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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

The following table sets forth the change in plan assets, change in projected benefit obligation, rate assumptions and components of net periodic benefit cost as of December 31 with respect to the plan. The measurement dates of the assets and liabilities of the plan were December 31 of the respective years presented.

Reconciliation of Funded Status
						Year Ended December 31,
(in thousands)						2019						2018
Change in projected benefit obligation
Benefit obligation at beginning of year						$	20,050					$	21,552
Service cost						3						4
Interest cost						819						757
Liability actuarial (gain) loss						2,604						(1,270)
Benefits paid						(1,027)						(993)
Benefit obligation at end of year						22,449						20,050
Change in fair value of plan assets
Fair value of plan assets at beginning of year						18,106						20,327
Return on plan assets						3,526						(1,228)
Employer contributions						—						—
Benefits paid						(1,027)						(993)
Fair value of plan assets at end of year						20,605						18,106
Funded status						(1,844)						$	(1,944)

Schedule of Allocation of Plan Assets

The pension plans' weighted-average asset allocation as a percentage of plan assets at December 31 are as follows:

Asset Allocation as a Percentage of the Plan
															Year Ended December 31,
															2019			2018
Equity securities															56%			55%
Debt securities															37%			38%
Short-term investments															2%			2%
Other															5%			5%
Total															100%			100%

Fair Value, Assets Measured on Recurring Basis

The following table presents the hierarchy levels for our postretirement benefit plan investments as of December 31 as described in Note 1 to the Consolidated Financial Statements:

(in thousands)									December 31, 2019															Quoted Prices in Active Markets for Identical Assets (Level 1)															Significant Other Observable Inputs (Level 2)															Significant Unobservable Inputs (Level 3)
Mutual Funds:
			Mid Cap						$	2,239								$	2,239								$	—								$	—
			Large Cap						2,574									2,574									—									—
			International						1,879									1,879									—									—
Common/Collective Trusts:
			Wells Fargo Liability Driven Solution						2,866									—									2,866									—
			Wells Fargo BlackRock International Equity						861									—									861									—
			Wells Fargo Core Bond						1,413									—									1,413									—
			Wells Fargo/Causeway International						864									—									864									—
			Wells Fargo BlackRock Large Cap Growth Index Fund						1,153									—									1,153									—
			Wells Fargo BlackRock Large Cap Value Index Fund						1,159									—									1,159									—
			Wells Fargo Multi-Manager Small Cap						1,434									—									1,434									—
			Wells Fargo BlackRock Russell 2000 Index Fund						667									—									667									—
			Wells Fargo BlackRock S&P Mid Cap Index Fund						732									—									732									—
			Wells Fargo/MFS Value CIT F						599									—									599									—
			Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT						602									—									602									—
			Wells Fargo/T. Rowe Price Equity Income						590									—									590									—
			Wells Fargo Voya Large Cap Growth CIT F						605									—									605									—
Cash & Short-term Investments												368									368									—									—
			Total						$	20,605								$	7,060								$	13,545								$	—

(in thousands)									December 31, 2018															Quoted Prices in Active Markets for Identical Assets (Level 1)															Significant Other Observable Inputs (Level 2)															Significant Unobservable Inputs (Level 3)
Mutual Funds:
			Mid Cap						$	1,176								$	1,176								$	—								$	—
			Large Cap						2,618									2,618									—									—
			International						2,051									2,051									—									—
Common/Collective Trusts:
			Wells Fargo Liability Driven Solution						2,532									—									2,532									—
			Wells Fargo BlackRock International Equity						765									—									765									—
			Wells Fargo Core Bond						1,266									—									1,266									—
			Wells Fargo/Causeway International						766									—									766									—
			Wells Fargo BlackRock Large Cap Growth Index Fund						1,026									—									1,026									—
			Wells Fargo BlackRock Large Cap Value Index Fund						1,025									—									1,025									—
			Wells Fargo Multi-Manager Small Cap						1,246									—									1,246									—
			Wells Fargo BlackRock Russell 2000 Index Fund						573									—									573									—
			Wells Fargo BlackRock S&P Mid Cap Index Fund						641									—									641									—
			Wells Fargo/MFS Value CIT F						516									—									516									—
			Wells Fargo/T. Rowe Price Large-Cap Growth Managed CIT						516									—									516									—
			T. Rowe Price Equity Income						515									—									515									—
			Wells Fargo Voya Large Cap Growth CIT F						516									—									516									—
Cash & Short-term Investments												358									358									—									—
			Total						$	18,106								$	6,203								$	11,903								$	—

Schedule of Changes in Projected Benefit Obligations

The change in the Projected Benefit Obligation (PBO) as of December 31, 2019 and 2018, is shown below:

Reconciliation of Benefit Obligation
						Year Ended December 31,
(in thousands)						2019						2018
Benefit obligation at January 1,						$	7,446					$	5,945
Service cost						240						249
Interest cost						298						248
Liability actuarial loss (gain)						1,193						(328)
Benefits paid						(155)						(98)
Plan amendments						—						1,430
Benefit obligation at December 31,						$	9,022					$	7,446

Pension Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:

Rates to Determine Benefit Obligation
									Year Ended December 31,
									2019			2018
Discount rate									3.15%			4.20%
Composite rate of compensation increase									N/A			N/A

Rates to Determine Net Periodic Benefit Cost
									Year Ended December 31,
									2019			2018
Discount rate									4.20%			3.60%
Long-term rate of return on plan assets									7.25%			7.25%
Composite rate of compensation increase									N/A			N/A

Schedule of Net Periodic Benefit Cost

The following table presents the components of net periodic benefit cost (gains are denoted with parentheses and losses are not):

Components of Net Periodic Benefit Cost
						Year Ended December 31,
(in thousands)						2019						2018
Service cost						$	3					$	4
Interest cost						819						757
Expected return on plan assets						(1,273)						(1,454)
Amortization of net loss						542						346
Net periodic benefit cost						$	91					$	(347)

Schedule of Expected Benefit Payments

The following table illustrates the estimated pension benefit payments that are projected to be paid:

Projected Future Benefit Payments
(in thousands)												Employees’ Retirement Plan
2020															$	1,152
2021															1,237
2022															1,267
2023															1,286
2024															1,294
Years 2025 through 2029															6,407

Supplemental Employee Retirement Plan

Defined Benefit Plan Disclosure [Line Items]

Schedule of Assumptions Used

In determining the projected benefit obligation and the net pension cost, we used the following significant weighted-average assumptions:

Assumptions used to determine benefit obligations at December 31:

Rates to Determine Benefit Obligation
						2019			2018
Discount rate						2.95%			4.10%
Composite rate of compensation increase						3.00%			3.00%

Assumptions used to determine net periodic benefit cost for the years ended December 31:

Rates to Determine Net Periodic Benefit Cost
						2019			2018
Discount rate						4.10%			3.45%
Composite rate of compensation increase						3.00%			3.00%
Long-term rate of return on plan assets						N/A			N/A

Schedule of Net Periodic Benefit Cost

The components of net periodic pension expense were as follows:

Components of Net Periodic Benefit Cost
						Year Ended December 31,
(in thousands)						2019						2018
Service cost						$	240					$	249
Interest cost						298						248
Amortization of prior service cost						318						501
Net periodic benefit cost						$	856					$	998

Schedule of Expected Benefit Payments

Future estimated benefits expected to be paid from the plan over the next ten years as follows:

Projected Future Benefit Payments
(in thousands)			SERP
2020			$	1,205
2021			350
2022			450
2023			453
2024			480
Years 2025 through 2029			3,258

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