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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Employee Benefit Plans [Abstract] |
Components of Accumulated Other Comprehensive Income (Loss), Net Periodic Benefit Cost | The components of AOCI, which have not yet been recognized as components of net periodic benefit cost, related to pensions and other post-retirement benefits are summarized below:
| Pension Benefits |  | Other Benefits |
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |
Net actuarial loss (gain) |  | $ | 23,922 |  |  | $ | 29,301 |  |  | $ | (196 | ) |  | $ | (178 | )
Prior service cost (credit) |  |  | 418 |  |  |  | 198 |  |  |  | (6 | ) |  |  | (10 | )
Total amounts recognized in AOCI (pre-tax) |  | $ | 24,340 |  |  | $ | 29,499 |  |  | $ | (202 | ) |  | $ | (188 | )
Changes in Benefit Obligations, Changes in Plan Assets, and the Funded Status of the Pension Plans and Other Postretirement Benefits | A December 31 measurement date is used for the pension, supplemental pension and post-retirement benefit plans. The following table sets forth changes in benefit obligations, changes in plan assets and the funded status of the pension plans and other post-retirement benefits:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 76,994 |  |  | $ | 75,940 |  |  | $ | 4,715 |  |  | $ | 4,183 |
Service cost |  |  | 2,204 |  |  |  | 1,904 |  |  |  | 4 |  |  |  | 4 |
Interest cost |  |  | 4,029 |  |  |  | 4,002 |  |  |  | 230 |  |  |  | 240 |
Plan participants’ contributions |  |  | - |  |  |  | - |  |  |  | 127 |  |  |  | 141 |
Actuarial (gain) loss |  |  | (2,454 | ) |  |  | 1,387 |  |  |  | (18 | ) |  |  | 710 |
Amendments |  |  | 1,212 |  |  |  | 30 |  |  |  | - |  |  |  | - |
Benefits paid |  |  | (6,960 | ) |  |  | (6,269 | ) |  |  | (598 | ) |  |  | (563 | )
Projected benefit obligation at end of year |  | $ | 75,025 |  |  | $ | 76,994 |  |  | $ | 4,460 |  |  | $ | 4,715 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 121,169 |  |  | $ | 113,316 |  |  | $ | - |  |  | $ | - |
Gain on plan assets |  |  | 8,920 |  |  |  | 12,803 |  |  |  | - |  |  |  | - |
Employer contributions |  |  | 1,899 |  |  |  | 1,319 |  |  |  | 471 |  |  |  | 422 |
Plan participants’ contributions |  |  | - |  |  |  | - |  |  |  | 127 |  |  |  | 141 |
Benefits paid |  |  | (6,960 | ) |  |  | (6,269 | ) |  |  | (598 | ) |  |  | (563 | )
Fair value of plan assets at end of year |  | $ | 125,028 |  |  | $ | 121,169 |  |  | $ | - |  |  | $ | - |
Funded (unfunded) status at year end |  | $ | 50,003 |  |  | $ | 44,175 |  |  | $ | (4,460 | ) |  | $ | (4,715 | )
Amounts Recognized in Balance Sheet | An asset is recognized for an overfunded plan and a liability is recognized for an underfunded plan. The accumulated benefit obligation for pension benefits was $75.0 million and $77.0 million at December 31, 2024 and 2023, respectively. The accumulated benefit obligation for other post-retirement benefits was $4.5 million and $4.7 million at December 31, 2024 and 2023, respectively. The funded status of the pension and other post-retirement benefit plans has been recognized as follows in the consolidated balance sheets at December 31, 2024 and 2023.
