Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019



	2019		2018		2017
Weighted average assumptions used to determine the
benefit obligation at year end:
Discount rate		3.55%		4.53%		3.93%
Rate of increase in compensation levels		3.50%		3.50%		3.50%

Weighted average assumptions used to determine net pension cost:
Discount rate		4.53%		3.93%		4.40%
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%		5.50%



(in thousands)	2019		2018		2017
Service cost plus expected expenses and net of expected plan
participant contributions	$	1,268	$	1,369	$	1,214
Interest cost		1,785		1,587		1,590
Expected return on plan assets		(3,001)		(3,275)		(2,940)
Amortization of net actuarial loss		352		—		18
Net pension cost (credit)	$	404	$	(319)	$	(118)



(in thousands)	2019		2018		2017
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	40,470	$	41,384	$	37,016
Service cost		1,447		1,533		1,386
Interest cost		1,785		1,587		1,590
Benefits paid		(1,985)		(1,574)		(1,510)
Assumption changes		5,200		(3,226)		2,100
Experience loss and other		554		766		802
Projected benefit obligation at end of year		47,471		40,470		41,384

Change in fair value of plan assets:
Fair value of plan assets at beginning of year		55,624		60,536		54,332
Actual return on plan assets		11,854		(3,563)		7,497
Employer contributions		—		—		—
Plan participant contributions		356		333		321
Benefits paid		(1,985)		(1,574)		(1,510)
Expenses		(103)		(108)		(104)
Fair value of plan assets at end of year		65,746		55,624		60,536
Funded status at end of year	$	18,275	$	15,154	$	19,152
Accumulated benefit obligation	$	44,544	$	38,042	$	38,544



	December 31, 2019
		Target ‎Allocation	Percentage of ‎Plan Assets	Weighted ‎Average Expected ‎Long-term ‎Rates of Return
Cash equivalents		0% - 1%	0.2%	<1.00%
Equity mutual funds		20% - 30%	26.4%	6.2% to 8.7%
Fixed income mutual funds		70% - 80%	73.4%	3.3% to 4.4%
			100.0%	4.1% to 5.5%

	December 31, 2018
Cash equivalents		0% - 1%	0.2%	<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%



			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, 2019:
Cash equivalents:
Vanguard Prime Money Market Mutual Fund	$	160	$	—	$	160	$	—
Total cash equivalents		160		—		160		—
Equity mutual funds:
Vanguard Total Stock Market Index Fund (VITSX)		10,374		10,374		—		—
Vanguard Total International Stock Index Fund (VTSNX)		6,983		6,983		—		—
Total equity mutual funds		17,357		17,357		—		—
Fixed income mutual funds:
Vanguard Long-Term Investment Grade Fund (VWETX)		35,694		35,694		—		—
Vanguard Long-Term Treasury Index Fund (VLGIX)		12,535		12,535		—		—
Total fixed income mutual funds		48,229		48,229		—		—
Total Plan Assets	$	65,746	$	65,586	$	160	$	—

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	$	—