Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Benefit Plans [Abstract]

Information about our SERP

The following table summarizes information about our SERP.

(In thousands)	2019			2018
Change in benefit obligation:
Benefit obligation at beginning of the year	$	7,394		$	8,199
Interest cost		315			290
Actuarial losses (gains)		906			(769	)
Benefits paid		(316	)		(326	)
Benefit obligation at end of year		8,299			7,394
Change in plan assets:
Employer contribution		316			326
Benefits paid		(316	)		(326	)
Fair value of plan assets at end of year		—			—
Funded status of the plan – (underfunded)	$	(8,299	)	$	(7,394	)
Accumulated benefit obligations	$	8,299		$	7,394

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

(In thousands)	2019			2018
Current liabilities	$	(406	)	$	(366	)
Noncurrent liabilities		(7,893	)		(7,028	)
	$	(8,299	)	$	(7,394	)

Net Pension Costs

Net pension cost included the following components:

	SERP
(In thousands)	2019		2018		2017
Interest cost on projected benefit obligation	$	315	$	290	$	321
Amortization of actuarial loss		46		136		90
Net pension costs	$	361	$	426	$	411

Assumptions Used to Determine Net Periodic Benefit Cost and Benefit Obligation

We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:

	SERP
	2019			2018			2017
Discount rate		4.36	%		3.68	%		4.30	%
Rate of compensation increase		n/a			n/a			n/a

Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:

	2019			2018
Discount rate		3.29	%		4.36	%
Rate of compensation increase		n/a			n/a

Expected Future Benefit Payments

These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2019.

(In thousands)	2020		2021		2022		2023		2024			2025-2029
Benefit Payments	$	406	$	435	$	434	$	427	$	434	$	2,668