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Benefit Plan (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022 and 2021, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)20222021
Change in fair value of plan assets
Fair value at beginning of measurement period$263,473 $230,442 
Actual return on plan assets(37,319)48,138 
Benefits paid(17,016)(15,107)
Fair value at end of measurement period$209,138 $263,473 
Change in benefit obligation
Projected benefit obligation at beginning of measurement period$182,964 $184,410 
Service cost9,749 9,916 
Interest cost5,705 5,359 
Plan amendments558 — 
Actuarial loss (54,566)(1,614)
Benefits paid(17,016)(15,107)
Projected benefit obligation at the end of measurement period$127,394 $182,964 
Funded status at end of year (fair value of plan assets less benefit obligation)$81,744 $80,509 
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 Allocation20222021
Equity securities50% - 100%84 %82 %
Fixed income and cash equivalentsremaining balance16 %18 %
Total100 %100 %
Schedule of assumptions used to determine benefit obligations
The weighted average assumptions used to determine benefit obligations at December 31, 2022, 2021 and 2020 were as follows:
 
202220212020
Discount rate5.32 %3.23 %3.00 %
Rate of compensation increase
Under age 308.25 %8.25 %8.25 %
Ages 30-396.00 %6.00 %6.00 %
Ages 40-495.00 %5.00 %5.00 %
Ages 50-544.25 %4.25 %4.25 %
Ages 55-593.75 %3.75 %3.75 %
Ages 60-643.50 %3.50 %3.50 %
Ages 65 and over3.25 %3.25 %3.25 %
Interest crediting rate4.07 %N/AN/A
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):

2023$9,684 
20249,769 
202510,143 
202610,111 
202711,053 
2028-203251,388 
Total$102,148 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows ending balances of accumulated other comprehensive loss at December 31, 2022 and 2021.
 
(In thousands)20222021
Prior service (cost) credit$(436)$137 
Net actuarial loss(8,020)(7,469)
Total(8,456)(7,332)
Deferred taxes1,776 1,540 
Accumulated other comprehensive loss$(6,680)$(5,792)
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 2022, 2021 and 2020, components of net periodic benefit income and other amounts recognized in other comprehensive (loss) income were as follows:
 
(In thousands)202220212020Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income (loss) and other amounts recognized in other comprehensive (loss) income
Service cost$(9,749)$(9,916)$(8,319)Employee benefits
Interest cost(5,705)(5,359)(5,283)Other components of net periodic benefit income
Expected return on plan assets17,798 15,731 14,410 Other components of net periodic benefit income
Recognized net actuarial loss and prior service cost15 (2,220)(1,175)Other components of net periodic benefit income
Net periodic benefit income (loss)$2,359 $(1,764)$(367)
Net actuarial (loss) gain and prior service credit$(1,109)$34,019 $(10,981)
Amortization of net (gain) loss(15)2,220 1,175 
Total recognized in other comprehensive (loss) income(1,124)36,239 (9,806)
Total recognized in net benefit income (loss) and other comprehensive income (loss)$1,235 $34,475 $(10,173)
The fair value of the plan assets at December 31, 2022 and December 31, 2021, by asset class, is as follows.
Fair Value MeasurementsFair Value Measurements
at December 31, 2022, Usingat December 31, 2021, Using
(In thousands)(Level 1)(Level 2)(Level 1)(Level 2)
Interest-bearing account$1,959 $3,910 $3,222 $4,731 
Mutual funds46,093  60,987 — 
U.S. Government agency obligations 12,513 — 15,254 
Corporate bonds 12,562 — 16,815 
Common stocks132,101  162,464 — 
Total$180,153 $28,985 $226,673 $36,800 
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, 2022, 2021 and 2020 are listed below:
 
202220212020
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 50-54 4.25 %4.25 %3.00 %
Ages 55-593.75 %3.75 %3.00 %
Ages 60-64 3.50 %3.50 %3.00 %
Ages 65 and over 3.25 %3.25 %3.00 %
Expected long-term return on plan assets6.92 %7.00 %7.00 %
Schedule of Net Benefit Costs The expense for the Corporation was as follows:
(In thousands)202220212020Affected Line Item in the Consolidated
Statements of Income
Service cost$1,091 $1,345 $1,680 Employee benefits
Interest cost564 510 403 Miscellaneous expense
Total SERP expense$1,655 $1,855 $2,083