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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Summary Of Contributions To Defined Benefit Pension Plans |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Company contributions | $ | 3,821 |  | $ | 6,825 |  | $ | 4,750
Summary Of Accumulated Benefit Obligation |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Qualified Plan | $ | 339,360 |  | $ | 336,027
Non-qualified Plan |  | 12,190 |  |  | 16,258
Total | $ | 351,550 |  | $ | 352,285
(Some amounts may not reconcile due to rounding.)
Projected Benefit Obligations In Excess Of Plan Assets |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Qualified Plan |  |  |  |  |
Projected benefit obligation | $ | 390,437 |  | $ | 388,213
Fair value of plan assets |  | 377,303 |  |  | 354,464
Non-qualified Plan |  |  |  |  |
Projected benefit obligation | $ | 12,190 |  | $ | 16,258
Fair value of plan assets |  | - |  |  | -
Accumulated Benefit Obligations In Excess Of Plan Assets |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Qualified Plan |  |  |
Accumulated benefit obligation | $ | - |  | $ | -
Fair value of plan assets |  | - |  |  | -
Non-qualified Plan |  |  |  |  |
Accumulated benefit obligation | $ | 12,189 |  | $ | 16,258
Fair value of plan assets |  | - |  |  | -
Defined Benefit Pension Plan [Member] |
Summary Of Pension Expenses |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Pension expense | $ | 3,388 |  | $ | 8,429 |  | $ | 10,042
Summary Of Status Of Plan |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020
Change in projected benefit obligation: |  |  |  |  |
Benefit obligation at beginning of year | $ | 404,471 |  | $ | 355,356
Service cost |  | 10,637 |  |  | 9,522
Interest cost |  | 8,253 |  |  | 10,112
Actuarial (gain)/loss |  | (8,587) |  |  | 43,595
Curtailment |  | - |  |  | -
Benefits paid |  | (12,147) |  |  | (14,115)
Projected benefit obligation at end of year |  | 402,626 |  |  | 404,471
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of year |  | 354,464 |  |  | 301,467
Actual return on plan assets |  | 31,166 |  |  | 60,286
Actual contributions during the year |  | 3,821 |  |  | 6,825
Administrative expenses paid |  | - |  |  | -
Benefits paid |  | (12,147) |  |  | (14,115)
Fair value of plan assets at end of year |  | 377,303 |  |  | 354,464
Funded status at end of year | $ | (25,323) |  | $ | (50,007)
(Some amounts may not reconcile due to rounding.)
Amounts Recognized In The Consolidated Balance Sheets |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Other assets (due beyond one year) | $ | - |  | $ | -
Other liabilities (due within one year) |  | (1,469) |  |  | (2,197)
Other liabilities (due beyond one year) |  | (23,854) |  |  | (47,810)
Net amount recognized in the consolidated balance sheets | $ | (25,323) |  | $ | (50,007)
(Some amounts may not reconcile due to rounding.)
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Accumulated income (loss) | $ | (67,729) |  | $ | (91,979)
Accumulated other comprehensive income (loss) | $ | (67,729) |  | $ | (91,979)
(Some amounts may not reconcile due to rounding.)
Other Changes In Other Comprehensive Income (Loss) |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020
Other comprehensive income (loss) at December 31, prior year | $ | (91,979) |  | $ | (97,466)
Net gain (loss) arising during period |  | 15,298 |  |  | (4,090)
Recognition of amortizations in net periodic benefit cost: |  |  |  |  |
Actuarial loss |  | 8,953 |  |  | 9,576
Curtailment loss recognized |  | - |  |  | -
Other comprehensive income (loss) at December 31, current year | $ | (67,729) |  | $ | (91,979)
(Some amounts may not reconcile due to rounding.)
Net Periodic Benefit Cost |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Service cost | $ | 10,637 |  | $ | 9,522 |  | $ | 8,255
Interest cost |  | 8,253 |  |  | 10,112 |  |  | 11,712
Expected return on assets |  | (24,454) |  |  | (20,781) |  |  | (17,968)
Amortization of actuarial loss from earlier periods |  | 8,489 |  |  | 8,551 |  |  | 7,635
Settlement |  | 464 |  |  | 1,025 |  |  | 408
Net periodic benefit cost | $ | 3,388 |  | $ | 8,429 |  | $ | 10,042
Other changes recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Other comprehensive income (loss) attributable to change from prior year |  | (24,251) |  |  | (5,486) |  |  |
Total recognized in net periodic benefit cost and other |  |  |  |  |  |  |  |
comprehensive income (loss) | $ | (20,863) |  | $ | 2,943 |  |  |
(Some amounts may not reconcile due to rounding.)
Expected Benefit Payments |
(Dollars in thousands) |  |
2022 | $ | 16,662
2023 |  | 12,639
2024 |  | 13,565
2025 |  | 14,550
2026 |  | 15,439
Next 5 years |  | 95,005
Fair Value Measurement Levels For Qualified Plan Assets |
|  |  | Fair Value Measurement Using:
|  |  | Quoted Prices |  |  |  |
|  |  | in Active |  | Significant |  |
|  |  | Markets for |  | Other |  | Significant
|  |  | Identical |  | Observable |  | Unobservable
|  |  | Assets |  | Inputs |  | Inputs
(Dollars in thousands) | December 31, 2021 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |
Short-term investments, which approximates fair value (a) | $ | 2,540 |  | $ | 2,540 |  | $ | - |  | $ | -
Mutual funds, fair value |  |  |  |  |  |  |  |  |  |  |
Fixed income (b) |  | 84,663 |  |  | 84,663 |  |  | - |  |  | -
Equities (c) |  | 287,382 |  |  | 287,382 |  |  | - |  |  | -
Total | $ | 374,585 |  | $ | 374,585 |  | $ | - |  | $ | -
(Some amounts may not reconcile due to rounding.)
(a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.
|  |  | Fair Value Measurement Using:
|  |  | Quoted Prices |  |  |  |
|  |  | in Active |  | Significant |  |
|  |  | Markets for |  | Other |  | Significant
|  |  | Identical |  | Observable |  | Unobservable
|  |  | Assets |  | Inputs |  | Inputs
(Dollars in thousands) | December 31, 2020 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |  |  |  |  |
Short-term investments, which approximates fair value (a) | $ | 1,204 |  | $ | 1,204 |  | $ | - |  | $ | -
Mutual funds, fair value |  |  |  |  |  |  |  |  |  |  |
Fixed income (b) |  | 93,609 |  |  | 93,609 |  |  | - |  |  | -
Equities (c) |  | 255,054 |  |  | 255,054 |  |  | - |  |  | -
Total | $ | 349,867 |  | $ | 349,867 |  | $ | - |  | $ | -
(Some amounts may not reconcile due to rounding.)
(a) This category includes high quality, short-term money market instruments, which are issued and payable in U.S. dollars. (b) This category includes fixed income funds, which invest in investment grade securities of corporations, governments and government agencies with approximately 70% in U.S. securities and 30% in international securities. (c) This category includes funds, which invest in small, mid and multi-cap equity securities including common stocks, securities convertible into common stock and securities with common stock characteristics, such as rights and warrants, with approximately 50% in U.S. equities and 50% in international equities.
Post-Retirement Plan [Member] |
Summary Of Status Of Plan |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Change in projected benefit obligation: |  |  |  |  |
Benefit obligation at beginning of year | $ | 35,098 |  | $ | 29,376
Service cost |  | 1,096 |  |  | 1,066
Interest cost |  | 641 |  |  | 845
Amendments |  | - |  |  | -
Actuarial (gain)/loss |  | (6,044) |  |  | 4,042
Benefits paid |  | (267) |  |  | (232)
Benefit obligation at end of year |  | 30,523 |  |  | 35,098
Change in plan assets: |  |  |  |  |
Fair value of plan assets at beginning of year |  | - |  |  | -
Employer contributions |  | 267 |  |  | 232
Benefits paid |  | (267) |  |  | (232)
Fair value of plan assets at end of year |  | - |  |  | -
Funded status at end of year | $ | (30,523) |  | $ | (35,098)
Amounts Recognized In The Consolidated Balance Sheets |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Other liabilities (due within one year) | $ | (682) |  | $ | (613)
Other liabilities (due beyond one year) |  | (29,840) |  |  | (34,484)
Net amount recognized in the consolidated balance sheets | $ | (30,523) |  | $ | (35,098)
(Some amounts may not reconcile due to rounding.)
Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss) |
| At December 31,
(Dollars in thousands) | 2021 |  | 2020
Accumulated income (loss) | $ | 2,191 |  | $ | (3,854)
Accumulated prior service credit (cost) |  | 1,750 |  |  | 2,327
Accumulated other comprehensive income (loss) | $ | 3,941 |  | $ | (1,527)
Other Changes In Other Comprehensive Income (Loss) |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020
Other comprehensive income (loss) at December 31, prior year | $ | (1,527) |  | $ | 3,092
Net gain (loss) arising during period |  | 6,044 |  |  | (4,042)
Prior Service credit (cost) arising during period |  | - |  |  | -
Recognition of amortizations in net periodic benefit cost: |  |  |  |  |
Actuarial loss (gain) |  | - |  |  | -
Prior service cost |  | (577) |  |  | (577)
Other comprehensive income (loss) at December 31, current year | $ | 3,941 |  | $ | (1,527)
Net Periodic Benefit Cost |
| Years Ended December 31,
(Dollars in thousands) | 2021 |  | 2020 |  | 2019
Service cost | $ | 1,096 |  | $ | 1,066 |  | $ | 983
Interest cost |  | 641 |  |  | 845 |  |  | 980
Prior service credit recognition |  | (577) |  |  | (577) |  |  | (577)
Net gain recognition |  | - |  |  | - |  |  | (155)
Net periodic cost | $ | 1,161 |  | $ | 1,334 |  | $ | 1,231
Other changes recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |
Other comprehensive gain (loss) attributable to change from prior year |  | (5,468) |  |  | 4,619 |  |  |
Total recognized in net periodic benefit cost and |  |  |  |  |  |  |  |
other comprehensive income (loss) | $ | (4,307) |  | $ | 5,953 |  |  |
(Some amounts may not reconcile due to rounding.)
Expected Benefit Payments |
(Dollars in thousands) |
2022 | $ | 683
2023 |  | 779
2024 |  | 831
2025 |  | 974
2026 |  | 1,084
Next 5 years |  | 7,252

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