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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Employee Benefit Plans [Abstract]  
Components of Accumulated Other Comprehensive Income (Loss), Net Periodic Benefit Cost
The components of AOCI, which have not yet been recognized as components of net periodic benefit cost, related to pensions and other post-retirement benefits are summarized below:

  
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2020
    
2019
    
2020
    
2019
  
Net actuarial loss
  
$
26,108
    
$
28,334
    
$
317
    
$
125
  
Prior service cost
    
378
      
491
      
43
      
94
  
Total amounts recognized in AOCI (pre-tax)
  
$
26,486
    
$
28,825
    
$
360
    
$
219
  
Changes in Benefit Obligations, Changes in Plan Assets, and the Funded Status of the Pension Plans and Postretirement Benefits
A December 31 measurement date is used for the pension, supplemental pension and post-retirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets and the funded status of the pension plans and other post-retirement benefits:

  
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2020
    
2019
    
2020
    
2019
  
Change in benefit obligation:
                        
Benefit obligation at beginning of year
  
$
90,586
    
$
85,134
    
$
6,083
    
$
7,034
  
Service cost
    
1,840
      
1,723
      
8
      
7
  
Interest cost
    
3,237
      
3,942
      
213
      
272
  
Plan participants’ contributions
    
-
      
-
      
173
      
201
  
Actuarial loss (gain)
    
3,411
      
6,030
      
191
      
(719
)
Curtailments
    
(67
)
    
-
      
-
      
-
  
Benefits paid
    
(8,813
)
    
(6,243
)
    
(669
)
    
(712
)
Projected benefit obligation at end of year
  
$
90,194
    
$
90,586
    
$
5,999
    
$
6,083
  
Change in plan assets:
                                
Fair value of plan assets at beginning of year
  
$
122,995
    
$
109,746
    
$
-
    
$
-
  
Gain on plan assets
    
12,449
      
18,120
      
-
      
-
  
Employer contributions
    
1,932
      
1,372
      
496
      
511
  
Plan participants’ contributions
    
-
      
-
      
173
      
201
  
Benefits paid
    
(8,813
)
    
(6,243
)
    
(669
)
    
(712
)
Fair value of plan assets at end of year
  
$
128,563
    
$
122,995
    
$
-
    
$
-
  
                                 
Funded (unfunded) status at year end
  
$
38,369
    
$
32,409
    
$
(5,999
)
  
$
(6,083
)
Amounts Recognized in Balance Sheet
An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $90.2 million and $90.6 million at December 31, 2020 and 2019, respectively. The accumulated benefit obligation for other post-retirement benefits was $6.0 million and $6.1 million at December 31, 2020 and 2019, respectively. The funded status of the pension and other post-retirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2020 and 2019. 

  
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2020
    
2019
    
2020
    
2019
  
Other assets
  
$
57,456
    
$
51,988
    
$
-
    
$
-
  
Other liabilities
    
(19,087
)
    
(19,579
)
    
(5,999
)
    
(6,083
)
Funded status
  
$
38,369
    
$
32,409
    
$
(5,999
)
  
$
(6,083
)
Assumptions used to Determine Benefit Obligations and Net Periodic Pension Cost
The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:
Years Ended December 31,
 
2020
2019
2018
Weighted average assumptions:
      
The following assumptions were used to determine benefit obligations:
      
Discount rate
3.08% - 3.25%
3.69% - 3.73%
4.79% - 4.80%
Expected long-term return on plan assets
7.00%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
1.62%
2.28%
3.36%
       
The following assumptions were used to determine net periodic pension cost:
      
Discount rate
3.69% - 3.73%
4.79% - 4.80%
4.20% - 4.21%
Expected long-term return on plan assets
7.00%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
2.28%
3.36%
2.80%
Net Periodic Pension Benefits and Other Benefit Costs
Net periodic benefit cost and other amounts recognized in OCI for the years ended December 31 included the following components:

