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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2016
Summary of Projected Benefit Obligation | A summary of the activity in the Plan’s projected benefit obligation, assets, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
(In thousands) | 2016 |  | 2015
Projected benefit obligation: |  |  |  |  |  |  |
Balance, January 1 | $ | 78,369 |  |  | $ | 81,342 |
Service cost |  | 3,559 |  |  |  | 3,795 |
Interest cost |  | 3,505 |  |  |  | 3,178 |
Actuarial (gain) loss |  | 2,003 |  |  |  | (8,358 | )
Benefits paid |  | (1,885 | ) |  |  | (1,588 | )
Balance, December 31 | $ | 85,551 |  |  | $ | 78,369 |
Plan assets: |  |  |  |  |  |  |
Fair value, January 1 | $ | 71,174 |  |  | $ | 72,972 |
Actual return |  | 3,879 |  |  |  | (210 | )
Employer contribution |  | — |  |  |  | — |
Benefits paid |  | (1,885 | ) |  |  | (1,588 | )
Fair value, December 31 | $ | 73,168 |  |  | $ | 71,174 |
Funded status: |  |  |  |  |  |  |
Accrued pension liability | $ | (12,383 | ) |  | $ | (7,195 | )
Schedule of Assumptions used to Determine Projected Benefit Obligation | The following represent the major assumptions used to determine the projected benefit obligation of the Plan. For 2016, 2015 and 2014, the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve. For 2016, the RP-2014 Mortality Table and the MP-2016 Mortality Improvement Table were used. For 2015, the RP-2014 Mortality Table and MP-2015 Mortality Improvement Table were used. For 2014, the RP-2014 Mortality Table and MP-2014 Mortality Improvement Table were used.
| 2016 |  | 2015 |  | 2014
Weighted average discount rate | 4.25 | % |  | 4.50 | % |  | 4.00 | %
Rate of increase in compensation levels | (a) |  |  | (a) |  |  | (a) |
(a) | 6.0% graded down to 3.25% over the first seven years of service
Schedule of Expected Pension Benefit Payments | The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid by the Plan:
| Amount
2017 | $ | 2,319,000
2018 |  | 2,660,000
2019 |  | 2,814,000
2020 |  | 3,045,000
2021 |  | 3,309,000
2022-2026 |  | 21,898,000
Schedule of Plan's Pension Costs | The Plan’s pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2016 |  | 2015 |  | 2014
Service cost – benefits earned during the year |  | $ | 3,559 |  |  | $ | 3,796 |  |  | $ | 3,003 |
Interest cost on projected benefit obligations |  |  | 3,505 |  |  |  | 3,178 |  |  |  | 3,037 |
Expected return on plan assets |  |  | (4,734 | ) |  |  | (4,864 | ) |  |  | (4,711 | )
Net amortization and deferral |  |  | 1,259 |  |  |  | 1,542 |  |  |  | 244 |
Net periodic pension cost |  | $ | 3,589 |  |  | $ | 3,652 |  |  | $ | 1,573 |
Schedule of Assumptions used to Determine Net Pension Cost | The following represent the major assumptions used to determine the net pension cost of the Plan:
|  | 2016 |  | 2015 |  | 2014
Weighted average discount rate |  | 4.50 | % |  | 4.00 | % |  | 5.00 | %
Rate of increase in compensation levels |  | (a) |  |  | (a) |  |  | 3.75 | %
Expected long-term rate of return on assets |  | 6.75 | % |  | 6.75 | % |  | 6.75 | %
(a) | 6.0% graded down to 3.25% over the first seven years of service
Schedule of Assumed Long-term Rate of Return on Assets | The expected one-year nominal returns and annual standard deviations are shown by asset class below:
|  |  |  |  | One-Year Nominal |  | Annual Standard
Asset Class |  | % of Total Portfolio |  | Return |  | Deviation
Core Fixed Income |  | 48 | % |  | 4.51 | % |  | 4.64 | %
Large Cap U.S. Equities |  | 10 | % |  | 7.36 | % |  | 16.14 | %
Large Cap U.S. Growth Equities |  | 18 | % |  | 7.67 | % |  | 17.31 | %
Small Cap U.S. Equities |  | 8 | % |  | 8.49 | % |  | 20.02 | %
International (Developed) |  | 15 | % |  | 8.89 | % |  | 19.35 | %
International (Emerging) |  | 1 | % |  | 10.68 | % |  | 27.66 | %
Summary of the Fair Value Measurements by Type of Asset | A summary of the fair value measurements by type of asset is as follows:
