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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Employee Benefit Plans  
Schedule of funded status of retirement income plan

December 31,

    

2019

    

2018

(in thousands)

  

  

Accumulated benefit obligation at end of year

$

48,519

$

43,417

CHANGE IN PROJECTED BENEFIT OBLIGATION:

 

  

 

  

Benefit obligation at beginning of year

$

43,417

$

46,397

Service cost

 

 

Interest cost

 

1,960

 

1,832

Amendments

 

 

Actuarial loss (gain)

 

5,521

 

(2,658)

Benefits paid

 

(2,379)

 

(2,154)

Projected benefit obligation at end of year

$

48,519

$

43,417

CHANGE IN PLAN ASSETS:

 

 

  

Fair value of plan assets at beginning of year

$

38,364

$

38,050

Actual return (loss) on plan assets

 

4,157

 

(2,532)

Employer contribution

 

 

5,000

Benefits paid

 

(2,379)

 

(2,154)

Fair value of plan assets at end of year

$

40,142

$

38,364

Funded status at end of year

$

(8,377)

$

(5,053)

December 31,

    

2019

    

2018

(in thousands)

  

  

AMOUNTS (PRE-TAX) RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) CONSIST OF:

 

  

 

  

Net loss

$

27,693

$

24,650

Prior service cost (credit)

 

 

Net transition obligation (asset)

 

 

$

27,693

$

24,650

Schedule of amounts recognized in balance sheet

December 31,

    

2019

    

2018

(in thousands)

  

  

Funded status of the Retirement Income Plan

$

(8,377)

$

(5,053)

SERP liability

 

(30,877)

 

(24,585)

Long-term pension liabilities

$

(39,254)

$

(29,638)

Schedule of net periodic benefit cost

Years ended December 31,

    

2019

    

2018

    

2017

(in thousands)

  

  

  

Service cost for benefits earned during the period

$

$

$

Interest cost on projected benefit obligation

 

1,960

 

1,832

 

1,932

Expected return on plan assets

 

(2,598)

 

(2,837)

 

(2,356)

Amortization of net loss

 

919

 

824

 

851

Net periodic benefit plan cost

$

281

$

(181)

$

427

Schedule of amounts recognized in other comprehensive loss

(in thousands)

    

2019

    

2018

    

2017

Net (gain) loss

$

3,962

$

2,712

$

(799)

Amortization of net loss

(919)

(824)

(851)

Net transition obligation (asset)

 

 

 

Amount recognized in accumulated other comprehensive loss

$

3,043

$

1,888

$

(1,650)

Schedule of components of net periodic benefit

(in thousands)

    

2020

Amortization of net loss

$

1,002

Prior service cost (credit)

 

Net transition obligation (asset)

 

Estimated net periodic benefit plan cost

$

1,002

Schedule of weighted average assumptions

December 31,

    

2019

    

2018

    

2017

 

Projected Benefit Obligation:

  

  

  

 

Discount rate

3.60

%  

4.65

%  

4.00

%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

Net Benefit Cost:

 

  

 

  

 

  

Discount rate

 

4.65

%  

4.00

%  

4.45

%

Expected return on plan assets

 

7.00

%  

7.00

%  

7.00

%

Rate of compensation increase

 

N/A

 

N/A

 

N/A

Schedule of allocation of plan assets

    

Target Allocation

    

Percentage of Plan Assets

 

December 31, 

2020

2019

2018

 

Asset Category

  

  

  

 

Cash and cash equivalents

 

0% - 5%

1.3

%  

3.0

%

Fixed income securities

 

15% - 100%

91.7

%  

29.1

%

Domestic equity securities

 

0% - 40%

%  

39.5

%

International equity securities

 

0% - 20%

%  

19.0

%

Investments measured at net asset value

 

0% - 12%

7.0

%  

9.4

%

Total

 

100.0

%  

100.0

%  

Schedule of level three defined benefit plan assets

Fair Value Hierarchy as of December 31, 2019:

Investments (in thousands)

    

    

Total

    

Level 1

    

Level 2

Cash and Cash Equivalents

(1)

$

505

$

505

$

Fixed Income Securities

(2)

36,813

36,813

Domestic Equity Securities

 

(3)

 

3

 

3

 

Total Assets in the Fair Value Hierarchy

$

37,321

$

508

$

36,813

Investments measured at Net Asset Value

 

 

2,821

 

  

 

  

Investments at Fair Value

$

40,142

 

  

 

  

Fair Value Hierarchy as of December 31, 2018:

Investments (in thousands)

    

    

Total

    

Level 1

Level 2

Cash and Cash Equivalents

(1)

$

1,140

$

1,140

$

Fixed Income Securities

(2)

11,163

11,163

Domestic Equity Securities

(3)

15,182

5,602

9,581

International Equity Securities

 

(4)

 

7,279

 

 

7,279

Total Assets in the Fair Value Hierarchy

$

34,764

$

6,742

$

28,023

Investments measured at Net Asset Value

 

3,600

  

 

  

 

  

Investments at Fair Value

$

38,364

  

 

  

 

  

(1)Cash and cash equivalents, which are used to pay benefits and plan administrative expenses, are held in Rule 2a-7 money market funds.
(2)Fixed income securities are primarily valued using a market approach with inputs that include broker quotes, benchmark yields, base spreads and reported trades.
(3)Domestic equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
(4)International equity securities are valued using a market approach based on the quoted market prices of identical instruments in their respective markets.
Schedule of future benefits payable for the retirement income plan over the next ten years

(in thousands)

    

2020

$

2,764

2021

 

2,858

2022

 

2,899

2023

 

2,919

2024

 

2,987

2025‑2029

$

15,211

Schedule of summary of the changes in non-vested restricted shares

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2019:

    

    

Weighted Average Grant- 

    

Shares

    

Date Fair Value

Non-vested shares at January 1, 2019

2,352,150

$

17.15

Granted

 

858,150

 

11.39

Vested

 

(625,465)

 

14.73

Forfeited

 

(191,278)

 

15.90

Non-vested shares at December 31, 2019

 

2,393,557

$

13.23

The following is a summary of the changes in non-vested restricted shares for the year ended December 31, 2018:

    

    

Weighted Average Grant- 

    

Shares

    

Date Fair Value

Non-vested shares at January 1, 2018

2,736,365

$

14.50

Granted

 

522,800

 

25.13

Vested

 

(750,880)

 

13.06

Forfeited

 

(156,135)

 

17.10

Non-vested shares at December 31, 2018

 

2,352,150

$

17.15