Pension Plans (Tables)

12 Months Ended

Dec. 31, 2017

	2017			2016
Change in benefit obligation:
Benefit obligation at beginning of year	$	23,187,000		$	22,358,000
Interest cost	873,000			867,000
Actuarial loss	1,597,000			502,000
Benefits paid	(629,000		)	(540,000		)

Benefit obligation at end of year	25,028,000			23,187,000


Change in plan assets:
Fair value of plan assets at beginning of year	14,960,000			14,442,000
Actual gain on plan assets	2,436,000			848,000
Employer contribution	290,000			210,000
Benefits paid	(629,000		)	(540,000		)

Fair value of plan assets at end of year	17,057,000			14,960,000


Unfunded status	$	(7,971,000	)	$	(8,227,000	)

Schedule of amounts recognized in the company's consolidated balance sheets

	2017			2016
Accrued liabilities	$	(488,000	)	$	(452,000	)
Liability for pension benefits	(7,483,000		)	(7,775,000		)

	$	(7,971,000	)	$	(8,227,000	)

Schedule of amounts recognized in accumulated other comprehensive loss that have not yet been recognized as components of net periodic pension benefit (expense)

		2017			2016
Net actuarial loss, pre-tax		$	7,885,000		$	7,704,000

Schedule of components of net periodic pension benefit

	2017			2016			2015
Interest cost	$	873,000		$	867,000		$	948,000
Expected return on plan assets	(1,181,000		)	(1,137,000		)	(1,158,000		)
Recognized net actuarial loss	161,000			136,000			146,000

	$	(147,000	)	$	(134,000	)	$	(64,000	)

Schedule of amounts included in accumulated comprehensive loss which are expected to be recognized as components of net periodic benefit (expense) in next fiscal year

Actuarial loss

163,000

Schedule of principal assumptions used to determine net periodic pension benefit and actuarial value of the benefit obligation

	Net Periodic Pension Cost						Benefit Obligation
	2017		2016		2015		2017		2016
Weighted-average discount rate	4.3	%	4.4	%	4.1	%	3.9	%	4.3	%
Weighted-average rate of compensation increase	n/a		n/a		n/a		n/a		n/a
Expected long-term rate of return on plan assets	8.0	%	8.0	%	8.0	%	n/a		n/a

Schedule of fair values of the company's pension assets by asset category

The fair values of our pension assets as of December 31, 2017 by asset category are as follows (refer to NOTE 10 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories):

Asset Category	Total		Level 1		Level 2	Level 3
Mutual funds/ETFs:
Equity-large cap	$	4,900,000	$	4,900,000	—	—
Equity-mid cap	2,719,000		2,719,000		—	—
Equity-small cap	2,705,000		2,705,000		—	—
Equity-international	3,385,000		3,385,000		—	—
Fixed income	2,863,000		2,863,000		—	—
Money market	485,000		485,000		—	—

Total mutual funds/ETFs	$	17,057,000	$	17,057,000	—	—

The fair values of our pension assets as of December 31, 2016 by asset category are as follows (refer to NOTE 10 — Fair Value Measurements for a description of Level 1, Level 2 and Level 3 categories):

Asset Category	Total		Level 1		Level 2		Level 3
Corporate common stock	$	1,210,000	$	1,210,000	$	—	$	—
Mutual funds/ETFs:
Equity-large cap	3,521,000		3,521,000		—		—
Equity-mid cap	1,419,000		1,419,000		—		—
Equity-small cap	287,000		287,000		—		—
Equity-international	1,666,000		1,666,000		—		—
Fixed income	5,649,000		5,649,000		—		—
Real estate	822,000		822,000		—		—
Money market	386,000		386,000		—		—

Total mutual funds/ETFs	13,750,000		13,750,000		—		—

Grand total	$	14,960,000	$	14,960,000	$	—	$	—

Schedule of estimated future benefit payments

2018	$	1,264,000
2019	$	805,000
2020	$	863,000
2021	$	892,000
2022	$	942,000
2023-2027	$	5,624,000