Annual report pursuant to Section 13 and 15(d)

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)

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RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation
The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows:
(In thousands) 2021 2020
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 31,730  $ 26,547 
Service Cost 195  223 
Interest Cost 764  836 
Actuarial (Gain) Loss (1,838) 4,472 
Benefits Paid (348) (348)
End of the Year — December 31 $ 30,503  $ 31,730 
Assumptions Used to Calculate the Post Retirement Benefit Obligation The assumptions used to calculate the projected benefit obligation as of December 31 are as follows:
2021 2020
Discount Rate 2.75% 2.42%
Future Average Compensation Increases
2.00% - 3.00%
0.00% - 2.00%
Summary of the Components of Net Periodic Cost The following table summarizes the components of the net periodic cost for the years ended December 31:
(In thousands) 2021 2020 2019
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 195  $ 223  $ 181 
Interest Cost 764  836  916 
Amortization of Prior Service Cost 386  386  386 
Amortization of Losses 1,292  648  300 
Net Periodic Cost $ 2,637  $ 2,093  $ 1,783 
Assumptions Used to Determine the Net Periodic Cost The assumptions used to determine the net periodic cost are as follows:
2021 2020 2019
Discount Rate 2.42% 3.17% 4.20%
Future Average Compensation Increases
2.00% - 3.00%
2.00%
2.00%