PENSION PLAN AND OTHER BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Change in Benefit Obligation

The following table presents (1) changes in the plan's accumulated postretirement benefit obligation and (2) the plan's funded status at December 31, 2019 and 2018 (in thousands):

Changes in accumulated postretirement benefit obligation:	2019			2018
Accumulated postretirement benefit obligation - beginning of year	$	363		$	441
Service cost	—			—
Interest cost	16			16
Participant contributions	49			73
Amendments	—			—
Actuarial (gain) loss	31			22
Benefits paid	(127		)	(189		)
Accumulated postretirement benefit obligation at end of year	$	332		$	363

The following table presents Executive Supplemental Pension plan status at December 31, 2019 and 2018 (in thousands):

Change in projected benefit obligation:	2019			2018
Benefit obligation at beginning of year	$	1,179		$	1,289
Service cost	—			—
Interest cost	49			46
Actuarial (gain) loss	113			(47		)
Benefits paid	(109		)	(109		)
Projected benefit obligation at end of year	$	1,232		$	1,179

The following table presents (1) changes in the plan's projected benefit obligation and plan assets, and (2) the plan's funded status at December 31, 2019 and 2018 (in thousands):

Change in projected benefit obligation:	2019			2018
Benefit obligation at beginning of year	$	36,022		$	42,240
Interest cost	1,522			1,551
Actuarial (gain) loss	4,474			(2,491		)
Settlements	—			(3,288		)
Benefits paid	(2,132		)	(1,990		)
Benefit obligation at end of year	$	39,886		$	36,022

Change in Plan Assets

Changes in plan assets:	2019			2018
Fair value of plan assets at beginning of year	$	—		$	—
Employer contributions	109			109
Benefits paid	(109		)	(109		)
Fair value of plan assets at end of year	$	—		$	—
Unfunded status	$	(1,232	)	$	(1,179	)

Change in plan assets:	2019			2018
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution	78			116
Plan participants’ contributions	49			73
Benefits paid	(127		)	(189		)
Fair value of plan assets at end of year	$	—		$	—
Unfunded status	$	(332	)	$	(363	)

Change in plan assets:	2019			2018
Fair value of plan assets at beginning of year	$	41,476		$	46,672
Actual return on plan assets	6,213			82
Employer contributions	—			—
Settlements	—			(3,288		)
Benefits paid	(2,132		)	(1,990		)
Fair value of plan assets at end of year	$	45,557		$	41,476
Funded status	$	5,671		$	5,454

Amount Recognized in Accumulated Other Comprehensive Income

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2019 and 2018 consist of the following (in thousands):

	2019		2018
Net actuarial loss	$	283	$	174
Prior service cost	—		—
Total before tax effects	$	283	$	174

Amount recognized in accumulated other comprehensive income (loss) at December 31, 2019 and 2018 consist of the following (in thousands):

	2019			2018
Net actuarial loss	$	417		$	491
Prior service credit	(440		)	(661		)
Total before tax effects	$	(23	)	$	(170	)

Amount recognized in accumulated other comprehensive income (loss) at December 31, 2019 and 2018 consist of the following (in thousands):

	2019		2018
Net actuarial loss	$	9,352	$	9,075
Prior service cost	—		—
Total before tax effects	$	9,352	$	9,075

Assumptions Used in Determining Benefit Obligation

Accumulated benefit obligation at December 31, 2019 and 2018 was $1.2 million and $1.2 million, respectively.

