XML 44 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
PENSION PLAN (Tables)
 12 Months Ended
Dec. 31, 2017
PENSION PLAN [Abstract]  
Schedule of plan's funded status
The following table sets forth the plan's funded status and amounts recognized in the consolidated financial statements:

  
Year Ended December 31,
 
  
2017
  
2016
  
2015
 
CHANGES IN BENEFIT OBLIGATIONS:
         
Benefit obligation-beginning of year
 
$
22,916
  
$
23,341
  
$
24,299
 
Service cost
  
29
   
28
   
28
 
Interest cost
  
840
   
888
   
884
 
Actuarial loss (gain)
  
721
   
(255
)
  
(782
)
Benefits paid
  
(1,014
)
  
(1,086
)
  
(1,088
)
Benefit obligation at end of year
  
23,492
   
22,916
   
23,341
 
             
CHANGE IN PLAN ASSETS:
            
Fair value of plan assets-beginning of year
  
17,548
   
17,792
   
19,000
 
Actual return on plan assets
  
2,521
   
842
   
(120
)
Benefits paid
  
(1,014
)
  
(1,086
)
  
(1,088
)
Fair value of plan assets-end of year
  
19,055
   
17,548
   
17,792
 
             
BENEFIT OBLIGATION IN EXCESS OF FAIR VALUE FUNDED STATUS:
 
$
(4,437
)
 
$
(5,368
)
 
$
(5,549
)
Amounts recognized in consolidated balance sheets
Amounts recognized in the consolidated balance sheets consist of:

  
At December 31,
 
  
2017
  
2016
  
2015
 
Noncurrent liabilities
 
$
(4,437
)
 
$
(5,368
)
 
$
(5,549
)
Amounts recognized in accumulated other comprehensive loss
Amounts recognized in accumulated other comprehensive loss consist of:

  
Year Ended December 31,
 
  
2017
  
2016
  
2015
 
Accumulated loss
 
$
(6,876
)
 
$
(8,467
)
 
$
(9,438
)
Deferred income taxes
  
2,366
   
2,366
   
2,366
 
Accumulated other comprehensive loss
 
$
(4,510
)
 
$
(6,101
)
 
$
(7,072
)
Components of net periodic cost for plan
The following table provides the components of net periodic cost for the plan:

  
Year Ended December 31,
 
  
2017
  
2016
  
2015
 
COMPONENTS OF NET PERIODIC BENEFIT COST
         
Service cost
 
$
29
  
$
28
  
$
28
 
Interest cost
  
840
   
888
   
884
 
Expected return on plan assets
  
(1,058
)
  
(1,118
)
  
(1,243
)
Recognized net actuarial loss
  
850
   
991
   
976
 
Net periodic benefit cost
 
$
661
  
$
789
  
$
645
 
Plan assets using fair value hierarchy
The level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Quoted Prices in
Active Markets
 for Identical
Assets
(Level 1)
  
Significant Other
Observable Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
   
Total
Equity securities
$
6,856
$
-
$
-
$
6,856
 
Fixed income
 
6,818
 
-
 
-
 
6,818
 
International equities
 
3,490
 
-
 
-
 
3,490
 
Real estate
 
1,133
 
-
 
-
 
1,133
 
Cash and equivalents
 
758
  
-
 
-
 
758
 
Balance at December 31, 2017
$
19,055
  
$
-
  
$
-
  
$
19,055
 

Quoted Prices in
Active Markets
for Identical
Assets
(Level 1)
  
Significant Other
Observable Inputs
(Level 2)
  
Significant
Unobservable
Inputs
(Level 3)
  
Total
 
Equity securities
$
8,509
$
-
$
-
$
8,509
 
Fixed income
 
6,548
 
-
 
-
 
6,548
 
International equities
 
2,484
 
-
 
-
 
2,484
 
Cash and equivalents
 
7
   
-
   
-
   
7
 
Balance at December 31, 2016
$
17,548
  
$
-
  
$
-
  
$
17,548
 
Fair value of total plan assets by major asset category
Fair value of total plan assets by major asset category as of December 31:

 
2017
  
2016
  
2015
 
Equity securities
  
36
%
  
49
%
  
48
%
Fixed income
  
36
%
  
37
%
  
33
%
International equities
  
18
%
  
14
%
  
19
%
Real estate
  
6
%
  
0
%
  
0
%
Cash and equivalents
  
4
%
  
0
%
  
0
%
Total
  
100
%
  
100
%
  
100
%
Expected benefit payments for plan
Information about the expected benefit payments for the plan is as follows:

Year Ending December 31,
   
2018
 
$
1,303
 
2019
  
1,334
 
2020
  
1,347
 
2021
  
1,364
 
2022
  
1,381
 
Years 2023-2027
  
6,969
 
Benefit Obligations [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average assumptions used
Weighted-average assumptions used to determine benefit obligations as of December 31:

  
2017
  
2016
  
2015
 
Discount rate
  
3.36
%
  
3.81
%
  
3.94
%
Rate of compensation increase
  
2.50
%
  
2.50
%
  
2.50
%
Periodic Pension Cost [Member]  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Weighted-average assumptions used
Weighted-average assumptions used to determine net periodic pension cost for years ended December 31:

  
2017
  
2016
  
2015
 
Discount rate
  
3.36
%
  
3.81
%
  
3.94
%
Rate of compensation increase
  
2.50
%
  
2.50
%
  
2.50
%
Long-term rate of return
  
6.00
%
  
6.25
%
  
6.50
%