Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v3.19.3.a.u2
Retirement Plans and Related Post Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2019
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) 2019 2018
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 21,970    $ 25,141   
Service Cost 181    200   
Interest Cost 916    899   
Actuarial Loss (Gain) 3,827    (3,922)  
Benefits Paid (347)   (348)  
End of the Year — December 31 $ 26,547    $ 21,970   
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:
2019 2018
Discount Rate 3.17%    4.20%   
Future Average Compensation Increases 2.00%    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) 2019 2018 2017
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 181    $ 200    $ 186   
Interest Cost 916    899    897   
Amortization of Prior Service Cost 386    386    387   
Amortization of Losses 300    629    369   
Net Periodic Cost $ 1,783    $ 2,114    $ 1,839   
Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2019 2018 2017
Discount Rate 4.20%    3.60%    4.20%   
Future Average Compensation Increases 2.00%   
2.00% - 3.00%
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) 2019 2018
Funded Status
Accumulated Postretirement Benefit Obligation
Beginning of the Year — January 1 $ 1,136    $ 1,307   
Service Cost 13    16   
Interest Cost 46    46   
Actuarial Gain (28)   (162)  
Benefits Paid (63)   (71)  
End of the Year — December 31 $ 1,104    $ 1,136   
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:
2019 2018
Discount Rate 3.17%    4.20%   
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) 2019 2018 2017
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 13    $ 16    $ 7   
Interest Cost 46    46    41   
Amortization of Prior Service Cost 16    16    16   
Amortization of Losses 43    59    31   
Net Periodic Cost $ 118    $ 137    $ 95   
Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2019 2018 2017
Discount Rate 4.20%    3.60%    4.20%   
Future Average Healthcare Benefit Increases 4.98%    5.38%    5.50%