EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Defined Benefit Plan [Abstract] |
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Schedule of Obligation and Funded Status |
The following table sets forth the obligation and funded status as of December 31, 2019 and 2018: | | | | | | | | | | (In Thousands) | | 2019 | | 2018 | Change in benefit obligation: | | |
| | |
| Benefit obligation at beginning of year | | $ | 19,022 |
| | $ | 20,669 |
| Interest cost | | 763 |
| | 706 |
| Actuarial loss | | 92 |
| | 141 |
| Benefits paid | | (840 | ) | | (797 | ) | Change in actuarial assumptions | | 2,419 |
| | (1,697 | ) | Benefit obligation at end of year | | $ | 21,456 |
| | $ | 19,022 |
| | | | | | Change in plan assets: | | |
| | |
| Fair value of plan assets at beginning of year | | $ | 16,366 |
| | $ | 17,486 |
| Actual return on plan assets | | 3,369 |
| | (1,078 | ) | Employer contribution | | 1,000 |
| | 750 |
| Benefits paid | | (841 | ) | | (797 | ) | Adjustment to fair value of plan assets | | 7 |
| | 5 |
| Fair value of plan assets at end of year | | 19,901 |
| | 16,366 |
| Funded status | | $ | (1,555 | ) | | $ | (2,656 | ) | | | | | | Accounts recognized on balance sheet as: | | |
| | |
| Total liabilities | | $ | (1,555 | ) | | $ | (2,656 | ) | | | | | | Amounts not yet recognized as a component of net periodic pension cost: | | |
| | |
| Amounts recognized in accumulated other comprehensive income (loss) consist of: | | |
| | |
| Net loss | | $ | 6,622 |
| | $ | 6,678 |
|
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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, 2019, 2018, and 2017 are as follows: | | | | | | | | | | | | | | (In Thousands) | | 2019 | | 2018 | | 2017 | Net periodic pension cost: | | |
| | |
| | |
| Service cost | | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | | 763 |
| | 706 |
| | 756 |
| Expected return on plan assets | | (995 | ) | | (1,098 | ) | | (926 | ) | Amortization of unrecognized net loss | | 187 |
| | 165 |
| | 174 |
| Net periodic (benefit) cost | | $ | (45 | ) | | $ | (227 | ) | | $ | 4 |
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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, 2019, 2018, and 2017: | | | | | | | | | | | 2019 | | 2018 | | 2017 | Discount rate | 3.04 | % | | 4.10 | % | | 3.47 | % | Rate of compensation increase | N/A |
| | N/A |
| | N/A |
|
Weighted-average assumptions used to determine net periodic cost for years ended December 31, 2019, 2018, and 2017: | | | | | | | | | | | 2019 | | 2018 | | 2017 | Discount rate | 4.10 | % | | 3.47 | % | | 3.98 | % | 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, 2019 and 2018 by asset category are as follows: | | | | | | | | Asset Category | | 2019 | | 2018 | Cash | | 5.32 | % | | 4.70 | % | Fixed income securities | | 11.25 | % | | 12.98 | % | Equity | | 67.14 | % | | 64.26 | % | Inflation Hedges/Real Assets | | 5.75 | % | | 5.90 | % | Hedged Strategies | | 10.54 | % | | 12.16 | % | 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, 2019 and 2018: | | | | | | | | | | | | | | | | | | | | 2019 | (In Thousands) | | Level I | | Level II | | Level III | | Total | Assets: | | |
| | |
| | |
| | |
| Cash and cash equivalents | | $ | 1,058 |
| | $ | — |
| | $ | — |
| | $ | 1,058 |
| Mutual funds - taxable fixed income | | 2,240 |
| | — |
| | — |
| | 2,240 |
| Mutual funds - domestic equity | | 10,797 |
| | — |
| | — |
| | 10,797 |
| Mutual funds - international equity | | 2,565 |
| | — |
| | — |
| | 2,565 |
| Inflation Hedges/Real Assets | | 1,145 |
| | — |
| | — |
| | 1,145 |
| Hedged Strategies | | 2,096 |
| | — |
| | — |
| | 2,096 |
| Total assets at fair value | | $ | 19,901 |
| | $ | — |
| | $ | — |
| | $ | 19,901 |
|
| | | | | | | | | | | | | | | | | | | | 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 |
|
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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) | | 2020 | $ | 947 |
| 2021 | 939 |
| 2022 | 958 |
| 2023 | 1,028 |
| 2024 | 1,031 |
| 2025-2029 | 5,727 |
| | $ | 10,630 |
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