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Benefit Plan (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Using accrual measurement dates of December 31, 2021 and 2020, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)20212020
Change in fair value of plan assets
Fair value at beginning of measurement period$230,442 $210,623 
Actual return on plan assets48,138 27,800 
Benefits paid(15,107)(7,981)
Fair value at end of measurement period$263,473 $230,442 
Change in benefit obligation
Projected benefit obligation at beginning of measurement period$184,410 $154,419 
Service cost9,916 8,319 
Interest cost5,359 5,283 
Actuarial loss (1,614)24,370 
Benefits paid(15,107)(7,981)
Projected benefit obligation at the end of measurement period$182,964 $184,410 
Funded status at end of year (fair value of plan assets less benefit obligation)$80,509 $46,032 
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 Allocation20212020
Equity securities50% - 100%82 %84 %
Fixed income and cash equivalentsremaining balance18 %16 %
Total100 %100 %
Schedule of assumptions used to determine benefit obligations
The weighted average assumptions used to determine benefit obligations at December 31, 2021, 2020 and 2019 were as follows:
 
202120202019
Discount rate3.23 %3.00 %3.53 %
Rate of compensation increase
Under age 308.25 %8.25 %10.00 %
Ages 30-396.00 %6.00 %6.00 %
Ages 40-495.00 %5.00 %4.00 %
Ages 50-544.25 %4.25 %3.00 %
Ages 55-593.75 %3.75 %3.00 %
Ages 60-643.50 %3.50 %3.00 %
Ages 65 and over3.25 %3.25 %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):

2022$12,775 
202311,500 
202412,102 
202512,405 
202612,360 
2027-203161,702 
Total$122,844 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2021 and 2020.
 
(In thousands)20212020
Prior service credit$137 $152 
Net actuarial loss(7,469)(43,723)
Total(7,332)(43,571)
Deferred taxes1,540 9,150 
Accumulated other comprehensive loss$(5,792)$(34,421)
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 2021, 2020 and 2019, components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) were as follows:
 
(In thousands)202120202019Affected 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$(9,916)$(8,319)$(5,873)Employee benefits
Interest cost(5,359)(5,283)(5,491)Other components of net periodic benefit income
Expected return on plan assets15,731 14,410 12,105 Other components of net periodic benefit income
Recognized net actuarial loss and prior service credit(2,220)(1,175)(1,882)Other components of net periodic benefit income
Net periodic benefit loss$(1,764)$(367)$(1,141)
Net actuarial gain (loss) and prior service credit$34,019 $(10,981)$1,913 
Amortization of net loss2,220 1,175 1,882 
Total recognized in other comprehensive income (loss)36,239 (9,806)3,795 
Total recognized in net benefit income (loss) and other comprehensive income (loss)$34,475 $(10,173)$2,654 
The fair value of the plan assets at December 31, 2021 and December 31, 2020, by asset class, is as follows.
Fair Value MeasurementsFair Value Measurements
at December 31, 2021, Usingat December 31, 2020, Using
(In thousands)(Level 1)(Level 2)(Level 1)(Level 2)
Interest-bearing account$3,222 $4,731 $2,785 $4,837 
Mutual funds60,987  54,461 — 
U.S. Government agency obligations 15,254 — 5,530 
Corporate bonds 16,815 — 24,986 
Common stocks162,464  137,843 — 
$226,673 $36,800 $195,089 $35,353 
Schedule of assumptions used to determine costs
The weighted average assumptions used to determine net periodic benefit loss for the years ended December 31, 2021, 2020 and 2019 are listed below:
 
202120202019
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 50-54 4.25 %3.00 %3.00 %
Ages 55-593.75 %3.00 %3.00 %
Ages 60-64 3.50 %3.00 %3.00 %
Ages 65 and over 3.25 %3.00 %3.00 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %
Schedule of Net Benefit Costs The expense for the Corporation was as follows:
(In thousands)202120202019Affected Line Item in the Consolidated
Statements of Income
Service cost$1,345 $1,680 $816 Employee benefits
Interest cost510 403 484 Miscellaneous expense
Total SERP expense$1,855 $2,083 $1,300