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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefits Charged To Operating Expenses
Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions.

(In thousands)202120202019
Payroll taxes$28,084 $27,664 $26,959 
Medical plans31,131 30,002 29,635 
401(k) plan17,237 16,834 15,810 
Pension plans388 410 605 
Other1,170 1,990 3,049 
Total employee benefits
$78,010 $76,900 $76,058 
Components Of The Net Pension Cost
The following items are components of the net pension cost for the years ended December 31, 2021, 2020 and 2019.

(In thousands)202120202019
Service cost-benefits earned during the year$388 $410 $607 
Interest cost on projected benefit obligation2,169 3,282 4,198 
Expected return on plan assets(4,532)(5,214)(4,842)
Amortization of prior service cost(271)(271)(271)
Amortization of unrecognized net loss2,578 2,138 2,288 
Net periodic pension cost$332 $345 $1,980 
Summary Of Pension Plans Funded Status
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2021 and 2020.

(In thousands)
20212020
Change in projected benefit obligation
Projected benefit obligation at prior valuation date
$127,163 $120,602 
Service cost
388410
Interest cost
2,169 3,282 
Benefits paid
(6,735)(6,765)
Actuarial (gain) loss
(1,247)9,634 
Projected benefit obligation at valuation date
121,738 127,163 
Change in plan assets
Fair value of plan assets at prior valuation date
109,615 107,556 
Actual return on plan assets
6,913 8,744 
Employer contributions
14 80 
Benefits paid
(6,735)(6,765)
Fair value of plan assets at valuation date
109,807 109,615 
Funded status and net amount recognized at valuation date
$(11,931)$(17,548)
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2021 and 2020 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.

(In thousands)20212020
Prior service cost$723 $994 
Accumulated loss(28,277)(34,482)
Accumulated other comprehensive loss
(27,554)(33,488)
Cumulative employer contributions in excess of net periodic benefit cost15,623 15,940 
Net amount recognized as an accrued benefit liability on the December 31 balance sheet
$(11,931)$(17,548)
Net gain (loss) arising during period
3,627 (6,104)
Amortization of net loss
2,578 2,138 
Amortization of prior service cost
(271)(271)
Total recognized in other comprehensive income (loss)
$5,934 $(4,237)
Total income (expense) recognized in net periodic pension cost and other comprehensive income
$5,602 $(4,582)
Assumptions On A Weighted Average Basis, Used In Accounting For Plans
The following assumptions, on a weighted average basis, were used in accounting for the plans.

202120202019
Determination of benefit obligation at year end:
Effective discount rate for benefit obligations2.58 %2.25 %3.07 %
Assumed credit on cash balance accounts5.00 %5.00 %5.00 %
Determination of net periodic benefit cost for year ended:
Effective discount rate for benefit obligations2.25 %3.08 %4.13 %
Effective rate for interest on benefit obligations1.63 %2.69 %3.81 %
Long-term rate of return on assets4.25 %5.00 %5.00 %
Assumed credit on cash balance accounts5.00 %5.00 %5.00 %
Fair Value Of Pension Plan Asset Category
The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2021 and 2020. Information about the valuation techniques and inputs used to measure fair value are provided in Note 17 on Fair Value Measurements.

Fair Value Measurements
(In thousands)
Total Fair Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
December 31, 2021
Assets:
U.S. government obligations$6,824 $6,824 $— $— 
Government-sponsored enterprise obligations (a)
2,066 — 2,066 — 
State and municipal obligations8,000 — 8,000 — 
Agency mortgage-backed securities (b)
3,266 — 3,266 — 
Non-agency mortgage-backed securities2,974 — 2,974 — 
Asset-backed securities7,648 — 7,648 — 
Corporate bonds (c)
40,832 — 40,832 — 
Equity securities and mutual funds: (d)
Mutual funds6,004 6,004 — — 
Common stocks27,702 27,702 — — 
International developed markets funds3,943 3,943 — — 
Emerging markets funds548 548 — — 
Total
$109,807 $45,021 $64,786 $— 
December 31, 2020
Assets:
U.S. government obligations
$5,306 $5,306 $— $— 
Government-sponsored enterprise obligations (a)
2,142 — 2,142 — 
State and municipal obligations
9,471 — 9,471 — 
Agency mortgage-backed securities (b)
6,984 — 6,984 — 
Non-agency mortgage-backed securities
2,225 — 2,225 — 
Asset-backed securities
6,090 — 6,090 — 
Corporate bonds (c)
41,278 — 41,278 — 
Equity securities and mutual funds: (d)
Mutual funds5,584 5,584 — — 
Common stocks24,991 24,991 — — 
International developed markets funds1,976 1,976 — — 
Emerging markets funds3,568 3,568 — — 
Total
$109,615 $41,425 $68,190 $— 
(a)    This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Government National Mortgage Association, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association.
(b)    This category represents mortgage-backed securities issued by the agencies mentioned in (a).
(c)    This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries.
(d)    This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the technology services, financial services, electronic technology, healthcare, and process industries.
Future Benefit Payments
The following future benefit payments are expected to be paid:

(In thousands)
2022$7,545 
20237,656 
20247,550 
20257,502 
20267,441 
2027 - 203134,922