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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

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)