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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
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)
  
2021
    
2020
    
2021
    
2020
  
Net actuarial loss (gain)
  
$
21,608
    
$
26,108
    
$
(226
)
  
$
317
  
Prior service cost (credit)
    
320
      
378
      
(8
)
    
43
  
Total amounts recognized in AOCI (pre-tax)
  
$
21,928
    
$
26,486
    
$
(234
)
  
$
360
  
Changes in Benefit Obligations, Changes in Plan Assets, and the Funded Status of the Pension Plans and Other 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)
  
2021
    
2020
    
2021
    
2020
  
Change in benefit obligation:
                        
Benefit obligation at beginning of year
  
$
90,194
    
$
90,586
    
$
5,999
    
$
6,083
  
Service cost
    
2,069
      
1,840
      
8
      
8
  
Interest cost
    
2,717
      
3,237
      
163
      
213
  
Plan participants’ contributions
    
-
      
-
      
160
      
173
  
Actuarial loss (gain)
    
499
      
3,411
      
(543
)
    
191
  
Curtailments
    
-
      
(67
)
    
-
      
-
  
Benefits paid
    
(6,560
)
    
(8,813
)
    
(635
)
    
(669
)
Projected benefit obligation at end of year
  
$
88,919
    
$
90,194
    
$
5,152
    
$
5,999
  
Change in plan assets:
                                
Fair value of plan assets at beginning of year
  
$
128,563
    
$
122,995
    
$
-
    
$
-
  
Gain on plan assets
    
12,523
      
12,449
      
-
      
-
  
Employer contributions
    
1,341
      
1,932
      
475
      
496
  
Plan participants’ contributions
    
-
      
-
      
160
      
173
  
Benefits paid
    
(6,560
)
    
(8,813
)
    
(635
)
    
(669
)
Fair value of plan assets at end of year
  
$
135,867
    
$
128,563
    
$
-
    
$
-
  
                                 
Funded (unfunded) status at year end
  
$
46,948
    
$
38,369
    
$
(5,152
)
  
$
(5,999
)
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 $88.9 million and $90.2 million at December 31, 2021 and 2020, respectively. The accumulated benefit obligation for other post-retirement benefits was $5.2 million and $6.0 million at December 31, 2021 and 2020, 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, 2021 and 2020. 

 
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2021
    
2020
    
2021
    
2020
  
Other assets
  
$
65,638
    
$
57,456
    
$
-
    
$
-
  
Other liabilities
    
(18,690
)
    
(19,087
)
    
(5,152
)
    
(5,999
)
Funded status
  
$
46,948
    
$
38,369
    
$
(5,152
)
  
$
(5,999
)
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,
 
2021
2020
2019
Weighted average assumptions:
      
The following assumptions were used to determine benefit obligations:
      
Discount rate
3.23% - 3.35%
3.08% - 3.25%
3.69% - 3.73%
Expected long-term return on plan assets
6.70%
7.00%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
1.94%
1.62%
2.28%
       
The following assumptions were used to determine net periodic pension cost:
      
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%
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)
  
2021
    
2020
    
2019
    
2021
    
2020
    
2019
  
Components of net periodic (benefit) cost:
                                    
Service cost
  
$
2,069
    
$
1,840
    
$
1,723
    
$
8
    
$
8
    
$
7
  
Interest cost
    
2,717
      
3,237
      
3,942
      
163
      
213
      
272
  
Expected return on plan assets
    
(8,786
)
    
(8,410
)
    
(7,480
)
    
-
      
-
      
-
  
Additional gain due to curtailment
    
-
      
(74
)
    
-
      
-
      
-
      
-
  
Amortization of prior service cost
    
59
      
41
      
43
      
51
      
51
      
50
  
Amortization of unrecognized net loss
    
1,263
      
1,535
      
2,593
      
-
      
-
      
-
  
Net periodic pension (benefit) cost
  
$
(2,678
)
  
$
(1,831
)
  
$
821
    
$
222
    
$
272
    
$
329
  
                                                 
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax):
                                                
Net (gain) loss
  
$
(3,237
)
  
$
(628
)
  
$
(4,611
)
  
$
(543
)
  
$
192
    
$
(720
)
Prior service cost
    
-
      
-
      
-
      
-
      
-
      
-
  
Additional gain due to curtailment
    
-
      
7
      
-
      
-
      
-
      
-
  
Amortization of prior service cost
    
(59
)
    
(41
)
    
(43
)
    
(51
)
    
(51
)
    
(50
)
Amortization of unrecognized net (loss)
    
(1,263
)
    
(1,535
)
    
(2,593
)
    
-
      
-
      
-
  
Total recognized in OCI
  
$
(4,559
)
  
$
(2,197
)
  
$
(7,247
)
  
$
(594
)
  
$
141
    
$
(770
)
                                                 
Total recognized in net periodic (benefit) cost and OCI, pre-tax
  
$
(7,237
)
  
$
(4,028
)
  
$
(6,426
)
  
$
(372
)
  
$
413
    
$
(441
)
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, 2021:

(In thousands)
  
Pension
Benefits
    
Other
Benefits
  
2022
  
$
7,185
    
$
397
  
2023
    
6,831
      
394
  
2024
    
7,111
      
390
  
2025
    
7,460
      
385
  
2026
    
6,951
      
380
  
2027 - 2031
    
32,437
      
1,690
  
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 2021
2021
2020
Cash and cash equivalents
0 - 15%
2%
3%
Fixed income securities
30 - 60%
37%
38%
Equities
40 - 70%
61%
59%
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,
2021
  
Cash and cash equivalents
  
$
3,298
    
$
-
    
$
3,298
  
Foreign equity mutual funds
    
46,385
      
-
      
46,385
  
Equity mutual funds
    
36,034
      
-
      
36,034
  
U.S. government bonds
    
-
      
33
      
33
  
Corporate bonds
    
-
      
50,117
      
50,117
  
Total
  
$
85,717
    
$
50,150
    
$
135,867
  

 
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