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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits, Description [Abstract] |
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the Plans at December 31, 2021 and 2020.
(Dollars in thousands) | 2021 |  | 2020
Change in benefit obligation |  |  |
Projected benefit obligation at January 1 | $ | 1,077,653 |  |  | $ | 990,406 |
Service cost | 15,351 |  |  | 14,279 |
Interest cost | 29,864 |  |  | 34,197 |
Actuarial (gains)/losses | (30,591) |  |  | 72,080 |
Benefits paid | (35,967) |  |  | (33,309) |
Projected benefit obligation at December 31 | 1,056,310 |  |  | 1,077,653 |
Change in plan assets |  |  |
Fair value of plan assets at January 1 | 1,235,555 |  |  | 976,072 |
Actual return on plan assets | 145,720 |  |  | 192,792 |
Employer contributions | 32 |  |  | 100,000 |
Benefits paid | (35,967) |  |  | (33,309) |
Fair value of plan assets at December 31 | 1,345,340 |  |  | 1,235,555 |
Funded status at December 31 | $ | 289,030 |  |  | $ | 157,902 |
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) included the following at December 31, 2021 and 2020:
| December 31, 2021 |  | December 31, 2020
(Dollars in thousands) | Accumulated other comprehensive income (loss) |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive income (loss), net of tax |  | Accumulated other comprehensive income (loss) |  | Deferred tax expense (benefit) |  | Accumulated other comprehensive income (loss), net of tax
Unrealized (losses) gains on securities available for sale | $ | (11,792) |  |  | $ | (2,712) |  |  | $ | (9,080) |  |  | $ | 102,278 |  |  | $ | 23,524 |  |  | $ | 78,754 |
Unrealized (losses) gains on securities available for sale transferred to held to maturity | (8,735) |  |  | (2,009) |  |  | (6,726) |  |  | 5,399 |  |  | 1,242 |  |  | 4,157 |
Defined benefit pension items | 33,223 |  |  | 7,641 |  |  | 25,582 |  |  | (91,751) |  |  | (21,103) |  |  | (70,648) |
Total | $ | 12,696 |  |  | $ | 2,920 |  |  | $ | 9,776 |  |  | $ | 15,926 |  |  | $ | 3,663 |  |  | $ | 12,263 |
The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021 and 2020:
(Dollars in thousands) |  |  | Unrealized gains (losses) on securities available-for-sale(1) |  | Unrealized gains (losses) on securities available for sale transferred to held to maturity(1)(2) |  | Defined benefit pension items(1) |  | Total
Balance at January 1, 2020 |  |  | $ | 5,792 |  |  | $ | — |  |  | $ | (132,515) |  |  | $ | (126,723) |
Net unrealized gains arising during period |  |  | 119,357 |  |  | 4,538 |  |  | 42,367 |  |  | 166,262 |
Amounts reclassified from accumulated other comprehensive loss |  |  | (46,395) |  |  | (381) |  |  | 19,500 |  |  | (27,276) |
Net current period other comprehensive income |  |  | 72,962 |  |  | 4,157 |  |  | 61,867 |  |  | 138,986 |
Balance at December 31, 2020 |  |  | 78,754 |  |  | 4,157 |  |  | (70,648) |  |  | 12,263 |
Net unrealized (losses) gains arising during the period |  |  | (62,332) |  |  | (9,747) |  |  | 75,368 |  |  | 3,289 |
Amounts reclassified from accumulated other comprehensive income |  |  | (25,502) |  |  | (1,136) |  |  | 20,862 |  |  | (5,776) |
Net current period other comprehensive (loss) income |  |  | (87,834) |  |  | (10,883) |  |  | 96,230 |  |  | (2,487) |
Balance at December 31, 2021 |  |  | $ | (9,080) |  |  | $ | (6,726) |  |  | $ | 25,582 |  |  | $ | 9,776 |
(1) All amounts are net of tax. Amounts in parentheses indicate other comprehensive losses, which are debits or decreases to equity. (2) Unrealized gains (losses) related to the reclassification of investment securities from available for sale to held to maturity. Refer to Note C, Investments, for additional information. The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2021 and 2020.
