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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status

The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):

 

 

 

2020

 

 

2019

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

84,328

 

 

$

69,574

 

Service cost

 

 

3,693

 

 

 

3,207

 

Interest cost

 

 

2,537

 

 

 

2,777

 

Actuarial (gain) loss

 

 

11,154

 

 

 

11,993

 

Benefits paid and plan expenses

 

 

(4,152

)

 

 

(3,223

)

Projected benefit obligation at end of period

 

 

97,560

 

 

 

84,328

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

87,827

 

 

 

75,188

 

Actual return on plan assets

 

 

18,501

 

 

 

15,862

 

Employer contributions

 

 

-

 

 

 

-

 

Benefits paid and plan expenses

 

 

(4,152

)

 

 

(3,223

)

Fair value of plan assets at end of period

 

 

102,176

 

 

 

87,827

 

Funded status at end of period

 

$

4,616

 

 

$

3,499

 

 

Estimated Benefit Payments Under The Pension Plan

(21.) EMPLOYEE BENEFIT PLANS (Continued)

Estimated benefit payments under the Plan over the next ten years at December 31, 2020 are as follows (in thousands):

 

2021

 

$

4,581

 

2022

 

 

3,860

 

2023

 

 

4,213

 

2024

 

 

4,259

 

2025

 

 

4,472

 

2026 - 2030

 

 

25,042

 

Components Of Net Periodic Benefit Expense

Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):

 

 

 

2020

 

 

2019

 

 

2018

 

Service cost

 

$

3,693

 

 

$

3,207

 

 

$

3,346

 

Interest cost on projected benefit obligation

 

 

2,537

 

 

 

2,777

 

 

 

2,387

 

Expected return on plan assets

 

 

(5,136

)

 

 

(4,736

)

 

 

(5,284

)

Amortization of unrecognized loss

 

 

1,270

 

 

 

1,445

 

 

 

725

 

Amortization of unrecognized prior service (credit) cost

 

 

-

 

 

 

-

 

 

 

(5

)

Net periodic pension cost

 

$

2,364

 

 

$

2,693

 

 

$

1,169

 

Actuarial Assumptions Used

The actuarial assumptions used to determine the net periodic pension cost were as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted average discount rate

 

 

3.09

%

 

 

4.13

%

 

 

3.49

%

Rate of compensation increase

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

Expected long-term rate of return

 

 

6.00

%

 

 

6.50

%

 

 

6.50

%

 

The actuarial assumptions used to determine the projected benefit obligation were as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Weighted average discount rate

 

 

2.32

%

 

 

3.09

%

 

 

4.13

%

Rate of compensation increase

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

Plan's Target Asset Allocation And Actual Asset Allocation

The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2020 and 2019:

 

 

 

2020

 

2019

 

 

Target

 

Actual

 

Target

 

Actual

 

 

Allocation

 

Allocation

 

Allocation

 

Allocation

Asset category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Equity securities

 

 

28.25

 

 

 

31.56

 

 

 

28.25

 

 

 

31.75

 

Fixed income securities

 

 

59.75

 

 

 

62.60

 

 

 

59.75

 

 

 

57.65

 

Alternative investments

 

 

12.00

 

 

 

5.84

 

 

 

12.00

 

 

 

10.60

 

The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis

The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Fair Value

 

2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash (including foreign currencies)

 

$

6

 

 

$

-

 

 

$

-

 

 

$

6

 

Short term investment funds

 

 

-

 

 

 

1,253

 

 

 

-

 

 

 

1,253

 

Total cash equivalents

 

 

6

 

 

 

1,253

 

 

 

-

 

 

 

1,259

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds

 

 

-

 

 

 

31,848

 

 

 

-

 

 

 

31,848

 

Total equity securities

 

 

-

 

 

 

31,848

 

 

 

-

 

 

 

31,848

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds

 

 

-

 

 

 

63,171

 

 

 

-

 

 

 

63,171

 

Corporate bonds

 

 

-

 

 

 

5

 

 

 

-

 

 

 

5

 

Total fixed income securities

 

 

-

 

 

 

63,176

 

 

 

-

 

 

 

63,176

 

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds - Realty

 

 

-

 

 

 

5,893

 

 

 

-

 

 

 

5,893

 

Total Plan investments

 

$

6

 

 

$

102,170

 

 

$

-

 

 

$

102,176

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Fair Value

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash (including foreign currencies)

 

$

16

 

 

$

-

 

 

$

-

 

 

$

16

 

Short term investment funds

 

 

-

 

 

 

1,829

 

 

 

-

 

 

 

1,829

 

Total cash equivalents

 

 

16

 

 

 

1,829

 

 

 

-

 

 

 

1,845

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds

 

 

-

 

 

 

30,685

 

 

 

-

 

 

 

30,685

 

Total equity securities

 

 

-

 

 

 

30,685

 

 

 

-

 

 

 

30,685

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds

 

 

-

 

 

 

49,566

 

 

 

-

 

 

 

49,566

 

Corporate bonds

 

 

-

 

 

 

5

 

 

 

-

 

 

 

5

 

Total fixed income securities

 

 

-

 

 

 

49,571

 

 

 

-

 

 

 

49,571

 

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds - Realty

 

 

-

 

 

 

5,726

 

 

 

-

 

 

 

5,726

 

Total Plan investments

 

$

16

 

 

$

87,811

 

 

$

-

 

 

$

87,827

 

 

Changes In Fair Value Of Plan Assets

The following table sets forth a summary of the changes in the Plan’s Level 3 assets for the years ended December 31, 2020 and 2019:

 

Level 3 assets, January 1, 2019

 

$

2,897

 

Realized gain

 

 

881

 

Sales

 

 

(2,873

)

Unrealized gain

 

 

(905

)

Level 3 assets, December 31, 2019

 

 

-

 

No activity during the period

 

 

-

 

Level 3 assets, December 31, 2020

 

$

-

 

Components Of Accumulated Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan

The components of accumulated other comprehensive loss related to the defined benefit plan and postretirement benefit plan as of December 31 are summarized below (in thousands):

 

 

 

2020

 

 

2019

 

Defined benefit plan:

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

(16,412

)

 

$

(19,894

)

Prior service credit (cost)

 

 

-

 

 

 

-

 

 

 

 

(16,412

)

 

 

(19,894

)

Postretirement benefit plan:

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

(127

)

 

 

(133

)

Prior service credit

 

 

3

 

 

 

37

 

 

 

 

(124

)

 

 

(96

)

Total

 

 

(16,536

)

 

 

(19,990

)

Deferred tax benefit

 

 

4,237

 

 

 

5,122

 

Amounts included in accumulated other comprehensive loss

 

$

(12,299

)

 

$

(14,868

)

Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income

Changes in plan assets and benefit obligations recognized in other comprehensive income on a pre-tax basis during the years ended December 31 are as follows (in thousands):

 

 

 

2020

 

 

2019

 

Defined benefit plan:

 

 

 

 

 

 

 

 

Net actuarial gain (loss)

 

$

2,212

 

 

$

(867

)

Amortization of net loss

 

 

1,270

 

 

 

1,445

 

Amortization of prior service credit

 

 

-

 

 

 

-

 

 

 

 

3,482

 

 

 

578

 

Postretirement benefit plan:

 

 

 

 

 

 

 

 

Net actuarial (loss) gain

 

 

(12

)

 

 

(12

)

Amortization of net loss

 

 

18

 

 

 

18

 

Amortization of prior service credit

 

 

(34

)

 

 

(65

)

 

 

 

(28

)

 

 

(59

)

Total recognized in other comprehensive income

 

$

3,454

 

 

$

519