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 |
|
|