XML 40 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Schedule of Amounts Not Yet Recognized In Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive income (loss), net of tax, at December 31, 2018 that have not yet been recognized in net periodic benefit cost are as follows:

 

 

 

Pension

plans

 

 

Other

postretirement

benefits

 

 

 

(In thousands)

 

Net actuarial loss (gain)

 

$

129

 

 

$

(868

)

 

Schedule of Amounts Expected to be Recognized in Net Periodic Benefit Cost

Amounts included in accumulated other comprehensive income (loss), net of tax, at December 31, 2018 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2019 are as follows:

 

 

 

Pension

plans

 

 

Other

postretirement

benefits

 

 

 

(In thousands)

 

Net actuarial loss (gain)

 

$

29

 

 

$

(77

)

 

Components of Net Periodic Pension/Postretirement Benefit Cost

The following table sets forth the components of net periodic pension cost for the years ended December 31, 2018, 2017 and 2016 based on a December 31 measurement date:

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

Service cost - benefits earned during the year

 

$

 

 

$

2

 

 

$

3

 

Interest cost on projected benefit obligations

 

 

305

 

 

 

1,228

 

 

 

1,711

 

Expected return on plan assets

 

 

(835

)

 

 

(1,596

)

 

 

(2,199

)

Amortization of net loss

 

 

262

 

 

 

525

 

 

 

575

 

Settlement expense

 

 

19,900

 

 

 

641

 

 

 

1,510

 

Net periodic pension cost

 

$

19,632

 

 

$

800

 

 

$

1,600

 

 

The following table sets forth the components of net periodic postretirement benefit cost for the years ended December 31, 2018, 2017 and 2016:

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

(In thousands)

 

Service cost, benefits attributed for service of active

   employees for the period

 

$

124

 

 

$

121

 

 

$

137

 

Interest cost on the accumulated postretirement benefit obligation

 

 

189

 

 

 

195

 

 

 

257

 

Net gain

 

 

(30

)

 

 

(49

)

 

 

 

Amortization of prior service credit

 

 

(13

)

 

 

(25

)

 

 

(25

)

Net periodic postretirement benefit cost

 

$

270

 

 

$

242

 

 

$

369

 

 

Schedule of Actuarial Assumptions

Actuarial assumptions used in the determination of the net periodic pension cost are:

 

 

 

2018

 

 

2017

 

 

2016

 

Discount rate

 

 

2.00

%

 

 

3.90

%

 

 

4.14

%

Expected long-term return on plan assets

 

 

3.00

%

 

 

4.00

%

 

 

5.25

%

Rate of compensation increase

 

n/a

 

 

n/a

 

 

n/a

 

The actuarial assumption used in the determination of the benefit obligation of the above data is:

 

 

 

2018

 

2017

 

Discount rate

 

N/A

 

2.0%

 

Reconciliation of Benefit Obligations, Plan Assets and Funded Status

The following table provides a reconciliation of benefit obligations, plan assets and funded status based on a December 31 measurement date:

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation at beginning of plan year

 

$

42,898

 

 

$

42,030

 

Service cost

 

 

 

 

 

2

 

Interest cost

 

 

305

 

 

 

1,228

 

Actuarial loss

 

 

(198

)

 

 

2,940

 

Benefits paid

 

 

(43,005

)

 

 

(3,302

)

Projected benefit obligation at measurement date

 

$

 

 

$

42,898

 

 

 

 

 

 

 

 

 

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of plan year

 

$

41,517

 

 

$

42,061

 

Actual return on plan assets

 

 

(1,375

)

 

 

1,933

 

Company contribution

 

 

2,860

 

 

 

825

 

Benefits paid

 

 

(43,002

)

 

 

(3,302

)

Fair value of plan assets at measurement date

 

$

 

 

$

41,517

 

 

 

 

 

 

 

 

 

 

Funded status of the plan:

 

 

 

 

 

 

 

 

Benefit obligation in excess of plan assets

 

$

 

 

$

(1,381

)

Benefit plan assets in excess of benefit obligation

 

 

 

 

 

 

Pension liability

 

$

 

 

$

(1,381

)

Schedule of Fair Value of Qualified Pension Plan Assets

The fair value of the Company's qualified pension plan assets by category as of and for the year ended December 31, 2017 was as follows:

 

 

 

2017

 

 

 

Market

value

 

 

Quoted

prices in active

markets for

identical assets

(Level 1)

 

 

Significant

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

 

 

(In thousands)

 

Fixed income funds (a)

 

$

40,776

 

 

 

 

 

$

40,776

 

 

 

 

Cash/cash equivalents (b)

 

 

741

 

 

 

741

 

 

 

 

 

 

 

Total

 

$

41,517

 

 

$

741

 

 

$

40,776

 

 

$

 

 

(a)

The Fixed income funds consist of bonds.  In aggregate, the funds seek to provide investment results approximating the return of the Plan’s obligations.  The funds consist of long credit bonds, intermediate credit bonds, short duration government credit bonds and bank loans.

(b)

This category comprises the cash held to pay beneficiaries.  The fair value of cash equals its book value.

Reconciliation of Projected Benefit Obligation The following table provides a reconciliation of the projected benefit obligation at the Company's December 31 measurement date:

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Benefit obligation at beginning of year

 

$

6,073

 

 

$

6,131

 

Service cost

 

 

124

 

 

 

121

 

Interest cost

 

 

189

 

 

 

195

 

Actuarial gain

 

 

(511

)

 

 

(180

)

Plan participants' contributions

 

 

547

 

 

 

564

 

Benefits paid

 

 

(871

)

 

 

(758

)

Benefit obligation and funded status at end of year

 

$

5,551

 

 

$

6,073

 

 

Schedule of Amounts Recognized in Consolidated Balance Sheets

The amounts recognized in the Consolidated Balance Sheets at December 31 are:

 

 

 

2018

 

 

2017

 

 

 

(In thousands)

 

Accrued compensation and employee benefits

 

$

367

 

 

$

370

 

Accrued non-pension postretirement benefits

 

 

5,184

 

 

 

5,703

 

Amounts recognized at December 31

 

$

5,551

 

 

$

6,073