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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Benefit Plans [Abstract] |
Change in Benefit Obligation, Plan Assets and Funded Status | The following table summarizes information about our SERP.
(In thousands) |  | 2021 |  |  | 2020 |
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at beginning of the year |  | $ | 9,001 |  |  | $ | 8,299 |
Interest cost |  |  | 213 |  |  |  | 266 |
Actuarial (gains) losses |  |  | (99 | ) |  |  | 791 |
Benefits paid |  |  | (359 | ) |  |  | (355 | )
Benefit obligation at end of year |  |  | 8,756 |  |  |  | 9,001 |
Change in plan assets: |  |  |  |  |  |  |  |
Employer contribution |  |  | 359 |  |  |  | 355 |
Benefits paid |  |  | (359 | ) |  |  | (355 | )
Fair value of plan assets at end of year |  |  | — |  |  |  | — |
Funded status of the plan – (underfunded) |  | $ | (8,756 | ) |  | $ | (9,001 | )
Accumulated benefit obligations |  | $ | 8,756 |  |  | $ | 9,001 |
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the consolidated balance sheets consist of:
(In thousands) |  | 2021 |  |  | 2020 |
Current liabilities |  | $ | (458 | ) |  | $ | (438 | )
Noncurrent liabilities |  |  | (8,298 | ) |  |  | (8,563 | )
|  | $ | (8,756 | ) |  | $ | (9,001 | )
Net Pension Costs | Net pension cost included the following components:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Interest cost on projected benefit obligation |  | $ | 213 |  |  | $ | 266 |  |  | $ | 315 |
Amortization of actuarial loss |  |  | 257 |  |  |  | 159 |  |  |  | 46 |
Net pension costs |  | $ | 470 |  |  | $ | 425 |  |  | $ | 361 |
Assumptions | We use a measurement date of December 31 for our SERP plan. Assumptions used to determine net periodic benefit cost for years ended December 31 are as follows:
|  |  | 2021 |  |  |  | 2020 |  |  |  | 2019 |
Discount rate |  |  | 2.41 | % |  |  | 3.29 | % |  |  | 4.36 | %
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:
|  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.80 | % |  |  | 2.41 | %
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, 2021.
(In thousands) |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027-2031 |
Benefit Payments |  | $ | 458 |  |  | $ | 448 |  |  | $ | 454 |  |  | $ | 499 |  |  | $ | 553 |  |  | $ | 2,722 |

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