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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
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:
|  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Service cost |  |  |  | $ | 0 |  |  | $ | 299 |  |  | $ | 250 |
Interest cost |  |  |  |  | 1,301 |  |  |  | 1,411 |  |  |  | 1,349 |
Expected return on plan assets |  |  |  |  | (2,251 | ) |  |  | (1,946 | ) |  |  | (1,985 | )
Recognized net actuarial loss |  |  |  |  | 475 |  |  |  | 520 |  |  |  | 525 |
Net periodic pension cost |  |  |  | $ | (475 | ) |  | $ | 284 |  |  | $ | 139 |
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:
|  |  |  | 2020 |  |  | 2019 |
Projected benefit obligation at beginning of the year |  |  |  | $ | 37,936 |  |  | $ | 33,931 |
Service cost |  |  |  |  | 0 |  |  |  | 299 |
Interest cost |  |  |  |  | 1,301 |  |  |  | 1,411 |
Actuarial loss (gain) |  |  |  |  | 4,590 |  |  |  | 3,528 |
Benefits paid |  |  |  |  | (1,245 | ) |  |  | (1,233 | )
Projected benefit obligation at end of year |  |  |  | $ | 42,582 |  |  | $ | 37,936 |
Fair value of plan assets at beginning of the year |  |  |  | $ | 32,658 |  |  | $ | 28,672 |
Actual return on plan assets |  |  |  |  | 5,013 |  |  |  | 5,219 |
Employer contributions |  |  |  |  | 330 |  |  |  | 0 |
Benefits paid |  |  |  |  | (1,245 | ) |  |  | (1,233 | )
Fair value of plan assets at end of the year |  |  |  | $ | 36,756 |  |  | $ | 32,658 |
Unfunded pension obligation |  |  |  | $ | 5,826 |  |  | $ | 5,278 |
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:
|  |  |  | 2020 |  |  | 2019 |
Balance at January 1 |  |  |  | $ | (5,671 | ) |  | $ | (5,873 | )
Reclassification adjustments: |  |  |  |  |  |  |  |  |  |
Pre-tax amortized net actuarial loss |  |  |  |  | 475 |  |  |  | 520 |
Tax provision |  |  |  |  | (112 | ) |  |  | (123 | )
|  |  |  |  | 363 |  |  |  | 397 |
Adjustment to recognize gain (loss) on unfunded pension obligations: |  |  |  |  |  |  |  |  |  |
Pre-tax loss |  |  |  |  | (1,829 | ) |  |  | (255 | )
Tax provision |  |  |  |  | 433 |  |  |  | 60 |
|  |  |  |  | (1,396 | ) |  |  | (195 | )
Balance at December 31 |  |  |  | $ | (6,704 | ) |  | $ | (5,671 | )
Accumulated Benefit Obligations in Excess of Plan Assets | The Plan had accumulated benefit obligations in excess of Plan assets as follows:
|  |  |  | 2020 |  |  | 2019 |
Accumulated benefit obligation |  |  |  | $ | 42,582 |  |  | $ | 37,936 |
Fair market value of assets |  |  |  | $ | 36,756 |  |  | $ | 32,658 |
Weighted-Average Assumptions Used to Determine Benefit Obligations & Net Periodic Benefit Cost |
Weighted-average assumptions used to determine benefit obligations at December 31 |  |  |  | 2020 |  |  | 2019 |
Discount rate |  |  |  | 2.69% |  |  | 3.50% |
Rate of compensation increase |  |  |  | n/a |  |  | n/a |
Weighted-average assumptions used to determine net periodic benefit cost at December 31 |  |  |  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  |  | 3.50% |  |  | 3.50% |  |  | 4.25% |
Rate of compensation increase |  |  |  | n/a |  |  | n/a |  |  | n/a |
Expected long-term return on plan assets |  |  |  |  | 7.00 |  |  |  | 7.00 |  |  |  | 8.00 |
Fair Value of the Plan Assets | The fair value of the Plan assets as of December 31, 2020 and 2019, by category, are as follows:
|  |  |  | 2020 |  |  | 2019 |  |  |
Assets measured at net asset value |  |  |  |  |  |  |  |  |  |  |  |
Pooled investment fund |  |  |  | $ | 36,756 |  |  | $ | 32,658 |  |  |
Total |  |  |  | $ | 36,756 |  |  | $ | 32,658 |  |  |
Weighted-Average Asset Allocations of Plan Assets | The Plan weighted-average asset allocations at December 31, 2020 and 2019, by asset category, are as follows:
|  |  |  | Plan assets |  |
|  |  |  | at December 31 |  |
|  |  |  | 2020 |  |  | 2019 |  |
Asset category |  |  |  |  |  |  |  |  |  |  |
Equity securities |  |  |  |  | 47 |  | % |  | 48 |  | %
Debt securities |  |  |  |  | 53 |  |  |  | 51 |  |
Cash and equivalents |  |  |  |  | 0 |  |  |  | 1 |  |
|  |  |  |  | 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 |
2021 |  | $ | 1,273 |
2022 |  |  | 1,359 |
2023 |  |  | 1,449 |
2024 |  |  | 1,540 |
2025 |  |  | 1,616 |
2026-2030 |  |  | 9,344 |

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