Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Components of the Net Periodic Pension and Postretirement Benefit Cost

Components of net periodic pension plans benefit were as follows:

	Year Ended December 31,
	2020		2019
Service cost	$	395	$	357
Interest cost		4,019		5,233
Expected return on assets		(6,722)		(6,124)
Amortization of actuarial loss		52		52
Partial curtailment		(306)		—
Net periodic pension plans benefit	$	(2,562)	$	(482)

Schedule of Changes in Projected Benefit Obligations

The status of the Pension Plans was as follows:

	Year Ended December 31,
	2020		2019
Change in projected benefit obligation:
Projected benefit obligation at beginning of period	$	157,743	$	148,479
Service cost		395		357
Interest cost		4,019		5,233
Benefit payments		(11,970)		(12,380)
Actuarial loss		14,502		16,054
Partial curtailment		(306)		—
Projected benefit obligation at end of period	$	164,383	$	157,743
Change in plan assets:
Fair value of plan assets at beginning of period	$	158,002	$	145,065
Actual return on assets		19,618		24,933
Employer contributions		384		384
Benefit payments		(11,970)		(12,380)
Fair value of plan assets at end of period	$	166,034	$	158,002
Funded status – net asset	$	1,651	$	259
Amounts recognized in the consolidated balance sheets consist of:
Prepaid pension cost	$	7,414	$	5,758
Accrued liabilities		(390)		(390)
Pension benefit obligations		(5,373)		(5,109)
Net amount recognized	$	1,651	$	259
Pre-tax components of accumulated other comprehensive loss:
Unrecognized actuarial gain	$	9,868	$	8,568
Unrecognized prior service cost		204		298
Total	$	10,072	$	8,866
Accumulated benefit obligation	$	164,347	$	157,698

Schedule of Assumptions Used

The assumptions used to measure the projected benefit obligations of the Company’s Pension Plans were as follows:

	Year Ended December 31,
	2020		2019
Discount rate	2.10% - 2.30	%	2.99% - 3.11	%
Projected annual salary increases	3.00	%	3.00	%

The assumptions used to determine net periodic pension cost of the Company’s Pension Plans were as follows:

	Year Ended December 31,
	2020		2019
Discount rate	2.99% - 3.11	%	4.00% - 4.06	%
Expected long-term rate of return on plan assets	5.00	%	5.00	%

Schedule of Fair Value of Plan Assets

The fair values of the assets of the Company-sponsored qualified pension plan fall within the following levels of the fair value hierarchy as of December 31, 2020:

	Level 1		Level 2		Level 3		Total
Fixed income securities (a)	$	—	$	187,636	$	—	$	187,636
Investments measured at net asset value								7,459
Accounts payable – pending trades								(29,061)
Total							$	166,034

(a) Fixed income securities are comprised of corporate bonds (71%), government bonds (19%), government agency securities (1%) and other fixed income securities (9%).

The fair values of the assets of the Company-sponsored qualified pension plan fall within the following levels of the fair value hierarchy as of December 31, 2019:

	Level 1		Level 2		Level 3		Total
Fixed income securities (b)	$	8,925	$	172,293	$	—	$	181,218
Investments measured at net asset value								8,662
Accounts payable – pending trades								(31,878)
Total							$	158,002

(b) Fixed income securities are comprised of corporate bonds (72%), government bonds, (17%) government agency securities (1%) and other fixed income securities (10%).

Schedule of Expected Benefit Payments

The estimated future pension benefit payments are:

2021	$	11,630
2022		10,550
2023		10,180
2024		10,260
2025		10,350
2025 — 2029		47,380

Other Postretirement Benefit Plan

Defined Benefit Plan Disclosure [Line Items]

Components of the Net Periodic Pension and Postretirement Benefit Cost

Components of net periodic postretirement plan benefit were as follows:

	Year Ended December 31,
	2020		2019
Service cost	$	52	$	67
Interest cost		40		56
Amortization of prior service credit		(2)		(2)
Amortization of actuarial loss		49		42
Net periodic postretirement plan cost	$	139	$	163

Schedule of Changes in Projected Benefit Obligations

The status of the postretirement plan was as follows:

	Year Ended December 31,
	2020		2019
Change in accumulated postretirement benefit obligations:
Accumulated postretirement benefit obligation at beginning of period	$	1,760	$	1,627
Service cost		52		67
Interest cost		40		56
Benefit payments		(38)		(22)
Actuarial loss		100		32
Accumulated postretirement benefit obligation at end of period	$	1,914	$	1,760
Funded status – net liability	$	(1,914)	$	(1,760)
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities	$	(270)	$	(160)
Postretirement benefit obligations		(1,644)		(1,600)
Net amount recognized	$	(1,914)	$	(1,760)
Pre-tax components of accumulated other comprehensive loss:
Unrecognized prior service cost	$	(13)	$	(15)
Unrecognized actuarial loss		599		548
Total	$	586	$	533

Schedule of Assumptions Used

The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows:

	Year Ended December 31,
	2020		2019
Net periodic postretirement benefit costs	2.92	%	3.90	%
Accumulated postretirement benefit obligations	2.11	%	2.92	%

Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans

The assumed health care cost trend rates for medical plans were as follows:

	Year Ended December 31,
	2020		2019
Medical cost trend rate	7.00	%	6.75	%
Ultimate medical cost trend rate	4.50	%	4.50	%
Year ultimate medical cost trend rate will be reached	2031		2030