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Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Benefit Plans [Abstract]

Change in Benefit Obligation, Plan Assets and Funded Status

The following table summarizes information about our SERP.

(In thousands)		2020				2019
Change in benefit obligation:
Benefit obligation at beginning of the year		$	8,299			$	7,394
Interest cost			266				315
Actuarial losses			791				906
Benefits paid			(355	)			(316	)
Benefit obligation at end of year			9,001				8,299
Change in plan assets:
Employer contribution			355				316
Benefits paid			(355	)			(316	)
Fair value of plan assets at end of year			—				—
Funded status of the plan – (underfunded)		$	(9,001	)		$	(8,299	)
Accumulated benefit obligations		$	9,001			$	8,299

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the consolidated balance sheets consist of:

(In thousands)		2020				2019
Current liabilities		$	(438	)		$	(406	)
Noncurrent liabilities			(8,563	)			(7,893	)
		$	(9,001	)		$	(8,299	)

Net Pension Costs

Net pension cost included the following components:

		SERP
(In thousands)		2020				2019				2018
Interest cost on projected benefit obligation		$	266			$	315			$	290
Amortization of actuarial loss			159				46				136
Net pension costs		$	425			$	361			$	426

Assumptions

		SERP
		2020			2019			2018
Discount rate			3.29%			4.36%			3.68%
Rate of compensation increase			n/a			n/a			n/a

Assumptions used to determine benefit obligations at December 31 for the SERP are as follows:

		2020			2019
Discount rate			2.41%			3.29%
Rate of compensation increase			n/a			n/a

Expected Future Benefit Payments

The following schedule outlines the expected benefit payments related to the SERP in future years.  These expected benefits were estimated based on the same actuarial assumptions used to determine benefit obligations at December 31, 2020.

(In thousands)		2021				2022				2023				2024				2025				_2026-2030
Benefit Payments		$	438			$	437			$	427				433			$	478			$	2,668

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Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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