PENSION PLAN AND OTHER BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Change in Benefit Obligation

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, 2020 and 2019 (in thousands):

Change in projected benefit obligation:	2020		2019
Benefit obligation at beginning of year	$	39,886	$	36,022
Service cost	—		—
Interest cost	1,300		1,522
Actuarial (gain) loss	3,735		4,474
Curtailments	—		—
Settlements	—		—
Benefits paid	(2,140)		(2,132)
Benefit obligation at end of year	$	42,781	$	39,886

The following table presents (1) changes in the plan's accumulated postretirement benefit obligation and (2) the plan's funded status at December 31, 2020 and 2019 (in thousands):

Changes in accumulated postretirement benefit obligation:	2020		2019
Accumulated postretirement benefit obligation - beginning of year	$	332	$	363
Service cost	—		—
Interest cost	9		16
Participant contributions	35		49
Amendments	—		—
Actuarial (gain) loss	(57)		31
Benefits paid	(70)		(127)
Accumulated postretirement benefit obligation at end of year	$	249	$	332

The following table presents Executive Supplemental Pension plan status at December 31, 2020 and 2019 (in thousands):

Change in projected benefit obligation:	2020		2019
Benefit obligation at beginning of year	$	1,232	$	1,179
Service cost	—		—
Interest cost	39		49
Actuarial (gain) loss	89		113
Benefits paid	(109)		(109)
Projected benefit obligation at end of year	$	1,251	$	1,232

Change in Plan Assets

Change in plan assets:	2020		2019
Fair value of plan assets at beginning of year	$	45,557	$	41,476
Actual return on plan assets	6,717		6,213
Employer contributions	—		—
Settlements	—		—
Benefits paid	(2,140)		(2,132)
Fair value of plan assets at end of year	$	50,134	$	45,557
Funded status	$	7,353	$	5,671

Change in plan assets:	2020		2019
Fair value of plan assets at beginning of year	$	—	$	—
Employer contribution	35		78
Plan participants’ contributions	35		49
Benefits paid	(70)		(127)
Fair value of plan assets at end of year	$	—	$	—
Unfunded status	$	(249)	$	(332)

Changes in plan assets:	2020		2019
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	$	(1,251)	$	(1,232)

Amount Recognized in Accumulated Other Comprehensive Income

Amount recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 consist of the following (in thousands):

	2020		2019
Net actuarial loss	$	8,602	$	9,352
Prior service cost	—		—
Total before tax effects	$	8,602	$	9,352

Amount recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 consist of the following (in thousands):

	2020		2019
Net actuarial loss	$	286	$	417
Prior service credit	(220)		(440)
Total before tax effects	$	66	$	(23)

Amounts recognized in accumulated other comprehensive income (loss) at December 31, 2020 and 2019 consist of the following (in thousands):

	2020		2019
Net actuarial loss	$	359	$	283
Prior service cost	—		—
Total before tax effects	$	359	$	283

Assumptions Used in Determining Benefit Obligation

The principal actuarial assumptions used in determining the projected benefit obligation as of December 31, 2020, 2019 and 2018 were as follows:

	2020		2019		2018
Discount rate	2.61	%	3.33	%	4.35	%
Assumed rate of future compensation increase	N/A		N/A		N/A
Weighted-average interest crediting rate	N/A		N/A		N/A

Accumulated benefit obligation at December 31, 2020 and 2019 was $1.3 million and $1.2 million, respectively.

Weighted-average assumption for disclosure as of December 31:	2020		2019		2018
Discount rate	2.61	%	3.33	%	4.35	%
Assumed rate of future compensation increase	N/A		N/A		N/A
Weighted-average interest crediting rate	N/A		N/A		N/A

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) in 2020, 2019 and 2018 consist of the following (in thousands):

Net periodic benefit cost	2020		2019		2018
Service cost, benefits earned during the year	$	—	$	—	$	—
Interest cost on projected benefit obligation	1,300		1,522		1,551
Expected return on plan assets	(2,444)		(2,221)		(3,309)
Amortization of net loss	213		204		188
Amortization of  prior service cost	—		—		—
Recognized (gain) loss due to settlements	—		—		828
Net periodic cost (benefit)	$	(931)	$	(495)	$	(742)

The components of net periodic postretirement benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):

Net periodic cost (benefit)	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	9		16		16
Expected return on plan assets	—		—		—
Amortization of prior service benefit	(220)		(220)		(220)
Recognized actuarial loss	74		105		123
Recognized prior service benefit due to curtailments	—		—		—
Net periodic postretirement cost (benefit)	$	(137)	$	(99)	$	(81)

The components of net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):

Net periodic benefit cost	2020		2019		2018
Service cost	$	—	$	—	$	—
Interest cost	39		49		46
Recognized actuarial loss	13		4		7
Net periodic postretirement benefit cost	$	52	$	53	$	53

