Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan

The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31:

	2019			2018
Accumulated benefit obligation	$	92,052		$	80,776
Change in benefit obligation
Projected benefit obligation at beginning of year	$	80,776		$	87,765
Service cost	1,010			675
Interest cost	3,130			2,806
Actuarial gain (loss)	10,561			(7,430		)
Benefits paid	(2,299		)	(2,104		)
Settlements	(1,126		)	(936		)
Projected benefit obligation at end of year	$	92,052		$	80,776
Change in plan assets
Fair value of plan assets at beginning of year	$	66,307		$	74,932
Actual gain (loss) on plan assets	12,439			(5,585		)
Benefits paid	(2,299		)	(2,104		)
Settlements	(1,126		)	(936		)
Fair value of plan assets at end of year	$	75,321		$	66,307
Funded status	$	(16,731	)	$	(14,469	)

Schedule of amounts recognized in the consolidated balance sheets

Amounts recognized in the consolidated balance sheets consist of the following at December 31,:

	2019			2018
Other long-term liabilities	$	(16,731	)	$	(14,469	)
Accumulated other comprehensive loss	(41,787		)	(41,822		)

Schedule of actuarial assumptions used

The following actuarial assumptions were used to determine our accumulated and projected benefit obligations as of December 31,:

	2019		2018
Discount rate	3.33	%	4.37	%

The following actuarial assumptions were used to determine our net periodic pension benefit cost for the years ended December 31,:

	2019		2018		2017
Discount rate on benefit obligation	4.37	%	3.69	%	4.28	%
Effective rate for interest on benefit obligation	4.01	%	3.28	%	3.49	%
Expected return on plan assets	7.50	%	7.50	%	8.00	%

Schedule of plan assets and benefit obligations recognized in other comprehensive income

Other changes in plan assets and benefit obligations recognized in other comprehensive income in 2019 and 2018 are as follows:

 

	2019			2018
Current year actuarial loss	$	(2,846	)	$	(3,574	)
Amortization of actuarial loss	2,881			2,689
Total recognized in other comprehensive loss	$	35		$	(885	)

Schedule of net benefit cost

Net periodic pension cost for the years ended December 31, consists of the following:

	2019			2018			2017
Service cost	$	1,010		$	675		$	603
Interest cost on projected benefit obligation	3,130			2,806			2,773
Expected return on plan assets	(4,725		)	(5,418		)	(5,300		)
Amortization of loss	2,881			2,689			2,835
Net periodic pension cost	$	2,296		$	752		$	911

Schedule of allocation of plan assets

The allocation of pension plan assets by category is as follows at December 31,:

	Percentage of Pension Plan Assets				Target Allocation
	2019		2018		2020
Equity securities	74	%	71	%	75	%
Debt securities	26	%	29	%	25	%
Total	100	%	100	%	100	%

The following table sets forth the value of the pension plan's assets as of December 31, 2019 and December 31, 2018:

	2019		2018
Investments measured at fair value:
Level 1
Common Stock	$	8,307	$	6,362
Fixed Income Securities	18,609		17,640
Total Investments measured at fair value	26,916		24,002
Investments measured at NAV:
Money Market Fund	789		1,385
Mutual Funds	47,616		40,920
Total Investments measured at NAV	48,405		42,305
Total Investments	$	75,321	$	66,307

Schedule of expected benefit payments

The following table summarizes the benefits and settlements expected to be paid by our pension plan in each of the next five years and in aggregate for the following five years. The expected payments are estimated based on the same assumptions used to measure the Company’s projected benefit obligation at December 31, 2019 and reflect the impact of expected future employee service.

2020		$6,489
2021	5,290
2022	5,815
2023	5,637
2024	5,245
2025-2029	26,725