Weighted-average assumption for disclosure as of December 31:	2019		2018		2017
Discount rate	3.33	%	4.35	%	3.74	%
Assumed rate of future compensation increase	N/A		N/A		N/A

The principal actuarial assumptions used in determining the projected benefit obligation as of December 31, 2019, 2018 and 2017 were as follows:

	2019		2018		2017
Discount rate	3.33	%	4.35	%	3.74	%
Assumed rate of future compensation increase	N/A		N/A		N/A

Components of Net Periodic Benefit Cost

The components of net periodic postretirement benefit cost for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):

Net periodic cost (benefit)	2019			2018			2017
Service cost	$	—		$	—		$	—
Interest cost	16			16			20
Amortization of prior service benefit	(220		)	(220		)	(220		)
Recognized actuarial loss	105			123			143
Recognized prior service benefit due to curtailments	—			—			—
Net periodic postretirement cost (benefit)	$	(99	)	$	(81	)	$	(57	)

The components of net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):

Net periodic benefit cost	2019		2018		2017
Service cost	$	—	$	—	$	—
Interest cost	49		46		50
Recognized actuarial loss	4		7		3
Net periodic postretirement benefit cost	$	53	$	53	$	53

Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) in 2019, 2018 and 2017 consist of the following (in thousands):

Net periodic benefit cost	2019			2018			2017
Service cost, benefits earned during the year	$	—		$	—		$	—
Interest cost on projected benefit obligation	1,522			1,551			1,646
Expected return on plan assets	(2,221		)	(3,309		)	(3,144		)
Amortization of net loss	204			188			267
Amortization of  prior service cost	—			—			—
Recognized (gain) loss due to settlements	—			828			—
Net periodic cost (benefit)	$	(495	)	$	(742	)	$	(1,231	)

Schedule of Other Amounts Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):	2019			2018			2017
Net actuarial (gain) loss	$	481		$	736		$	(1,165	)
Recognized loss	(204		)	(1,016		)	(267		)
Amortization of prior service cost	—			—			—
Total recognized in other comprehensive income (loss) (before tax effect)	$	277		$	(280	)	$	(1,432	)
Total recognized in net (benefit) cost and other comprehensive income (loss) (before tax effect)	$	(218	)	$	(1,022	)	$	(2,663	)

Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss):	2019			2018			2017
Net actuarial (gain) loss	$	113		$	(47	)	$	66
Recognized actuarial loss	(4		)	(7		)	(3		)
Total recognized in other comprehensive income (loss) (before tax effect)	$	109		$	(54	)	$	63
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)	$	162		$	(1	)	$	116

Other changes in plan assets and benefit obligations   recognized  in other comprehensive income (loss):	2019			2018			2017
Net actuarial loss	$	31		$	22		$	98
Recognized actuarial loss	(105		)	(123		)	(143		)
Prior service credit	—			—			—
Amortization of prior service benefit	220			220			220
Total recognized in other comprehensive income (loss)(before tax effect)	$	146		$	119		$	175
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)	$	47		$	38		$	118

Amounts Expected to be Recognized in Net Periodic Cost

Amounts expected to be recognized in net periodic cost during 2020 (in thousands):
Loss recognition	$	196
Prior service cost recognition	$	—

Amounts expected to be recognized in net periodic cost during 2020 (in thousands):
Loss recognition	$	96
Prior service cost recognition	$	(220	)

Amounts expected to be recognized in net periodic cost during 2020 (in thousands):
Loss recognition	$	13
Prior service cost recognition	$	—

Assumptions Used in Determining Net Periodic Benefit Cost

The principal actuarial assumptions used in determining the net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 were as follows:

	2019		2018		2017
Discount rate	4.35	%	3.74	%	4.16	%
Expected long-term rate of return on assets	5.50	%	7.25	%	7.75	%
Assumed rate of future compensation increase	N/A		N/A		N/A

Weighted-average assumptions for net periodic cost as of December 31:	2019		2018		2017
Discount rate	4.35	%	3.74	%	4.16	%
Salary scale	N/A		N/A		N/A

Target Assets Allocations

The expected return on plan assets was determined based on a CAPM using historical and expected future returns of the various asset classes, reflecting the target allocations described below.

