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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Post-Retirement Plans [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss), Net Periodic Benefit Cost
The components of AOCI, which have not yet been recognized as components of net periodic benefit cost, related to pensions and other post-retirement benefits are summarized below:


 
Pension Benefits
   
Other Benefits
 
(In thousands)
 
2019
   
2018
   
2019
   
2018
 
Net actuarial loss
 
$
28,334
   
$
35,538
   
$
125
   
$
844
 
Prior service cost
   
491
     
570
     
94
     
145
 
Total amounts recognized in AOCI (pre-tax)
 
$
28,825
   
$
36,108
   
$
219
   
$
989
 
Changes in Benefit Obligations, Changes in Plan Assets, and the Funded Status of the Pension Plans and Postretirement Benefits
A December 31 measurement date is used for the pension, supplemental pension and post-retirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets and the funded status of the pension plans and other post-retirement benefits:


 
Pension Benefits
   
Other Benefits
 
(In thousands)
 
2019
   
2018
   
2019
   
2018
 
Change in benefit obligation:
                       
Benefit obligation at beginning of year
 
$
85,134
   
$
90,950
   
$
7,034
   
$
8,050
 
Service cost
   
1,723
     
1,659
     
7
     
10
 
Interest cost
   
3,942
     
3,645
     
272
     
327
 
Plan participants' contributions
   
-
     
-
     
201
     
209
 
Actuarial loss (gain)
   
6,030
     
(3,977
)
   
(719
)
   
(762
)
Amendments
   
-
     
337
     
-
     
-
 
Benefits paid
   
(6,243
)
   
(7,480
)
   
(712
)
   
(800
)
Projected benefit obligation at end of year
 
$
90,586
   
$
85,134
   
$
6,083
   
$
7,034
 
Change in plan assets:
                               
Fair value of plan assets at beginning of year
 
$
109,746
   
$
124,226
   
$
-
   
$
-
 
Gain (loss) on plan assets
   
18,120
     
(8,381
)
   
-
     
-
 
Employer contributions
   
1,372
     
1,381
     
511
     
591
 
Plan participants' contributions
   
-
     
-
     
201
     
209
 
Benefits paid
   
(6,243
)
   
(7,480
)
   
(712
)
   
(800
)
Fair value of plan assets at end of year
 
$
122,995
   
$
109,746
   
$
-
   
$
-
 
                                 
Funded (unfunded) status at year end
 
$
32,409
   
$
24,612
   
$
(6,083
)
 
$
(7,034
)
Amounts Recognized in Balance Sheet
An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $90.6 million and $85.1 million at December 31, 2019 and 2018, respectively. The accumulated benefit obligation for other post-retirement benefits was $6.1 million and $7.0 million at December 31, 2019 and 2018, respectively. The funded status of the pension and other post-retirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2019 and 2018. 


 
Pension Benefits
   
Other Benefits
 
(In thousands)
 
2019
   
2018
   
2019
   
2018
 
Other assets
 
$
51,988
   
$
42,900
   
$
-
   
$
-
 
Other liabilities
   
(19,579
)
   
(18,288
)
   
(6,083
)
   
(7,034
)
Funded status
 
$
32,409
   
$
24,612
   
$
(6,083
)
 
$
(7,034
)
Assumptions used to Determine Benefit Obligations and Net Periodic Pension Cost
The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:


Years ended December 31,
 
2019
2018
2017
Weighted average assumptions:
     
The following assumptions were used to determine benefit obligations:
     
Discount rate
3.69% - 3.73%
4.79% - 4.80%
4.20% - 4.21%
Expected long-term return on plan assets
7.00%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
       
The following assumptions were used to determine net periodic pension cost:
     
Discount rate
4.79% - 4.80%
4.20% - 4.21%
4.76% - 4.84%
Expected long-term return on plan assets
7.00%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Net Periodic Pension Benefits and Other Benefit Costs
Net periodic benefit cost and other amounts recognized in OCI for the years ended December 31 included the following components:


 
Pension Benefits
   
Other Benefits
 
(In thousands)
 
2019
   
2018
   
2017
   
2019
   
2018
   
2017
 
Components of net periodic benefit cost:
                                   
