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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2017
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)       2017       2016
Projected benefit obligation:
Balance, January 1 $       85,551 $       78,369
Service cost 3,733 3,559
Interest cost 3,621 3,505
Actuarial (gain) loss 7,916 2,003
Benefits paid (2,031 ) (1,885 )
Balance, December 31 $ 98,790 $ 85,551
Plan assets:
Fair value, January 1 $ 73,168 $ 71,174
Actual return 10,290 3,879
Employer contribution — —
Benefits paid (2,031 ) (1,885 )
Fair value, December 31 $ 81,427 $ 73,168
Funded status:
Accrued pension liability $ (17,363 ) $ (12,383 )
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 2017, 2016 and 2015, the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve. For 2017, the RP-2014 Mortality Table and the MP-2017 Mortality Improvement Table were used. For 2016, the RP-2014 Mortality Table and MP-2016 Mortality Improvement Table were used. For 2015, the RP-2014 Mortality Table and MP-2015 Mortality Improvement Table were used.

      2017       2016       2015
Weighted average discount rate        3.75 %      4.25 %      4.50 %
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
2018 $      2,679,000
2019 2,823,000
2020 3,045,000
2021 3,300,000
2022 3,693,000
2023-2027 23,682,000
Schedule of Plan's Pension Costs

The Plan’s pension cost included the following components:

For the Year Ended
      December 31,
(In thousands) 2017 2016 2015
Service cost – benefits earned during the year $        3,733       $        3,559       $         3,796
Interest cost on projected benefit obligations 3,621 3,505 3,178
Expected return on plan assets (4,681 ) (4,734 ) (4,864 )
Net amortization and deferral 1,382 1,259 1,542
Net periodic pension cost $ 4,055 $ 3,589 $ 3,652
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:

      2017       2016       2015
Weighted average discount rate      4.25 %      4.50 %      4.00 %
Rate of increase in compensation levels (a) (a) (a)
Expected long-term rate of return on assets 6.50 % 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                                51 %                          4.55 % 4.55 %
Large Cap U.S. Equities 14 % 7.00 %                     15.85 %
Small Cap U.S. Equities 5 % 8.10 % 19.70 %
International (Developed) 25 % 7.99 % 17.93 %
International (Emerging) 5 % 10.56 % 27.35 %
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,
2017   2016
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       $        374       $ 374       $ —       $        340       $ 340       $          —
Equity securities
U.S. Large Cap Growth — — — 13,306 — 13,306
U.S. Small/Mid Cap Growth 4,111 — 4,111 5,655 — 5,655
Non-U. S. Core 21,065 — 21,065 10,588 — 10,588
U.S. Large Cap Passive 11,717 — 11,717 7,364 — 7,364
Emerging Markets 4,052 — 4,052 652 — 652
Fixed Income
U.S. Core 11,284 — 11,284 24,438 — 24,438
U.S. Passive 24,345 — 24,345 9,571 — 9,571
Opportunistic 4,479 4,479 1,254 1,254
Total $ 81,427 $ 374 $ 81,053 $ 73,168 $ 340 $ 72,828
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)       2017       2016
Benefit obligation:
Balance, January 1 $      9,132 $      8,748
Service cost 143 133
Interest cost 360 367
Benefits paid (247 ) (247 )
Actuarial (gain) loss 706 131
Balance, December 31 $ 10,094 $ 9,132
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 2017, 2016 and 2015, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.

      2017       2016       2015
Weighted average discount rate      3.50 %      4.00 %      4.25 %
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

Expected future benefits payable by the Company over the next ten years are as follows:

Amount
2018 $      314,000
2019 313,000
2020 311,000
2021 367,000
2022 711,000
2023-2027 3,813,000
Schedule of Plan's Pension Costs

The SERP’s pension cost included the following components:

For the Year Ended December 31,
(In thousands)       2017       2016       2015
Service cost – benefits earned during the year $      143 $      133 $      140
Interest cost on projected benefit obligations 360 367 348
Net amortization and deferral 324 295 654
Net periodic pension cost $ 827 $ 795 $ 1,142
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) 2017 2016 2017 2016
Prior service cost       $      —       $      —       $      —       $      —
Net actuarial loss 23,160 22,237 2,388 2,005
Total $ 23,160 $ 22,237 $ 2,388 $ 2,005