Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018



	2018		2017		2016
Weighted average assumptions used to determine the
benefit obligation at year end:
Discount rate		4.53%		3.93%		4.40%
Rate of increase in compensation levels		3.50%		3.50%		3.50%

Weighted average assumptions used to determine net pension cost:
Discount rate		3.93%		4.40%		4.54%
Rate of increase in compensation levels		3.50%		3.50%		3.50%
Expected long-term rate of return on plan assets		5.50%		5.50%		6.00%



(in thousands)	2018		2017		2016
Service cost plus expected expenses and net of expected plan
participant contributions	$	1,369	$	1,214	$	1,142
Interest cost		1,587		1,590		1,584
Expected return on plan assets		(3,275)		(2,940)		(2,953)
Amortization of net actuarial loss		—		18		244
Net pension cost (credit)	$	(319)	$	(118)	$	17



(in thousands)	2018		2017		2016
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	41,384	$	37,016	$	35,684
Service cost		1,533		1,386		1,283
Interest cost		1,587		1,590		1,584
Benefits paid		(1,574)		(1,510)		(1,364)
Assumption changes		(3,226)		2,100		(50)
Experience loss (gain) and other		766		802		(121)
Projected benefit obligation at end of year		40,470		41,384		37,016

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		60,536		54,332		50,021
Actual return on plan assets		(3,563)		7,497		3,919
Employer contributions		—		—		1,553
Plan participant contributions		333		321		301
Benefits paid		(1,574)		(1,510)		(1,365)
Expenses		(108)		(104)		(97)
Fair value of plan assets at end of year		55,624		60,536		54,332
Funded status at end of year	$	15,154	$	19,152	$	17,316
Accumulated benefit obligation	$	38,042	$	38,544	$	34,451



	December 31, 2018
		Target Allocation	Percentage of Plan Assets	Weighted Average Expected Long-term Rates of Return
Cash equivalents		0% - 1%	.2%	<1.00%
Equity mutual funds		15% - 25%	18.1%	5.9% to 8.3%
Fixed income mutual funds		75% - 85%	81.7%	3.8% to 5.0%
			100.0%	4.2% to 5.6%

	December 31, 2017
Cash equivalents		0% - 1%	.2%	<1.00%
Equity mutual funds		15% - 25%	20.1%	6.2% to 8.4%
Fixed income mutual funds		75% - 85%	79.7%	3.4% to 4.4%
			100.0%	4.5% to 5.5%



			Fair Value Measurements Using:
(in thousands)	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2018:
Cash equivalents:
Vanguard Prime Money Market Mutual Fund	$	137	$	—	$	137	$	—
Total cash equivalents		137		—		137		—
Equity mutual funds:
Vanguard Total Stock Market Index Fund (VITSX)		5,513		5,513		—		—
Vanguard Total International Stock Index Fund (VTSNX)		4,539		4,539		—		—
Total equity mutual funds		10,052		10,052		—		—
Fixed income mutual funds:
Vanguard Long-Term Investment Grade Fund (VWETX)		27,260		27,260		—		—
Vanguard Long-Term Bond Index Fund (VBLLX)		18,175		18,175		—		—
Total fixed income mutual funds		45,435		45,435		—		—
Total Plan Assets	$	55,624	$	55,487	$	137	$	—

December 31, 2017:
Cash equivalents:
Vanguard Prime Money Market Mutual Fund	$	117	$	—	$	117	$	—
Total cash equivalents		117		—		117		—
Equity mutual funds:
Vanguard Total Stock Market Index Fund (VITSX)		6,658		6,658		—		—
Vanguard Total International Stock Index Fund (VTSNX)		5,479		5,479		—		—
Total equity mutual funds		12,137		12,137		—		—
Fixed income mutual funds:
Vanguard Long-Term Investment Grade Fund (VWETX)		29,065		29,065		—		—
Vanguard Long-Term Bond Index Fund (VBLLX)		19,217		19,217		—		—
Total fixed income mutual funds		48,282		48,282		—		—
Total Plan Assets	$	60,536	$	60,419	$	117	$	—