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Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, plan assets and benefit obligation activity for the Pension Plan are listed below:

(In thousands)						2024						2023
Change in fair value of plan assets
Fair value at beginning of measurement period						$	232,894					$	209,138
Actual return on plan assets						31,116						34,764
Benefits paid						(38,239)						(11,008)
Fair value at end of measurement period						$	225,771					$	232,894
Change in benefit obligation
Projected benefit obligation at beginning of measurement period						$	139,217					$	127,394
Service cost						6,916						6,236
Interest cost						6,443						6,523
Actuarial (gain) loss						(9,804)						10,072
Benefits paid						(38,239)						(11,008)
Projected benefit obligation at the end of measurement period						$	104,533					$	139,217
Funded status at end of year (fair value of plan assets less benefit obligation)						$	121,238					$	93,677

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						2024						2023
Equity securities						50% - 100%						61		%				85		%
Fixed income and cash equivalents						remaining balance						39		%				15		%
Total												100		%				100		%

Schedule of assumptions used to determine benefit obligations

The weighted average assumptions used to determine benefit obligations at December 31, 2024, 2023 and 2022 were as follows:

						2024						2023						2022
Discount rate						5.89		%				5.14		%				5.32		%
Rate of compensation increase
Under age 25 (under age 30 for 2022)						7.50		%				7.50		%				8.25		%
Ages 25-29 (ages 30-39 for 2022)						7.00		%				7.00		%				6.00		%
Ages 30-34 (ages 40-49 for 2022)						6.75		%				6.75		%				5.00		%
Ages 35-39 (ages 50-54 for 2022)						6.00		%				6.00		%				4.25		%
Ages 40-44 (ages 55-59 for 2022)						5.25		%				5.25		%				3.75		%
Ages 45-54 (ages 60-64 for 2022)						4.75		%				4.75		%				3.50		%
Ages 55-69 (ages 65 and over for 2022)						3.75		%				3.75		%				3.25		%
Ages 70 and over (for 2023 and 2024)						3.00		%				3.00		%				N/A
Interest crediting rate						4.64		%				3.89		%				4.07		%

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):

2025			$	8,469
2026			8,450
2027			8,283
2028			8,239
2029			8,816
2030-2034			43,780
Total			$	86,037

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table shows ending balances of accumulated other comprehensive income at December 31, 2024 and 2023.

 

(In thousands)						2024						2023
Prior service cost						$	(340)					$	(388)
Net actuarial gain						21,547						2,529
Total						21,207						2,141
Deferred tax liability						(4,453)						(449)
Accumulated other comprehensive income						$	16,754					$	1,692

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 2024, 2023 and 2022, components of net periodic benefit income and other amounts recognized in other comprehensive income (loss) were as follows:

(In thousands)						2024						2023						2022			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						$	(6,916)					$	(6,236)					$	(9,749)		Employee benefits
Interest cost						(6,443)						(6,523)						(5,705)			Other components of net periodic benefit income
Expected return on plan assets						15,754						14,143						17,798			Other components of net periodic benefit income
Recognized prior service cost						(48)						(48)						15			Other components of net periodic benefit income
Settlement income						6,148						—						—			Pension settlement gain
Net periodic benefit income						$	8,495					$	1,336					$	2,359
Net actuarial gain (loss)						$	25,166					$	10,549					$	(1,109)
Amortization of actuarial gain						(6,148)						—						—
Amortization of prior service cost (credit)						48						48						(15)
Total recognized in other comprehensive income (loss)						19,066						10,597						(1,124)
Total recognized in net benefit income and other comprehensive income (loss)						$	27,561					$	11,933					$	1,235

Schedule of assumptions used to determine costs

The weighted average assumptions used to determine net periodic benefit income for the years ended December 31, 2024, 2023 and 2022 are listed below:

						2024						2023						2022
Discount rate						5.14		%				5.32		%				3.23		%
Rate of compensation increase
Under age 25 (under age 30 for 2023 and 2022)						7.50		%				8.25		%				8.25		%
Ages 25-29 (ages 30-39 for 2023 and 2022)						7.00		%				6.00		%				6.00		%
Ages 30-34 (ages 40-49 for 2023 and 2022)						6.75		%				5.00		%				5.00		%
Ages 35-39 (ages 50-54 for 2023 and 2022)						6.00		%				4.25		%				4.25		%
Ages 40-44 (ages 55-59 for 2023 and 2022)						5.25		%				3.75		%				3.75		%
Ages 45-54 (ages 60-64 for 2023 and 2022)						4.75		%				3.50		%				3.50		%
Ages 55-69 (ages 65 and over for 2023 and 2022)						3.75		%				3.25		%				3.25		%
Ages 70 and over (for 2024)						3.00		%				N/A						N/A
Interest crediting rate						3.89		%				4.07		%				N/A
Expected long-term return on plan assets						6.92		%				6.92		%				6.92		%

Schedule of Changes in Fair Value of Plan Assets

The fair value of the plan assets at December 31, 2024 and December 31, 2023, by asset class, is as follows.

			Fair Value Measurements						Fair Value Measurements
			at December 31, 2024, Using						at December 31, 2023, Using
(In thousands)			(Level 1)			(Level 2)			(Level 1)			(Level 2)
Interest-bearing account			$	3,529		$	3,671		$	1,395		$	4,758
Mutual funds			34,973			—			49,740			—
U.S. Treasury Notes			—			55,062			—			—
U.S. Government agency obligations			—			11,237			—			12,466
Corporate bonds			—			14,003			—			15,572
Common stocks			103,296			—			148,963			—
Total			$	141,798		$	83,973		$	200,098		$	32,796

Schedule of Net Benefit Costs

The expense for the Corporation was as follows:

(In thousands)						2024						2023						2022						Affected Line Item in the Consolidated Statements of Income
Service cost						$	1,297					$	1,224					$	1,091					Employee benefits
Interest cost						658						567						564						Miscellaneous expense
Total SERP expense						$	1,955					$	1,791					$	1,655

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