Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Plans

Schedule of projected benefit obligation

Following is the plan’s projected benefit obligation at December 31, 2019 and 2018 (amounts in thousands):

	2019		2018
Projected benefit obligation:
Balance, beginning of the year	$	2,362	$	2,242
Service cost		88		89
Interest cost		90		74
Actuarial  loss (gain)		291		(43)
Benefits paid to participants		(194)		—
Balance, end of year	$	2,637	$	2,362

Schedule of funded status of the plan

At December 31, 2019 and 2018, the funded status of the plan was as follows (amounts in thousands):

	2019		2018
Excess of benefit obligation over the value of plan assets	$	(2,637)	$	(2,362)
Unrecognized net actuarial loss		575		290
Unrecognized prior service cost		28		36
Accrued benefit cost	$	(2,034)	$	(2,036)

Schedule of amounts recognized in the consolidated balance sheets

At December 31, 2019 and 2018, the amounts recognized in the consolidated balance sheets were classified as follows (amounts in thousands):

	2019		2018
Accrued benefit cost	$	(2,637)	$	(2,362)
Accumulated other comprehensive loss		603		326
Net amount recognized	$	(2,034)	$	(2,036)

Schedule of benefits expected to be paid in each of the next five years and thereafter

The benefits expected to be paid in each of the next five years and thereafter are as follows (amounts in thousands):

	December 31, 2019
2020	$	182
2021		334
2022		184
2023		149
2024		114
2025 through 2029		760
	$	1,723

Schedule of weighted-average rates used

	2019					2018
Discount rate on the benefit obligation				2.84	%				3.96	%
Rate of employee compensation increase(a)	1.75	%	-	2.50	%	1.75	%	-	2.50	%

(a) Rate of employee compensation increase is 1.75% per year through 2021, and 2.5% per year thereafter.

Schedule of pension expenses

Pension expense for the years ended December 31, 2019 and 2018, consists of the following (amounts in thousands):

	2019		2018
Service cost	$	88	$	89
Interest cost		90		74
Expected return on plan assets		—		—
Recognized actuarial loss (gain)		—		—
Amortization of prior service cost		8		8
Net loss amortization		6		14
	$	192	$	185

Schedule of further information about the Plan

Further information about the Plan is presented in the table below (amounts in thousands):

									Expiration
									Date of
		Pension Protection	Funding Improvement	WAPA’s					Collective
		Act Zone Status	Plan/Rehabilitation Plan	Contribution				Surcharge	Bargaining
Pension Fund	EIN	2018	Status	2019		2018		Imposed	Agreements
TNGIPP (Plan No. 001)	52-1082662	Red	Implemented	$	158	$	138	No	June 27, 2019
									May 31, 2022