Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Pension plan

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.

	December 31
	2019		2018
Benefit obligation at beginning of year	$	40,182	$	43,664
Service cost		-		409
Interest cost		1,642		1,555
Actuarial (gain) loss		166		(3,296)
Benefits paid		(1,451)		(1,391)
Pension settlement		(40,539)		-
Curtailment		-		(759)
Benefit obligation at end of year		-		40,182
Fair value of plan assets at beginning of year		38,053		33,903
Actual return on plan assets		3,477		(1,506)
Employer contributions through December 31		460		7,047
Pension settlement		(40,539)		-
Benefits paid		(1,451)		(1,391)
Fair value of plan assets at end of year		-		38,053
Funded status at end of year	$	-	$	(2,129)

Schedule of components of net periodic pension or other postretirement benefit cost

		2019		2018		2017
Components of net periodic pension cost:
Service cost	$	-	$	409	$	356
Interest cost		1,642		1,555		1,613
Expected return on plan assets		(1,175)		(1,901)		(1,790)
Amortization of net loss		595		706		723
Effect of settlement for termination		6,380		-		-
Net periodic pension cost	$	7,442	$	769	$	902

Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

	Year ended December 31
	2019		2018			2017
Discount rates		N/A		3.6	%	4.2	%
Rates of increase in compensation levels:
Salaried		N/A		3.5		3.5
Hourly		N/A		N/A		N/A
Expected long-term rate of return on assets
Salaried		N/A		5.8		6.5
Hourly		N/A		6.5		6.5

Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category

	Target			2018
Large Cap Equity		5	%	$	-	0	%
Mid Cap Equity		0	%		-	0	%
Small Cap Equity		0	%		-	0	%
International Equity		2	%		-	0	%
Emerging Markets Equity		0	%		-	0	%
Fixed Income and Cash Equivalents		90	%		7,388	99	%
Real Estate		3	%		107	1	%
Total		100	%	$	7,495	100	%

Schedule of fair values of the Company's pension plan assets

The fair values of the Company’s pension plan assets as of December 31, 2018 are as follows:

	Balance as of December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed-income holdings		37,397		—		37,397		—
Alternative investments		656		—		—		656
Total pension plan assets	$	38,053	$	—	$	37,397	$	656

Schedule of reconciliation of the fair value measurements using significant unobservable inputs (Level 3)

	December 31,
		2019		2018
Balance, beginning of year	$	656	$	2,026
Deposits		-		213
Actual return on plan assets held at reporting date		30		136
Withdrawals and transfers		(686)		(1,719)
Balance, end of year	$	-	$	656

Salaried Pension Plan

Employee retirement plans

Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category

	Target			2018
Large Cap Equity		5	%	$	-	1	%
Mid Cap Equity		0	%		-	0	%
Small Cap Equity		0	%		-	0	%
International Equity		2	%		-	0	%
Emerging Markets Equity		0	%		-	0	%
Fixed Income and Cash Equivalents		90	%		30,009	98	%
Real Estate		3	%		549	2	%
Total		100	%	$	30,558	100	%

Other postretirement benefit cost

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.

	December 31
	2019		2018
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	6,420	$	6,949
Service cost		149		189
Interest cost		252		233
Participant contributions		38		25
Changes in actuarial assumptions		(266)		(926)
Benefits paid		(55)		(50)
Projected benefit obligation at end of year	$	6,538	$	6,420
Amounts recognized in the consolidated balance sheets consisted of:
Accrued expenses and other current liabilities	$	200	$	180
Retiree health benefit obligation		6,338		6,240
	$	6,538	$	6,420

Schedule of components of net periodic pension or other postretirement benefit cost

		2019		2018		2017
Components of net postretirement health benefit cost:
Service cost	$	149	$	189	$	205
Interest cost		252		233		278
Amortization of net gain		(312)		(211)		(107)
Net postretirement healthcare benefit cost	$	89	$	211	$	376

Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

	Year Ended December 31
	2019			2018			2017
Discount rate		4.0	%		3.4	%	3.8	%
Immediate healthcare cost trend rate		*			**		***
Ultimate healthcare cost trend rate		4.5			4.5		4.5
Assumed annual reduction in trend rate		*			**		***
Participation		60			60		60

* Health Care Cost Trend rate is assumed to be 6.8%  beginning in 2019 gradually reducing to an ultimate rate of 4.5% in 2028.

** Health Care Cost Trend rate is assumed to be 6.8%  beginning in 2018 gradually reducing to an ultimate rate of 4.5% in 2027.

*** Health Care Cost Trend rate is assumed to be 7.0%  beginning in 2017 gradually reducing to an ultimate rate of 4.5% in 2026.

Schedule of effect of one percentage point change in the healthcare cost trend rate

	1%		1%
	Increase		Decrease
Effect on total service and interest cost	$	42	$	(36)
Effect on postretirement benefit obligation		672		(592)