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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Summary of Fair Value Assets Associated with Pension Plan

The following table sets forth assets associated with the pension plan in “Note 14 – Retirement and Other Benefit Plans” that are accounted for at fair value by Level within the fair value hierarchy.

Fair value as of December 31, 2018 (in thousands):

		Level 1				Level 2				Level 3				Total
Mutual funds		$	2,539			$	-			$	-			$	2,539
Fixed income			-				10,168				-				10,168
Cash and cash equivalents			361				-				-				361
		$	2,900			$	10,168			$	-			$	13,068

Fair value as of September 30, 2019 (in thousands):

		Level 1				Level 2				Level 3				Total
Mutual funds		$	2,888			$	-			$	-			$	2,888
Fixed income			-				10,579				-				10,579
Cash and cash equivalents			294				-				-				294
		$	3,182			$	10,579			$	-			$	13,761

Schedule of Fair Value of Redeemable Common Stock Associated Employee Stock Ownership Plan

The following table sets forth redeemable common stock associated with the ESOP in as described in “Note 14 – Retirement and Other Benefit Plans” that is accounted for at fair value by Level within the fair value hierarchy.

Fair value as of December 31, 2018 (in thousands):

		Level 1				Level 2				Level 3				Total
Redeemable common stock		$	-			$	-			$	1,876,309			$	1,876,309

Fair value as of September 30, 2019 (in thousands):

		Level 1				Level 2				Level 3				Total
Redeemable common stock		$	2,577,011			$	-			$	-			$	2,577,011

Schedule of Reconciliation Fair Value Measurements Using Significant Unobservable Inputs

The following tables present a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3) (in thousands):

Balance at December 31, 2018		$	1,876,309
Transfer to Level 1			(1,876,309	)
Balance at September 30, 2019		$	-

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

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