(Dollars in thousands) | 2021 |  | 2020
Net actuarial (gain) loss | $ | (33,223) |  |  | $ | 91,751 |
Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the Plans and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2021, 2020 and 2019.
| Year ended December 31
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Service cost | $ | 15,351 |  |  | $ | 14,279 |  |  | $ | 12,767 |
Interest cost | 29,864 |  |  | 34,197 |  |  | 37,260 |
Expected return on assets | (78,430) |  |  | (65,689) |  |  | (62,590) |
Amortization of prior service cost | — |  |  | — |  |  | 57 |
Amortization of net actuarial loss | 27,093 |  |  | 25,324 |  |  | 10,924 |
Total net periodic benefit cost (income) | (6,122) |  |  | 8,111 |  |  | (1,582) |
Current year actuarial (gain) loss | (97,880) |  |  | (55,023) |  |  | 20,049 |
Amortization of actuarial loss | (27,093) |  |  | (25,324) |  |  | (10,924) |
Amortization of prior service cost | — |  |  | — |  |  | (57) |
Net (gain) loss recognized in other comprehensive income | (124,973) |  |  | (80,347) |  |  | 9,068 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | (131,095) |  |  | $ | (72,236) |  |  | $ | 7,486 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations at December 31, 2021 and 2020 are as follows:
| 2021 |  | 2020
Discount rate | 3.04 | % |  | 2.76 | %
Rate of compensation increase | 5.60 |  |  | 5.60 |
The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019, are as follows:
| 2021 |  | 2020 |  | 2019
Discount rate | 2.76 | % |  | 3.46 | % |  | 4.38 | %
Rate of compensation increase | 5.60 |  |  | 5.60 |  |  | 5.60 |
Expected long-term return on plan assets | 7.50 |  |  | 7.50 |  |  | 7.50 |
Schedule of Fair Value and Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2021 and 2020, by asset class are as follows:
| December 31, 2021
(Dollars in thousands) | Market Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Target Allocation |  | Actual % of Plan Assets
Cash and equivalents | $ | 16,674 |  |  | $ | 16,674 |  |  | $ | — |  |  | $ | — |  |  | 0 - 5% |  | 1 | %
Equity securities |  |  |  |  |  |  |  |  | 30 - 70% |  | 61 | %
Common and preferred stock | 76,240 |  |  | 76,240 |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 481,630 |  |  | 481,630 |  |  | — |  |  | — |  |  |  |  |
Exchange traded funds | 263,072 |  |  | 263,072 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  | 15 - 45% |  | 38 | %
U.S. government and government agency securities | 228,399 |  |  | — |  |  | 228,399 |  |  | — |  |  |  |  |
Corporate bonds | 279,325 |  |  | 2,902 |  |  | 276,423 |  |  | — |  |  |  |  |
Total pension assets | $ | 1,345,340 |  |  | $ | 840,518 |  |  | $ | 504,822 |  |  | $ | — |  |  |  |  | 100 | %
| December 31, 2020
| Market Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Target Allocation |  | Actual % of Plan Assets
Cash and equivalents | $ | 37,913 |  |  | $ | 37,913 |  |  | $ | — |  |  | $ | — |  |  | 0 - 5% |  | 3 | %
Equity securities |  |  |  |  |  |  |  |  | 30 - 70% |  | 77 | %
Common and preferred stock | 144,924 |  |  | 144,924 |  |  | — |  |  | — |  |  |  |  |
Mutual funds | 559,472 |  |  | 559,472 |  |  | — |  |  | — |  |  |  |  |
Exchange traded funds | 248,819 |  |  | 248,819 |  |  | — |  |  | — |  |  |  |  |
Fixed income |  |  |  |  |  |  |  |  | 15 - 45% |  | 20 | %
U.S. government and government agency securities | 90,292 |  |  | — |  |  | 90,292 |  |  | — |  |  |  |  |
Corporate bonds | 154,135 |  |  | — |  |  | 154,135 |  |  | — |  |  |  |  |
Total pension assets | $ | 1,235,555 |  |  | $ | 991,128 |  |  | $ | 244,427 |  |  | $ | — |  |  |  |  | 100 | %
Schedule of Expected Benefit Payments | Cash Flows The following are estimated payments to pension plan participants in the indicated periods:
(Dollars in thousands) | Estimated Payments
2022 | $ | 41,051 |
2023 | 43,686 |
2024 | 46,266 |
2025 | 48,548 |
2026 | 50,756 |
2027-2031 | 280,173 |
Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2021 and 2020, and the changes in the accrued liability during the years then ended:
(Dollars in thousands) | 2021 |  | 2020
Accrued liability as of January 1 | $ | 42,655 |  |  | $ | 45,295 |
Discount rate adjustment | (680) |  |  | 1,719 |
Benefit expense and interest cost | 2,015 |  |  | 3,503 |
Benefits paid | (5,244) |  |  | (7,862) |
Accrued liability as of December 31 | $ | 38,746 |  |  | $ | 42,655 |
Discount rate at December 31 | 3.04 | % |  | 2.76 | %

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