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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Employee Benefits Charged To Operating Expenses | Employee benefits charged to operating expenses are summarized in the table below. Substantially all of the Company’s employees are covered by a defined contribution (401(k)) plan, under which the Company makes matching contributions.
(In thousands) | 2020 | 2019 | 2018
Payroll taxes | $ | 27,664 |  | $ | 26,959 |  | $ | 25,712 |
Medical plans | 30,002 |  | 29,635 |  | 27,030 |
401(k) plan | 16,834 |  | 15,810 |  | 14,986 |
Pension plans | 410 |  | 605 |  | 651 |
Other | 1,990 |  | 3,049 |  | 2,918 |
Total employee benefits | $ | 76,900 |  | $ | 76,058 |  | $ | 71,297 |
Components Of The Net Pension Cost | The following items are components of the net pension cost for the years ended December 31, 2020, 2019 and 2018.
(In thousands) | 2020 | 2019 | 2018
Service cost-benefits earned during the year | $ | 410 |  | $ | 607 |  | $ | 651 |
Interest cost on projected benefit obligation | 3,282 |  | 4,198 |  | 3,756 |
Expected return on plan assets | (5,214) |  | (4,842) |  | (5,255) |
Amortization of prior service cost | (271) |  | (271) |  | (271) |
Amortization of unrecognized net loss | 2,138 |  | 2,288 |  | 2,267 |
Net periodic pension cost | $ | 345 |  | $ | 1,980 |  | $ | 1,148 |
Summary Of Pension Plans Funded Status | The following table sets forth the pension plans’ funded status, using valuation dates of December 31, 2020 and 2019.
(In thousands) | 2020 | 2019
Change in projected benefit obligation |  |
Projected benefit obligation at prior valuation date | $ | 120,602 |  | $ | 112,063 |
Service cost | 410 | 607
Interest cost | 3,282 |  | 4,198 |
Benefits paid | (6,765) |  | (7,016) |
Actuarial (gain) loss | 9,634 |  | 10,750 |
Projected benefit obligation at valuation date | 127,163 |  | 120,602 |
Change in plan assets |  |
Fair value of plan assets at prior valuation date | 107,556 |  | 99,418 |
Actual return on plan assets | 8,744 |  | 15,129 |
Employer contributions | 80 |  | 25 |
Benefits paid | (6,765) |  | (7,016) |
Fair value of plan assets at valuation date | 109,615 |  | 107,556 |
Funded status and net amount recognized at valuation date | $ | (17,548) |  | $ | (13,046) |
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis | Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 are shown below, including amounts recognized in other comprehensive income during the periods. All amounts are shown on a pre-tax basis.
(In thousands) | 2020 | 2019
Prior service cost | $ | 994 |  | $ | 1,265 |
Accumulated loss | (34,482) |  | (30,516) |
Accumulated other comprehensive loss | (33,488) |  | (29,251) |
Cumulative employer contributions in excess of net periodic benefit cost | 15,940 |  | 16,205 |
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | $ | (17,548) |  | $ | (13,046) |
Net loss arising during period | (6,104) |  | (461) |
Amortization of net loss | 2,138 |  | 2,288 |
Amortization of prior service cost | (271) |  | (271) |
Total recognized in other comprehensive income | $ | (4,237) |  | $ | 1,556 |
Total expense recognized in net periodic pension cost and other comprehensive income | $ | (4,582) |  | $ | (424) |
Assumptions On A Weighted Average Basis, Used In Accounting For Plans | The following assumptions, on a weighted average basis, were used in accounting for the plans.
| 2020 | 2019 | 2018
Determination of benefit obligation at year end: |  |  |
Effective discount rate for benefit obligations | 2.25 | % | 3.07 | % | 4.14 | %
Assumed credit on cash balance accounts | 5.00 | % | 5.00 | % | 5.00 | %
Determination of net periodic benefit cost for year ended: |  |  |
Effective discount rate for benefit obligations | 3.08 | % | 4.13 | % | 3.57 | %
Effective rate for interest on benefit obligations | 2.69 | % | 3.81 | % | 3.28 | %
Long-term rate of return on assets | 5.00 | % | 5.00 | % | 5.00 | %
Assumed credit on cash balance accounts | 5.00 | % | 5.00 | % | 5.00 | %
Fair Value Of Pension Plan Asset Category | The following table shows the fair values of the Company’s pension plan assets by asset category at December 31, 2020 and 2019. Information about the valuation techniques and inputs used to measure fair value are provided in Note 17 on Fair Value Measurements.
|  | Fair Value Measurements
(In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)
December 31, 2020 |  |  |  |
Assets: |  |  |  |
U.S. government obligations | $ | 5,306 |  | $ | 5,306 |  | $ | — |  | $ | — |
Government-sponsored enterprise obligations (a) | 2,142 |  | — |  | 2,142 |  | — |
State and municipal obligations | 9,471 |  | — |  | 9,471 |  | — |
Agency mortgage-backed securities (b) | 6,984 |  | — |  | 6,984 |  | — |
Non-agency mortgage-backed securities | 2,225 |  | — |  | 2,225 |  | — |
Asset-backed securities | 6,090 |  | — |  | 6,090 |  | — |
Corporate bonds (c) | 41,278 |  | — |  | 41,278 |  | — |
Equity securities and mutual funds: (d) |  |  |  |
Mutual funds | 5,584 |  | 5,584 |  | — |  | — |
Common stocks | 24,991 |  | 24,991 |  | — |  | — |
International developed markets funds | 1,976 |  | 1,976 |  | — |  | — |
Emerging markets funds | 3,568 |  | 3,568 |  | — |  | — |
Total | $ | 109,615 |  | $ | 41,425 |  | $ | 68,190 |  | $ | — |
December 31, 2019 |  |  |  |
Assets: |  |  |  |
U.S. government obligations | $ | 4,746 |  | $ | 4,746 |  | $ | — |  | $ | — |
Government-sponsored enterprise obligations (a) | 1,302 |  | — |  | 1,302 |  | — |
State and municipal obligations | 8,612 |  | — |  | 8,612 |  | — |
Agency mortgage-backed securities (b) | 8,892 |  | — |  | 8,892 |  | — |
Non-agency mortgage-backed securities | 3,919 |  | — |  | 3,919 |  | — |
Asset-backed securities | 5,093 |  | — |  | 5,093 |  | — |
Corporate bonds (c) | 39,663 |  | — |  | 39,663 |  | — |
Equity securities and mutual funds: (d) |  |  |  |
Mutual funds | 6,315 |  | 6,315 |  | — |  | — |
Common stocks | 22,552 |  | 22,552 |  | — |  | — |
International developed markets funds | 4,674 |  | 4,674 |  | — |  | — |
Emerging markets funds | 1,788 |  | 1,788 |  | — |  | — |
Total | $ | 107,556 |  | $ | 40,075 |  | $ | 67,481 |  | $ | — |
(a) This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Government National Mortgage Association, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association. (b) This category represents mortgage-backed securities issued by the agencies mentioned in (a). (c) This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries. (d) This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the technology services, electronic technology, financial services, healthcare, and consumer non-durables industries.
Future Benefit Payments | The following future benefit payments are expected to be paid:
(In thousands) |
2021 | $ | 7,467 |
2022 | 7,466 |
2023 | 7,569 |
2024 | 7,464 |
2025 | 7,429 |
2026 - 2030 | 35,314 |

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