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Pension and Other Post Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of Plans' Funded Status and Amounts Recognized in the Balance Sheets
The table below sets forth the plans’ funded status and amounts recognized in the consolidated balance sheets at December 31, using measurement dates of December 31, 2018 and 2017.
 
2018
 
2017
Change in Benefit Obligation:
 
 
 
Benefit obligation at beginning of year
$
82,157

 
$
84,090

Service cost
8

 
10

Interest cost
2,816

 
3,353

Actuarial (gain) loss
(6,129
)
 
3,686

Benefits paid
(5,659
)
 
(5,179
)
Plan settlements


 
(3,803
)
Benefit obligation at end of year
$
73,193

 
$
82,157

 
 
 
 
Change in Plan Assets:
 
 
 
Fair value of plan assets at beginning of year
$
85,213

 
$
83,557

Actual return on plan assets
(3,427
)
 
9,968

Employer contributions
609

 
670

Benefits paid
(5,659
)
 
(5,179
)
Plan settlements


 
(3,803
)
End of year
76,736

 
85,213

Funded status at end of year
$
3,543

 
$
3,056

 
 
 
 
Assets and Liabilities Recognized in the Balance Sheets:
 
 
 
Deferred tax asset
$
3,855

 
$
3,474

Assets
$
7,024

 
$
7,660

Liabilities
$
3,481

 
$
4,604

 
 
 
 
Amounts Recognized in Accumulated Other Comprehensive Income Not Yet Recognized as Components of Net Periodic Cost, net of tax, consist of:
 
 
 
Accumulated loss
$
(14,111
)
 
$
(10,360
)
Prior service cost
(409
)
 
(393
)
 
$
(14,520
)
 
$
(10,753
)
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets consists solely of the non-qualified plans for certain employees, former employees and former non-employee directors, and is included in the table below.
 
December 31, 2018
 
December 31, 2017
Projected benefit obligation
$
3,481

 
$
4,604

Accumulated benefit obligation
$
3,481

 
$
4,604

Fair value of plan assets
$
—

 
$
—
Schedule of Net Periodic Pension Costs
The following table shows the components of net periodic pension benefit cost:
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
Service cost
$
8

 
$
10

 
$
9

Interest cost
2,816

 
3,353

 
3,273

Expected return on plan assets
(4,891
)
 
(4,778
)
 
(4,508
)
Amortization of prior service cost
87

 
90

 
79

Amortization of net loss
287

 
1,218

 
1,656

Settlement loss recognized


 
761

 
 
Net periodic pension benefit cost
$
(1,693
)
 
$
654

 
$
509
Schedule of Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
Net periodic pension benefit cost
$
(1,693
)
 
$
654

 
$
509

Net gain (loss)
(2,189
)
 
1,504

 
(228
)
Amortization of net loss
287

 
1,979

 
1,656

Amortization of prior service cost
87

 
90

 
79

Total recognized in other comprehensive income (loss)
(1,815
)
 
3,573

 
1,507

Total recognized in net periodic pension benefit cost and other comprehensive income (loss)
$
(122
)
 
$
2,919

 
$
998
Schedule of Amounts in Accumulated Other Comprehensive Income to be Recognized over Next Fiscal Year
The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost over the next fiscal year are:

December 31, 2018

December 31, 2017
 
December 31, 2016
Amortization of net loss
$
(432
)

$
(830
)
 
$
(1,208
)
Amortization of prior service cost
(87
)

(87
)
 
(90
)
Total
$
(519
)

$
(917
)
 
$
(1,298
)
Schedule of Assumptions Used
Significant assumptions include:
 
December 31, 2018
 
December 31, 2017
 
December 31, 2016
Weighted-average Assumptions Used to Determine Benefit Obligation:
 
 
 
 
 
Discount rate
4.30
%
 
3.60
%
 
4.20
%
Rate of compensation increase for accruing active participants
n/a

 
n/a

 
3.00
%
Weighted-average Assumptions Used to Determine Cost:

 
 
 
 