Asset Class	Target Allocation 2019	Percentage of Plan Assets at December 31,				Expected Long-Term Rate of Return
		2019		2018
Large cap domestic equities	20% - 50%	38	%	38	%	7.5	%
Mid-cap domestic equities	0% - 15%	2	%	2	%	9.5	%
Small-cap domestic equities	0% - 10%	2	%	6	%	7.8	%
International equities	0% - 20%	8	%	4	%	4.7	%
Intermediate fixed income	30% - 70%	45	%	37	%	4.6	%
Alternative assets	0% - 10%	—	%	—	%	—	%
Cash	0% - 20%	5	%	13	%	1.3	%
Total		100	%	100	%

Fair Value of Plan Assets

The fair value of the plan assets at December 31, 2019 and 2018, by asset class are as follows (in thousands):

			Fair Value Measurement at December 31, 2019 Using
Plan Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	2,210	$	2,210	$	—	$	—
Equity securities:
U.S. companies	17,939		17,939		—		—
International companies	—				—		—
Mutual funds	21,328		21,328		—		—
Debt securities:
U.S. Treasuries/Government bonds	3,054		—		3,054		—
U.S. Corporate bonds	1,026		—		1,026		—
Total plan assets	$	45,557	$	41,477	$	4,080	$	—

			Fair Value Measurement at December 31, 2018 Using
Plan Assets	Carrying Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	5,476	$	5,476	$	—	$	—
Equity securities:
U.S. companies	16,244		16,244		—		—
International companies	—		—		—		—
Mutual funds	16,242		16,242		—		—
Debt securities:
U.S. Treasuries/Government bonds	2,031		—		2,031		—
U.S. Corporate bonds	1,483		—		1,483		—
Total plan assets	$	41,476	$	37,962	$	3,514	$	—

Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plan.  A one-percentage point change in assumed health care cost trend rates would have the following effects (in thousands):

Effect of a 1% increase in health care trend rate on:	2019		2018		2017
Benefit obligation	$	17	$	4	$	5
Total service and interest cost	$	1	$	—	$	—

Effect of a 1% decrease in health care trend rate on:	2019			2018			2017
Benefit obligation	$	(16	)	$	(4	)	$	(6	)
Total service and interest cost	$	(1	)	$	—		$	—

Weighted-Average Assumption for Disclosure of Health Care Cost Trend

Weighted-average assumption for disclosure as of December 31:	2019		2018		2017
Discount rate	3.33	%	4.35	%	3.74	%
Health care cost trend: Initial (Pre-65/Post 65)	6.95% / 5.45%		6.95% / 5.45%		6.50	%
Health care cost trend: Ultimate (Pre-65/Post 65)	4.75% / 4.75%		4.75% / 4.75%		5.00	%
Year ultimate cost trend reached	2025		2024		2021

Weighted-Average Assumption for Net Periodic Cost

Weighted-average assumptions for net periodic cost as of December 31:	2019		2018		2017
Discount rate	4.35	%	3.74	%	4.16	%
Health care cost trend: Initial	6.95% / 5.45%		6.50	%	6.50	%
Health care cost tread: Ultimate	4.75% / 4.75%		5.00	%	5.00	%
Year ultimate reached	2024		2021		2020

Estimated Benefit Payments

The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the pension plan (in thousands):

Calendar Year	Future Expected Benefit Payments
2020	$	2,223
2021	$	2,240
2022	$	2,251
2023	$	2,251
2024	$	2,269
2025-2029	$	11,350

The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten for the Supplemental Pension Plan (in thousands):

Calendar Year	Future Estimated Benefit Payments
2020	$	109
2021	$	107
2022	$	105
2023	$	102
2024	$	99
2025-2029	$	431

The following table presents the estimated benefit payments for each of the next five years and the aggregate amount expected to be paid in years six through ten (in thousands):

Calendar Year	Future Estimated Benefit Payments
2020	$	86
2021	$	50
2022	$	37
2023	$	38
2024	$	21
2025-2029	$	87