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Benefit Plan (Tables) | 12 Months Ended
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Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | Using accrual measurement dates of December 31, 2022 and 2021, plan assets and benefit obligation activity for the Pension Plan are listed below:
(In thousands) |  | 2022 |  | 2021
Change in fair value of plan assets |  |  |  |
Fair value at beginning of measurement period |  | $ | 263,473 |  |  | $ | 230,442 |
Actual return on plan assets |  | (37,319) |  |  | 48,138 |
Benefits paid |  | (17,016) |  |  | (15,107) |
Fair value at end of measurement period |  | $ | 209,138 |  |  | $ | 263,473 |
Change in benefit obligation |  |  |  |
Projected benefit obligation at beginning of measurement period |  | $ | 182,964 |  |  | $ | 184,410 |
Service cost |  | 9,749 |  |  | 9,916 |
Interest cost |  | 5,705 |  |  | 5,359 |
Plan amendments |  | 558 |  |  | — |
Actuarial loss |  | (54,566) |  |  | (1,614) |
Benefits paid |  | (17,016) |  |  | (15,107) |
Projected benefit obligation at the end of measurement period |  | $ | 127,394 |  |  | $ | 182,964 |
Funded status at end of year (fair value of plan assets less benefit obligation) |  | $ | 81,744 |  |  | $ | 80,509 |
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 |  | 2022 |  | 2021
Equity securities |  | 50% - 100% |  | 84 | % |  | 82 | %
Fixed income and cash equivalents |  | remaining balance |  | 16 | % |  | 18 | %
Total |  |  |  | 100 | % |  | 100 | %
Schedule of assumptions used to determine benefit obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2022, 2021 and 2020 were as follows:
|  | 2022 |  | 2021 |  | 2020
Discount rate |  | 5.32 | % |  | 3.23 | % |  | 3.00 | %
Rate of compensation increase |  |  |  |  |  |
Under age 30 |  | 8.25 | % |  | 8.25 | % |  | 8.25 | %
Ages 30-39 |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
Ages 40-49 |  | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Ages 50-54 |  | 4.25 | % |  | 4.25 | % |  | 4.25 | %
Ages 55-59 |  | 3.75 | % |  | 3.75 | % |  | 3.75 | %
Ages 60-64 |  | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Ages 65 and over |  | 3.25 | % |  | 3.25 | % |  | 3.25 | %
Interest crediting rate |  | 4.07 | % |  | N/A |  | N/A
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):
2023 | $ | 9,684 |
2024 | 9,769 |
2025 | 10,143 |
2026 | 10,111 |
2027 | 11,053 |
2028-2032 | 51,388 |
Total | $ | 102,148 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The following table shows ending balances of accumulated other comprehensive loss at December 31, 2022 and 2021.
(In thousands) |  | 2022 |  | 2021
Prior service (cost) credit |  | $ | (436) |  |  | $ | 137 |
Net actuarial loss |  | (8,020) |  |  | (7,469) |
Total |  | (8,456) |  |  | (7,332) |
Deferred taxes |  | 1,776 |  |  | 1,540 |
Accumulated other comprehensive loss |  | $ | (6,680) |  |  | $ | (5,792) |
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 2022, 2021 and 2020, components of net periodic benefit income and other amounts recognized in other comprehensive (loss) income were as follows:
(In thousands) |  | 2022 |  | 2021 |  | 2020 | Affected Line Item in the Consolidated Statements of Income
Components of net periodic benefit income (loss) and other amounts recognized in other comprehensive (loss) income
Service cost |  | $ | (9,749) |  |  | $ | (9,916) |  |  | $ | (8,319) |  | Employee benefits
Interest cost |  | (5,705) |  |  | (5,359) |  |  | (5,283) |  | Other components of net periodic benefit income
Expected return on plan assets |  | 17,798 |  |  | 15,731 |  |  | 14,410 |  | Other components of net periodic benefit income
Recognized net actuarial loss and prior service cost |  | 15 |  |  | (2,220) |  |  | (1,175) |  | Other components of net periodic benefit income
Net periodic benefit income (loss) |  | $ | 2,359 |  |  | $ | (1,764) |  |  | $ | (367) |  |
Net actuarial (loss) gain and prior service credit |  | $ | (1,109) |  |  | $ | 34,019 |  |  | $ | (10,981) |  |
Amortization of net (gain) loss |  | (15) |  |  | 2,220 |  |  | 1,175 |  |
Total recognized in other comprehensive (loss) income |  | (1,124) |  |  | 36,239 |  |  | (9,806) |  |
Total recognized in net benefit income (loss) and other comprehensive income (loss) |  | $ | 1,235 |  |  | $ | 34,475 |  |  | $ | (10,173) |  |
The fair value of the plan assets at December 31, 2022 and December 31, 2021, by asset class, is as follows.
| Fair Value Measurements | Fair Value Measurements
| at December 31, 2022, Using | at December 31, 2021, Using
(In thousands) | (Level 1) | (Level 2) | (Level 1) | (Level 2)
Interest-bearing account | $ | 1,959 |  | $ | 3,910 |  | $ | 3,222 |  | $ | 4,731 |
Mutual funds | 46,093 |  | — |  | 60,987 |  | — |
U.S. Government agency obligations | — |  | 12,513 |  | — |  | 15,254 |
Corporate bonds | — |  | 12,562 |  | — |  | 16,815 |
Common stocks | 132,101 |  | — |  | 162,464 |  | — |
Total | $ | 180,153 |  | $ | 28,985 |  | $ | 226,673 |  | $ | 36,800 |
Schedule of assumptions used to determine costs | The weighted average assumptions used to determine net periodic benefit income (loss) for the years ended December 31, 2022, 2021 and 2020 are listed below:
|  | 2022 |  | 2021 |  | 2020
Discount rate |  | 3.23 | % |  | 3.00 | % |  | 3.53 | %
Rate of compensation increase |  |  |  |  |  |
Under age 30 |  | 8.25 | % |  | 8.25 | % |  | 10.00 | %
Ages 30-39 |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
Ages 40-49 |  | 5.00 | % |  | 5.00 | % |  | 4.00 | %
Ages 50-54 |  | 4.25 | % |  | 4.25 | % |  | 3.00 | %
Ages 55-59 |  | 3.75 | % |  | 3.75 | % |  | 3.00 | %
Ages 60-64 |  | 3.50 | % |  | 3.50 | % |  | 3.00 | %
Ages 65 and over |  | 3.25 | % |  | 3.25 | % |  | 3.00 | %
Expected long-term return on plan assets |  | 6.92 | % |  | 7.00 | % |  | 7.00 | %
Schedule of Net Benefit Costs | The expense for the Corporation was as follows:
(In thousands) |  | 2022 |  | 2021 |  | 2020 |  | Affected Line Item in the Consolidated Statements of Income
Service cost |  | $ | 1,091 |  |  | $ | 1,345 |  |  | $ | 1,680 |  |  | Employee benefits
Interest cost |  | 564 |  |  | 510 |  |  | 403 |  |  | Miscellaneous expense
Total SERP expense |  | $ | 1,655 |  |  | $ | 1,855 |  |  | $ | 2,083 |  |  |

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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 https://asc.fasb.org/extlink&oid=123450688&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&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 https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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