XML 110 R49.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Associate Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits
The following disclosures relating to postretirement medical benefits were measured at December 31:
 
(Dollars in thousands)201920182017
Change in benefit obligation:
Benefit obligation at beginning of year$1,893  $1,990  $1,764  
Service cost54  60  53  
Interest cost78  70  71  
Actuarial loss (gain)229  (143) 207  
Benefits paid(84) (84) (105) 
Benefit obligation at end of year$2,170  $1,893  $1,990  
Change in plan assets:
Fair value of plan assets at beginning of year$—  $—  $—  
Employer contributions84  84  105  
Benefits paid(84) (84) (105) 
Fair value of plan assets at end of year$—  $—  $—  
Unfunded status$(2,170) $(1,893) $(1,990) 
Amounts recognized in accumulated other comprehensive income(1):
Net prior service credit$511  $587  $663  
Net gain491  783  685  
Net amount recognized$1,002  $1,370  $1,348  
Components of net periodic benefit cost:
Service cost$54  $60  $53  
Interest cost78  70  71  
Amortization of prior service cost(76) (76) (76) 
Net gain recognition(63) (45) (70) 
Net periodic benefit cost$(7) $9  $(22) 
Assumption used to determine net periodic benefit cost:
Discount rate4.20 %3.60 %4.10 %
Assumption used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate3.10 %4.20 %3.60 %
(1)Before tax effects
Estimated Future Benefit Payments
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)
During 2020$63  
During 202162  
During 202264  
During 202367  
During 202472  
During 2025 through 2029447  
$775  
Schedule of Allocation of Plan Assets
The fair values and weighted average asset allocations in plan assets of all pension and postretirement plan assets at December 31, 2019 by asset category are as follows:

Category Used for Fair Value Measurement
December 31, 2019
(Dollars in thousands)Level 1Level 2Level 3TotalPercent
Assets:
Mutual Funds:
Large cap$4,532  $—  $—  $4,532  4.5 %
Mid cap67  —  —  67  0.1 %
Small cap63  —  —  63  0.1 %
International7,902  —  —  7,902  7.9 %
Global Managed Volatility6,955  —  —  6,955  6.9 %
U.S. Managed Volatility2,611  —  —  2,611  2.6 %
Fixed Income62,924  —  —  62,924  62.7 %
U.S. Government Agencies15,166  —  —  15,166  15.1 %
Accrued Income168  —  —  168  0.1 %
Total$100,388  $—  $—  $100,388  100.0 %
Beneficial  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits
The following disclosures relating to Beneficial pension benefits and other postretirement benefit plans were measured at December 31, 2019:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
Change in benefit obligation:
Benefit obligation at beginning of year$—  $—  
Acquired in business combinations91,568  19,504  
Service cost—  76  
Interest cost2,851  588  
Plan participants' contributions—  34  
Actuarial loss12,020  1,035  
Benefits Paid(3,561) (974) 
Benefit obligation at end of year$102,878  $20,263  
Change in plan assets:
Fair value of plan assets at beginning of year$—  $—  
Acquired in business combinations90,814  —  
Actual return on Plan Assets13,350  —  
Employer contribution293  940  
Participants' contributions—  34  
Benefits paid(3,561) (974) 
Administrative expenses(508) —  
Fair value of plan assets at end of year$100,388  $—  
Unfunded status$(2,490) $(20,263) 
Amounts recognized in accumulated other comprehensive income(1):
Net loss$(4,174) $(1,035) 
Components of net periodic benefit cost:
Service cost$—  $76  
Interest cost2,851  588  
Expected return on plan assets(4,829) —  
Net periodic benefit cost$(1,978) $664  
(1)Before tax effects
Significant assumptions used to calculate the net periodic benefit cost and obligation for Beneficial postretirement plans as of December 31, 2019 are as follows:
Consolidated Pension Plan2019
Discount rate for net periodic benefit cost4.14 %
Expected return on plan assets6.50 %
Discount rate for disclosure obligations3.25 %
Beneficial Bank Other Postretirement
Discount rate for net periodic benefit cost4.10 %
Discount rate for disclosure obligations3.19 %
FMS Other Postretirement
Discount rate for net periodic benefit cost3.60 %
Discount rate for disclosure obligations2.60 %
Split-Dollar Plan
Discount rate for net periodic benefit cost3.54 %
Discount rate for disclosure obligations2.55 %
Estimated Future Benefit Payments
Estimated future benefit payments:
The following table shows the expected future payments for the next 10 years:
(Dollars in thousands)Pension BenefitsOther Postretirement Benefits
During 2020$4,744  $990  
During 20215,649  1,007  
During 20224,874  1,022  
During 20235,501  1,033  
During 20246,219  1,052  
During 2025 through 202927,855  5,780  
$54,842  $10,884  
Pennsylvania | Alliance  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Periodic Benefit Cost Components of Postretirement Benefits
The following disclosures relating to Alliance pension benefits were measured at December 31:
 
(Dollars in thousands)201920182017
Change in benefit obligation:
Benefit obligation at beginning of year$6,289  $7,853  $7,517  
Interest cost253  279  297  
Settlements(282) (1,142) —  
Disbursements(231) (271) (407) 
Actuarial loss (gain)864  (430) 446  
Benefit obligation at end of year$6,893  $6,289  $7,853  
Change in plan assets:
Fair value of plan assets at beginning of year$6,533  $8,378  $7,504  
Actual return on plan assets1,435  (393) 1,314  
Settlements(273) (1,146) —  
Benefits paid(231) (271) (407) 
Administrative expenses(33) (35) (33) 
Fair value of plan assets at end of year$7,431  $6,533  $8,378  
Funded status$538  $244  $525  
Amounts recognized in accumulated other comprehensive income(1):
Net (loss) gain$(279) $(413) $170  
Components of net periodic benefit cost:
Service cost$40  $40  $40  
Interest cost253  279  297  
Expected return on plan assets(471) (596) (548) 
Settlements16  (24) —  
Net gain recognition—  413  (170) 
Net periodic benefit cost$(162) $112  $(381) 
Assumptions used to value the Accumulated Postretirement Benefit Obligation (APBO):
Discount rate for net periodic benefit cost4.20 %3.60 %4.00 %
Expected return on plan assets7.50 %7.50 %7.50 %
Discount rate for disclosure obligations2.40 %4.20 %3.60 %
(1)Before tax effects
Estimated Future Benefit Payments
Estimated future benefit payments:
During the fourth quarter of 2018, the Company notified the Alliance pension plan participants, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation of its intention to terminate the plan. The Company currently anticipates completing the pension plan termination in 2020. As of December 31, 2019, the valuation of the benefit obligations and estimated future benefit payments includes termination assumptions, and the remaining expected future payments are $6.9 million during 2020.