Employee Benefits (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Components of Net Pension Expense

The components of net pension expense for the plans for the periods indicated are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
	(In thousands)
Components of net periodic benefit cost:
Service cost	$	7,896	$	6,231	$	23,690	$	18,694
Interest cost	1,269		2,617		3,805		7,849
Expected return on plan assets	(8,141)		(7,427)		(24,424)		(22,277)
Past service cost	(2,945)		7		(8,835)		19
Recognized net actuarial loss	3,537		2,361		10,612		7,082
Net periodic benefit cost	$	1,616	$	3,789	$	4,848	$	11,367

Schedule of Assets Held in Rabbi Trust

Investments in rabbi trust accounts are recorded at fair value within the Company's consolidated balance sheets with changes in fair value recorded through noninterest income. The following table presents the book value, mark-to-market, and fair value of assets held in rabbi trust accounts by asset type:


	As of September 30, 2021						As of December 31, 2020
	Book Value		Mark-to-Market		Fair Value		Book Value		Mark-to-Market		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	4,476	$	—	$	4,476	$	5,157	$	—	$	5,157
Equities	65,670		19,880		85,550		59,235		19,492		78,727
Fixed income	7,976		172		8,148		7,441		358		7,799
Total assets	$	78,122	$	20,052	$	98,174	$	71,833	$	19,850	$	91,683