XML 71 R58.htm IDEA: XBRL DOCUMENT
v3.20.4

Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Retirement Benefits [Abstract] |
Benefit Obligation and Plan Assets Deriving Funded Status, in Other Liabilities | The following table summarizes the activity in the benefit obligation and Plan assets deriving the funded status:
(dollars in thousands) | 2020 |  | 2019
Change in Projected Benefit Obligation |  |  |
Projected benefit obligation at beginning of year | $ | 113,679 |  |  | $ | 95,200 |
Interest cost | 3,456 |  |  | 3,987 |
Actuarial gain/(loss) | 10,525 |  |  | 13,996 |
Acquisitions - DNB merger | — |  |  | 6,778 |
Benefits paid | (10,154) |  |  | (6,282) |
Projected Benefit Obligation at End of Year | $ | 117,506 |  |  | $ | 113,679 |
Change in Plan Assets |  |  |
Fair value of plan assets at beginning of year | $ | 116,652 |  |  | $ | 101,765 |
Actual return on plan assets | 15,731 |  |  | 16,358 |
Employer contributions | 115 |  |  | — |
Acquisitions - DNB merger | — |  |  | 4,811 |
Benefits paid | (10,154) |  |  | (6,282) |
Fair Value of Plan Assets at End of Year | $ | 122,344 |  |  | $ | 116,652 |
Funded Status | $ | 4,838 |  |  | $ | 2,973 |
Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts recognized in accumulated other comprehensive income at December 31:
(dollars in thousands) | 2020 |  | 2019
Net actuarial loss | (19,572) |  |  | (23,106) |
Total (Before Tax Effects) | $ | (19,572) |  |  | $ | (23,106) |
Components of Net Periodic Pension Cost and Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) | The following table summarizes the components of net periodic pension cost and other changes in Plan assets and benefit obligations recognized in other comprehensive loss for the years ended December 31:
(dollars in thousands) | 2020 |  | 2019 |  | 2018
Components of Net Periodic Pension Cost |  |  |  |  |
Interest cost on projected benefit obligation | 3,456 |  |  | 3,987 |  |  | 3,882 |
Expected return on plan assets | (3,925) |  |  | (4,731) |  |  | (6,266) |
Amortization of prior service credit - DNB merger | — |  |  | 7 |  |  | — |
Recognized net actuarial loss | 1,419 |  |  | 1,604 |  |  | 2,134 |
Settlement charge | 833 |  |  | — |  |  | — |
Net Periodic Pension Expense | $ | 1,783 |  |  | $ | 867 |  |  | $ | (250) |
Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income (Loss) |  |  |  |  |
Net actuarial loss/(gain) | $ | (1,282) |  |  | $ | 2,370 |  |  | $ | (3,271) |
Recognized net actuarial loss | (1,419) |  |  | (1,604) |  |  | (2,134) |
Settlement loss recognized | (833) |  |  | — |  |  | — |
Recognized prior service credit | — |  |  | — |  |  | — |
Total (Before Tax Effects) | $ | (3,534) |  |  | $ | 766 |  |  | $ | (5,405) |
Total Recognized in Net Benefit Cost and Other Comprehensive Income/(Loss) (Before Tax Effects) | $ | (1,751) |  |  | $ | 1,633 |  |  | $ | (5,655) |
Actuarial Weighted Average Assumptions Used in Determining Benefit Obligation | Below are the actuarial weighted average assumptions used in determining the benefit obligation:
| 2020 |  | 2019
Discount rate | 2.48 % |  | 3.25 | %
Rate of compensation increase(1) | - % |  | — | %
(1)Rate of compensation increase is not applicable for 2020 and 2019 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016. The following table summarizes the actuarial weighted average assumptions used in determining net periodic pension cost:
| 2020 |  | 2019 |  | 2018
Discount rate | 3.25 % |  | 4.31 | % |  | 3.75 | %
Rate of compensation increase(1) | - % |  | — | % |  | — | %
Expected return on assets | 3.45 % |  | 4.80 | % |  | 7.50 | %
(1)Rate of compensation increase is not applicable for 2020, 2019, and 2018 due to the amendment to freeze benefit accruals under the qualified and nonqualified defined benefit pension plans effective March 31, 2016.
Schedule of Expected Benefit Payments | The following table provides information regarding estimated future benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter:
(dollars in thousands) | Amount
2021 | $ | 8,200 |
2022 | 7,535 |
2023 | 7,364 |
2024 | 7,548 |
2025 | 7,020 |
2026 - 2030 | 32,237 |
Pension Plan Assets Measured at Fair Value on Recurring Basis | The following tables present our Plan assets measured at fair value on a recurring basis by fair value hierarchy level at December 31, 2020 and 2019. During the years ended December 31, 2020 and 2019 there were no transfers between Level 1 and Level 2 for items of a recurring basis. There were no purchases or transfers of Level 3 plan assets in 2020 or 2019.
| December 31, 2020
| Fair Value Asset Classes(1)
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents(2) | $ | 1,563 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,563 |
Fixed income(3) | 108,583 |  |  | — |  |  | — |  |  | 108,583 |
Equities: |  |  |  |  |  |  |
Equity index mutual funds—international(4) | 3,332 |  |  | — |  |  | — |  |  | 3,332 |
Domestic individual equities(5) | 8,866 |  |  | — |  |  | — |  |  | 8,866 |
Total Assets at Fair Value | $ | 122,344 |  |  | $ | — |  |  | $ | — |  |  | $ | 122,344 |
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is the Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.
| December 31, 2019
| Fair Value Asset Classes(1)
(dollars in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash and cash equivalents(2) | $ | 1,831 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,831 |
Fixed income(3) | 101,320 |  |  | — |  |  | — |  |  | 101,320 |
Equities: |  |  |  |  |  |  |
Equity index mutual funds—international(4) | 3,066 |  |  | — |  |  | — |  |  | 3,066 |
Domestic individual equities(5) | 10,435 |  |  | — |  |  | — |  |  | 10,435 |
Total Assets at Fair Value | $ | 116,652 |  |  | $ | — |  |  | $ | — |  |  | $ | 116,652 |
(1)Refer to Note 1 Summary of Significant Accounting Policies, Fair Value Measurements for a description of levels within the fair value hierarchy. (2)This asset class includes FDIC insured money market instruments. (3)This asset class includes a variety of fixed income mutual funds which primarily invest in investment grade rated securities. Investment managers have discretion to invest in fixed income related securities including futures, options and other derivatives. Investments may be made in currencies other than the U.S. dollar. (4)The sole investment within this asset class is Vanguard Total International Stock Index Fund Admiral Shares. (5)This asset class includes individual domestic equities invested in an active all-cap strategy. It may also include convertible bonds.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration