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PENSION AND OTHER POSTRETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
PENSION AND OTHER POSTRETIREMENT PLANS. |
Schedule of information about changes in obligations and plan assets of the defined benefit pension plan and the defined benefit plan component of the SERP |
|  | Pension Benefits |  | SERP Benefits
|  | Year Ended December 31, |  | Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 23,611 |  | $ | 24,759 |  | $ | 3,811 |  | $ | 3,919
Service cost |  |  | 952 |  |  | 1,106 |  |  | 261 |  |  | 290
Interest cost |  |  | 908 |  |  | 794 |  |  | 147 |  |  | 127
Benefits paid and expected expenses |  |  | (475) |  |  | (402) |  |  | (112) |  |  | (112)
Assumption changes and other |  |  | 3,761 |  |  | (2,646) |  |  | 1,216 |  |  | (413)
Benefit obligation at end of year |  | $ | 28,757 |  | $ | 23,611 |  | $ | 5,323 |  | $ | 3,811
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 33,874 |  | $ | 34,695 |  | $ | — |  | $ | —
Actual return on plan assets |  |  | 6,346 |  |  | (2,079) |  |  | — |  |  | —
Employer contribution |  |  | — |  |  | 1,660 |  |  | 112 |  |  | 112
Benefits paid and actual expenses |  |  | (475) |  |  | (402) |  |  | (112) |  |  | (112)
Fair value of plan assets at end of year |  | $ | 39,745 |  | $ | 33,874 |  | $ | — |  | $ | —
Funded status at end of year |  | $ | 10,988 |  | $ | 10,263 |  | $ | (5,323) |  | $ | (3,811)
Schedule of amounts recognized in accumulated other comprehensive income |
|  | Pension Benefits |  | SERP Benefits
|  | December 31, |  | December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Net actuarial loss |  | $ | 7,997 |  | $ | 8,631 |  | $ | 2,071 |  | $ | 925
Prior service cost |  |  | (484) |  |  | (561) |  |  | — |  |  | —
Net amount recognized |  | $ | 7,513 |  | $ | 8,070 |  | $ | 2,071 |  | $ | 925
Schedule of net periodic benefit cost and other amounts recognized in other comprehensive income |
|  | Pension Benefits |  | SERP Benefits
|  | Year Ended December 31, |  | Year Ended December 31,
(In thousands) |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost and other amounts recognized in other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 952 |  | $ | 1,106 |  | $ | 1,129 |  | $ | 261 |  | $ | 290 |  | $ | 212
Interest cost |  |  | 908 |  |  | 794 |  |  | 750 |  |  | 147 |  |  | 127 |  |  | 105
Expected return on plan assets |  |  | (2,445) |  |  | (2,547) |  |  | (2,129) |  |  | — |  |  | — |  |  | —
Amortization of net loss |  |  | 494 |  |  | 335 |  |  | 479 |  |  | 70 |  |  | 121 |  |  | 51
Amortization of prior service credit |  |  | (77) |  |  | (77) |  |  | (77) |  |  | — |  |  | — |  |  | —
Amortization of transition obligation |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 27
Net periodic benefit (credit) cost |  | $ | (168) |  | $ | (389) |  | $ | 152 |  | $ | 478 |  | $ | 543 |  | $ | 395
Net (gain) loss |  | $ | (140) |  | $ | 1,980 |  | $ | (409) |  | $ | 1,216 |  | $ | (413) |  | $ | 710
Amortization of net loss |  |  | (494) |  |  | (335) |  |  | (479) |  |  | (70) |  |  | (121) |  |  | (51)
Amortization of prior service credit |  |  | 77 |  |  | 77 |  |  | 77 |  |  | — |  |  | — |  |  | —
Amortization of transition obligation |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | (27)
Total recognized in other comprehensive income |  | $ | (557) |  | $ | 1,722 |  | $ | (811) |  | $ | 1,146 |  | $ | (539) |  | $ | 632
Schedule of average assumptions used to determine benefit obligations and net periodic benefit cost |
|  | Pension Benefits |  | SERP Benefits |
|  | December 31, |  | December 31, |
|  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017 |
Weighted average assumptions used to determine benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.10 | % | 4.14 | % | 3.52 | % | 3.08 | % | 4.13 | % | 3.50 | %
Rate of compensation increase |  | 3.00 |  | 3.00 |  | 3.00 |  | 5.00 |  | 5.00 |  | 5.00 |
Weighted average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 4.14 | % | 3.52 | % | 4.05 | % | 4.13 | % | 3.50 | % | 4.01 | %
Rate of compensation increase |  | 3.00 |  | 3.00 |  | 3.00 |  | 5.00 |  | 5.00 |  | 5.00 |
Expected long-term rate of return |  | 7.25 |  | 7.25 |  | 7.25 |  | — |  | — |  | — |
Schedule of target allocations for Plan assets |
|  |  |  |  |  |  |  | Weighted-Average- |
|  | Target |  | Percentage of Plan Assets |  | Expected Long- |
|  | Allocation |  | At December 31, |  | term Rate of |
Asset Category |  | 2020 |  | 2019 |  | 2018 |  | Return |
