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Benefit Plans (Tables)

12 Months Ended

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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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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