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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Employee Benefit 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)
2022
  
2021
  
2022
  
2021
  
Net actuarial loss (gain)
  
$
35,971
    
$
21,608
    
$
(921
)
  
$
(226
)
Prior service cost (credit)
    
211
      
320
      
(14
)
    
(8
)
Total amounts recognized in AOCI (pre-tax)
  
$
36,182
    
$
21,928
    
$
(935
)
  
$
(234
)
Changes in Benefit Obligations, Changes in Plan Assets, and the Funded Status of the Pension Plans and Other 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)
  
2022
    
2021
    
2022
    
2021
  
Change in benefit obligation:
                        
Benefit obligation at beginning of year
  
$
88,919
    
$
90,194
    
$
5,152
    
$
5,999
  
Service cost
    
2,024
      
2,069
      
7
      
8
  
Interest cost
    
2,765
      
2,717
      
170
      
163
  
Plan participants’ contributions
    
-
      
-
      
147
      
160
  
Actuarial (gain) loss
    
(11,158
)
    
499
      
(695
)
    
(543
)
Benefits paid
    
(6,610
)
    
(6,560
)
    
(598
)
    
(635
)
Projected benefit obligation at end of year
  
$
75,940
    
$
88,919
    
$
4,183
    
$
5,152
  
Change in plan assets:
                                
Fair value of plan assets at beginning of year
  
$
135,867
    
$
128,563
    
$
-
    
$
-
  
(Loss) gain on plan assets
    
(17,260
)
    
12,523
      
-
      
-
  
Employer contributions
    
1,319
      
1,341
      
451
      
475
  
Plan participants’ contributions
    
-
      
-
      
147
      
160
  
Benefits paid
    
(6,610
)
    
(6,560
)
    
(598
)
    
(635
)
Fair value of plan assets at end of year
  
$
113,316
    
$
135,867
    
$
-
    
$
-
  
                                 
Funded (unfunded) status at year end
  
$
37,376
    
$
46,948
    
$
(4,183
)
  
$
(5,152
)
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 $75.9 million and $88.9 million at December 31, 2022 and 2021, respectively. The accumulated benefit obligation for other post-retirement benefits was $4.2 million and $5.2 million at December 31, 2022 and 2021, 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, 2022 and 2021. 

 
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2022
    
2021
    
2022
    
2021
  
Other assets
  
$
53,031
    
$
65,638
    
$
-
    
$
-
  
Other liabilities
    
(15,655
)
    
(18,690
)
    
(4,183
)
    
(5,152
)
Funded status
  
$
37,376
    
$
46,948
    
$
(4,183
)
  
$
(5,152
)
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,
 
2022
2021
2020
Weighted average assumptions:
      
The following assumptions were used to determine benefit obligations:
      
Discount rate
5.54% - 5.66%
3.23% - 3.35%
3.08% - 3.25%
Expected long-term return on plan assets
6.70%
6.70%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
3.99%
1.94%
1.62%
       
The following assumptions were used to determine net periodic pension cost:
      
Discount rate
3.23% - 3.35%
3.08% - 3.25%
3.69% - 3.73%
Expected long-term return on plan assets
6.70%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
1.94%
1.62%
2.28%
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)
  
2022
    
2021
    
2020
    
2022
    
2021
    
2020
  
Components of net periodic (benefit) cost:
                                    
Service cost
  
$
2,024
    
$
2,069
    
$
1,840
    
$
7
    
$
8
    
$
8
  
Interest cost
    
2,765
      
2,717
      
3,237
      
170
      
163
      
213
  
Expected return on plan assets
    
(8,884
)
    
(8,786
)
    
(8,410
)
    
-
      
-
      
-
  
Additional gain due to curtailment
    
-
      
-
      
(74
)
    
-
      
-
      
-
  
Amortization of prior service cost
    
108
      
59
      
41
      
6
      
51
      
51
  
Amortization of unrecognized net loss
    
623
      
1,263
      
1,535
      
-
      
-
      
-
  
Net periodic pension (benefit) cost
  
$
(3,364
)
  
$
(2,678
)
  
$
(1,831
)
  
$
183
    
$
222
    
$
272
  
                                                 
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax):
                                                
Net loss (gain)
  
$
14,987
    
$
(3,237
)
  
$
(628
)
  
$
(695
)
  
$
(543
)
  
$
192
  
Additional gain due to curtailment
    
-
      
-
      
7
      
-
      
-
      
-
  
Amortization of prior service cost
    
(108
)
    
(59
)
    
(41
)
    
(6
)
    
(51
)
    
(51
)
Amortization of unrecognized net loss
    
(623
)
    
(1,263
)
    
(1,535
)
    
-
      
-
      
-
  
Total recognized in OCI
  
$
14,256
    
$
(4,559
)
  
$
(2,197
)
  
$
(701
)
  
$
(594
)
  
$
141
  
                                                 
Total recognized in net periodic cost (benefit) and OCI, pre-tax
  
$
10,892
    
$
(7,237
)
  
$
(4,028
)
  
$
(518
)
  
$
(372
)
  
$
413
  
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, 2022:

(In thousands)
  
Pension
Benefits
    
Other
Benefits
  
2023
  
$
6,824
    
$
415
  
2024
    
7,218
      
410
  
2025
    
7,467
      
405
  
2026
    
7,003
      
398
  
2027
    
7,595
      
374
  
2028 - 2032
    
33,279
      
1,688
  
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 2022
2022
2021
Cash and cash equivalents
0 - 15%
3%
2%
Fixed income securities
30 - 60%
38%
37%
Equities
40 - 70%
59%
61%
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,
2022
  
Cash and cash equivalents
  
$
3,401
    
$
-
    
$
3,401
  
Foreign equity mutual funds
    
36,111
      
-
      
36,111
  
Equity mutual funds
    
30,859
      
-
      
30,859
  
U.S. government bonds
    
-
      
20
      
20
  
Corporate bonds
    
-
      
42,925
      
42,925
  
Total
  
$
70,371
    
$
42,945
    
$
113,316
  

   
Level 1
    
Level 2
    
December 31,
2021
  
Cash and cash equivalents
  
$
3,298
    
$
-
    
$
3,298
  
Foreign equity mutual funds
    
46,385
      
-
      
46,385
  
Equity mutual funds
    
36,034
      
-
      
36,034
  
U.S. government bonds
    
-
      
33
      
33
  
Corporate bonds
    
-
      
50,117
      
50,117
  
Total
  
$
85,717
    
$
50,150
    
$
135,867