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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2024
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)202420232022
Payroll taxes$32,723 $31,507 $29,580 
Medical plans36,860 36,277 31,004 
401(k) plan20,227 19,216 18,590 
Pension plans399 499 516 
Other3,391 3,587 3,097 
Total employee benefits
$93,600 $91,086 $82,787 
Components Of The Net Pension Cost
The following items are components of the net pension cost for the years ended December 31, 2024, 2023 and 2022.

(In thousands)202420232022
Service cost$399 $499 $516 
Interest cost on projected benefit obligation4,377 4,615 2,725 
Expected return on plan assets(4,139)(4,051)(4,515)
Amortization of prior service cost(181)(271)(271)
Amortization of unrecognized net (gain) loss892 1,464 1,717 
Net periodic pension cost$1,348 $2,256 $172 
Summary Of Pension Plans Funded Status
The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2024 and 2023.

(In thousands)
20242023
Change in projected benefit obligation
Projected benefit obligation at prior valuation date
$93,949 $95,842 
Service cost
399 499
Interest cost
4,377 4,615 
Benefits paid
(6,939)(7,667)
Actuarial (gain) loss
(1,973)660 
Projected benefit obligation at valuation date
89,813 93,949 
Change in plan assets
Fair value of plan assets at prior valuation date
89,842 88,396 
Actual return on plan assets
3,505 8,307 
Employer contributions
185 806 
Benefits paid
(6,939)(7,667)
Fair value of plan assets at valuation date
86,593 89,842 
Funded status and net amount recognized at valuation date
$(3,220)$(4,107)
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, 2024 and 2023 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.

(In thousands)20242023
Prior service credit (cost)$— $181 
Accumulated gain (loss)(16,073)(18,304)
Accumulated other comprehensive income (loss)
(16,073)(18,123)
Cumulative employer contributions in excess of net periodic benefit cost12,853 14,016 
Net amount recognized as an accrued benefit liability on the December 31 balance sheet
$(3,220)$(4,107)
Net gain (loss) arising during period
1,338 3,594 
Amortization of net (gain) loss
892 1,464 
Amortization of prior service cost
(181)(271)
Total recognized in other comprehensive income (loss)
$2,049 $4,787 
Total income (expense) recognized in net periodic pension cost and other comprehensive income
$702 $2,531 
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.

202420232022
Determination of benefit obligation at year end:
Effective discount rate on benefit obligations5.27 %4.98 %5.19 %
Assumed cash balance interest crediting rate5.00 %5.00 %5.00 %
Determination of net periodic benefit cost for year ended:
Effective discount rate on benefit obligations4.93 %5.19 %2.64 %
Effective rate for interest cost on benefit obligations4.84 %5.09 %2.15 %
Long-term rate of return on assets4.75 %4.75 %4.25 %
Assumed cash balance interest crediting rate5.00 %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, 2024 and 2023. 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, 2024
Assets:
U.S. government obligations$12,072 $12,072 $— $— 
Government-sponsored enterprise obligations (a)
991 — 991 — 
State and municipal obligations3,513 — 3,513 — 
Agency mortgage-backed securities (b)
2,026 — 2,026 — 
Non-agency mortgage-backed securities2,202 — 2,202 — 
Asset-backed securities5,171 — 5,171 — 
Corporate bonds (c)
45,526 — 45,526 — 
Equity securities and mutual funds: (d)
Mutual funds6,462 6,462 — — 
Common stocks7,075 7,075 — — 
International developed markets funds1,353 1,353 — — 
Emerging markets funds202 202 — — 
Total
$86,593 $27,164 $59,429 $— 
December 31, 2023
Assets:
U.S. government obligations
$14,041 $14,041 $— $— 
Government-sponsored enterprise obligations (a)
1,039 — 1,039 — 
State and municipal obligations
3,740 — 3,740 — 
Agency mortgage-backed securities (b)
2,230 — 2,230 — 
Non-agency mortgage-backed securities
2,271 — 2,271 — 
Asset-backed securities
5,687 — 5,687 — 
Corporate bonds (c)
48,534 — 48,534 — 
Equity securities and mutual funds: (d)
Mutual funds4,443 4,443 — — 
Common stocks5,809 5,809 — — 
International developed markets funds1,809 1,809 — — 
Emerging markets funds239 239 — — 
Total
$89,842 $26,341 $63,501 $— 
(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 electronic technology, technology services, financial services, healthcare technology, and retail trade industries.
Future Benefit Payments
The following future benefit payments are expected to be paid:

(In thousands)
2025$7,937 
20267,820 
20277,679 
20287,538 
20297,354 
2030 - 203432,727