8,319		18,279		—		18,279
Emerging Markets	3,000		—		3,000		7,701		—		7,701
Fixed Income
U.S. Core	51,756		—		51,756		51,386		—		51,386
U.S. Passive	—		—		—		—		—		—
Opportunistic	2,756		—		2,756		6,087		—		6,087
Total	$	83,394	$	566	$	82,828	$	114,136	$	535	$	113,601

Schedule Of Net Periodic Pension Cost Related To SERP

Net periodic pension cost related to the SERP included the following components:


	For the Year Ended December 31,
(In thousands)	2022		2021		2020
Service cost – benefits earned during the year	$	—	$	147	$	121
Interest cost on projected benefit obligations	318		291		347
Net amortization and deferral	108		203		112
Net periodic pension cost	$	426	$	641	$	580

Schedule of Pretax Amounts in Accumulated Other Comprehensive Loss

The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:


	The Plan				SERP
(In thousands)	2022		2021		2022		2021
Prior service cost	$	—	$	—	$	—	$	—
Net actuarial loss (gain)	6,833		5,417		(136)		2,783
Total	$	6,833	$	5,417	$	(136)	$	2,783