Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule Of Changes In The Benefit Obligation, The Plan Assets, The Funded Status Of Pension Plan And Components Of Net Periodic Benefit Costs

The measurement dates for plan assets and obligations were December 31, 2019 and 2018.

	December 31,
	2019			2018
Change in Projected Benefit Obligation:
Benefit obligation at beginning of year	$	55,759		$	58,998
Service cost	1,090			1,295
Interest cost	2,257			2,056
Actuarial loss (gain) (1)	7,889			(4,478		)
Benefit payments	(2,742		)	(2,112		)
Benefit obligation at end of year	$	64,253		$	55,759
Change in Plan Assets:
Fair value of plan assets at beginning of year	$	50,802		$	53,808
Actual return on plan assets	10,356			(1,894		)
Employer contributions	1,000			1,000
Benefit payments	(2,742		)	(2,112		)
Fair value of plan assets at end of year	$	59,416		$	50,802
Unfunded status at end of year (included in accounts payable and accrued expenses in 2019 and 2018)	$	(4,837	)	$	(4,957	)
Accumulated benefit obligation	$	64,159		$	55,683
Net loss recognized in accumulated other comprehensive loss	$	14,897		$	15,050

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(1)

The change in actuarial loss (gain) is attributable primarily to census and mortality table updates and a decrease in the discount rate in 2019.

Schedule Of Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income (Loss)

The following is the required information for other changes in plan assets and benefit obligation recognized in other comprehensive income (in thousands):

	Year Ended December 31,
	2019			2018			2017
Net loss	$	1,044		$	1,143		$	82
Amortization of net loss (1)	(1,197		)	(1,228		)	(1,475		)
Total recognized in other comprehensive income	$	(153	)	$	(85	)	$	(1,393	)
Total recognized in net periodic benefit cost and other comprehensive income	$	880		$	767		$	213

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(1)

The estimated net loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $1.2 million.

Schedule Of Accumulated Benefit Obligation In Excess Of Plan Assets

The following is the required information with an accumulated benefit obligation in excess of plan assets (in thousands):

	December 31,
	2019		2018
Projected benefit obligation	$	64,253	$	55,759
Accumulated benefit obligation	64,159		55,683
Fair value of plan assets	59,416		50,802

Schedule Of Net Periodic Benefit Cost

The components of net periodic benefit cost are as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
Service cost	$	1,090		$	1,295		$	1,223
Interest cost	2,257			2,056			2,123
Expected return on plan assets	(3,511		)	(3,727		)	(3,215		)
Amortization of net loss	1,197			1,228			1,475
Total	$	1,033		$	852		$	1,606

Schedule Of Assumptions Used To Develop Periodic Expense

The assumptions used to develop net periodic benefit cost are shown below:

	Year Ended December 31,
	2019		2018		2017
Discount rate	4.12	%	3.50	%	4.01	%
Salary scale increases	3.50	%	3.50	%	3.50	%
Long-term rate of return on assets	7.00	%	7.00	%	7.00	%

The assumptions used to develop the actuarial present value of the benefit obligation are shown below:

	Year Ended December 31,
	2019		2018		2017
Discount rate	3.09	%	4.12	%	3.50	%
Salary scale increases	3.50	%	3.50	%	3.50	%

Schedule Of Expected Benefit Payments For The Next Ten Years

The expected benefit payments for the next 10 years for the Retirement Plan is as follows (in thousands):

2020	$	2,436
2021	2,602
2022	2,772
2023	2,936
2024	3,062
2025-2029	16,209

Schedule Of Allocation Of The Fair Value Of Plan Assets

The allocation of the fair value of plan assets was as follows:

	December 31,
	2019		2018
Cash and Short-Term Investments	18	%	20	%
Large Company Funds	34	%	33	%
Mid Company Funds	7	%	7	%
Small Company Funds	7	%	6	%
International Funds	11	%	8	%
Fixed Income Funds	15	%	18	%
Growth Funds	8	%	8	%
Total	100	%	100	%

At December 31, 2019, our investment asset allocation compared to our benchmarking allocation model for our plan assets was as follows:

	Portfolio		Benchmark
Cash and Short-Term Investments	5	%	4	%
U.S. Stocks	51	%	56	%
International Stocks	14	%	10	%
U.S. Bonds	24	%	26	%
International Bonds	5	%	3	%
Other	1	%	1	%
Total	100	%	100	%