EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
Defined Benefit Plan [Abstract] |
|
Schedule of obligation and funded status |
The following table sets forth the obligation and funded status as of December 31, 2018 and 2017: | | | | | | | | | | (In Thousands) | | 2018 | | 2017 | Change in benefit obligation: | | |
| | |
| Benefit obligation at beginning of year | | $ | 20,669 |
| | $ | 19,289 |
| Interest cost | | 706 |
| | 756 |
| Actuarial loss | | 141 |
| | 159 |
| Benefits paid | | (797 | ) | | (782 | ) | Other, change in actuarial assumptions | | (1,697 | ) | | 1,247 |
| Benefit obligation at end of year | | $ | 19,022 |
| | $ | 20,669 |
| | | | | | Change in plan assets: | | |
| | |
| Fair value of plan assets at beginning of year | | $ | 17,486 |
| | $ | 15,090 |
| Actual return on plan assets | | (1,078 | ) | | 2,424 |
| Employer contribution | | 750 |
| | 750 |
| Benefits paid | | (797 | ) | | (782 | ) | Adjustment to fair value of plan assets | | 5 |
| | 4 |
| Fair value of plan assets at end of year | | 16,366 |
| | 17,486 |
| Funded status | | $ | (2,656 | ) | | $ | (3,183 | ) | | | | | | Accounts recognized on balance sheet as: | | |
| | |
| Total liabilities | | $ | (2,656 | ) | | $ | (3,183 | ) | | | | | | Amounts not yet recognized as a component of net periodic pension cost: | | |
| | |
| Amounts recognized in accumulated other comprehensive income (loss) consist of: | | |
| | |
| Net loss | | $ | 6,678 |
| | $ | 6,227 |
|
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Schedule of components of the net periodic cost and other amounts recognized in other comprehensive income (loss) |
Components of Net Periodic Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) as of December 31, 2018, 2017, and 2016 are as follows: | | | | | | | | | | | | | | (In Thousands) | | 2018 | | 2017 | | 2016 | Net periodic pension cost: | | |
| | |
| | |
| Service cost | | $ | — |
| | $ | — |
| | $ | 55 |
| Interest cost | | 706 |
| | 756 |
| | 775 |
| Expected return on plan assets | | (1,098 | ) | | (926 | ) | | (989 | ) | Amortization of unrecognized net loss | | 165 |
| | 174 |
| | 153 |
| Net periodic (benefit) cost | | $ | (227 | ) | | $ | 4 |
| | $ | (6 | ) |
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Schedule of weighted-average assumptions used to determine benefit obligations and net periodic cost |
Weighted-average assumptions used to determine benefit obligations at December 31, 2018, 2017, and 2016: | | | | | | | | | | | 2018 | | 2017 | | 2016 | Discount rate | 4.10 | % | | 3.47 | % | | 3.98 | % | Rate of compensation increase | N/A |
| | N/A |
| | N/A |
|
Weighted-average assumptions used to determine net periodic cost for years ended December 31, 2018, 2017, and 2016: | | | | | | | | | | | 2018 | | 2017 | | 2016 | Discount rate | 3.47 | % | | 3.98 | % | | 4.17 | % | Expected long-term return on plan assets | 7.00 | % | | 7.00 | % | | 7.00 | % |
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Schedule of plan's weighted-average asset allocations by asset category |
The Plan’s weighted-average asset allocations at December 31, 2018 and 2017 by asset category are as follows: | | | | | | | | Asset Category | | 2018 | | 2017 | Cash | | 4.70 | % | | 4.96 | % | Fixed income securities | | 12.98 | % | | 11.42 | % | Equity | | 64.26 | % | | 66.90 | % | Inflation Hedges/Real Assets | | 5.90 | % | | 5.82 | % | Hedged Strategies | | 12.16 | % | | 10.90 | % | Total | | 100.00 | % | | 100.00 | % |
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Schedule setting forth by level, within the fair value hierarchy the Plan's assets at fair value |
The following table sets forth by level, within the fair value hierarchy detailed in Note 21 - Fair Value Measurements, the Plan’s assets at fair value as of December 31, 2018 and 2017: | | | | | | | | | | | | | | | | | | | | 2018 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 770 |
| | $ | — |
| | $ | — |
| | $ | 770 |
| Mutual funds - taxable fixed income | | 2,120 |
| | — |
| | — |
| | 2,120 |
| Mutual funds - domestic equity | | 8,550 |
| | — |
| | — |
| | 8,550 |
| Mutual funds - international equity | | 1,970 |
| | — |
| | — |
| | 1,970 |
| Inflation Hedges/Real Assets | | 965 |
| | — |
| | — |
| | 965 |
| Hedged Strategies | | 1,991 |
| | — |
| | — |
| | 1,991 |
| Total assets at fair value | | $ | 16,366 |
| | $ | — |
| | $ | — |
| | $ | 16,366 |
|
| | | | | | | | | | | | | | | | | | | | 2017 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 868 |
| | $ | — |
| | $ | — |
| | $ | 868 |
| Mutual funds - taxable fixed income | | 1,992 |
| | — |
| | — |
| | 1,992 |
| Mutual funds - domestic equity | | 9,358 |
| | — |
| | — |
| | 9,358 |
| Mutual funds - international equity | | 2,343 |
| | — |
| | — |
| | 2,343 |
| Inflation Hedges/Real Assets | | 1,019 |
| | — |
| | — |
| | 1,019 |
| Hedged Strategies | | 1,906 |
| | — |
| | — |
| | 1,906 |
| Total assets at fair value | | $ | 17,486 |
| | $ | — |
| | $ | — |
| | $ | 17,486 |
|
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Schedule of future benefit payments expected to be paid |
The following future benefit payments are expected to be paid: | | | | | (In Thousands) | | 2019 | $ | 886 |
| 2020 | 918 |
| 2021 | 910 |
| 2022 | 929 |
| 2023 | 1,000 |
| 2024-2028 | 5,444 |
| | $ | 10,087 |
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