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Benefit Plan (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of plan assets and benefit obligation activity
Using accrual measurement dates of December 31, 2020 and 2019, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)20202019
Change in fair value of plan assets
Fair value at beginning of measurement period$210,623 $177,077 
Actual return on plan assets27,800 42,402 
Employer contributions— — 
Benefits paid(7,981)(8,856)
Fair value at end of measurement period$230,442 $210,623 
Change in benefit obligation
Projected benefit obligation at beginning of measurement period$154,419 $123,528 
Service cost8,319 5,873 
Interest cost5,283 5,491 
Plan amendments— (168)
Actuarial loss 24,370 28,551 
Benefits paid(7,981)(8,856)
Projected benefit obligation at the end of measurement period$184,410 $154,419 
Funded status at end of year (fair value of plan assets less benefit obligation)$46,032 $56,204 
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 categoryTarget Allocation20202019
Equity securities50% - 100%84 %81 %
Fixed income and cash equivalentsremaining balance16 %19 %
Total100 %100 %
Schedule of assumptions used to determine benefit obligations
The weighted average assumptions used to determine benefit obligations at December 31, 2020, 2019 and 2018 were as follows:
 
202020192018
Discount rate3.00 %3.53 %4.60 %
Rate of compensation increase
Under age 308.25 %10.00 %10.00 %
Ages 30-396.00 %6.00 %6.00 %
Ages 40-495.00 %4.00 %4.00 %
Ages 50-544.25 %3.00 %3.00 %
Ages 55-593.75 %3.00 %3.00 %
Ages 60-643.50 %3.00 %3.00 %
Ages 65 and over3.25 %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):

2021$11,582 
202211,798 
202311,672 
202412,613 
202512,758 
2026-2030 62,929 
Total$123,352 
Schedule of balances of accumulated other comprehensive income loss
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2020 and 2019.
 
(In thousands)20202019
Prior service credit$152 $168 
Net actuarial loss(43,723)(33,933)
Total(43,571)(33,765)
Deferred taxes9,150 7,091 
Accumulated other comprehensive loss$(34,421)$(26,674)
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 2020, 2019 and 2018, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:
 
(In thousands)202020192018Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income (loss) and other amounts recognized in other comprehensive income (loss)
Service cost$(8,319)$(5,873)$(6,547)Employee benefits
Interest cost(5,283)(5,491)(5,236)Other components of net periodic benefit income
Expected return on plan assets14,410 12,105 13,417 Other components of net periodic benefit income
Recognized net actuarial loss and prior service cost(1,175)(1,882)(1,361)Other components of net periodic benefit income
Net periodic benefit (loss) income$(367)$(1,141)$273 
Net actuarial (loss) gain and prior service cost$(10,981)$1,913 $(5,122)
Amortization of net loss1,175 1,882 1,361 
Total recognized in other comprehensive (loss) income(9,806)3,795 (3,761)
Total recognized in net benefit (loss) income and other comprehensive (loss) income$(10,173)$2,654 $(3,488)
Schedule of assumptions used to determine costs
The weighted average assumptions used to determine net periodic benefit income (loss) for the years ended December 31, 2020, 2019 and 2018 are listed below:
 
202020192018
Discount rate3.53 %4.60 %3.89 %
Rate of compensation increase
     Under age 3010.00 %10.00 %10.00 %
     Ages 30-396.00 %6.00 %6.00 %
     Ages 40-494.00 %4.00 %4.00 %
     Ages 50 and over3.00 %3.00 %3.00 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %