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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
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) |  | 2018 |  | 2017
Projected benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 98,790 |  |  | $ | 85,551 |
Service cost |  |  | 4,017 |  |  |  | 3,733 |
Interest cost |  |  | 3,703 |  |  |  | 3,621 |
Actuarial (gain) loss |  |  | (7,768 | ) |  |  | 7,916 |
Benefits paid |  |  | (2,341 | ) |  |  | (2,031 | )
Balance, December 31 |  | $ | 96,401 |  |  | $ | 98,790 |
Plan assets: |  |  |  |  |  |  |  |
Fair value, January 1 |  | $ | 81,427 |  |  | $ | 73,168 |
Actual return |  |  | (4,506 | ) |  |  | 10,290 |
Employer contribution |  |  | — |  |  |  | — |
Benefits paid |  |  | (2,341 | ) |  |  | (2,031 | )
Fair value, December 31 |  | $ | 74,580 |  |  | $ | 81,427 |
Funded status: |  |  |  |  |  |  |  |
Accrued pension liability |  | $ | (21,821 | ) |  | $ | (17,363 | )
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 2018, 2017 and 2016, the Plan’s expected benefit cash flows were discounted using the Citibank Above Median Curve. For 2018, the RP-2014 Mortality Table and the MP-2018 Mortality Improvement Table were used. For 2017, the RP-2014 Mortality Table and MP-2017 Mortality Improvement Table were used. For 2016, the RP-2014 Mortality Table and MP-2016 Mortality Improvement Table were used.
|  | 2018 |  | 2017 |  | 2016
Weighted average discount rate |  | 4.30 | % |  | 3.75 | % |  | 4.25 | %
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
2019 |  | $ | 2,893,000
2020 |  |  | 3,099,000
2021 |  |  | 3,363,000
2022 |  |  | 3,769,000
2023 |  |  | 4,196,000
2024-2028 |  |  | 25,643,000
Schedule of Plan's Pension Costs | The Plan’s pension cost included the following components:
|  | For the Year Ended
|  | December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Service cost – benefits earned during the year |  | $ | 4,017 |  |  | $ | 3,733 |  |  | $ | 3,559 |
Interest cost on projected benefit obligations |  |  | 3,703 |  |  |  | 3,621 |  |  |  | 3,505 |
Expected return on plan assets |  |  | (5,202 | ) |  |  | (4,681 | ) |  |  | (4,734 | )
Net amortization and deferral |  |  | 1,522 |  |  |  | 1,382 |  |  |  | 1,259 |
Net periodic pension cost |  | $ | 4,040 |  |  | $ | 4,055 |  |  | $ | 3,589 |
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:
|  | 2018 |  | 2017 |  | 2016
Weighted average discount rate |  | 3.75 | % |  | 4.25 | % |  | 4.50 | %
Rate of increase in compensation levels |  | (a | ) |  | (a | ) |  | (a | )
Expected long-term rate of return on assets |  | 6.50 | % |  | 6.50 | % |  | 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 | % |  | 4.44 | % |  | 3.90 | %
Large Cap U.S. Equities |  | 14 | % |  | 7.02 | % |  | 15.10 | %
Small Cap U.S. Equities |  | 5 | % |  | 8.04 | % |  | 18.75 | %
International (Developed) |  | 25 | % |  | 8.19 | % |  | 17.36 | %
International (Emerging) |  | 5 | % |  | 10.45 | % |  | 25.35 | %
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,
|  | 2018 |  | 2017
|  |  |  |  | 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 |  | $ | 423 |  | $ | 423 |  | $ | — |  | $ | 374 |  | $ | 374 |  | $ | —
Equity securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Small/Mid Cap Growth |  |  | 3,405 |  |  | — |  |  | 3,405 |  |  | 4,111 |  |  | — |  |  | 4,111
Non-U. S. Core |  |  | 18,398 |  |  | — |  |  | 18,398 |  |  | 21,065 |  |  | — |  |  | 21,065
U.S. Large Cap Passive |  |  | 10,471 |  |  | — |  |  | 10,471 |  |  | 11,717 |  |  | — |  |  | 11,717
Emerging Markets |  |  | 3,217 |  |  | — |  |  | 3,217 |  |  | 4,052 |  |  | — |  |  | 4,052
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  |  | 10,609 |  |  | — |  |  | 10,609 |  |  | 11,284 |  |  | — |  |  | 11,284
U.S. Passive |  |  | 23,827 |  |  | — |  |  | 23,827 |  |  | 24,345 |  |  | — |  |  | 24,345
Opportunistic |  |  | 4,230 |  |  | — |  |  | 4,230 |  |  | 4,479 |  |  | — |  |  | 4,479
Total |  | $ | 74,580 |  | $ | 423 |  | $ | 74,157 |  | $ | 81,427 |  | $ | 374 |  | $ | 81,053
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) |  | 2018 |  | 2017
Benefit obligation: |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 10,094 |  |  | $ | 9,132 |
Service cost |  |  | 92 |  |  |  | 143 |
Interest cost |  |  | 348 |  |  |  | 360 |
Benefits paid |  |  | (260 | ) |  |  | (247 | )
Actuarial (gain) loss |  |  | (177 | ) |  |  | 706 |
Balance, December 31 |  | $ | 10,097 |  |  | $ | 10,094 |
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 2018, 2017 and 2016, the SERP’s expected benefit cash flows were discounted using the Citigroup Above Median Curve.
|  | 2018 |  | 2017 |  | 2016
Weighted average discount rate |  | 4.10 | % |  | 3.50 | % |  | 4.00 | %
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
2019 |  | $ | 313,000
2020 |  |  | 312,000
2021 |  |  | 372,000
2022 |  |  | 749,000
2023 |  |  | 817,000
2024-2028 |  |  | 4,014,000
Schedule of Plan's Pension Costs | The SERP’s pension cost included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Service cost – benefits earned during the year |  | $ | 92 |  | $ | 143 |  | $ | 133
Interest cost on projected benefit obligations |  |  | 348 |  |  | 360 |  |  | 367
Net amortization and deferral |  |  | 581 |  |  | 324 |  |  | 295
Net periodic pension cost |  | $ | 1,021 |  | $ | 827 |  | $ | 795
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) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Prior service cost |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Net actuarial loss |  |  | 23,580 |  |  | 23,160 |  |  | 1,629 |  |  | 2,388
Total |  | $ | 23,580 |  | $ | 23,160 |  | $ | 1,629 |  | $ | 2,388

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