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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan

The following table provides a reconciliation of the projected benefit obligation, plan assets and funded status of the pension plan at December 31:



	2017			2016
Accumulated benefit obligation	$	87,765		$	82,005

Change in benefit obligation
Projected benefit obligation at beginning of year	$	82,005		$	78,437
Service cost	603			452
Interest cost	2,773			2,878
Actuarial loss	6,556			4,844
Benefits paid	(1,976		)	(1,814		)
Settlement	(2,196		)	(2,792		)
Projected benefit obligation at end of year	$	87,765		$	82,005

Change in plan assets
Fair value of plan assets at beginning of year	$	69,061		$	67,168
Actual gain on plan assets	10,043			6,499
Benefits paid	(1,976		)	(1,814		)
Settlement	(2,196		)	(2,792		)
Fair value of plan assets at end of year	$	74,932		$	69,061

Funded status	$	(12,833	)	$	(12,944	)

Schedule of amounts recognized in the consolidated balance sheets

Amounts recognized in the consolidated balance sheets consist of the following at December 31,:



	2017			2016
Other long-term liabilities	$	(12,833	)	$	(12,944	)
Accumulated other comprehensive loss	(40,937		)	(41,960		)

Schedule of actuarial assumptions used

The following actuarial assumptions were used to determine our accumulated and projected benefit obligations as of December 31,:



	2017		2016
Discount rate	3.69	%	4.28	%

The following actuarial assumptions were used to determine our net periodic pension benefit cost for the years ended December 31,:



	2017		2016		2015
Discount rate on benefit obligation	4.28	%	4.54	%	3.81	%
Effective rate for interest on benefit obligation	3.49	%	3.77	%	3.81	%
Expected return on plan assets	8.00	%	8.00	%	8.00	%

Schedule of plan assets and benefit obligations recognized in other comprehensive income

Other changes in plan assets and benefit obligations recognized in other comprehensive income in 2017 are as follows:



Current year actuarial loss	$	(1,812	)
Amortization of actuarial loss	2,835
Total recognized in other comprehensive loss	$	1,023

Schedule of net benefit cost

Net periodic pension cost for the years ended December 31, consists of the following:



	2017			2016			2015
Service cost	$	603		$	452		$	240
Interest cost on projected benefit obligation	2,773			2,878			3,394
Expected return on plan assets	(5,300		)	(5,189		)	(5,697		)
Amortization of loss	2,835			2,780			3,233
Net periodic pension cost	$	911		$	921		$	1,170

Schedule of allocation of plan assets

The following table sets forth by level, within the fair value hierarchy, the pension plan's assets at fair value as of December 31, 2017 and December 31, 2016:



December 31, 2017	Level 1		Level 2		Total
Common Stock	$	36,643	$	—	$	36,643
Money Market Fund	—		1,517		1,517
Mutual Funds	28,798		—		28,798
Fixed Income Securities	7,974		—		7,974
	$	73,415	$	1,517	$	74,932



December 31, 2016	Level 1		Level 2		Total
Common Stock	$	34,856	$	—	$	34,856
Money Market Fund	—		1,710		1,710
Mutual Funds	24,626		—		24,626
Fixed Income Securities	7,869		—		7,869
	$	67,351	$	1,710	$	69,061

The allocation of pension plan assets by category is as follows at December 31,:



	Percentage of Pension Plan Assets				Target Allocation
	2017		2016		2018
Equity securities	87	%	86	%	75	%
Debt securities	13		14		25
Total	100	%	100	%	100	%

Schedule of expected benefit payments

The following table summarizes the benefits and settlements expected to be paid by our pension plan in each of the next five years and in aggregate for the following five years. The expected payments are estimated based on the same assumptions used to measure the Company’s projected benefit obligation at December 31, 2017 and reflect the impact of expected future employee service.



2018		$4,715
2019	5,539
2020	5,593
2021	4,974
2022	5,250
2023-2027	25,696