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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2017
Retirement Plans [Abstract]  
Changes in Benefit Obligations, Components of Benefit Costs, Weighted-Average Assumptions, and Plan Assets

The following tables provide detail of the changes in benefit obligations, components of benefit costs, weighted-average assumptions, and plan assets for the retirement plan as of and for the twelve months ending December 31, 2017, 2016 and 2015 (in thousands) using a measurement date of December 31.































































































 

 

 

 

 

 

 

 

 



 

 

 

 

 

 



 

2017

 

2016

 

2015

Assumptions (end of period):

 

 

 

 

 

 

 

 

 

Discount rate used in determining benefit obligation

 

 

 3.45% 

 

 

 3.88% 

 

 

 4.12% 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A



 

 

 

 

 

 

 

 

 

Reconciliation of funded status (end of period):

 

 

 

 

 

 

 

 

 

Accumulated benefit obligation

 

$

 (12,758)

 

$

 (12,618)

 

$

 (12,915)



 

 

 

 

 

 

 

 

 

Projected benefit obligation

 

$

 (12,758)

 

$

 (12,618)

 

$

 (12,915)

Fair value of plan assets

 

 

 11,153 

 

 

 10,415 

 

 

 10,419 

Funded status

 

$

 (1,605)

 

$

 (2,203)

 

$

 (2,496)



 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

 (3,554)

 

 

 (4,102)

 

 

 (3,957)

Accumulated other comprehensive loss

 

 

 (3,554)

 

 

 (4,102)

 

 

 (3,957)

Prepaid pension cost

 

 

 1,949 

 

 

 1,899 

 

 

 1,461 

Net amount recognized as of December 31

 

$

 (1,605)

 

$

 (2,203)

 

$

 (2,496)



 

 

 

 

 

 

 

 

 

Changes in projected benefit obligation:

 

 

 

 

 

 

 

 

 

Benefit obligation as of beginning of period

 

$

 12,618 

 

$

 12,915 

 

$

 13,909 

Interest cost

 

 

 471 

 

 

 512 

 

 

 518 

Actuarial liability loss/(gain)

 

 

 554 

 

 

 19 

 

 

 (646)

Benefits paid

 

 

 (885)

 

 

 (828)

 

 

 (866)

Benefit obligation as of end of period

 

$

 12,758 

 

$

 12,618 

 

$

 12,915 



 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

Fair value of plan assets as of beginning of period

 

$

 10,415 

 

$

 10,419 

 

$

 11,290 

Actual return on plan assets (net of expenses)

 

 

 1,623 

 

 

 415 

 

 

 (5)

Employer contributions

 

 

 -

 

 

 409 

 

 

 -

Benefits paid

 

 

 (885)

 

 

 (828)

 

 

 (866)

Fair value of plan assets as of end of period

 

$

 11,153 

 

$

 10,415 

 

$

 10,419 



 

 

 

 

 

 

 

 

 

Net periodic pension cost:

 

 

 

 

 

 

 

 

 

Service cost - benefits earned during the period

 

$

-

 

$

-

 

$

-

Interest cost on projected benefit obligation

 

 

 471 

 

 

 512 

 

 

 518 

Expected return on plan assets

 

 

 (646)

 

 

 (653)

 

 

 (701)

Recognized actuarial loss

 

 

 126 

 

 

 112 

 

 

 103 

Net periodic pension cost

 

$

 (49)

 

$

 (29)

 

$

 (80)



 

 

 

 

 

 

 

 

 

Discount rate

 

 

 3.88% 

 

 

 4.12% 

 

 

 3.86% 

Expected return on plan assets

 

 

 6.50% 

 

 

 6.50% 

 

 

 6.50% 

Rate of compensation increase

 

 

N/A

 

 

N/A

 

 

N/A





Estimated Future Benefit Payments





Estimated future benefit payments by fiscal year (in thousands):







 

 

 



 

 

 

2018

 

$

 882 

2019

 

$

 876 

2020

 

$

 864 

2021

 

$

 866 

2022

 

$

 851 

2023-2027

 

$

 4,001 



Weighted-Average Asset Allocation for the Defined Benefit Cash Balance Plan

The following table shows the weighted-average asset allocation for the defined benefit cash balance plan held as of December 31, 2017 and 2016.







 

 

 

 

 

 



 

 

December 31



 

 

2017

 

 

2016

Asset Category:

 

 

 

 

 

 

Debt securities

 

 

 32% 

 

 

 33% 

Equity securities

 

 

 64% 

 

 

 64% 

Other

 

 

 4% 

 

 

 3% 

Total

 

 

 100% 

 

 

 100% 



Schedule of Fair Value, Assets Measured on Recurring Basis













The following table presents, for each of the fair value hierarchy levels, our plan assets that are measured at fair value on a recurring basis at December 31, 2017 and December 31, 2016 (in thousands).







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31, 2017



 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

Other Observable Inputs
(Level 2)

 

Unobservable Inputs
(Level 3)

 

Total

Debt securities

 

$

 -

 

$

 3,586 

 

$

 -

 

$

 3,586 

Equity securities

 

 

 7,156 

 

 

 -

 

 

 -

 

 

 7,156 

Total

 

$

 7,156 

 

$

 3,586 

 

$

 -

 

$

 10,742 







 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 



 

As of December 31, 2016



 

Quoted Prices in Active Markets for Identical Assets (Level 1)

 

Other Observable Inputs (Level 2)

 

Unobservable Inputs (Level 3)

 

Total

Debt securities

 

$

 -

 

$

 3,438 

 

$

 -

 

$

 3,438 

Equity securities

 

 

 6,653 

 

 

 -

 

 

 -

 

 

 6,653 

Total

 

$

 6,653 

 

$

 3,438 

 

$

 -

 

$

 10,091