| Reconciliation of the changes in the benefit obligations and fair value of plan assets |
The following table provides a reconciliation
of the changes in the benefit obligations and fair value of plan assets for 2016, 2015 and 2014:
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Change in Benefit Obligation |
|
|
|
|
|
|
|
|
|
| Benefit obligation, beginning |
|
$ |
10,944,658 |
|
|
$ |
10,777,415 |
|
|
$ |
7,933,568 |
|
| Service cost |
|
|
631,874 |
|
|
|
648,334 |
|
|
|
501,032 |
|
| Interest cost |
|
|
452,896 |
|
|
|
410,944 |
|
|
|
377,706 |
|
| Actuarial (gain) loss |
|
|
872,245 |
|
|
|
(137,048 |
) |
|
|
2,030,583 |
|
| Benefits paid |
|
|
(426,628 |
) |
|
|
(754,987 |
) |
|
|
(65,474 |
) |
| Benefit obligation, ending |
|
$ |
12,475,045 |
|
|
$ |
10,944,658 |
|
|
$ |
10,777,415 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Change in Plan Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Fair value of plan assets, beginning |
|
$ |
11,678,218 |
|
|
$ |
11,683,845 |
|
|
$ |
9,687,226 |
|
| Actual return on plan assets |
|
|
780,160 |
|
|
|
(640 |
) |
|
|
562,093 |
|
| Employer contribution |
|
|
- |
|
|
|
750,000 |
|
|
|
1,500,000 |
|
| Benefits paid |
|
|
(426,628 |
) |
|
|
(754,987 |
) |
|
|
(65,474 |
) |
| Fair value of plan assets, ending |
|
$ |
12,031,750 |
|
|
$ |
11,678,218 |
|
|
$ |
11,683,845 |
|
| Funded status at the end of the year |
|
$ |
(443,295 |
) |
|
$ |
733,560 |
|
|
$ |
906,430 |
|
|
| Pension plan's asset allocation |
efined Benefit Pension Plan, continued
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
| Amount recognized in the Consolidated Balance Sheet |
|
|
|
|
|
|
|
|
|
| Prepaid benefit cost |
|
$ |
4,360,788 |
|
|
$ |
4,799,051 |
|
|
$ |
4,434,917 |
|
| Unfunded pension benefit obligation under ASC 325-960 |
|
|
(4,804,083 |
) |
|
|
(4,065,491 |
) |
|
|
(3,528,487 |
) |
| Deferred taxes |
|
|
1,633,388 |
|
|
|
1,382,267 |
|
|
|
1,199,686 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Amount recognized in accumulated other |
|
|
|
|
|
|
|
|
|
|
|
|
| comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(4,861,211 |
) |
|
$ |
(4,137,855 |
) |
|
$ |
(3,616,087 |
) |
| Prior service cost |
|
|
57,128 |
|
|
|
72,364 |
|
|
|
87,600 |
|
| Amount recognized |
|
|
(4,804,083 |
) |
|
|
(4,065,491 |
) |
|
|
(3,528,487 |
) |
| Deferred Taxes |
|
|
1,633,388 |
|
|
|
1,382,267 |
|
|
|
1,199,686 |
|
| Amount recognized in accumulated comprehensive income |
|
$ |
(3,170,695 |
) |
|
$ |
(2,683,224 |
) |
|
$ |
(2,328,801 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Prepaid benefit detail |
|
|
|
|
|
|
|
|
|
|
|
|
| Benefit obligation |
|
$ |
(12,475,045 |
) |
|
$ |
(10,944,658 |
) |
|
$ |
(10,777,415 |
) |
| Fair value of assets |
|
|
12,031,750 |
|
|
|
11,678,218 |
|
|
|
11,683,845 |
|
| Unrecognized net actuarial loss |
|
|
4,861,211 |
|
|
|
4,137,855 |
|
|
|
3,616,087 |
|
| Unrecognized prior service cost |
|
|
(57,128 |
) |
|
|
(72,364 |
) |
|
|
(87,600 |
) |
| Prepaid (accrued) benefits |
|
$ |
4,360,788 |
|
|
$ |
4,799,051 |
|
|
$ |
4,434,917 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Components of net periodic benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
631,874 |
|
|
$ |
648,334 |
|
|
$ |
501,032 |
|
| Interest cost |
|
|
452,896 |
|
|
|
410,944 |
|
|
|
377,706 |
|
| Expected return on plan assets |
|
|
(854,414 |
) |
|
|
(838,818 |
) |
|
|
(698,252 |
) |
| Amortization of prior service cost |
|
|
(15,236 |
) |
|
|
(15,236 |
) |
|
|
(15,236 |
) |
| Recognized net actuarial (gain) loss |
|
|
223,143 |
|
|
|
180,642 |
|
|
|
36,110 |
|
| Net periodic benefit cost |
|
$ |
438,263 |
|
|
$ |
385,866 |
|
|
$ |
201,360 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Other changes in plan assets and benefit obligations |
|
|
|
|
|
|
|
|
|
|
|
|
| recognized in other comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
| Net (gain) loss |
|
$ |
723,356 |
|
|
$ |
521,768 |
|
|
$ |
2,130,632 |
|
| Amortization of prior service cost |
|
|
15,236 |
|
|
|
15,236 |
|
|
|
15,236 |
|
| Total recognized in other comprehensive income |
|
$ |
738,592 |
|
|
$ |
537,004 |
|
|
$ |
2,145,868 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Total recognized in net periodic benefit cost and other |
|
|
|
|
|
|
|
|
|
|
|
|
| Comprehensive income (loss) |
|
$ |
1,176,855 |
|
|
$ |
922,870 |
|
|
$ |
2,347,228 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Additional disclosure information |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated benefit obligation |
|
$ |
8,788,626 |
|
|
$ |
7,601,249 |
|
|
$ |
7,543,340 |
|
| Vested benefit obligation |
|
$ |
8,780,087 |
|
|
$ |
7,539,365 |
|
|
$ |
7,408,014 |
|
| Discount rate used for net pension cost |
|
|
4.25 |
% |
|
|
4.00 |
% |
|
|
5.00 |
% |
| Discount rate used for disclosure |
|
|
4.00 |
% |
|
|
4.25 |
% |
|
|
4.00 |
% |
| Expected return on plan assets |
|
|
7.50 |
% |
|
|
7.50 |
% |
|
|
7.50 |
% |
| Rate of compensation increase |
|
|
3.00 |
% |
|
|
3.00 |
% |
|
|
3.00 |
% |
| Average remaining service (years) |
|
|
13 |
|
|
|
13 |
|
|
|
14 |
|
|