Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Plans

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, 2019 and 2018  (in thousands) using a measurement date of December 31.

	2019			2018
Assumptions (end of period):
Discount rate used in determining benefit obligation		2.98	%		4.05	%
Rate of compensation increase		N/A			N/A
Reconciliation of funded status (end of period):
Accumulated benefit obligation	$	(12,376)		$	(11,687)
Projected benefit obligation	$	(12,376)		$	(11,687)
Fair value of plan assets		10,988			9,669
Funded status	$	(1,388)		$	(2,018)
Net actuarial loss		(4,010)			(4,130)
Accumulated other comprehensive loss		(4,010)			(4,130)
Prepaid pension cost		2,622			2,112
Net amount recognized as of December 31	$	(1,388)		$	(2,018)
Changes in projected benefit obligation:
Benefit obligation as of beginning of period	$	11,687		$	12,758
Interest cost		454			424
Actuarial liability loss (gain)		1,083			(628)
Benefits paid		(848)			(867)
Benefit obligation as of end of period	$	12,376		$	11,687
Change in plan assets:
Fair value of plan assets as of beginning of period	$	9,669		$	11,153
Actual return on plan assets (net of expenses)		1,667			(617)
Employer contributions		500			—
Benefits paid		(848)			(867)
Fair value of plan assets as of end of period	$	10,988		$	9,669
Net periodic pension cost:
Service cost - benefits earned during the period	$	—		$	—
Interest cost on projected benefit obligation		454			424
Expected return on plan assets		(607)			(694)
Recognized actuarial loss		143			106
Net periodic pension cost	$	(10)		$	(164)
Discount rate		4.05	%		3.45	%
Expected return on plan assets		6.50	%		6.50	%
Rate of compensation increase		N/A			N/A

Estimated Future Benefit Payments

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

2020	$	866
2021	$	874
2022	$	859
2023	$	839
2024	$	828
2025-2029	$	3,807

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, 2019 and 2018.

	December 31
	2019		2018
Asset Category:
Debt securities	31	%	36	%
Equity securities	64	%	61	%
Other	5	%	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, 2019 and December 31, 2018 (in thousands).

	As of December 31, 2019
	Quoted Prices in Active		Other Observable
	Markets for Identical		Inputs		Unobservable Inputs
	Assets (Level 1)		(Level 2)		(Level 3)		Total
Debt securities	$	—	$	3,410	$	—	$	3,410
Equity securities		6,977		—		—		6,977
Total	$	6,977	$	3,410	$	—	$	10,387

	As of December 31, 2018
	Quoted Prices in Active
	Markets for Identical		Other Observable		Unobservable Inputs
	Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Debt securities	$	—	$	3,468	$	—	$	3,468
Equity securities		5,913		—		—		5,913
Total	$	5,913	$	3,468	$	—	$	9,381