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Benefit Plan (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)20232022
Change in fair value of plan assets
Fair value at beginning of measurement period$209,138 $263,473 
Actual return on plan assets34,764 (37,319)
Benefits paid(11,008)(17,016)
Fair value at end of measurement period$232,894 $209,138 
Change in benefit obligation
Projected benefit obligation at beginning of measurement period$127,394 $182,964 
Service cost6,236 9,749 
Interest cost6,523 5,705 
Plan amendments 558 
Actuarial loss (gain)10,072 (54,566)
Benefits paid(11,008)(17,016)
Projected benefit obligation at the end of measurement period$139,217 $127,394 
Funded status at end of year (fair value of plan assets less benefit obligation)$93,677 $81,744 
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 Allocation20232022
Equity securities50% - 100%85 %84 %
Fixed income and cash equivalentsremaining balance15 %16 %
Total100 %100 %
Schedule of assumptions used to determine benefit obligations
The weighted average assumptions used to determine benefit obligations at December 31, 2023, 2022 and 2021 were as follows:
 
202320222021
Discount rate5.14 %5.32 %3.23 %
Rate of compensation increase
Under age 25 (under age 30 for 2022 and 2021)7.50 %8.25 %8.25 %
Ages 25-29 (ages 30-39 for 2022 and 2021)7.00 %6.00 %6.00 %
Ages 30-34 (ages 40-49 for 2022 and 2021)6.75 %5.00 %5.00 %
Ages 35-39 (ages 50-54 for 2022 and 2021)6.00 %4.25 %4.25 %
Ages 40-44 (ages 55-59 for 2022 and 2021)5.25 %3.75 %3.75 %
Ages 45-54 (ages 60-64 for 2022 and 2021)4.75 %3.50 %3.50 %
Ages 55-69 (ages 65 and over for 2022 and 2021)3.75 %3.25 %3.25 %
Ages 70 and over (for 2023)3.00 %N/AN/A
Interest crediting rate3.89 %4.07 %N/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):

2024$10,966 
202511,164 
202611,246 
202711,245 
202810,896 
2029-203354,844 
Total$110,361 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table shows ending balances of accumulated other comprehensive income (loss) at December 31, 2023 and 2022.
 
(In thousands)20232022
Prior service cost$(388)$(436)
Net actuarial gain (loss)2,529 (8,020)
Total2,141 (8,456)
Deferred tax (liability) asset(449)1,776 
Accumulated other comprehensive income (loss)$1,692 $(6,680)
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 2023, 2022 and 2021, components of net periodic benefit income (loss) and other amounts recognized in other comprehensive income (loss) were as follows:
 
(In thousands)202320222021Affected 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$(6,236)$(9,749)$(9,916)Employee benefits
Interest cost(6,523)(5,705)(5,359)Other components of net periodic benefit income
Expected return on plan assets14,143 17,798 15,731 Other components of net periodic benefit income
Recognized net actuarial loss and prior service cost(48)15 (2,220)Other components of net periodic benefit income
Net periodic benefit income (loss)$1,336 $2,359 $(1,764)
Net actuarial gain (loss) and prior service credit (cost)$10,549 $(1,109)$34,019 
Amortization of net loss (gain) 48 (15)2,220 
Total recognized in other comprehensive income (loss) 10,597 (1,124)36,239 
Total recognized in net benefit income (loss) and other comprehensive income (loss)$11,933 $1,235 $34,475 
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, 2023, 2022 and 2021 are listed below:
 
202320222021
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 50-54 4.25 %4.25 %4.25 %
Ages 55-593.75 %3.75 %3.75 %
Ages 60-64 3.50 %3.50 %3.50 %
Ages 65 and over 3.25 %3.25 %3.25 %
Expected long-term return on plan assets6.92 %6.92 %7.00 %
Schedule of Changes in Fair Value of Plan Assets
The fair value of the plan assets at December 31, 2023 and December 31, 2022, by asset class, is as follows.
Fair Value MeasurementsFair Value Measurements
at December 31, 2023, Usingat December 31, 2022, Using
(In thousands)(Level 1)(Level 2)(Level 1)(Level 2)
Interest-bearing account$1,395 $4,758 $1,959 $3,910 
Mutual funds49,740  46,093 — 
U.S. Government agency obligations 12,466 — 12,513 
Corporate bonds 15,572 — 12,562 
Common stocks148,963  132,101 — 
Total$200,098 $32,796 $180,153 $28,985 
Schedule of Net Benefit Costs The expense for the Corporation was as follows:
(In thousands)202320222021Affected Line Item in the Consolidated
Statements of Income
Service cost$1,224 $1,091 $1,345 Employee benefits
Interest cost567 564 510 Miscellaneous expense
Total SERP expense$1,791 $1,655 $1,855