Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The funded status and amounts recognized in the Company’s Consolidated Financial Statements for the Defined Benefit Plan, the DB SERP, the BEP and the ODRCP are set forth in the following table:

	As of and for the Year Ended December 31,
	2021		2020		2019
	(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of the year	$	361,147	$	396,769	$	302,317
Service cost	31,660		25,970		18,926
Interest cost	5,694		9,657		10,996
Amendments	(1,106)		(133,439)		—
Actuarial (gain) loss	(1,697)		78,095		74,828
Acquisitions	125,854		—		—
Benefits paid	(20,045)		(15,905)		(10,298)
Benefit obligation at end of the year	$	501,507	$	361,147	$	396,769
Change in plan assets:
Fair value of plan assets at beginning of year	$	449,643	$	378,879	$	305,154
Actual return on plan assets	50,879		48,895		60,723
Acquisitions	63,468		—		—
Employer contribution	2,111		37,773		23,300
Benefits paid	(20,045)		(15,904)		(10,298)
Fair value of plan assets at end of year	546,056		449,643		378,879
Overfunded (underfunded) status	$	44,549	$	88,496	$	(17,890)
Reconciliation of funding status:
Past service credit (cost)	$	120,792	$	131,482	$	(25)
Unrecognized net loss	(128,402)		(161,045)		(113,022)
Prepaid benefit cost	52,159		118,059		95,157
Overfunded (underfunded) status	$	44,549	$	88,496	$	(17,890)
Accumulated benefit obligation	$	501,507	$	361,147	$	290,429
Amounts recognized in accumulated other comprehensive income (“AOCI”), net of tax:
Unrecognized past service credit (cost)	$	86,837	$	94,522	$	(18)
Unrecognized net loss	(92,308)		(115,775)		(81,251)
Net amount	$	(5,471)	$	(21,253)	$	(81,269)

Defined Benefit Plan, Assumptions

The assumptions used in determining the benefit obligations at December 31, 2021 and 2020 were as follows:

	DB Plan				BEP				DB SERP				ODRCP
	As of December 31,				As of December 31,				As of December 31,				As of December 31,
	2021		2020		2021		2020		2021		2020		2021		2020
Discount rate	2.65	%	2.26	%	2.32	%	1.77	%	2.68	%	1.63	%	2.32	%	1.81	%
Rate of increase in compensation levels	4.50	%	5.25	%	4.50	%	5.25	%	—	%	—	%	—	%	—	%
Interest rate credit for determining projected cash balance	3.50	%	3.50%		3.50	%	3.50%		N/A		N/A		N/A		N/A

Schedule of Net Benefit Costs

The assumptions used in determining the net periodic benefit cost for the years ended December 31, 2021, 2020, and 2019 were as follows:

	DB Plan
	For the Year Ended December 31,
	2021		2020		2019
Discount rate - benefit cost	2.26	%	3.16	%	4.25	%
Rate of compensation increase	5.25	%	5.25	%	5.25	%
Expected rate of return on plan assets	7.50	%	7.50	%	7.50	%

	BEP
	For the Year Ended December 31,
	2021		2020		2019
Discount rate - benefit cost	1.77	%	3.15	%	4.25	%
Rate of compensation increase	5.25	%	5.25	%	5.25	%
Expected rate of return on plan assets	—	%	—	%	—	%

	DB SERP
	For the Year Ended December 31,
	2021		2020		2019
Discount rate - benefit cost	1.63	%	2.72	%	4.25	%
Rate of compensation increase	—	%	—	%	—	%
Expected rate of return on plan assets	—	%	—	%	—	%

	ODRCP
	For the Year Ended December 31,
	2021		2020		2019
Discount rate - benefit cost	1.81	%	2.86	%	4.25	%
Rate of compensation increase	—	%	3.00	%	3.00	%
Expected rate of return on plan assets	—	%	—	%	—	%

Reconciliation of Interest in SBERA Common Collective

The table below presents a reconciliation of the Company’s interest in the SBERA common collective trust during the years indicated:

	For the Year Ended December 31,
	2021		2020
	(In thousands)
Balance at beginning of year	$	449,643	$	378,879
Net realized and unrealized gains and (losses)	50,878		48,895
Contributions	—		32,515
Benefits paid	(17,934)		(10,646)
Acquisition	63,469		—
Balance at end of year	$	546,056	$	449,643

Summary of Components of Net Pension Expense

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

	For the Year Ended December 31,
	2021		2020		2019
	(In thousands)
Components of net periodic benefit cost:
Service cost	$	31,660	$	25,970	$	18,926
Interest cost	5,694		9,657		10,996
Expected return on plan assets	(33,333)		(29,610)		(23,617)
Past service (credit) cost	(11,796)		(1,931)		44
Recognized net actuarial loss	13,400		10,787		7,242
Net periodic benefit cost	$	5,625	$	14,873	$	13,591

Schedule of Expected Benefit Payments

The following table summarizes estimated benefits to be paid from the Defined Benefit Plan and BEP for the plan years beginning on November 1, and the DB SERP and ODRCP for the plan years beginning January 1:

Year	(In thousands)
2022	$	54,475
2023	42,176
2024	40,411
2025	43,103
2026	43,438
In aggregate for 2027-2030	216,891

Employee Stock Ownership Plan (ESOP) Disclosures

The following table presents share information held by the ESOP:

	As of December 31,
	2021		2020
	(Dollars in thousands)
Allocated shares	63,690		63,690
Shares committed to be allocated	605,908		104,464
Unallocated shares	14,271,054		14,772,498
Total shares	14,940,652		14,940,652
Fair value of unallocated shares (in thousands)	$	287,847	$	240,939

Schedule of Assets Held in Rabbi Trust

Assets held in rabbi trust accounts by plan type, at fair value, were as follows:

	As of December 31,
	2021		2020
	(In thousands)
DB SERP	$	20,810	$	22,616
BEP	13,202		7,198
ODRCP	4,316		4,251
DC SERP	32,041		28,134
Deferred compensation plans	34,002		29,484
Total rabbi trust assets	$	104,371	$	91,683

The following tables present the book value, net unrealized gain or loss, and market value of assets held in rabbi trust accounts by asset type for each of the plans included in the rabbi trust:

	DB SERP
	As of December 31, 2021						As of December 31, 2020
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain/(Loss)		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	831	$	—	$	831	$	1,208	$	—	$	1,208
Equities (1)	9,993		5,788		15,781		10,822		5,508		16,330
Fixed income	4,174		24		4,198		4,854		224		5,078
Total assets	$	14,998	$	5,812	$	20,810	$	16,884	$	5,732	$	22,616

(1)     Equities include mutual funds and other exchange-traded funds.

	BEP
	As of December 31, 2021						As of December 31, 2020
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain/(Loss)		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	567	$	—	$	567	$	320	$	—	$	320
Equities (1)	6,207		3,412		9,619		3,504		1,730		5,234
Fixed income	2,993		23		3,016		1,565		79		1,644
Total assets	$	9,767	$	3,435	$	13,202	$	5,389	$	1,809	$	7,198

(1)    Equities include mutual funds and other exchange-traded funds.

	ODRCP
	As of December 31, 2021						As of December 31, 2020
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain/(Loss)		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	123	$	—	$	123	$	230	$	—	$	230
Equities (1)	2,093		1,132		3,225		1,985		959		2,944
Fixed income	959		9		968		1,022		55		1,077
Total assets	$	3,175	$	1,141	$	4,316	$	3,237	$	1,014	$	4,251

(1)    Equities include mutual funds and other exchange-traded funds.

	DC SERP
	As of December 31, 2021						As of December 31, 2020
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain/(Loss)		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	229	$	—	$	229	$	240	$	—	$	240
Equities (1)	24,837		8,936		33,773		20,966		6,928		27,894
Fixed income	—		—		—		—		—		—
Total assets	$	25,066	$	8,936	$	34,002	$	21,206	$	6,928	$	28,134

(1)     Equities include mutual funds and other exchange-traded funds.

	Deferred Compensation Plans
	As of December 31, 2021						As of December 31, 2020
	Book Value		Unrealized Gain/(Loss)		Fair Value		Book Value		Unrealized Gain/(Loss)		Fair Value
Asset Type	(In thousands)
Cash and cash equivalents	$	2,744	$	—	$	2,744	$	3,159	$	—	$	3,159
Equities (1)	24,271		5,027		29,298		21,958		4,367		26,325
Fixed income	—		—		—		—		—		—
Total assets	$	27,015	$	5,027	$	32,042	$	25,117	$	4,367	$	29,484

(1)     Equities include mutual funds and other exchange-traded funds.

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes the Company’s restricted stock activity for the year ended December 31, 2021:

	Number of Shares	Weighted-Average Grant Price Per Share
Non-vested restricted stock at beginning of year	—	$	—
Granted	683,056	20.13
Non-vested restricted stock at end of year	683,056	20.13