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Defined Pension Plans (Tables) | 6 Months Ended
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Jun. 30, 2021
Retirement Benefits [Abstract] |
Schedule of Net Periodic Pension Costs | The Company has a noncontributory defined-benefit pension plan (the “Plan”), which covers eligible employees. Effective December 31, 2016, the Plan was closed to all new participants. Additionally, the Plan’s benefits were frozen for all remaining participants as of February 28, 2021. The Company accrues and makes contributions designed to fund normal service costs on a current basis using the projected unit credit with service proration method to amortize prior service costs arising from improvements in pension benefits and qualifying service prior to the establishment of the plan over a period of approximately 30 years. Disclosure information is based on a measurement date of December 31 of the corresponding year. The following table represents the components of the net periodic pension costs:
(In thousands) |  | Estimated 2021 |  | Actual 2020
Service cost – benefits earned during the year |  | $ | 963 |  | $ | 4,329
Interest cost on projected benefit obligations |  |  | 3,069 |  |  | 3,908
Expected return on plan assets |  |  | (6,299) |  |  | (6,049)
Net amortization |  |  | 360 |  |  | 1,946
Net periodic pension (benefit) cost |  | $ | (1,907) |  | $ | 4,134
Schedule of Unfunded Supplemental Executive Retirement Plan | In addition to the above funded benefit plan, the Company has an unfunded supplemental executive retirement plan which covers key executives of the Company. This is a noncontributory plan in which the Company and its subsidiaries make accruals designed to fund normal service costs on a current basis using the same method and criteria as its defined benefit plan. The following table represents the components of the net periodic pension costs for 2020 and an estimate for 2021:
(In thousands) |  | Estimated 2021 |  | Actual 2020
Service cost – benefits earned during the year |  | $ | 147 |  | $ | 121
Interest cost on projected benefit obligation |  |  | 291 |  |  | 347
Net amortization |  |  | 203 |  |  | 112
Net periodic pension cost |  | $ | 641 |  | $ | 580

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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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