Service cost
 
$
1,723
   
$
1,659
   
$
1,511
   
$
7
   
$
10
   
$
12
 
Interest cost
   
3,942
     
3,645
     
4,168
     
272
     
327
     
357
 
Expected return on plan assets
   
(7,480
)
   
(8,478
)
   
(7,929
)
   
-
     
-
     
-
 
Amortization of prior service cost
   
43
     
40
     
46
     
50
     
51
     
51
 
Amortization of unrecognized net loss
   
2,593
     
930
     
1,668
     
-
     
124
     
87
 
Net periodic pension cost (benefit)
 
$
821
   
$
(2,204
)
 
$
(536
)
 
$
329
   
$
512
   
$
507
 
                                                 
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax):
                                               
Net (gain) loss
 
$
(4,611
)
 
$
12,882
   
$
(3,075
)
 
$
(720
)
 
$
(762
)
 
$
388
 
Prior service cost
   
-
     
337
     
-
     
-
     
-
     
286
 
Amortization of prior service (cost)
   
(43
)
   
(40
)
   
(46
)
   
(50
)
   
(51
)
   
(51
)
Amortization of unrecognized net (loss)
   
(2,593
)
   
(930
)
   
(1,668
)
   
-
     
(124
)
   
(87
)
Total recognized in OCI
 
$
(7,247
)
 
$
12,249
   
$
(4,789
)
 
$
(770
)
 
$
(937
)
 
$
536
 
                                                 
Total recognized in net periodic benefit cost and OCI, pre-tax
 
$
(6,426
)
 
$
10,045
   
$
(5,325
)
 
$
(441
)
 
$
(425
)
 
$
1,043
 
Estimated Future Benefit Payments for the Pension Plans and Other Postretirement Benefit Plans
The following table sets forth estimated future benefit payments for the pension plans and other post-retirement benefit plans as of December 31, 2019:

(In thousands)
 
Pension
Benefits
   
Other
Benefits
 
2020
 
$
6,916
   
$
497
 
2021
   
6,722
     
464
 
2022
   
6,722
     
462
 
2023
   
6,582
     
457
 
2024
   
7,827
     
451
 
2025 - 2029
   
35,215
     
2,070
 
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates
For measurement purposes, the annual rates of increase in the per capita cost of covered medical and prescription drug benefits for fiscal year 2019 were assumed to be 4.5% to 7.0% percent. The rates were assumed to decrease gradually to 3.8% for fiscal year 2075 and remain at that level thereafter. Assumed health care cost trend rates have a significant effect on amounts reported for health care plans. A one-percentage point change in the health care trend rates would have the following effects as of and for the year ended December 31, 2019: 

(In thousands)
 
One
Percentage
Point Increase
   
One
Percentage
Point Decrease
 
Increase (decrease) on total service and interest cost components
 
$
29
   
$
(25
)
Increase (decrease) on post-retirement accumulated benefit obligation
   
628
     
(543
)
Target and Actual Allocations of Defined Benefit Pension Plan's Assets
The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:


Target 2019
2019
2018
Cash and cash equivalents
0 - 15%
3%
4%
Fixed income securities
30 - 60%
40%
39%
Equities
40 - 70%
57%
57%
Total
 
100%
100%
Financial Instruments Recorded at Fair Value on a Recurring Basis by the Plan
The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan:

(In thousands)
 
Level 1
   
Level 2
   
December 31, 2019
 
Cash and cash equivalents
 
$
4,143
   
$
-
   
$
4,143
 
Foreign equity mutual funds
   
40,239
     
-
     
40,239
 
Equity mutual funds
   
29,886
     
-
     
29,886
 
U.S. government bonds
   
-
     
58
     
58
 
Corporate bonds
   
-
     
48,669
     
48,669
 
Total
 
$
74,268
   
$
48,727
   
$
122,995
 


 
Level 1
   
Level 2
   
December 31, 2018
 
Cash and cash equivalents
 
$
4,095
   
$
-
   
$
4,095
 
Foreign equity mutual funds
   
38,861
     
-
     
38,861
 
Equity mutual funds
   
24,124
     
-
     
24,124
 
U.S. government bonds
   
-
     
76
     
76
 
Corporate bonds
   
-
     
42,590
     
42,590
 
Total
 
$
67,080
   
$
42,666
   
$
109,746