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Employee Benefit Plans (Tables)

12 Months Ended

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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