Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v3.10.0.1
Retirement Plans and Related Post Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
SERP  
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) 2018 2017
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 25,141  $ 21,533 
Service Cost 200  186 
Interest Cost 899  897 
Actuarial (Gain) Loss (3,922) 2,873 
Benefits Paid (348) (348)
End of the Year — December 31 $ 21,970  $ 25,141 
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:
2018 2017
Discount Rate 4.20%    3.60%   
Future Average Compensation Increases 2.00%    2.00% - 3.00%  
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) 2018 2017 2016
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 200  $ 186  $ 173 
Interest Cost 899  897  901 
Amortization of Prior Service Cost 386  387  413 
Amortization of Losses 629  369  343 
Net Periodic Cost $ 2,114  $ 1,839  $ 1,830 
Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2018 2017 2016
Discount Rate 3.60%    4.20%    4.45%   
Future Average Compensation Increases 2.00% - 3.00%   3.00% - 5.00%   3.00% - 5.00%  
SERP Medical  
Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation
The reconciliation of the beginning and ending balances of the accumulated postretirement benefit obligation for the years ended December 31, is as follows:
(In thousands) 2018 2017
Funded Status
Accumulated Postretirement Benefit Obligation
Beginning of the Year — January 1 $ 1,307  $ 1,021 
Service Cost 16  7 
Interest Cost 46  41 
Actuarial (Gain) Loss (162) 307 
Benefits Paid (71) (69)
End of the Year — December 31 $ 1,136  $ 1,307 
Assumptions Used to Calculate the Post Retirement Benefit Obligation
The assumptions used to calculate the accumulated post-retirement benefit obligation as of December 31 are as follows:
2018 2017
Discount Rate 4.20%    3.60%   
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 as follows:
(In thousands) 2018 2017 2016
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 16  $ 7  $ 5 
Interest Cost 46  41  40 
Amortization of Prior Service Cost 16  16  24 
Amortization of Losses 59  31  22 
Net Periodic Cost $ 137  $ 95  $ 91 
Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2018 2017 2016
Discount Rate 3.60%    4.20%    4.45%   
Future Average Healthcare Benefit Increases 5.38%    5.50%    5.72%