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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Schedule of Costs of Retirement Plans | The following summarizes retirement plan expense for the years ended December 31:
| 2020 |  | 2019 |  | 2018
| (in thousands)
401(k) Retirement Plan | $ | 9,853 |  |  | $ | 8,976 |  |  | $ | 8,482 |
Pension Plan | 660 |  |  | 2,484 |  |  | 3,435 |
Total | $ | 10,513 |  |  | $ | 11,460 |  |  | $ | 11,917 |
Pension Plans |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31:
| 2020 |  | 2019 |  | 2018
| (in thousands)
Interest cost | $ | 2,726 |  |  | $ | 3,257 |  |  | $ | 3,053 |
Expected return on assets | (3,925) |  |  | (2,754) |  |  | (2,047) |
Net amortization and deferral | 1,859 |  |  | 1,981 |  |  | 2,429 |
Net periodic pension cost | $ | 660 |  |  | $ | 2,484 |  |  | $ | 3,435 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31:
| 2020 |  | 2019
| (in thousands)
Projected benefit obligation at beginning of year | $ | 86,204 |  |  | $ | 79,426 |
Interest cost | 2,726 |  |  | 3,257 |
Benefit payments | (4,104) |  |  | (4,114) |
Change in assumptions | 7,532 |  |  | 8,259 |
Experience gain | (66) |  |  | (624) |
Projected benefit obligation at end of year | $ | 92,292 |  |  | $ | 86,204 |
Fair value of plan assets at beginning of year | $ | 83,676 |  |  | $ | 57,825 |
Employer contributions (1) | — |  |  | 20,755 |
Actual return on plan assets | 7,605 |  |  | 9,210 |
Benefit payments | (4,104) |  |  | (4,114) |
Fair value of plan assets at end of year | $ | 87,177 |  |  | $ | 83,676 |
(1) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million to the Pension Plan during 2019.
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31:
| 2020 |  | 2019
| (in thousands)
Projected benefit obligation | $ | (92,292) |  |  | $ | (86,204) |
Fair value of plan assets | 87,177 |  |  | 83,676 |
Funded status | $ | (5,115) |  |  | $ | (2,528) |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss):
| Unrecognized Net Loss
| Before tax |  | Net of tax
| (in thousands)
Balance as of December 31, 2018 | $ | 24,347 |  |  | $ | 18,961 |
Recognized as a component of 2019 periodic pension cost | (1,981) |  |  | (1,543) |
Unrecognized gains arising in 2019 | 1,180 |  |  | 919 |
Balance as of December 31, 2019 | 23,546 |  |  | 18,337 |
Recognized as a component of 2020 periodic pension cost | (1,859) |  |  | (1,452) |
Unrecognized losses arising in 2020 | 3,787 |  |  | 2,958 |
Balance as of December 31, 2020 | $ | 25,474 |  |  | $ | 19,843 |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31:
| 2020 |  | 2019 |  | 2018
Discount rate-projected benefit obligation | 2.50 | % |  | 3.25 | % |  | 4.25 | %
Expected long-term rate of return on plan assets | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31:
| 2020 |  | 2019
| Estimated Fair Value |  | % of Total Assets |  | Estimated Fair Value |  | % of Total Assets
| (dollars in thousands)
Equity mutual funds | $ | 37,847 |  |  |  |  | $ | 26,377 |  |  |
Equity common trust funds | 12,450 |  |  |  |  | 11,810 |  |  |
Equity securities | 50,297 |  |  | 57.7 | % |  | 38,187 |  |  | 45.6 | %
Cash and money market funds | 9,444 |  |  |  |  | 21,182 |  |  |
Fixed income mutual funds | 16,134 |  |  |  |  | 14,370 |  |  |
Corporate debt securities | 3,319 |  |  |  |  | 3,124 |  |  |
U.S. Government agency securities | 6,257 |  |  |  |  | 3,078 |  |  |
Fixed income securities and cash | 35,154 |  |  | 40.3 | % |  | 41,754 |  |  | 49.9 | %
Other alternative investment funds | 1,726 |  |  | 2.0 | % |  | 3,735 |  |  | 4.5 | %
Total | $ | 87,177 |  |  | 100.0 | % |  | $ | 83,676 |  |  | 100.0 | %
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands):
Year |
2021 | $ | 4,399 |
2022 | 4,452 |
2023 | 4,565 |
2024 | 4,652 |
2025 | 4,724 |
Thereafter | 24,461 |
Total | $ | 47,253 |
Other Postretirement Benefit Plans |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the net benefit for Postretirement Plan other than pensions are as follows:
| 2020 |  | 2019 |  | 2018
| (in thousands)
Interest cost | $ | 43 |  |  | $ | 61 |  |  | $ | 57 |
Net amortization and deferral | (548) |  |  | (556) |  |  | (559) |
Net postretirement benefit | $ | (505) |  |  | $ | (495) |  |  | $ | (502) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31:
| 2020 |  | 2019
| (in thousands)
Accumulated postretirement benefit obligation at beginning of year | $ | 1,450 |  |  | $ | 1,520 |
Interest cost | 43 |  |  | 61 |
Benefit payments | (177) |  |  | (187) |
Change in experience | (32) |  |  | 17 |
Change in assumptions | 38 |  |  | 39 |
Accumulated postretirement benefit obligation at end of year | $ | 1,322 |  |  | $ | 1,450 |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss):
| Before tax |  |
| Unrecognized Prior Service Cost |  | Unrecognized Net Loss (Gain) |  | Total |  | Net of tax
| (in thousands)
Balance as of December 31, 2018 | $ | (3,940) |  |  | $ | (1,096) |  |  | $ | (5,036) |  |  | $ | (3,928) |
Recognized as a component of 2019 postretirement cost | 464 |  |  | 92 |  |  | 556 |  |  | 433 |
Unrecognized gains arising in 2019 | — |  |  | 56 |  |  | 56 |  |  | 44 |
Balance as of December 31, 2019 | (3,476) |  |  | (948) |  |  | (4,424) |  |  | (3,451) |
Recognized as a component of 2020 postretirement cost | 464 |  |  | 84 |  |  | 548 |  |  | 428 |
Unrecognized gains arising in 2020 | — |  |  | 6 |  |  | 6 |  |  | 5 |
Balance as of December 31, 2020 | $ | (3,012) |  |  | $ | (858) |  |  | $ | (3,870) |  |  | $ | (3,018) |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31:
| 2020 |  | 2019 |  | 2018
Discount rate-projected benefit obligation | 2.50 | % |  | 3.25 | % |  | 4.25 | %
Expected long-term rate of return on plan assets | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (in thousands):
Year |
2021 | $ | 161 |
2022 | 149 |
2023 | 138 |
2024 | 126 |
2025 | 115 |
Thereafter | 426 |
Total | $ | 1,115 |

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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