Schedule of Other Amounts Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):	2020		2019		2018
Net actuarial (gain) loss	$	(538)	$	481	$	736
Recognized loss	(213)		(204)		(1,016)
Amortization of prior service cost	—		—		—
Total recognized in other comprehensive income (loss) (before tax effect)	$	(751)	$	277	$	(280)
Total recognized in net (benefit) cost and other comprehensive income (loss) (before tax effect)	$	(1,682)	$	(218)	$	(1,022)

Other changes in plan assets and benefit obligations   recognized  in other comprehensive income (loss):	2020		2019		2018
Net actuarial (gain) loss	$	(57)	$	31	$	22
Recognized actuarial loss	(74)		(105)		(123)
Prior service credit	—		—		—
Amortization of prior service benefit	220		220		220
Total recognized in other comprehensive income (loss)(before tax effect)	$	89	$	146	$	119
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)	$	(48)	$	47	$	38

Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss):	2020		2019		2018
Net actuarial (gain) loss	$	89	$	113	$	(47)
Recognized actuarial loss	(13)		(4)		(7)
Total recognized in other comprehensive income (loss) (before tax effect)	$	76	$	109	$	(54)
Total recognized in net benefit cost and other comprehensive income (loss) (before tax effect)	$	128	$	162	$	(1)

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, 2020, 2019 and 2018 were as follows:

	2020		2019		2018
Discount rate	3.33	%	4.35	%	3.74	%
Expected return on assets	5.50	%	5.50	%	7.25	%
Assumed rate of future compensation increase	N/A		N/A		N/A
Weighted-average interest crediting rate	N/A		N/A		N/A

Weighted-average assumptions for net periodic cost as of December 31:	2020		2019		2018
Discount rate	3.33	%	4.35	%	3.74	%
Expected asset return	N/A		N/A		N/A
Assumed rate of future compensation increase	N/A		N/A		N/A
Weighted-average interest crediting rate	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 2020	Percentage of Plan Assets at December 31,				Expected Long-Term Rate of Return
		2020		2019
Large cap domestic equities	20% - 50%	43	%	38	%	8.7	%
Mid-cap domestic equities	0% - 15%	2	%	2	%	9.4	%
Small-cap domestic equities	0% - 10%	3	%	2	%	8.8	%
International equities	0% - 20%	3	%	8	%	5.1	%
Intermediate fixed income	30% - 70%	45	%	45	%	4.7	%
Alternative assets	0% - 10%	—	%	—	%	—	%
Cash	0% - 20%	4	%	5	%	1.3	%
Total		100	%	100	%

Fair Value of Plan Assets

The fair value of the plan assets at December 31, 2020 and 2019, by asset class are as follows (in thousands):

			Fair Value Measurement atDecember 31, 2020 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	$	2,047	$	2,047	$	—	$	—
Equity securities:
U.S. companies	21,716		21,716		—		—
Mutual funds	23,778		23,778		—		—
Debt securities:
U.S. Treasuries/Government bonds	2,318		—		2,318		—
U.S. Corporate bonds	275		—		275		—
Total plan assets	$	50,134	$	47,541	$	2,593	$	—

			Fair Value Measurement atDecember 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		—		—
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	$	—

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
2021	$	2,273
2022	$	2,279
2023	$	2,276
2024	$	2,283
2025	$	2,284
2026-2030	$	11,379

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
2021	$	48
2022	$	35
2023	$	36
2024	$	20
2025	$	19
2026-2030	$	74

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
2021	$	108
2022	$	106
2023	$	104
2024	$	101
2025	$	97
2026-2030	$	417

Weighted-Average Assumption for Disclosure of Health Care Cost Trend

Weighted-average assumption for disclosure as of December 31:	2020	2019	2018
Discount rate	2.61%	3.33%	4.35%
Assumed rate of future compensation increase	N/A	N/A	N/A
Health care cost trend: Initial (Pre-65/Post 65)	6.95% / 5.45%	6.95% / 5.45%	6.95% / 5.45%
Health care cost trend: Ultimate (Pre-65/Post 65)	4.75% / 4.75%	4.75% / 4.75%	4.75% / 4.75%
Year ultimate cost trend reached	2026	2025	2024

Weighted-Average Assumption for Net Periodic Cost

Weighted-average assumptions for net periodic cost as of December 31:	2020	2019	2018
Discount rate	3.33%	4.35%	3.74%
Expected return on plan assets	N/A	N/A	N/A
Assumed rate of future compensation increase	N/A	N/A	N/A
Health care cost trend: Initial	6.95% / 5.45%	6.95% / 5.45%	6.50%
Health care cost tread: Ultimate	4.75% / 4.75%	4.75% / 4.75%	5.00%
Year ultimate reached	2025	2024	2021