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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
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)
2023
  
2022
  
2023
  
2022
  
Net actuarial loss (gain)
  
$
29,301
    
$
35,971
    
$
(178
)
  
$
(921
)
Prior service cost (credit)
    
198
      
211
      
(10
)
    
(14
)
Total amounts recognized in AOCI (pre-tax)
  
$
29,499
    
$
36,182
    
$
(188
)
  
$
(935
)
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)
  
2023
    
2022
    
2023
    
2022
  
Change in benefit obligation:
                        
Benefit obligation at beginning of year
  
$
75,940
    
$
88,919
    
$
4,183
    
$
5,152
  
Service cost
    
1,904
      
2,024
      
4
      
7
  
Interest cost
    
4,002
      
2,765
      
240
      
170
  
Plan participants’ contributions
    
-
      
-
      
141
      
147
  
Actuarial loss (gain)
    
1,387
      
(11,158
)
    
710
      
(695
)
Amendments
     30       -       -       -  
Benefits paid
    
(6,269
)
    
(6,610
)
    
(563
)
    
(598
)
Projected benefit obligation at end of year
  
$
76,994
    
$
75,940
    
$
4,715
    
$
4,183
  
Change in plan assets:
                                
Fair value of plan assets at beginning of year
  
$
113,316
    
$
135,867
    
$
-
    
$
-
  
Gain (loss) on plan assets
    
12,803
      
(17,260
)
    
-
      
-
  
Employer contributions
    
1,319
      
1,319
      
422
      
451
  
Plan participants’ contributions
    
-
      
-
      
141
      
147
  
Benefits paid
    
(6,269
)
    
(6,610
)
    
(563
)
    
(598
)
Fair value of plan assets at end of year
  
$
121,169
    
$
113,316
    
$
-
    
$
-
  
Funded (unfunded) status at year end
  
$
44,175
    
$
37,376
    
$
(4,715
)
  
$
(4,183
)
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 $77.0 million and $75.9 million at December 31, 2023 and 2022, respectively. The accumulated benefit obligation for other post-retirement benefits was $4.7 million and $4.2 million at December 31, 2023 and 2022, 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, 2023 and 2022. 

 
Pension Benefits
    
Other Benefits
  
(In thousands)
  
2023
    
2022
    
2023
    
2022
  
Other assets
  
$
59,889
    
$
53,031
    
$
-
    
$
-
  
Other liabilities
    
(15,714
)
    
(15,655
)
    
(4,715
)
    
(4,183
)
Funded status
  
$
44,175
    
$
37,376
    
$
(4,715
)
  
$
(4,183
)
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,
 
2023
2022
2021
Weighted average assumptions:
      
The following assumptions were used to determine benefit obligations:
      
Discount rate
4.91% - 5.66%
5.54% - 5.66%
3.23% - 3.35%
Expected long-term return on plan assets
6.70%
6.70%
6.70%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
4.66%
3.99%
1.94%
       
The following assumptions were used to determine net periodic pension cost:
      
Discount rate
3.35% - 5.66%
3.23% - 3.35%
3.08% - 3.25%
Expected long-term return on plan assets
6.70%
6.70%
7.00%
Rate of compensation increase
3.00%
3.00%
3.00%
Interest rate of credit for cash balance plan
3.99%
1.94%
1.62%
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)
  
2023
    
2022
    
2021
    
2023
    
2022
    
2021
  
Components of net periodic (benefit) cost:
                                    
Service cost
  
$
1,904
    
$
2,024
    
$
2,069
    
$
4
    
$
7
    
$
8
  
Interest cost
    
4,002
      
2,765
      
2,717
      
240
      
170
      
163
  
Expected return on plan assets
    
(7,379
)
    
(8,884
)
    
(8,786
)
    
-
      
-
      
-
  
Amortization of prior service cost (credit)
    
43
      
108
      
59
      
(4
)
    
6
      
51
  
Amortization of unrecognized net loss (gain)
    
2,633
      
623
      
1,263
      
(32
)
    
-
      
-
  
Net periodic pension cost (benefit)
  
$
1,203
    
$
(3,364
)
  
$
(2,678
)
  
$
208
    
$
183
    
$
222
  
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax):
                                                
Net (gain) loss
  
$
(4,037
)
  
$
14,987
    
$
(3,237
)
  
$
711
    
$
(695
)
  
$
(543
)
Prior service cost
    
30
      
-
      
-
      
-
      
-
      
-
  
Amortization of prior service (cost) credit
    
(43
)
    
(108
)
    
(59
)
    
4
      
(6
)
    
(51
)
Amortization of unrecognized net (loss) gain
    
(2,633
)
    
(623
)
    
(1,263
)
    
32
      
-
      
-
  
Total recognized in OCI
  
$
(6,683
)
  
$
14,256
    
$
(4,559
)
  
$
747
    
$
(701
)
  
$
(594
)
Total recognized in net periodic (benefit) cost and OCI, pre-tax
  
$
(5,480
)
  
$
10,892
    
$
(7,237
)
  
$
955
    
$
(518
)
  
$
(372
)
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, 2023:

(In thousands)
  
Pension
Benefits
    
Other
Benefits
  
2024
  
$
7,676
    
$
444
  
2025
    
7,249
      
444
  
2026
    
7,269
      
442
  
2027
    
7,759
      
422
  
2028
    
7,382
      
414
  
2029 - 2033
    
33,035
      
1,860
  
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 2023
2023
2022
Cash and cash equivalents
0 - 15%
2%
3%
Fixed income securities
30 - 60%
38%
38%
Equities
40 - 70%
60%
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,
2023
  
Cash and cash equivalents
  
$
2,435
    
$
-
    
$
2,435
  
Foreign equity mutual funds
    
39,001
      
-
      
39,001
  
Equity mutual funds
    
34,281
      
-
      
34,281
  
U.S. government bonds
    
-
      
13
      
13
  
Corporate bonds
    
-
      
45,439
      
45,439
  
Total
  
$
75,717
    
$
45,452
    
$
121,169
  

   
Level 1
    
Level 2
    
December 31,
2022
  
Cash and cash equivalents
  
$
3,401
    
$
-
    
$
3,401
  
Foreign equity mutual funds
    
36,111
      
-
      
36,111
  
Equity mutual funds
    
30,859
      
-
      
30,859
  
U.S. government bonds
    
-
      
20
      
20
  
Corporate bonds
    
-
      
42,925
      
42,925
  
Total
  
$
70,371
    
$
42,945
    
$
113,316