Annual report pursuant to Section 13 and 15(d)

Retirement Plans and Related Post Retirement Benefits (Tables)

v3.20.4
Retirement Plans and Related Post Retirement Benefits (Tables) - SERP
12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
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) 2020 2019
Funded Status
Projected Benefit Obligation
Beginning of the Year — January 1 $ 26,547  $ 21,970 
Service Cost 223  181 
Interest Cost 836  916 
Actuarial Loss 4,472  3,827 
Benefits Paid (348) (347)
End of the Year — December 31 $ 31,730  $ 26,547 
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:
2020 2019
Discount Rate 2.42% 3.17%
Future Average Compensation Increases
0.00% - 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) 2020 2019 2018
Net Periodic Cost
Service Cost — Benefits Earned During Period $ 223  $ 181  $ 200 
Interest Cost 836  916  899 
Amortization of Prior Service Cost 386  386  386 
Amortization of Losses 648  300  629 
Net Periodic Cost $ 2,093  $ 1,783  $ 2,114 
Assumptions Used to Determine the Net Periodic Cost
The assumptions used to determine the net periodic cost are as follows:
2020 2019 2018
Discount Rate 3.17% 4.20% 3.60%
Future Average Compensation Increases
2.00%
2.00%
2.00% - 3.00%