  
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2020
    
2019
    
2018
    
2020
    
2019
    
2018
  
Components of net periodic (benefit) cost:
                                    
Service cost
  
$
1,840
    
$
1,723
    
$
1,659
    
$
8
    
$
7
    
$
10
  
Interest cost
    
3,237
      
3,942
      
3,645
      
213
      
272
      
327
  
Expected return on plan assets
    
(8,410
)
    
(7,480
)
    
(8,478
)
    
-
      
-
      
-
  
Additional gain due to curtailment
    
(74
)
    
-
      
-
      
-
      
-
      
-
  
Amortization of prior service cost
    
41
      
43
      
40
      
51
      
50
      
51
  
Amortization of unrecognized net loss
    
1,535
      
2,593
      
930
      
-
      
-
      
124
  
Net periodic pension (benefit) cost
  
$
(1,831
)
  
$
821
    
$
(2,204
)
  
$
272
    
$
329
    
$
512
  
                                                 
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax):
                                                
Net (gain) loss
  
$
(628
)
  
$
(4,611
)
  
$
12,882
    
$
192
    
$
(720
)
  
$
(762
)
Prior service cost
    
-
      
-
      
337
      
-
      
-
      
-
  
Additional gain due to curtailment
    
7
      
-
      
-
      
-
      
-
      
-
  
Amortization of prior service cost
    
(41
)
    
(43
)
    
(40
)
    
(51
)
    
(50
)
    
(51
)
Amortization of unrecognized net (loss)
    
(1,535
)
    
(2,593
)
    
(930
)
    
-
      
-
      
(124
)
Total recognized in OCI
  
$
(2,197
)
  
$
(7,247
)
  
$
12,249
    
$
141
    
$
(770
)
  
$
(937
)
                                                 
Total recognized in net periodic (benefit) cost and OCI, pre-tax
  
$
(4,028
)
  
$
(6,426
)
  
$
10,045
    
$
413
    
$
(441
)
  
$
(425
)
Estimated Future Benefit Payments for the Pension Plans and Other Postretirement Benefit Plans
The following table sets forth estimated future benefit payments for the pension plans and other post-retirement benefit plans as of December 31, 2020:

(In thousands)
  
Pension
Benefits
    
Other
Benefits
  
2021
  
$
6,910
    
$
453
  
2022
    
6,977
      
451
  
2023
    
6,807
      
448
  
2024
    
7,083
      
443
  
2025
    
7,409
      
436
  
2026 - 2030
    
33,579
      
1,962
  
Target and Actual Allocations of Defined Benefit Pension Plan's Assets
The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:
Target 2020
2020
2019
Cash and cash equivalents
0 - 15%
3%
3%
Fixed income securities
30 - 60%
38%
40%
Equities
40 - 70%
59%
57%
Total
  
100%
100%
Financial Instruments Recorded at Fair Value on a Recurring Basis by the Plan
The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan:

(In thousands)
  
Level 1
    
Level 2
    
December 31,
2020
  
Cash and cash equivalents
  
$
3,461
    
$
-
    
$
3,461
  
Foreign equity mutual funds
    
41,000
      
-
      
41,000
  
Equity mutual funds
    
35,637
      
-
      
35,637
  
U.S. government bonds
    
-
      
47
      
47
  
Corporate bonds
    
-
      
48,418
      
48,418
  
Total
  
$
80,098
    
$
48,465
    
$
128,563
  

 
Level 1
    
Level 2
    
December 31,
2019
  
Cash and cash equivalents
  
$
4,143
    
$
-
    
$
4,143
  
Foreign equity mutual funds
    
40,239
      
-
      
40,239
  
Equity mutual funds
    
29,886
      
-
      
29,886
  
U.S. government bonds
    
-
      
58
      
58
  
Corporate bonds
    
-
      
48,669
      
48,669
  
Total
  
$
74,268
    
$
48,727
    
$
122,995