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Pension Plans (Tables)

12 Months Ended

Dec. 31, 2019

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:

				2019				2018				2017
Service cost				$	299			$	250			$	255
Interest cost					1,411				1,349				1,456
Expected return on plan assets					(1,946	)			(1,985	)			(1,903	)
Recognized net actuarial loss					520				525				468
Net periodic pension cost				$	284			$	139			$	276

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:

				2019				2018
Projected benefit obligation at beginning of the year				$	33,931			$	36,031
Service cost					299				250
Interest cost					1,411				1,349
Actuarial loss (gain)					3,528				(2,409	)
Benefits paid					(1,233	)			(1,290	)
Projected benefit obligation at end of year				$	37,936			$	33,931
Fair value of plan assets at beginning of the year				$	28,672			$	25,367
Actual return on plan assets					5,219				(745	)
Employer contributions					0				5,340
Benefits paid					(1,233	)			(1,290	)
Fair value of plan assets at end of the year				$	32,658			$	28,672
Unfunded pension obligation				$	5,278			$	5,259

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:

				2019				2018
Balance at January 1				$	(5,873	)		$	(6,015	)
Reclassification adjustments:
Pre-tax amortized net actuarial loss					520				525
Tax provision					(123	)			(139	)
					397				386
Adjustment to recognize gain (loss) on unfunded pension obligations:
Pre-tax loss					(255	)			(321	)
Tax provision					60				77
					(195	)			(244	)
Balance at December 31				$	(5,671	)		$	(5,873	)

Accumulated Benefit Obligations in Excess of Plan Assets

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

				2019				2018
Accumulated benefit obligation				$	37,936			$	33,931
Fair market value of assets					32,658				28,672

Weighted-Average Assumptions Used to Determine Benefit Obligations & Net Periodic Benefit Cost

				2019			2018
Discount rate				3.50%			4.25%
Rate of compensation increase				n/a			n/a

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

				2019				2018				2017
Discount rate				3.50%					4.25%			4.25%
Rate of compensation increase				n/a				n/a				n/a
Expected long-term return on plan assets					7.00				8.00				8.00

Fair Value of the Plan Assets

The fair value of the Plan assets as of December 31, 2019 and 2018, by category, are as follows:

		At December 31, 2019
Assets measured at net asset value
Pooled investment fund		$	32,658
Total			32,658

		At December 31, 2018
		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)
Assets measured at fair value
Cash		$	462			$	462			$	0			$	0
Equity Securities			10,470				10,470				0				0
U.S. Treasury Bonds			13,109				13,109				0				0
Corporate Bonds			4,631			0					4,631				0
Total		$	28,672			$	24,041			$	4,631			$	0

Weighted-Average Asset Allocations of Plan Assets

The Plan weighted-average asset allocations at December 31, 2019 and 2018, by asset category, are as follows:

				Plan assets
				at December 31
				2019					2018
Asset category
Equity securities					48		%			37		%
Debt securities					51					61
Cash and equivalents					1					2
					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		40-60%		50%
Fixed Income		40-60%		50%
Cash Equivalents		0-10%		0.0%

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
2020		$	1,225
2021			1,292
2022			1,382
2023			1,469
2024			1,566
2025-2029			9,077

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