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PENSION, PROFIT SHARING, AND OTHER EMPLOYEE BENEFIT PLANS (Tables)
12 Months Ended
Dec. 31, 2019
Pension, Profit Sharing, and Other Employee Benefit Plans [Abstract]  
The Plan's Funded Status

(In thousands)

 

2019

 

2018

Reconciliation of Projected Benefit Obligation:

 

 

 

 

 

 

 

Projected obligation at January 1

 

$

40,152

 

$

43,441

 

Interest cost

 

 

1,609

 

 

1,540

 

Actuarial (gain)/loss

 

 

371

 

 

(593)

 

Benefit payments

 

 

(1,695)

 

 

(1,188)

 

Increase/(decrease) related to change in assumptions

 

 

5,060

 

 

(3,048)

 

 

Projected obligation at December 31

 

 

45,497

 

 

40,152

Reconciliation of Fair Value of Plan Assets:

 

 

 

 

 

 

 

Fair value of plan assets at January 1

 

 

37,772

 

 

41,246

 

Actual return on plan assets

 

 

7,195

 

 

(2,646)

 

Contribution

 

 

185

 

 

360

 

Benefit payments

 

 

(1,695)

 

 

(1,188)

 

 

Fair value of plan assets at December 31

 

 

43,457

 

 

37,772

 

 

 

 

 

 

 

 

 

Funded status at December 31

 

$

(2,040)

 

$

(2,380)

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation at December 31

 

$

45,497

 

$

40,152

 

 

 

 

 

 

 

 

 

Unrecognized net actuarial loss

 

$

11,177

 

$

12,352

 

Net periodic pension cost not yet recognized

 

$

11,177

 

$

12,352

Weighted-Average Assumptions Used To Determine Benefit Obligations

 

 

2019

 

2018

 

2017

Discount rate

 

3.25%

 

4.15%

 

3.65%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

Net Periodic Benefit Cost

(In thousands)

 

2019

 

2018

 

2017

Interest cost on projected benefit obligation

 

$

1,609

 

$

1,540

 

$

1,640

Expected return on plan assets

 

 

(1,647)

 

 

(1,861)

 

 

(1,985)

Recognized net actuarial loss

 

 

1,059

 

 

1,000

 

 

1,181

 

Net periodic benefit cost

 

$

1,021

 

$

679

 

$

836

 

 

 

 

 

 

 

 

 

 

 

Weighted-Average Assumptions Used To Determine Net Periodic Benefit Cost

 

 

2019

 

2018

 

2017

Discount rate

 

4.15%

 

3.65%

 

4.15%

Expected return on plan assets

 

5.00%

 

5.00%

 

6.00%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

Components Of Net Unrecognized Benefits Costs That Is Reflected In Accumulated Other Comprehensive Income (Loss)

 

 

 

Unrecognized

 

 

 

Net

(In thousands)

 

Loss

Included in accumulated other comprehensive loss at January 1, 2017

 

$

13,689

 

Reductions during the year

 

 

(3,016)

 

Reclassifications due to recognition as net periodic pension cost

 

 

(1,181)

 

Increase related to change in assumptions

 

 

2,995

Included in accumulated other comprehensive loss as of December 31, 2017

 

 

12,487

 

Additions during the year

 

 

3,914

 

Reclassifications due to recognition as net periodic pension cost

 

 

(1,000)

 

Decrease related to change in assumptions

 

 

(3,049)

Included in accumulated other comprehensive loss as of December 31, 2018

 

 

12,352

 

Reductions during the year

 

 

(5,176)

 

Reclassifications due to recognition as net periodic pension cost

 

 

(1,059)

 

Increase related to change in assumptions

 

 

5,060

Included in accumulated other comprehensive loss as of December 31, 2019

 

 

11,177

 

Applicable tax effect

 

 

(2,845)

Included in accumulated other comprehensive loss net of tax effect at December 31, 2019

 

$

8,332

 

 

 

 

 

Amount expected to be recognized as part of net periodic pension cost in the next fiscal year

 

$

488

Component of Net Periodic Benefit

(In thousands)

 

2019

 

2018

 

2017

Net actuarial loss

 

$

11,177

 

$

12,352

 

$

12,487

 

Net periodic benefit cost not yet recognized

 

$

11,177

 

$

12,352

 

$

12,487

Pension Plan Weighted Average Allocations

 

 

 

2019

 

2018

Asset Category:

 

 

 

 

 

 

Equity Securities Mutual Funds

 

10.4

%

 

13.5

%

Fixed Income Mutual Funds

 

89.6

 

 

86.5

 

 

Total pension plan assets

 

100.0

%

 

100.0

%

Fair Values Of Pension Plan Assets By Asset Category

 

 

 

 

2019

 

 

 

 

Quoted Prices in

 

Significant Other

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

Observable

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

Inputs

 

Inputs

 

 

 

(In thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Large cap U.S. equity funds

 

$

1,855

 

$

919

 

$

-

 

$

2,774

 

Small/Mid cap U.S. equity funds

 

 

-

 

 

847

 

 

-

 

 

847

 

International equity funds

 

 

894

 

 

-

 

 

-

 

 

894

 

Short-term fixed income funds

 

 

-

 

 

3,688

 

 

-

 

 

3,688

 

Fixed income funds

 

 

8,769

 

 

26,485

 

 

-

 

 

35,254

Total mutual funds

 

 

11,518

 

 

31,939

 

 

-

 

 

43,457

 

Total pension plan assets

 

$

11,518

 

$

31,939

 

$

-

 

$

43,457

 

 

 

 

2018

 

 

 

 

Quoted Prices in

 

Significant Other

 

Significant

 

 

 

 

 

 

 

Active Markets for

 

Observable

 

Unobservable

 

 

 

 

 

 

 

Identical Assets

 

Inputs

 

Inputs

 

 

 

(In thousands)

 

(Level 1)

 

(Level 2)

 

(Level 3)

 

Total

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

Large cap U.S. equity funds

 

$

1,366

 

$

1,720

 

$

-

 

$

3,086

 

Small/Mid cap U.S. equity funds

 

 

-

 

 

646

 

 

-

 

 

646

 

International equity funds

 

 

1,368

 

 

-

 

 

-

 

 

1,368

 

Short-term fixed income funds

 

 

-

 

 

1,186

 

 

-

 

 

1,186

 

Fixed income funds

 

 

4,403

 

 

27,083

 

 

-

 

 

31,486

Total mutual funds

 

 

7,137

 

 

30,635

 

 

-

 

 

37,772

 

Total pension plan assets

 

$

7,137

 

$

30,635

 

$

-

 

$

37,772

Benefit Payments

 

 

Pension

(In thousands)

 

Benefits

2020

 

$

2,550

2021

 

 

2,420

2022

 

 

2,630

2023

 

 

2,350

2024

 

 

3,320

Thereafter

 

 

13,890