Benefit Plan (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
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| 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) | | 2020 | | 2019 | | Change in fair value of plan assets | | | | | | Fair value at beginning of measurement period | | $ | 210,623 | | | $ | 177,077 | | | Actual return on plan assets | | 27,800 | | | 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 cost | | 8,319 | | | 5,873 | | | Interest cost | | 5,283 | | | 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 | |
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| 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 | | 2020 | | 2019 | | Equity securities | | 50% - 100% | | 84 | % | | 81 | % | | Fixed income and cash equivalents | | remaining balance | | 16 | % | | 19 | % | | Total | | | | 100 | % | | 100 | % |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | | Discount rate | | 3.00 | % | | 3.53 | % | | 4.60 | % | | Rate of compensation increase | | | | | | | | Under age 30 | | 8.25 | % | | 10.00 | % | | 10.00 | % | | Ages 30-39 | | 6.00 | % | | 6.00 | % | | 6.00 | % | | Ages 40-49 | | 5.00 | % | | 4.00 | % | | 4.00 | % | | Ages 50-54 | | 4.25 | % | | 3.00 | % | | 3.00 | % | | Ages 55-59 | | 3.75 | % | | 3.00 | % | | 3.00 | % | | Ages 60-64 | | 3.50 | % | | 3.00 | % | | 3.00 | % | | Ages 65 and over | | 3.25 | % | | 3.00 | % | | 3.00 | % |
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| 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 | | | 2022 | 11,798 | | | 2023 | 11,672 | | | 2024 | 12,613 | | | 2025 | 12,758 | | | 2026-2030 | 62,929 | | | Total | $ | 123,352 | |
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| 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) | | 2020 | | 2019 | | Prior service credit | | $ | 152 | | | $ | 168 | | | Net actuarial loss | | (43,723) | | | (33,933) | | | Total | | (43,571) | | | (33,765) | | | Deferred taxes | | 9,150 | | | 7,091 | | | Accumulated other comprehensive loss | | $ | (34,421) | | | $ | (26,674) | |
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| 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) | | 2020 | | 2019 | | 2018 | Affected 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 assets | | 14,410 | | | 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 loss | | 1,175 | | | 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) | | |
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| 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: | | | | | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | | 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 | % | | Expected long-term return on plan assets | | 7.00 | % | | 7.00 | % | | 7.00 | % |
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