Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of plan assets and benefit obligation activity

Using accrual measurement dates of December 31, 2019 and 2018, plan assets and benefit obligation activity for the Pension Plan are listed below:


(In thousands)	2019		2018
Change in fair value of plan assets
Fair value at beginning of measurement period	$	177,077	$	195,735
Actual return on plan assets	42,402		(8,118)
Employer contributions	—		—
Benefits paid	(8,856)		(10,540)
Fair value at end of measurement period	$	210,623	$	177,077
Change in benefit obligation
Projected benefit obligation at beginning of measurement period	$	123,528	$	138,698
Service cost	5,873		6,547
Interest cost	5,491		5,236
Plan amendments	(168)		—
Actuarial loss (gain)	28,551		(16,413)
Benefits paid	(8,856)		(10,540)
Projected benefit obligation at the end of measurement period	$	154,419	$	123,528
Funded status at end of year (fair value of plan assets less benefit obligation)	$	56,204	$	53,549

Schedule of allocation of plan assets

The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:


		Percentage of Plan Assets
Asset category	Target Allocation	2019		2018
Equity securities	50% - 100%	81	%	82	%
Fixed income and cash equivalents	remaining balance	19	%	18	%
Total		100	%	100	%

Schedule of assumptions used to determine benefit obligations

The weighted average assumptions used to determine benefit obligations at December 31, 2019, 2018 and 2017 were as follows:


	2019		2018		2017
Discount rate	3.53	%	4.60	%	3.89	%
Rate of compensation increase
Under age 30	10.00	%	10.00	%	10.00	%
Ages 30-39	6.00	%	6.00	%	6.00	%
Ages 40-49	4.00	%	4.00	%	4.00	%
Ages 50 and over	3.00	%	3.00	%	3.00	%

Schedule of estimated future pension benefit Payments

The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):


2020	$	9,676
2021	10,377
2022	11,038
2023	10,553
2024	11,627
2025-2029	58,398
Total	$	111,669

Schedule of balances of accumulated other comprehensive income loss

The following table shows ending balances of accumulated other comprehensive loss at December 31, 2019 and 2018.


(In thousands)	2019		2018
Prior service credit	$	168	$	—
Net actuarial loss	(33,933)		(37,560)
Total	(33,765)		(37,560)
Deferred taxes	7,091		7,888
Accumulated other comprehensive loss	$	(26,674)	$	(29,672)

Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss)

Using actuarial measurement dates of December 31 for 2019, 2018 and 2017, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:


(In thousands)	2019		2018		2017		Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income and other amounts recognized in other comprehensive income (loss)
Service cost	$	(5,873)	$	(6,547)	$	(5,270)	Employee benefits
Interest cost	(5,491)		(5,236)		(5,085)		Other components of net periodic benefit income
Expected return on plan assets	12,105		13,417		11,455		Other components of net periodic benefit income
Recognized net actuarial loss	(1,882)		(1,361)		(576)		Other components of net periodic benefit income
Net periodic benefit (loss) income	$	(1,141)	$	273	$	524
Net actuarial gain (loss) and prior service cost	$	1,913	$	(5,122)	$	(11,698)
Amortization of net loss	1,882		1,361		576
Total recognized in other comprehensive income (loss)	3,795		(3,761)		(11,122)
Total recognized in net benefit income (loss) and other comprehensive income (loss)	$	2,654	$	(3,488)	$	(10,598)

Schedule of assumptions used to determine costs

The weighted average assumptions used to determine net periodic benefit income for the years ended December 31, 2019, 2018 and 2017 are listed below:


	2019		2018		2017
Discount rate	4.60	%	3.89	%	4.58	%
Rate of compensation increase
Under age 30	10.00	%	10.00	%	10.00	%
Ages 30-39	6.00	%	6.00	%	6.00	%
Ages 40-49	4.00	%	4.00	%	4.00	%
Ages 50 and over	3.00	%	3.00	%	3.00	%
Expected long-term return on plan assets	7.00	%	7.00	%	7.00	%