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Benefit Plan (Tables) | 12 Months Ended
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Dec. 31, 2019
Defined Benefit Plan [Abstract] |
Schedule of plan assets and benefit obligation activity | Using accrual measurement dates of December 31, 2019 and 2018, plan assets and benefit obligation activity for the Pension Plan are listed below:
(In thousands) |  | 2019 |  | 2018
Change in fair value of plan assets |  |  |  |
Fair value at beginning of measurement period |  | $ | 177,077 |  |  | $ | 195,735 |
Actual return on plan assets |  | 42,402 |  |  | (8,118) |
Employer contributions |  | — |  |  | — |
Benefits paid |  | (8,856) |  |  | (10,540) |
Fair value at end of measurement period |  | $ | 210,623 |  |  | $ | 177,077 |
Change in benefit obligation |  |  |  |
Projected benefit obligation at beginning of measurement period |  | $ | 123,528 |  |  | $ | 138,698 |
Service cost |  | 5,873 |  |  | 6,547 |
Interest cost |  | 5,491 |  |  | 5,236 |
Plan amendments |  | (168) |  |  | — |
Actuarial loss (gain) |  | 28,551 |  |  | (16,413) |
Benefits paid |  | (8,856) |  |  | (10,540) |
Projected benefit obligation at the end of measurement period |  | $ | 154,419 |  |  | $ | 123,528 |
Funded status at end of year (fair value of plan assets less benefit obligation) |  | $ | 56,204 |  |  | $ | 53,549 |
Schedule of allocation of plan assets | The asset allocation for the Pension Plan as of each measurement date, by asset category, was as follows:
|  |  |  | Percentage of Plan Assets |  |
Asset category |  | Target Allocation |  | 2019 |  | 2018
Equity securities |  | 50% - 100% |  |  | 81 | % |  | 82 | %
Fixed income and cash equivalents |  | remaining balance |  | 19 | % |  | 18 | %
Total |  |  |  | 100 | % |  | 100 | %
Schedule of assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2019, 2018 and 2017 were as follows:
|  | 2019 |  | 2018 |  | 2017
Discount rate |  | 3.53 | % |  | 4.60 | % |  | 3.89 | %
Rate of compensation increase |  |  |  |  |  |  |  |
Under age 30 |  | 10.00 | % |  | 10.00 | % |  | 10.00 | %
Ages 30-39 |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
Ages 40-49 |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Ages 50 and over |  | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Schedule of estimated future pension benefit Payments | The estimated future pension benefit payments reflecting expected future service for the next ten years are shown below (in thousands):
2020 | $ | 9,676 |
2021 | 10,377 |
2022 | 11,038 |
2023 | 10,553 |
2024 | 11,627 |
2025-2029 |  | 58,398 |
Total | $ | 111,669 |
Schedule of balances of accumulated other comprehensive income loss | The following table shows ending balances of accumulated other comprehensive loss at December 31, 2019 and 2018.
(In thousands) |  | 2019 |  | 2018
Prior service credit |  | $ | 168 |  |  | $ | — |
Net actuarial loss |  | (33,933) |  |  | (37,560) |
Total |  | (33,765) |  |  | (37,560) |
Deferred taxes |  | 7,091 |  |  | 7,888 |
Accumulated other comprehensive loss |  | $ | (26,674) |  |  | $ | (29,672) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) | Using actuarial measurement dates of December 31 for 2019, 2018 and 2017, components of net periodic benefit income and other amounts recognized in other comprehensive income were as follows:
(In thousands) |  | 2019 |  | 2018 |  | 2017 | Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) |  |  |  |  |  |  |
Service cost |  | $ | (5,873) |  |  | $ | (6,547) |  |  | $ | (5,270) |  | Employee benefits |
Interest cost |  | (5,491) |  |  | (5,236) |  |  | (5,085) |  | Other components of net periodic benefit income |
Expected return on plan assets |  | 12,105 |  |  | 13,417 |  |  | 11,455 |  | Other components of net periodic benefit income |
Recognized net actuarial loss |  | (1,882) |  |  | (1,361) |  |  | (576) |  | Other components of net periodic benefit income |
Net periodic benefit (loss) income |  | $ | (1,141) |  |  | $ | 273 |  |  | $ | 524 |  |
Net actuarial gain (loss) and prior service cost |  | $ | 1,913 |  |  | $ | (5,122) |  |  | $ | (11,698) |  |
Amortization of net loss |  | 1,882 |  |  | 1,361 |  |  | 576 |  |
Total recognized in other comprehensive income (loss) |  | 3,795 |  |  | (3,761) |  |  | (11,122) |  |
Total recognized in net benefit income (loss) and other comprehensive income (loss) |  | $ | 2,654 |  |  | $ | (3,488) |  |  | $ | (10,598) |  |
Schedule of assumptions used to determine costs | The weighted average assumptions used to determine net periodic benefit income for the years ended December 31, 2019, 2018 and 2017 are listed below:
|  | 2019 |  | 2018 |  | 2017
Discount rate |  | 4.60 | % |  | 3.89 | % |  | 4.58 | %
Rate of compensation increase |  |  |  |  |  |  |  |  |
Under age 30 |  | 10.00 | % |  | 10.00 | % |  | 10.00 | %
Ages 30-39 |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
Ages 40-49 |  | 4.00 | % |  | 4.00 | % |  | 4.00 | %
Ages 50 and over |  | 3.00 | % |  | 3.00 | % |  | 3.00 | %
Expected long-term return on plan assets |  | 7.00 | % |  | 7.00 | % |  | 7.00 | %

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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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