|  | Fair Value Measurements as of December 31,
|  | 2016 |  | 2015
|  |  |  |  | Quoted Prices |  |  |  |  |  |  |  | Quoted Prices |  |  |
|  |  |  |  | in Active |  |  |  |  |  |  |  | in Active |  |  |
|  |  |  |  | Markets for |  | Significant |  |  |  |  | Markets for |  | Significant
|  |  |  |  | Identical |  | Observable |  |  |  |  | Identical |  | Observable
|  |  |  |  | Assets |  | Inputs |  |  |  |  | Assets |  | Inputs
(In thousands) |  | Total |  | (Level 1) |  | (Level 2) |  | Total |  | (Level 1) |  | (Level 2)
Cash |  | $ | 340 |  | $ | 340 |  | $ | — |  | $ | 283 |  | $ | 283 |  | $ | —
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Large Cap Growth |  |  | 13,306 |  |  | — |  |  | 13,306 |  |  | 12,908 |  |  | — |  |  | 12,908
U.S. Small/Mid Cap Growth |  |  | 5,655 |  |  | — |  |  | 5,655 |  |  | 5,418 |  |  | — |  |  | 5,418
Non-U. S. Core |  |  | 10,588 |  |  | — |  |  | 10,588 |  |  | 10,474 |  |  | — |  |  | 10,474
U.S. Large Cap Passive |  |  | 7,364 |  |  | — |  |  | 7,364 |  |  | 7,153 |  |  | — |  |  | 7,153
Emerging Markets |  |  | 652 |  |  | — |  |  | 652 |  |  | 599 |  |  | — |  |  | 599
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  |  | 24,438 |  |  | — |  |  | 24,438 |  |  | 23,881 |  |  | — |  |  | 23,881
U.S. Passive |  |  | 9,571 |  |  | — |  |  | 9,571 |  |  | 9,328 |  |  | — |  |  | 9,328
Opportunistic |  |  | 1,254 |  |  |  |  |  | 1,254 |  |  | 1,130 |  |  |  |  |  | 1,130
Total |  | $ | 73,168 |  | $ | 340 |  | $ | 72,828 |  | $ | 71,174 |  | $ | 283 |  | $ | 70,891
Supplemental Executive Retirement Plan [Member] |
Summary of Projected Benefit Obligation | A summary of the activity in the SERP’s projected benefit obligation, funded status and amounts recognized in the Company’s consolidated balance sheets is as follows:
|  | December 31,
(In thousands) |  | 2016 |  | 2015
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 8,748 |  |  | $ | 9,403 |
Service cost |  |  | 133 |  |  |  | 140 |
Interest cost |  |  | 367 |  |  |  | 348 |
Benefits paid |  |  | (247 | ) |  |  | (243 | )
Actuarial (gain) loss |  |  | 131 |  |  |  | (900 | )
Balance, December 31 |  | $ | 9,132 |  |  | $ | 8,748
Schedule of Assumptions used to Determine Projected Benefit Obligation | The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2016, 2015 and 2014, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2016 |  | 2015 |  | 2014
Weighted average discount rate |  | 4.00 | % |  | 4.25 | % |  | 3.75 | %
Rate of increase in compensation levels |  | (a) |  |  | (a) |  |  | (a) |
(a) | 6.00% graded down to 3.25% over the first seven years of service.
Schedule of Expected Pension Benefit Payments | Benefits paid were $247,000 in 2016, $243,000 in 2015 and $236,000 in 2014. Expected future benefits payable by the Company over the next ten years are as follows:
|  | Amount
2017 |  | $ | 247,000
2018 |  |  | 313,000
2019 |  |  | 312,000
2020 |  |  | 310,000
2021 |  |  | 364,000
2022-2026 |  |  | 3,679,000
Schedule of Plan's Pension Costs | The SERP’s pension cost included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2016 |  | 2015 |  | 2014
Service cost – benefits earned during the year |  | $ | 133 |  | $ | 140 |  | $ | 136
Interest cost on projected benefit obligations |  |  | 367 |  |  | 348 |  |  | 377
Net amortization and deferral |  |  | 295 |  |  | 654 |  |  | 431
Net periodic pension cost |  | $ | 795 |  | $ | 1,142 |  | $ | 944
Schedule of Pretax Amounts in Accumulated Other Comprehensive Loss | The pretax amounts in accumulated other comprehensive loss as of December 31 were as follows:
|  | The Plan |  | SERP
(In thousands) |  | 2016 |  | 2015 |  | 2016 |  | 2015
Prior service cost |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Net actuarial loss |  |  | 22,237 |  |  | 20,637 |  |  | 2,005 |  |  | 2,169
Total |  | $ | 22,237 |  | $ | 20,637 |  | $ | 2,005 |  | $ | 2,169

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