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Other assets |  | $ | 65,316 |  |  | $ | 59,889 |  |  | $ | - |  |  | $ | - |
Other liabilities |  |  | (15,313 | ) |  |  | (15,714 | ) |  |  | (4,460 | ) |  |  | (4,715 | )
Funded status |  | $ | 50,003 |  |  | $ | 44,175 |  |  | $ | (4,460 | ) |  | $ | (4,715 | )
Assumptions used to Determine Benefit Obligations and Net Periodic Pension Cost | The following assumptions were used to determine the benefit obligation and the net periodic pension cost for the years indicated:
| Years Ended December 31,
| 2024 | 2023 | 2022
Weighted average assumptions: |  |  |
The following assumptions were used to determine benefit obligations: |  |  |
Discount rate | 5.54% - 6.10% | 4.91% - 5.66% | 5.54% - 5.66%
Expected long-term return on plan assets | 6.70% | 6.70% | 6.70%
Rate of compensation increase | 3.00% | 3.00% | 3.00%
Interest rate of credit for cash balance plan | 4.54% | 4.66% | 3.99%
The following assumptions were used to determine net periodic pension cost: |  |  |
Discount rate | 4.91% - 6.10% | 3.35% - 5.66% | 3.23% - 3.35%
Expected long-term return on plan assets | 6.70% | 6.70% | 6.70%
Rate of compensation increase | 3.00% | 3.00% | 3.00%
Interest rate of credit for cash balance plan | 4.66% | 3.99% | 1.94%
Net Periodic Pension Benefits and Other Benefit Costs | Net periodic benefit cost and other amounts recognized in OCI for the years ended December 31 included the following components:
|  | Pension Benefits |  |  | Other Benefits |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |  |  | 2024 |  |  | 2023 |  |  | 2022 |
Components of net periodic (benefit) cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 2,204 |  |  | $ | 1,904 |  |  | $ | 2,024 |  |  | $ | 4 |  |  | $ | 4 |  |  | $ | 7 |
Interest cost |  |  | 4,029 |  |  |  | 4,002 |  |  |  | 2,765 |  |  |  | 230 |  |  |  | 240 |  |  |  | 170 |
Expected return on plan assets |  |  | (7,888 | ) |  |  | (7,379 | ) |  |  | (8,884 | ) |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service cost (credit) |  |  | 993 |  |  |  | 43 |  |  |  | 108 |  |  |  | (4 | ) |  |  | (4 | ) |  |  | 6 |
Amortization of unrecognized net loss (gain) |  |  | 1,892 |  |  |  | 2,633 |  |  |  | 623 |  |  |  | - |  |  |  | (32 | ) |  |  | - |
Net periodic pension cost (benefit) |  | $ | 1,230 |  |  | $ | 1,203 |  |  | $ | (3,364 | ) |  | $ | 230 |  |  | $ | 208 |  |  | $ | 183 |
Other changes in plan assets and benefit obligations recognized in OCI (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | (3,486 | ) |  | $ | (4,037 | ) |  | $ | 14,987 |  |  | $ | (18 | ) |  | $ | 711 |  |  | $ | (695 | )
Prior service cost |  |  | 1,212 |  |  |  | 30 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Amortization of prior service (cost) credit |  |  | (993 | ) |  |  | (43 | ) |  |  | (108 | ) |  |  | 4 |  |  |  | 4 |  |  |  | (6 | )
Amortization of unrecognized net (loss) gain |  |  | (1,892 | ) |  |  | (2,633 | ) |  |  | (623 | ) |  |  | - |  |  |  | 32 |  |  |  | - |
Total recognized in OCI |  | $ | (5,159 | ) |  | $ | (6,683 | ) |  | $ | 14,256 |  |  | $ | (14 | ) |  | $ | 747 |  |  | $ | (701 | )
Total recognized in net periodic (benefit) cost and OCI, pre-tax |  | $ | (3,929 | ) |  | $ | (5,480 | ) |  | $ | 10,892 |  |  | $ | 216 |  |  | $ | 955 |  |  | $ | (518 | )
Estimated Future Benefit Payments for the Pension Plans and Other Postretirement Benefit Plans | The following table sets forth estimated future benefit payments for the pension plans and other post-retirement benefit plans as of December 31, 2024:
(In thousands) |  | Pension Benefits |  |  | Other Benefits |
2025 |  | $ | 8,189 |  |  | $ | 428 |
2026 |  |  | 7,673 |  |  |  | 439 |
2027 |  |  | 7,306 |  |  |  | 427 |
2028 |  |  | 7,857 |  |  |  | 427 |
2029 |  |  | 7,760 |  |  |  | 421 |
2030 - 2034 |  |  | 33,866 |  |  |  | 1,898 |
Target and Actual Allocations of Defined Benefit Pension Plan's Assets | The target and actual allocations expressed as a percentage of the defined benefit pension plan’s assets are as follows:
| Target 2024 | 2024 | 2023
Cash and cash equivalents | 0 - 15% | 2% | 2%
Fixed income securities | 30 - 60% | 44% | 43%
Equities | 40 - 70% | 54% | 55%
Total |  | 100% | 100%
Financial Instruments Recorded at Fair Value on a Recurring Basis by the Plan | The following table presents the financial instruments recorded at fair value on a recurring basis by the Plan:
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | December 31, 2024 |
Cash and cash equivalents |  | $ | 2,611 |  |  | $ | - |  |  | $ | 2,611 |
U.S. government bonds |  |  | - |  |  |  | 7 |  |  |  | 7 |
Mutual funds |  |  | 122,410 |  |  |  | - |  |  |  | 122,410 |
Total |  | $ | 125,021 |  |  | $ | 7 |  |  | $ | 125,028 |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | December 31, 2023 |
Cash and cash equivalents |  | $ | 2,435 |  |  | $ | - |  |  | $ | 2,435 |
U.S. government bonds |  |  | - |  |  |  | 13 |  |  |  | 13 |
Mutual funds |  |  | 118,721 |  |  |  | - |  |  |  | 118,721 |
Total |  | $ | 121,156 |  |  | $ | 13 |  |  | $ | 121,169 |

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