PENSION AND OTHER POSTRETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

PENSION AND OTHER POSTRETIREMENT PLANS

Schedule of information about changes in obligations and plan assets of the defined benefit pension plan and the defined benefit plan component of the SERP

	Pension Benefits				SERP Benefits
	Year Ended December 31,				Year Ended December 31,
(In thousands)	2018		2017		2018		2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	24,759	$	20,844	$	3,919	$	3,004
Service cost		1,106		1,129		290		212
Interest cost		794		750		127		105
Benefits paid and expected expenses		(402)		(285)		(112)		(112)
Assumption changes and other		(2,646)		2,321		(413)		710
Benefit obligation at end of year	$	23,611	$	24,759	$	3,811	$	3,919
Change in plan assets:
Fair value of plan assets at beginning of year	$	34,695	$	27,914	$	—	$	—
Actual return on plan assets		(2,079)		4,859		—		—
Employer contribution		1,660		2,207		112		112
Benefits paid and actual expenses		(402)		(285)		(112)		(112)
Fair value of plan assets at end of year	$	33,874	$	34,695	$	—	$	—
Funded status at end of year	$	10,263	$	9,936	$	(3,811)	$	(3,919)

Schedule of amounts recognized in accumulated other comprehensive income

	Pension Benefits				SERP Benefits
	December 31,				December 31,
(In thousands)	2018		2017		2018		2017
Net actuarial loss	$	8,631	$	6,987	$	925	$	1,459
Prior service cost		(561)		(639)		—		—
Transition obligation		—		—		—		5
Net amount recognized	$	8,070	$	6,348	$	925	$	1,464

Schedule of net periodic benefit cost and other amounts recognized in other comprehensive income

	Pension Benefits						SERP Benefits
	Year Ended December 31,						Year Ended December 31,
(In thousands)	2018		2017		2016		2018		2017		2016
Components of net periodic benefit cost and other amounts recognized in other comprehensive income:
Service cost	$	1,106	$	1,129	$	1,153	$	290	$	212	$	176
Interest cost		794		750		794		127		105		105
Expected return on plan assets		(2,547)		(2,129)		(1,927)		—		—		—
Amortization of net loss		335		479		406		121		51		27
Amortization of prior service credit		(77)		(77)		(77)		—		—		—
Amortization of transition obligation		—		—		—		5		27		28
Net periodic benefit (credit) cost	$	(389)	$	152	$	349	$	543	$	395	$	336
Net loss (gain)	$	1,980	$	(409)	$	1,172	$	(413)	$	710	$	280
Amortization of net loss		(335)		(479)		(406)		(121)		(51)		(27)
Amortization of prior service credit		77		77		77		—		—		—
Amortization of transition obligation		—		—		—		(5)		(27)		(28)
Total recognized in other comprehensive income	$	1,722	$	(811)	$	843	$	(539)	$	632	$	225

Schedule of average assumptions used to determine benefit obligations and net periodic benefit cost

	Pension Benefits						SERP Benefits
	December 31,						December 31,
	2018		2017		2016		2018		2017		2016
Weighted average assumptions used to determine benefit obligations:
Discount rate	4.14	%	3.52	%	4.05	%	4.13	%	3.50	%	4.01	%
Rate of compensation increase	3.00		3.00		3.00		5.00		5.00		5.00
Weighted average assumptions used to determine net periodic benefit cost:
Discount rate	3.52	%	4.05	%	4.30	%	3.50	%	4.01	%	4.20	%
Rate of compensation increase	3.00		3.00		3.00		5.00		5.00		5.00
Expected long-term rate of return	7.25		7.25		7.50		—		—		—

Schedule of target allocations for Plan assets

							Weighted-Average-
	Target		Percentage of Plan Assets				Expected Long-
	Allocation		At December 31,				term Rate of
Asset Category	2019		2018		2017		Return
Cash equivalents	0 - 5	%	3.0	%	8.1	%	—	%
Equity securities	45 - 65		54.8		58.7		9.5
Fixed income securities	35 - 55		42.2		33.2		5.0
Total			100.0		100.0

Schedule of the Plan's fair value hierarchy for its financial assets measured at fair value on a recurring basis

	December 31, 2018:
			Fair Value Measurements Using:
			Quoted Prices		Significant
			In Active		Other			Significant
			Markets for		Observable			Unobservable
	Carrying		Identical Assets		Inputs			Inputs
(Dollars in thousands)	Value		(Level 1)		(Level 2)			(Level 3)
Cash and cash equivalents:
Cash	$	—	$	—	$	—	$	—
Short term investment funds		1,063		—		1,063		—
Total cash and cash equivalents		1,063		—		1,063		—
Equities:
U.S. large cap		9,173		9,173		—		—
U.S. mid cap/small cap		2,760		2,760		—		—
International		6,480		6,480		—		—
Equities blend		155		155		—		—
Total equities		18,568		18,568		—		—
Fixed income securities:
Government issues		2,341		2,341		—		—
Corporate bonds		2,098		—		2,098		—
Mortgage-backed		1,132		—		1,132		—
High yield bonds and bond funds		8,672		—		8,672		—
Total fixed income securities		14,243		2,341		11,902		—
Total plan assets	$	33,874	$	20,909	$	12,965	$	—

	December 31, 2017
			Fair Value Measurements Using:
			Quoted Prices In		Significant
			Active Markets		Other			Significant
			for Identical		Observable			Unobservable
	Carrying		Assets		Inputs			Inputs
(Dollars in thousands)	Value		(Level 1)		(Level 2)			(Level 3)
Cash and cash equivalents:
Cash	$	—	$	—	$	—	$	—
Short term investment funds		2,821		—		2,821		—
Total cash and cash equivalents		2,821		—		2,821		—
Equities:
U.S. large cap		9,587		9,587		—		—
U.S. mid cap/small cap		3,131		3,131		—		—
International		7,283		7,283		—		—
Equities blend		367		367		—		—
Total equities		20,368		20,368		—		—
Fixed income securities:
Government issues		1,634		1,507		127		—
Corporate bonds		2,837		—		2,837		—
Mortgage-backed		1,007		—		1,007		—
High yield bonds and bond funds		6,028		—		6,028		—
Total fixed income securities		11,506		1,507		9,999		—
Total plan assets	$	34,695	$	21,875	$	12,820	$	—

Schedule of payments, which reflect expected future service, expected to be paid

	Pension and SERP Payments
Year	(in thousands)
2019	$	699
2020		739
2021		949
2022		1,071
2023		1,146
2024-2028		7,826