Cash equivalents |  | 0 - 5 | % | 3.6 | % | 3.0 | % | — | %
Equity securities |  | 45 - 65 |  | 57.9 |  | 54.8 |  | 9.5 |
Fixed income securities |  | 30 - 50 |  | 38.5 |  | 42.2 |  | 5.0 |
Total |  |  |  | 100.0 |  | 100.0 |  |  |
Schedule of the Plan's fair value hierarchy for its financial assets measured at fair value on a recurring basis |
|  | December 31, 2019
|  |  |  |  | Fair Value Measurements Using:
|  |  |  |  | Quoted Prices |  | Significant |  |  |
|  |  |  |  | In Active |  | Other |  |  | Significant
|  |  |  |  | Markets for |  | Observable |  |  | Unobservable
|  | Carrying |  | Identical Assets |  | Inputs |  |  | Inputs
(Dollars in thousands) |  | Value |  | (Level 1) |  | (Level 2) |  |  | (Level 3)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Short term investment funds |  |  | 1,444 |  |  | — |  |  | 1,444 |  |  | —
Total cash and cash equivalents |  |  | 1,444 |  |  | — |  |  | 1,444 |  |  | —
Equities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. large cap |  |  | 12,097 |  |  | 12,097 |  |  | — |  |  | —
U.S. mid cap/small cap |  |  | 4,195 |  |  | 4,195 |  |  | — |  |  | —
International |  |  | 6,320 |  |  | 6,320 |  |  | — |  |  | —
Equities blend |  |  | 414 |  |  | 414 |  |  | — |  |  | —
Total equities |  |  | 23,026 |  |  | 23,026 |  |  | — |  |  | —
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issues |  |  | 2,024 |  |  | 2,024 |  |  | — |  |  | —
Corporate bonds |  |  | 2,926 |  |  | — |  |  | 2,926 |  |  | —
Mortgage-backed |  |  | 1,033 |  |  | — |  |  | 1,033 |  |  | —
High yield bonds and bond funds |  |  | 9,292 |  |  | — |  |  | 9,292 |  |  | —
Total fixed income securities |  |  | 15,275 |  |  | 2,024 |  |  | 13,251 |  |  | —
Total plan assets |  | $ | 39,745 |  | $ | 25,050 |  | $ | 14,695 |  | $ | —
|  | December 31, 2018
|  |  |  |  | Fair Value Measurements Using:
|  |  |  |  | Quoted Prices |  | Significant |  |  |
|  |  |  |  | In Active |  | Other |  |  | Significant
|  |  |  |  | Markets for |  | Observable |  |  | Unobservable
|  | Carrying |  | Identical Assets |  | Inputs |  |  | Inputs
(Dollars in thousands) |  | Value |  | (Level 1) |  | (Level 2) |  |  | (Level 3)
Cash and cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | — |  | $ | — |  | $ | — |  | $ | —
Short term investment funds |  |  | 1,063 |  |  | — |  |  | 1,063 |  |  | —
Total cash and cash equivalents |  |  | 1,063 |  |  | — |  |  | 1,063 |  |  | —
Equities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. large cap |  |  | 9,173 |  |  | 9,173 |  |  | — |  |  | —
U.S. mid cap/small cap |  |  | 2,760 |  |  | 2,760 |  |  | — |  |  | —
International |  |  | 6,480 |  |  | 6,480 |  |  | — |  |  | —
Equities blend |  |  | 155 |  |  | 155 |  |  | — |  |  | —
Total equities |  |  | 18,568 |  |  | 18,568 |  |  | — |  |  | —
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |
Government issues |  |  | 2,341 |  |  | 2,341 |  |  | — |  |  | —
Corporate bonds |  |  | 2,098 |  |  | — |  |  | 2,098 |  |  | —
Mortgage-backed |  |  | 1,132 |  |  | — |  |  | 1,132 |  |  | —
High yield bonds and bond funds |  |  | 8,672 |  |  | — |  |  | 8,672 |  |  | —
Total fixed income securities |  |  | 14,243 |  |  | 2,341 |  |  | 11,902 |  |  | —
Total plan assets |  | $ | 33,874 |  | $ | 20,909 |  | $ | 12,965 |  | $ | —
Schedule of payments, which reflect expected future service, expected to be paid |
|  | Pension and SERP Payments
Year |  | (in thousands)
2020 |  | $ | 931
2021 |  |  | 1,074
2022 |  |  | 1,148
2023 |  |  | 1,291
2024 |  |  | 1,298
2025-2029 |  |  | 9,246

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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, gain (loss) recognized due to settlements or curtailments and disclosure of the net gain (loss), net prior service cost, transition obligation, amortization of net gain/loss, amortization of prior service cost or credit and amortization of transition obligation or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans. + References No definition available. + Details
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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + 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 (b) -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 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + 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 (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + 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 (i) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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