XML 56 R40.htm IDEA: XBRL DOCUMENT v3.19.1
Pension and Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2018
Pension and Retirement Plans [Abstract]  
Benefit Obligations, Plan Assets and Funded Status of Plans
The following provides information regarding benefit obligations, plan assets and the funded status of the plan:

  
Pension Benefits
 
  
2018
  
2017
 
Change in benefit obligation
      
Benefit obligation, beginning of year
 
$
16,916
  
$
16,104
 
Interest cost
  
578
   
630
 
Actuarial (gain)/loss
  
(1,021
)
  
867
 
Benefits paid
  
(732
)
  
(685
)
Benefit obligation, end of year
  
15,741
   
16,916
 
Accumulated benefit obligation
  
15,741
   
16,916
 
Change in plan assets
        
Fair value of plan assets, beginning of year
  
14,717
   
13,241
 
Actual gain/(loss) on plan assets
  
(909
)
  
1,746
 
Employer contribution
  
1,376
   
415
 
Benefits paid
  
(732
)
  
(685
)
Fair value of plan assets, end of year
  
14,452
   
14,717
 
Funded status, end of year
 
$
(1,289
)
 
$
(2,199
)
Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets
        
Noncurrent liabilities
 
$
(1,289
)
 
$
(2,199
)
Net amount recognized
 
$
(1,289
)
 
$
(2,199
)
Amounts Recognized in Other Comprehensive Loss
Amounts recognized in accumulated other comprehensive loss consist of
        
Net loss
 
$
5,687
  
$
5,463
 
Net amount recognized
 
$
5,687
  
$
5,463
 
Weighted Average Assumptions Used
Weighted average assumptions used to determine benefit obligations as of December 31
        
Discount rate
  
4.10
%
  
3.50
%
Expected return on plan assets
  
6.00
%
  
6.25
%
Rate of compensation increase
  
N/A
   
N/A
 
Allocation of Pension Plan Assets and Target Allocation Range of Assets
The allocation of assets within the mutual fund as of December 31 and the target asset allocation ranges by asset category are as follows:

 
Actual Allocation
   
Asset Category
 
2018
  
2017
  
2018 & 2017 Target Allocation Ranges
 
Equity securities
  
46.9
%
  
49.4
%
  
40 - 65
%
Debt securities
  
46.2
%
  
43.2
%
  
30 - 50
%
Cash and equivalents
  
6.9
%
  
7.4
%
  
0 - 15
%
Total
  
100.0
%
  
100.0
%
    
Net Periodic Benefit Cost
Net periodic benefit cost for 2018, 2017 and 2016 included the following components:

  
Pension Benefits
 
  
2018
  
2017
  
2016
 
Components of net periodic benefit cost
         
Interest cost
 
$
578
  
$
630
  
$
650
 
Expected return on plan assets
  
(802
)
  
(720
)
  
(782
)
Amortization of actuarial loss
  
465
   
530
   
480
 
Net periodic benefit cost
  
241
   
440
   
348
 
Other changes in plan assets and benefit obligations recognized in
  other comprehensive income
            
Net actuarial (gain) loss for the year
  
690
   
(159
)
  
533
 
Amortization of net loss
  
(465
)
  
(530
)
  
(480
)
Total recognized in other comprehensive income
  
225
   
(689
)
  
53
 
Total recognized in net periodic benefit cost and other comprehensive income
 
$
466
  
$
(249
)
 
$
401
 
Weighted average assumptions used to determine net periodic benefit
  cost for years ended December 31
            
Discount rate
  
3.50
%
  
4.00
%
  
4.28
%
Expected return on plan assets
  
6.25
%
  
6.25
%
  
7.00
%
Estimated Future Benefit Payments
The following estimated future benefit payments are expected in the years indicated:

  
Pension Benefits
 
2019
 
$
840
 
2020
  
870
 
2021
  
910
 
2022
  
920
 
2023
  
940
 
2024 - 2028
  
4,920
 
Assets of SERP
Assets of the SERP consist of the following:

 
December 31, 2018
 
December 31, 2017
 
 
Cost
 
Market
 
Cost
 
Market
 
Company stock
 
$
1,886
  
$
1,658
  
$
1,960
  
$
3,589
 
Equity securities
  
5,262
   
4,983
   
4,589
   
4,963
 
Total
 
$
7,148
  
$
6,641
  
$
6,549
  
$
8,552