Pension and Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Pension and Postretirement Benefit Plans [Abstract]

Reconciliation of Benefit Obligations, Fair Value of Plan Assets and Funded Status

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for the years ended December 31, 2020 and 2019, and a statement of the funded status:

	Pension Benefits						Postretirement Benefits
	2020			2019			2020			2019
Reconciliation of benefit obligations:
Benefit obligation at January 1	$	14,217		$	13,700		$	115		$	3,305
Service cost		-			104			-			-
Interest cost		190			520			-			101
Actuarial loss (gain)		249			916			(83	)		-
Assumptions		-			-			-			-
Settlement/curtailment		(1,869	)		-			-			(3,207	)
Annuities purchased		(12,116	)		-			-			-
Benefits paid		(671	)		(1,023	)		(32	)		(84	)
Benefit obligation at December 31	$	-		$	14,217		$	-		$	115
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1	$	15,903		$	14,923		$	-		$	-
Actual return on plan assets		1,139			2,003			-			-
Employer contributions		-			-			32			84
Settlement/curtailment		(1,869	)		-			-			-
Annuities purchased		(12,116	)		-			-			-
Benefits paid		(671	)		(1,023	)		(32	)		(84	)
Asset reversion upon termination		(2,386	)		-			-			-
Fair value of plan assets at December 31	$	-		$	15,903		$	-		$	-
Funded status:
Funded status at December 31	$	-		$	1,686		$	-		$	(115	)
Unrecognized net actuarial loss (gain)		-			1,827			-			(54	)
Net amount recognized	$	-		$	3,513		$	-		$	(169	)

Asset Allocation and Plan Assets Measured at Fair Value on a Recurring Basis

The asset allocation for the Company’s defined benefit plan, by asset category, follows:

	Percentage of Plan Assets at December 31,
	2019
Asset category:
Debt securities		88.5	%
Cash		11.5	%
Total		100.0	%

	Total		Level 1		Level 2		Level 3
Pooled separate accounts	$	14,079	$	-	$	14,079	$	-
Guaranteed deposit account		1,824		-		-		1,824
Total assets at fair value as of December 31, 2019	$	15,903	$	-	$	14,079	$	1,824

Changes in Fair Value of Guaranteed Deposit Account

The table below sets forth a summary of the changes in the fair value of the Guaranteed Deposit Account:

	Guaranteed Deposit Account
Balance at January 1, 2019	$	2,265
Total gains (losses), realized/unrealized
Return on plan assets		45
Purchases, sales, and settlements, net		(486	)
Balance at December 31, 2019	$	1,824
Total gains (losses), realized/unrealized
Return on plan assets	$	32
Purchases, sales, and settlements, net		(1,856	)
Balance at December 31, 2020	$	-

Amounts Recognized in Consolidated Balance Sheets

The following table provides the amounts recognized in the consolidated balance sheets as of December 31:

	Pension Benefits				Postretirement Benefits
	2020		2019		2020		2019
Prepaid asset	$	-	$	1,686	$	-	$	-
Accrued benefit cost		-		-		-		(115	)
Accumulated other comprehensive loss, unrecognized net gain (loss)		-		1,827		-		(54	)
Total	$	-	$	3,513	$	-	$	(169	)

Net Periodic Benefit Costs

The following table provides the components of net periodic pension and postretirement benefit costs and total costs for the plans for the years ended December 31:

	Pension Benefits									Postretirement Benefits
	2020			2019			2018			2020			2019			2018
Service cost	$	-		$	104		$	104		$	-		$	-		$	-
Interest cost		190			520			553			-			101			117
Expected return on plan assets		(322	)		(645	)		(949	)		-			-			-
Amortization of (gains) losses		72			147			186			(131	)		(169	)		(81	)
Settlement and Curtailment loss (gain)		1,180			-			306			-			(4,915	)		-
Net periodic benefit cost	$	1,120		$	126		$	200		$	(131	)	$	(4,983	)	$	36