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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Change in Postretirement Benefit Obligation | The change in the Company's postretirement benefit obligation is as follows:
| Year Ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Change in Benefit Obligation |  |  |  |  |
Benefit obligation at beginning of year | $ | 34,438 |  |  | $ | 29,777 |  |  | $ | 31,050 |
Service cost | 1,493 |  |  | 1,533 |  |  | 1,776 |
Interest cost | 974 |  |  | 1,283 |  |  | 1,172 |
Actuarial (gain) loss | (2,119) |  |  | 3,279 |  |  | (3,165) |
Benefits paid | (2,042) |  |  | (1,434) |  |  | (1,056) |
Benefit obligation at end of year | $ | 32,744 |  |  | $ | 34,438 |  |  | $ | 29,777 |
Change in Plan Assets |  |  |  |  |
Fair value of plan assets at end of year | — |  |  | — |  |  | — |
Funded status at end of year | $ | (32,744) |  |  | $ | (34,438) |  |  | $ | (29,777) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the balance sheet consist of the following:
| December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Current liabilities | $ | 2,031 |  |  | $ | 1,725 |  |  | $ | 1,865 |
Non-current liabilities | 30,713 |  |  | 32,713 |  |  | 27,912 |
| $ | 32,744 |  |  | $ | 34,438 |  |  | $ | 29,777 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) consist of the following:
| December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Net actuarial (gain) loss | $ | (57) |  |  | $ | 2,025 |  |  | $ | (1,253) |
Prior service cost | (3,078) |  |  | (3,787) |  |  | (4,497) |
| $ | (3,135) |  |  | $ | (1,762) |  |  | $ | (5,750) |
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss)
| Year Ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Components of Net Periodic Postretirement Benefit Cost |  |  |  |  |
Service cost | $ | 1,493 |  |  | $ | 1,533 |  |  | $ | 1,776 |
Interest cost | 974 |  |  | 1,283 |  |  | 1,172 |
Amortization of prior service cost | (709) |  |  | (709) |  |  | (709) |
Amortization of net loss | (36) |  |  | — |  |  | — |
Net periodic postretirement cost | $ | 1,722 |  |  | $ | 2,107 |  |  | $ | 2,239 |
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income (Loss) |  |  |  |  |
Net (gain) loss | $ | (2,118) |  |  | $ | 3,279 |  |  | $ | (3,165) |
Amortization of prior service cost | 709 |  |  | 709 |  |  | 709 |
Amortization of net loss | 36 |  |  | — |  |  | — |
Total recognized in other comprehensive income | (1,373) |  |  | 3,988 |  |  | (2,456) |
Total recognized in net periodic benefit cost (income) and other comprehensive income | $ | 349 |  |  | $ | 6,095 |  |  | $ | (217) |
Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs | Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows:
| December 31,
| 2020 |  | 2019 |  | 2018
Discount rate(1) | 2.65 | % |  | 3.50 | % |  | 4.45 | %
Health care cost trend rate for medical benefits assumed for next year (pre-65) | 6.75 | % |  | 7.00 | % |  | 7.25 | %
Health care cost trend rate for medical benefits assumed for next year (post-65) | 5.00 | % |  | 5.25 | % |  | 5.50 | %
Ultimate trend rate (pre-65) | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Ultimate trend rate (post-65) | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate (pre-65) | 2030 |  | 2030 |  | 2030
Year that the rate reaches the ultimate trend rate (post-65) | 2023 |  | 2023 |  | 2023
_______________________________________________________________________________ (1)Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2020, 2019 and 2018, respectively, the beginning of year discount rates of 3.50 percent, 4.45 percent and 3.85 percent were used.
Schedule of Estimated Benefit Payments | The following estimated benefit payments under the Company's postretirement plans, which reflect expected future service, are expected to be paid as follows:
(In thousands) |
2021 | $ | 2,058 |
2022 | 2,085 |
2023 | 1,984 |
2024 | 1,860 |
2025 | 1,789 |
Years 2026 - 2030 | 9,018 |

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