Retirement Plans

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

NOTE 16 - RETIREMENT PLANS

We have an unfunded salary continuation plan covering certain directors, officers, and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011.

The following table summarizes the changes in plan assets and plan benefit obligations.

Year Ended December 31,	2020			2019
(Dollars in thousands)
Change in benefit obligation
Beginning benefit obligation	$	31,001		$	26,953
Interest cost		1,005			1,144
Actuarial loss		2,164			4,295
Benefit payments		(1,530	)		(1,391	)
Ending benefit obligation	$	32,640		$	31,001

The actuarial losses in 2020 and 2019 were primarily due to the decrease in discount rate.

Year Ended December 31,	2020			2019
(Dollars in thousands)
Change in plan assets
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution		1,475			1,391
Benefit payments		(1,475	)		(1,391	)
Fair value of plan assets at end of year	$	—		$	—
Funded status	$	(32,640	)	$	(31,001	)
Amounts recognized in the consolidated    balance sheets consist of:
Accrued expenses	$	(1,447	)	$	(1,478	)
Other non-current liabilities		(31,193	)		(29,523	)
Net amount recognized	$	(32,640	)	$	(31,001	)
Amounts recognized in accumulated other    comprehensive loss consist of:
Net actuarial loss	$	10,760		$	8,940
Prior service cost		(1	)		(1	)
Net amount recognized, before tax effect	$	10,759		$	8,939
Weighted average assumptions used to    determine benefit obligations:
Discount rate		2.6	%		3.3	%
Rate of compensation increase		3.0	%		3.0	%

Components of net periodic pension cost are described in the following table:

Year Ended December 31,	2020			2019
(Dollars in thousands)
Components of net periodic pension cost:
Interest cost	$	1,005		$	1,144
Amortization of actuarial loss		288			209
Net periodic pension cost	$	1,293		$	1,353
Weighted average assumptions used to determine net    periodic pension cost:
Discount rate		3.3	%		4.4	%
Rate of compensation increase		3.0	%		3.0	%

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

Year Ended December 31,	Amount
(Dollars in thousands)
2021	$	1,465
2022		1,510
2023		1,492
2024		1,533
2025		1,739
Years 2026 to 2030		8,815

The following is an estimate of the components of net periodic pension cost in 2021:

Estimated Year Ended December 31,	2021
(Dollars in thousands)
Interest cost	$	823
Amortization of actuarial loss		387
Estimated 2021 net periodic pension cost	$	1,210

Other Retirement Plans

We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $1.3 million and $1.5 million for the years ended December 31, 2020 and 2019, respectively.