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Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Assumptions used in accounting for the defined benefit plan
The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
 20202019
Weighted average discount rates for pension benefit obligation
2.02% - 2.36%
2.98% - 3.20%
Weighted average discount rates for net periodic benefit cost
2.98% - 3.20%
4.10% - 4.20%
Expected long-term rate of return on assets for net periodic benefit cost7.00 %7.50 %
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:
 20202019
Weighted average discount rates for benefit obligation1.37 %2.65 %
Weighted average discount rates for net periodic benefit cost
1.37% - 2.65%
3.80 %
Health care cost trend rate assumed for next year6.25 %6.50 %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)5.0 %5.0 %
Year that the rate reaches the ultimate trend rate20272025
Net periodic benefit income and expense for the defined benefit plan
Set forth below is a detail of the net periodic pension (income) expense for the defined benefit plans for the years ended December 31:
 20202019
Interest cost$1,285 $1,710 
Expected return on plan assets(2,435)(2,778)
Amortization of actuarial loss597 422 
Amortization of prior service cost58 58 
     Settlements— 873 
Net periodic pension (income) expense$(495)$285 
Set forth below is a detail of the net periodic benefit (income) expense for the postretirement health care plans for the years ended December 31:
 20202019
Service cost$21 $24 
Interest cost52 77 
Amortization of actuarial (gain) loss(1)8 
Amortization of prior service credit(59)(80)
Amortization of curtailment(31)— 
Net periodic benefit (income) expense$(18)$29 
Changes in plan assets and benefit obligations recognized in comprehensive income (loss)
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive loss (income) for the years ended December 31:
 20202019
Current year actuarial loss (gain)$667 $(1,030)
Amortization of actuarial loss(597)(422)
Amortization of prior service cost(58)(58)
Settlements— (873)
Total recognized in other comprehensive loss (income)$12 $(2,383)
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31:
 20202019
Current year actuarial loss$194 $46 
Amortization of actuarial gain (loss)1 (8)
Amortization of prior service credit59 80 
Amortization of curtailment31 — 
Transfers46 — 
Total recognized in other comprehensive income$331 $118 
Changes in benefit obligations during the year and funded status of defined benefit plan
The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
 20202019
Change in benefit obligation  
Projected benefit obligation at beginning of year$41,854 $42,026 
Interest cost1,285 1,710 
Actuarial loss3,996 3,121 
Benefits paid(2,535)(2,391)
Settlements— (2,612)
Projected benefit obligation at end of year$44,600 $41,854 
Accumulated benefit obligation at end of year$44,600 $41,854 
Change in plan assets  
Fair value of plan assets at beginning of year$37,364 $34,954 
Actual return on plan assets5,763 6,930 
Employer contributions507 483 
Benefits paid(2,535)(2,391)
Settlements— (2,612)
Fair value of plan assets at end of year$41,099 $37,364 
Funded status at end of year$(3,501)$(4,490)
Amounts recognized in the balance sheets consist of:  
Non-current assets$4,070 $3,079 
Current liabilities(549)(606)
Non-current liabilities(7,022)(6,963)
 $(3,501)$(4,490)
Components of accumulated other comprehensive loss (income) consist of:
Actuarial loss$14,022 $13,951 
Prior service cost761 819 
Deferred taxes(3,316)(3,305)
 $11,467 $11,465 
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31:
 20202019
Change in benefit obligation  
Benefit obligation at beginning of year$2,049 $2,113 
Service cost21 24 
Interest cost52 77 
Plan amendments49 — 
Actuarial loss145 46 
Benefits paid(262)(211)
Benefit obligation at end of year$2,054 $2,049 
Funded status at end of year$(2,054)$(2,049)
Amounts recognized in the balance sheets consist of:  
Current liabilities$(238)$(204)
Noncurrent liabilities(1,816)(1,845)
 $(2,054)$(2,049)
Components of accumulated other comprehensive loss (income) consist of:  
Actuarial loss$466 $227 
Prior service credit(167)(259)
Deferred taxes(167)(96)
 $132 $(128)
Future benefit payments
Future pension benefit payments expected to be paid from assets of the pension plans are:
2021$2,631 
20222,600 
20232,676 
20242,695 
20252,666 
2026 - 203012,866 
 $26,134 
Future postretirement health care benefit payments expected to be paid are:
2021239 
2022226 
2023211 
2024196 
2025171 
2026 - 2030688 
 $1,731 
Actual allocation percentage and target allocation percentage for pension plan assets
The following is the actual allocation percentage and target allocation percentage for the pension plan assets at December 31:
 2020
Actual
Allocation		2019
Actual
Allocation		Target Allocation
Range
U.S. equity securities45.4 %45.1 %
36.0% - 54.0%
Non-U.S. equity securities20.3 %20.0 %
16.0% - 24.0%
Fixed income securities33.9 %34.4 %
30.0% - 40.0%
Money market0.4 %0.5 %
0.0% - 10.0%
Fair value of pension plan assets
The fair value of each major category of the Company's pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. Following are the values as of December 31:
Level 1
 20202019
U.S. equity securities$18,640 $16,862 
Non-U.S. equity securities8,335 7,482 
Fixed income securities13,948 12,854 
Money market176 166 
Total$41,099 $37,364