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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status

The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):

		2021				2020
Change in projected benefit obligation:
Projected benefit obligation at beginning of period		$	97,560			$	84,328
Service cost			4,196				3,693
Interest cost			2,202				2,537
Actuarial (gain) loss			(1,945	)			11,154
Benefits paid and plan expenses			(4,331	)			(4,152	)
Projected benefit obligation at end of period			97,682				97,560
Change in plan assets:
Fair value of plan assets at beginning of period			102,176				87,827
Actual return on plan assets			6,382				18,501
Employer contributions			-				-
Benefits paid and plan expenses			(4,331	)			(4,152	)
Fair value of plan assets at end of period			104,227				102,176
Funded status at end of period		$	6,545			$	4,616

Estimated Benefit Payments Under The Pension Plan

(21.) EMPLOYEE BENEFIT PLANS (Continued)

Estimated benefit payments under the Plan over the next ten years at December 31, 2021 are as follows (in thousands):

2022		$	3,731
2023			3,935
2024			4,199
2025			4,425
2026			4,663
2027 - 2031			25,686

Components Of Net Periodic Benefit Expense

Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):

		2021				2020				2019
Service cost		$	4,196			$	3,693			$	3,207
Interest cost on projected benefit obligation			2,202				2,537				2,777
Expected return on plan assets			(5,225	)			(5,136	)			(4,736	)
Amortization of unrecognized loss			724				1,270				1,445
Net periodic pension cost		$	1,897			$	2,364			$	2,693

Actuarial Assumptions Used

The actuarial assumptions used to determine the net periodic pension cost were as follows:

		2021				2020				2019
Weighted average discount rate			2.32	%			3.09	%			4.13	%
Rate of compensation increase			3.00	%			3.00	%			3.00	%
Expected long-term rate of return			5.25	%			6.00	%			6.50	%

The actuarial assumptions used to determine the projected benefit obligation were as follows:

		2021				2020				2019
Weighted average discount rate			2.70	%			2.32	%			3.09	%
Rate of compensation increase			3.00	%			3.00	%			3.00	%

Plan's Target Asset Allocation And Actual Asset Allocation

The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2021 and 2020:

		2021								2020
		Target				Actual				Target				Actual
		Allocation				Allocation				Allocation				Allocation
Asset category:
Cash and cash equivalents			0.00	%			0.00	%			0.00	%			0.00	%
Equity securities			30.00				35.65				28.25				31.56
Fixed income securities			15.00				34.98				59.75				62.60
Alternative investments			55.00				29.37				12.00				5.84

The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis

The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).

		Level 1				Level 2				Level 3				Total
		Inputs				Inputs				Inputs				Fair Value
2021
Cash equivalents:
Cash (including foreign currencies)		$	-			$	-			$	-			$	-
Short term investment funds			-				-				-				-
Total cash equivalents			-				-				-				-
Equity securities:
Commingled pension trust funds			-				37,157				-				37,157
Total equity securities			-				37,157				-				37,157
Fixed income securities:
Commingled pension trust funds			-				36,459				-				36,459
Corporate bonds			-				-				-				-
Total fixed income securities			-				36,459				-				36,459
Other investments:
Commingled pension trust funds			-				30,611				-				30,611
Total Plan investments		$	-			$	104,227			$	-			$	104,227

Components Of Accumulated Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan

The components of accumulated other comprehensive loss related to the defined benefit plan and postretirement benefit plan as of December 31 are summarized below (in thousands):

		2021				2020
Defined benefit plan:
Net actuarial loss		$	(12,587	)		$	(16,412	)
Prior service credit (cost)			-				-
			(12,587	)			(16,412	)
Postretirement benefit plan:
Net actuarial loss			(46	)			(127	)
Prior service credit			-				3
			(46	)			(124	)
Total			(12,633	)			(16,536	)
Deferred tax benefit			3,237				4,237
Amounts included in accumulated other comprehensive loss		$	(9,396	)		$	(12,299	)

Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income

Changes in plan assets and benefit obligations recognized in other comprehensive income on a pre-tax basis during the years ended December 31 are as follows (in thousands):

		2021				2020
Defined benefit plan:
Net actuarial gain		$	3,101			$	2,212
Amortization of net loss			724				1,270
Amortization of prior service credit			-				-
			3,825				3,482
Postretirement benefit plan:
Net actuarial gain (loss)			61				(12	)
Amortization of net loss			20				18
Amortization of prior service credit			(3	)			(34	)
			78				(28	)
Total recognized in other comprehensive income		$	3,903			$	3,454

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