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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Components of Net Periodic Pension Cost

Net periodic pension cost for the Plan consists of the following components for the year ended December 31:

				2017				2016				2015
Service cost				$	255			$	203			$	189
Interest cost					1,456				1,465				1,436
Expected return on plan assets					(1,903	)			(1,824	)			(1,849	)
Recognized net actuarial loss					468				522				583
Net periodic pension cost				$	276			$	366			$	359

Projected Benefit Obligation and Fair Value of Plan Assets

The following tables set forth benefit obligations, plan assets and the accrued benefit cost of the Plan at December 31:

				2017				2016
Projected benefit obligation at beginning of the year				$	34,858			$	34,763
Service cost					255				203
Interest cost					1,456				1,465
Actuarial (gain) loss					2,215				(516	)
Benefits paid					(2,753	)			(1,057	)
Projected benefit obligation at end of year				$	36,031			$	34,858
Fair value of plan assets at beginning of the year				$	24,435			$	23,136
Actual return on plan assets					3,460				1,365
Employer contributions					225				991
Benefits paid					(2,753	)			(1,057	)
Fair value of plan assets at end of the year				$	25,367			$	24,435
Unfunded pension obligation				$	10,664			$	10,423

Amount Recognized in Accumulated Other Comprehensive Loss Related to Pension Plan

In accordance with ASC 715-20, the Company recognizes the underfunded status of the Plan as a liability.  The amount recognized in Accumulated other comprehensive loss related to the Plan at December 31 is comprised of the following:

				2017				2016
Balance at January 1				$	(5,855	)		$	(6,216	)
Reclassification adjustments:
Pre-tax amortized net actuarial loss					468				522
Tax provision					(199	)			(196	)
					269				326
Adjustment to recognize gain (loss) on unfunded    pension obligations:
Pre-tax (loss) gain					(657	)			56
Tax provision					247				(21	)
					(410	)			35
Balance at December 31				$	(5,997	)		$	(5,855	)

Accumulated Benefit Obligations in Excess of Plan Assets

The Plan had accumulated benefit obligations in excess of Plan assets as follows:

				2017				2016
Accumulated benefit obligation				$	36,030			$	34,858
Fair market value of assets					25,367				24,435

Weighted-Average Assumptions Used to Determine Benefit Obligations

				2017			2016
Discount rate				3.75%				4.25%
Rate of compensation increase				n/a			n/a

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

				2017				2016				2015
Discount rate					4.25%				4.25%				4.00%
Rate of compensation increase				n/a				n/a				n/a
Expected long-term return on plan assets					8.00				8.00				8.00

Fair Value of the Plan Assets

The fair value of the Plan assets as of December 31, 2017 and 2016, by category, are as follows:

		At December 31, 2017
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	453			$	453			$	0			$	0
Equity Securities			16,667				16,667				0				0
U.S. Treasury Bonds			3,517				3,517				0				0
Corporate Bonds			4,730			0					4,730				0
Total		$	25,367			$	20,637			$	4,730			$	0

		At December 31, 2016
		Total Assets at Fair Value				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Asset Category
Cash		$	1,042			$	1,042			$	0			$	0
Equity Securities			14,814				14,814				0				0
U.S. Treasury Bonds			3,893				3,893				0				0
Corporate Bonds			4,686			0					4,686				0
Total		$	24,435			$	19,749			$	4,686			$	0

Weighted-Average Asset Allocations of Plan Assets

The Plan weighted-average asset allocations at December 31, 2017 and 2016, by asset category, are as follows:

				Plan assets
				at December 31
				2017				2016
Asset category
Equity securities					66		%		61		%
Debt securities					32				35
Cash and equivalents					2				4
					100		%		100		%

Weighted-Average Target Allocations of Plan Assets

In recognition of the expected returns and volatility from financial assets, Plan assets are invested in the following ranges with the target allocation noted:

		Range		Target
Equities		30-80%			60%
Fixed Income		20-70%			40%
Cash Equivalents		0-10%

Aggregate Benefits Expected to be Paid Out of Plan Assets

The benefits expected to be paid out of the Plan assets in each of the next five years and the aggregate benefits expected to be paid for the subsequent five years are as follows:

Year		Pension Benefits
2018		$	1,011
2019			1,091
2020			1,167
2021			1,251
2022			1,368
2023-2027			8,269

X

- Definition

Disclosures of the pension accumulated benefit obligation and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets as of the measurement date of each statement of financial position.

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1
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-Name Accounting Standards Codification
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-SubTopic 20
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