Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Plans

Schedule of projected benefit obligation

	2020		2019
Projected benefit obligation:
Balance, beginning of the year	$	2,637	$	2,362
Service cost		116		88
Interest cost		76		90
Actuarial loss		422		291
Benefits paid to participants		(162)		(194)
Balance, end of year	$	3,089	$	2,637

Schedule of funded status of the plan

At December 31, 2020 and 2019, the funded status of the plan was as follows (amounts in thousands):

	2020		2019
Excess of benefit obligation over the value of plan assets	$	(3,089)	$	(2,637)
Unrecognized net actuarial loss		957		575
Unrecognized prior service cost		20		28
Accrued benefit cost	$	(2,112)	$	(2,034)

Schedule of amounts recognized in the consolidated balance sheets

At December 31, 2020 and 2019, the amounts recognized in the accompanying Consolidated Balance Sheets were classified as follows (amounts in thousands):

	2020		2019
Accrued benefit cost	$	(3,089)	$	(2,637)
Accumulated other comprehensive loss		977		603
Net amount recognized	$	(2,112)	$	(2,034)

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, 2020
2021	$	260
2022		231
2023		156
2024		130
2025		145
2026 through 2030		897
	$	1,819

Schedule of weighted-average rates used

	2020					2019
Discount rate on the benefit obligation				2.00	%				2.84	%
Rate of employee compensation increase(a)	1.75	%	-	2.5	%	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, 2020 and 2019, consists of the following (amounts in thousands):

	2020		2019
Service cost	$	116	$	88
Interest cost		76		90
Expected return on plan assets		—		—
Recognized actuarial loss (gain)		—		—
Amortization of prior service cost		8		8
Net loss amortization		40		6
	$	240	$	192

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	2019	Status	2020		2019		Imposed	Agreements
TNGIPP (Plan No. 001)	52-1082662	Red	Implemented	$	141	$	158	No	June 27, 2019
									May 31, 2022