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Pension Plans (Tables)

12 Months Ended

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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