Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

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