Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 and 2019  (in thousands) using a measurement date of December 31.

	2020			2019
Assumptions (end of period):
Discount rate used in determining benefit obligation		2.12	%		2.98	%
Rate of compensation increase		N/A			N/A
Reconciliation of funded status (end of period):
Accumulated benefit obligation	$	(13,252)		$	(12,376)
Projected benefit obligation	$	(13,252)		$	(12,376)
Fair value of plan assets		11,393			10,988
Funded status	$	(1,859)		$	(1,388)
Net actuarial loss		(4,672)			(4,010)
Accumulated other comprehensive loss		(4,672)			(4,010)
Prepaid pension cost		2,813			2,622
Net amount recognized as of December 31	$	(1,859)		$	(1,388)
Changes in projected benefit obligation:
Benefit obligation as of beginning of period	$	12,376		$	11,687
Interest cost		355			454
Actuarial liability loss		1,352			1,083
Benefits paid		(831)			(848)
Benefit obligation as of end of period	$	13,252		$	12,376
Change in plan assets:
Fair value of plan assets as of beginning of period	$	10,988		$	9,669
Actual return on plan assets (net of expenses)		1,236			1,667
Employer contributions		—			500
Benefits paid		(831)			(848)
Fair value of plan assets as of end of period	$	11,393		$	10,988
Net periodic pension cost:
Service cost - benefits earned during the period	$	—		$	—
Interest cost on projected benefit obligation		355			454
Expected return on plan assets		(684)			(607)
Recognized actuarial loss		138			143
Net periodic pension cost	$	(191)		$	(10)
Discount rate		2.98	%		4.05	%
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):

2021	$	887
2022	$	880
2023	$	865
2024	$	857
2025	$	836
2026-2030	$	3,830

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, 2020 and 2019.

	December 31
	2020		2019
Asset Category:
Debt securities	25	%	31	%
Equity securities	70	%	64	%
Other	5	%	5	%
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, 2020 and December 31, 2019 (in thousands).

	As of December 31, 2020
	Quoted Prices in Active		Other Observable
	Markets for Identical		Inputs		Unobservable Inputs
	Assets (Level 1)		(Level 2)		(Level 3)		Total
Debt securities	$	—	$	2,875	$	—	$	2,875
Equity securities		7,978		—		—		7,978
Total	$	7,978	$	2,875	$	—	$	10,853

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