Discount rate
3.60
%
 
4.20
%
 
4.50
%
Expected return on plan assets
6.00
%
 
6.00
%
 
6.00
%
Rate of compensation increase for accruing active participants
n/a

 
n/a

 
3.00
%
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2018. The minimum contribution required in 2019 will likely be zero, but the Corporation may decide to make a discretionary contribution during the year.
2019
$
5,583

2020
5,549

2021
5,429

2022
5,363

2023
5,269

After 2023
24,586

 
$
51,779
Schedule of Allocation of Plan Assets
Following is a description of the valuation methodologies used for pension plan assets measured at fair value on a recurring basis, as well as the general classification of pension plan assets pursuant to the valuation hierarchy.

Where quoted market prices are available in an active market, plan assets are classified within Level 1 of the valuation hierarchy.  Level 1 plan assets total $71,277,000 and $78,280,000 as of December 31, 2018 and 2017, respectively, and include cash and cash equivalents, common stocks, mutual funds and corporate bonds and notes.  If quoted market prices are not available, then fair values are estimated by using pricing models, quoted prices of plan assets with similar characteristics or discounted cash flows.  Level 2 plan assets total $5,459,000 and $6,933,000 as of December 31, 2018 and 2017, respectively, and include governmental agencies, taxable municipal bonds and notes, and certificates of deposit.  In certain cases where Level 1 or Level 2 inputs are not available, plan assets are classified within Level 3 of the hierarchy.  There are no assets classified within Level 3 of the hierarchy at December 31, 2018 and 2017.
 
 

Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2018
Fair Value

(Level 1)

(Level 2)

(Level 3)
Cash & Cash Equivalents
$
3,026


$
3,026





Corporate Bonds and Notes
16,691


16,691





Government Agency and Municipal Bonds and Notes
4,479




$
4,479



Certificates of Deposit
980




980



Party-in-Interest Investments







Common Stock
2,073


2,073





Mutual Funds







Taxable Bond
12,817


12,817






Large Cap Equity
18,269


18,269





Mid Cap Equity
8,735


8,735





Small Cap Equity
4,713


4,713





International Equity
3,336


3,336





Specialty Alternative Equity
1,617


1,617





 
$
76,736

 
$
71,277

 
$
5,459

 




 
 
 
Fair Value Measurements Using
 
 
 
Quoted Prices in
Active Markets for
Identical Assets
 
Significant Other Observable Inputs
 
Significant
Unobservable
Inputs
December 31, 2017
Fair Value
 
(Level 1)
 
(Level 2)
 
(Level 3)
Cash & Cash Equivalents
$
5,123

 
$
5,123

 
 
 
 
Corporate Bonds and Notes
14,598

 
14,598

 
 
 
 
Government Agency and Municipal Bonds and Notes
5,679

 
 
 
$
5,679

 
 
Certificates of Deposit
1,254

 
 
 
1,254

 
 
Party-in-Interest Investments
 
 
 
 
 
 
 
Common Stock
2,545

 
2,545

 
 
 
 
Mutual Funds
 
 
 
 
 
 
 
Taxable Bond
12,198

 
12,198

 
 
 
 
Large Cap Equity
22,137

 
22,137

 
 
 
 
Mid Cap Equity
10,676

 
10,676

 
 
 
 
Small Cap Equity
5,264

 
5,264

 
 
 
 
International Equity
4,030

 
4,030

 
 
 
 
Specialty Alternative Equity
1,709

 
1,709

 
 
 
 
 
$
85,213

 
$
78,280

 
$
6,933

 

Plan assets are re-balanced quarterly. At December 31, 2018 and 2017, plan assets by category are as follows:
 
December 31, 2018

December 31, 2017
 
Actual

Target

Actual

Target
Cash and cash equivalents
3.9
%

3.0
%

6.0
%

3.0
%
Equity securities
48.4


50.0


52.4


55.0

Debt securities
45.6


45.0


39.6


40.0

Alternative investments
2.1


2.0


2.0


2.0

 
100.0
%

100.0
%

100.0
%

100.0
%