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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
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) |  | 2023 |  | 2022
Projected benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 85,433 |  |  | $ | 117,323 |
Interest cost |  | 4,314 |  |  | 3,293 |
Actuarial gain |  | 865 |  |  | (31,982) |
Benefits paid |  | (3,485) |  |  | (3,201) |
Balance, December 31 |  | $ | 87,127 |  |  | $ | 85,433 |
Plan assets: |  |  |  |
Fair value, January 1 |  | $ | 83,394 |  |  | $ | 114,136 |
Actual investment return |  | 8,097 |  |  | (26,820) |
Expenses paid from plan assets |  | (1,252) |  |  | (721) |
Benefits paid |  | (3,485) |  |  | (3,201) |
Fair value, December 31 |  | $ | 86,754 |  |  | $ | 83,394 |
Funded status: |  |  |  |
Accrued pension liability |  | $ | (373) |  |  | $ | (2,039) |
A summary of the activity in the SERP’s projected benefit obligation and amounts recognized in the Company’s consolidated balance sheets is as follows:
|  | December 31,
(In thousands) |  | 2023 |  | 2022
Benefit obligation: |  |  |  |
Balance, January 1 |  | $ | 9,579 |  |  | $ | 12,420 |
Interest cost |  | 472 |  |  | 318 |
Benefits paid |  | (400) |  |  | (348) |
Actuarial gain |  | (150) |  |  | (2,811) |
Balance, December 31 |  | $ | 9,501 |  |  | $ | 9,579 |
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 2023, 2022 and 2021, the Plan’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve. For 2023 and 2022, the Pri-2012 Mortality Table and MP-2021 Mortality Improvement Scale were used. For 2021, the Pri-2012 Mortality Table and MP-2021 Mortality Improvement Scale were used.
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 5.05 | % |  | 5.25 | % |  | 2.85 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a)
(a)6.0% graded down to 3.25% over the first seven years of service. The following represent the major assumptions used to determine the projected benefit obligation of the SERP. For 2023, 2022 and 2021, the SERP’s expected benefit cash flows were discounted using the FTSE Above Median Double-A Curve.
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 4.95 | % |  | 5.15 | % |  | 2.65 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a)
(a)6.00% graded down to 3.25% over the first seven years of service.
Schedule of Expected Benefit Payments | The following pension benefit payments, as appropriate, are expected to be paid by the Plan:
|  | Amount
2024 |  | $ | 4,328,000 |
2025 |  | 4,532,000 |
2026 |  | 4,758,000 |
2027 |  | 4,968,000 |
2028 |  | 5,161,000 |
2029-2033 |  | 28,280,000 |
Expected future benefits payable by the Company over the next ten years are as follows:
|  | Amount
2024 |  | $ | 792,000 |
2025 |  | 790,000 |
2026 |  | 787,000 |
2027 |  | 783,000 |
2028 |  | 778,000 |
2029-2033 |  | $ | 3,754,000 |
Schedule of Plan's Pension Costs | The Plan’s net periodic pension cost (benefit) included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | 1,002 |
Interest cost on projected benefit obligations |  | 4,314 |  |  | 3,293 |  |  | 3,076 |
Expected return on plan assets |  | (3,735) |  |  | (5,857) |  |  | (6,310) |
Net amortization and deferral |  | 154 |  |  | — |  |  | 393 |
Net periodic pension cost (benefit) |  | $ | 733 |  |  | $ | (2,564) |  |  | $ | (1,839) |
Schedule of Assumptions used to Determine Net Pension Cost | The following represent the major assumptions used to determine the net periodic pension cost (benefit) of the Plan:
|  | 2023 |  | 2022 |  | 2021
Weighted average discount rate |  | 5.25 | % |  | 2.85 | % |  | 2.55 | %
Rate of increase in compensation levels |  | N/A |  | N/A |  | (a )
Expected long-term rate of return on assets |  | 6.00 | % |  | 6.00 | % |  | 6.00 | %
(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:
Asset Class |  | % of Total Portfolio |  | One-Year Nominal Return |  | Annual Standard Deviation
Core Fixed Income |  | 86.0 | % |  | 4.52 | % |  | 4.30 | %
Global Equity |  | 14.0 | % |  | 8.54 | % |  | 18.12 | %
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,
|  | 2023 |  | 2022
(In thousands) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Observable Inputs (Level 2)
Cash |  | $ | 614 |  |  | $ | 614 |  |  | $ | — |  |  | $ | 566 |  |  | $ | 566 |  |  | $ | — |
Real estate investment trusts |  | 2,849 |  |  | — |  |  | 2,849 |  |  | 7,120 |  |  | — |  |  | 7,120 |
Equity securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Small/Mid Cap Growth |  | 987 |  |  | — |  |  | 987 |  |  | 2,055 |  |  | — |  |  | 2,055 |
Non-U. S. Core |  | 3,811 |  |  | — |  |  | 3,811 |  |  | 7,822 |  |  | — |  |  | 7,822 |
U.S. Large Cap Passive |  | 3,333 |  |  | — |  |  | 3,333 |  |  | 8,319 |  |  | — |  |  | 8,319 |
Emerging Markets |  | 1,391 |  |  | — |  |  | 1,391 |  |  | 3,000 |  |  | — |  |  | 3,000 |
Fixed Income |  |  |  |  |  |  |  |  |  |  |  |
U.S. Core |  | 69,710 |  |  | — |  |  | 69,710 |  |  | 51,756 |  |  | — |  |  | 51,756 |
Opportunistic |  | 4,059 |  |  | — |  |  | 4,059 |  |  | 2,756 |  |  | — |  |  | 2,756 |
Total |  | $ | 86,754 |  |  | $ | 614 |  |  | $ | 86,140 |  |  | $ | 83,394 |  |  | $ | 566 |  |  | $ | 82,828 |
Schedule Of Net Periodic Pension Cost Related To SERP | Net periodic pension cost related to the SERP included the following components:
|  | For the Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Service cost – benefits earned during the year |  | $ | — |  |  | $ | — |  |  | $ | 147 |
Interest cost on projected benefit obligations |  | 472 |  |  | 318 |  |  | 291 |
Net amortization and deferral |  | — |  |  | 108 |  |  | 203 |
Net periodic pension cost |  | $ | 472 |  |  | $ | 426 |  |  | $ | 641 |
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) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Prior service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Net actuarial loss (gain) |  | 4,434 |  |  | 6,833 |  |  | (287) |  |  | (136) |
Total |  | $ | 4,434 |  |  | $ | 6,833 |  |  | $ | (287) |  |  | $ | (136) |

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