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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Reconciliation Of The Plan's Benefit Obligations, Fair Value Of Assets And The Funded Status

 

 

 

2018

 

 

2017

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

70,436

 

 

$

63,002

 

Service cost

 

 

3,346

 

 

 

3,140

 

Interest cost

 

 

2,387

 

 

 

2,449

 

Actuarial (gain) loss

 

 

(3,298

)

 

 

5,016

 

Benefits paid and plan expenses

 

 

(3,297

)

 

 

(3,171

)

Projected benefit obligation at end of period

 

 

69,574

 

 

 

70,436

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

83,348

 

 

 

75,252

 

Actual return on plan assets

 

 

(4,863

)

 

 

11,267

 

Employer contributions

 

 

-

 

 

 

-

 

Benefits paid and plan expenses

 

 

(3,297

)

 

 

(3,171

)

Fair value of plan assets at end of period

 

 

75,188

 

 

 

83,348

 

Funded status at end of period

 

$

5,614

 

 

$

12,912

 

 

Estimated Benefit Payments Under The Pension Plan

 

2019

 

$

3,359

 

2020

 

 

3,232

 

2021

 

 

3,391

 

2022

 

 

3,672

 

2023

 

 

3,903

 

2024 - 2028

 

 

21,596

 

 

Components Of Net Periodic Benefit Expense

 

 

 

2018

 

 

2017

 

 

2016

 

Service cost

 

$

3,346

 

 

$

3,140

 

 

$

2,885

 

Interest cost on projected benefit obligation

 

 

2,387

 

 

 

2,449

 

 

 

2,402

 

Expected return on plan assets

 

 

(5,284

)

 

 

(4,775

)

 

 

(4,600

)

Amortization of unrecognized loss

 

 

725

 

 

 

1,142

 

 

 

938

 

Amortization of unrecognized prior service (credit) cost

 

 

(5

)

 

 

17

 

 

 

20

 

Net periodic pension cost

 

$

1,169

 

 

$

1,973

 

 

$

1,645

 

 

Actuarial Assumptions Used

 

 

 

2018

 

 

2017

 

 

2016

 

Weighted average discount rate

 

 

3.49

%

 

 

4.00

%

 

 

4.21

%

Rate of compensation increase

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

Expected long-term rate of return

 

 

6.50

%

 

 

6.50

%

 

 

6.50

%

 

 

 

 

2018

 

 

2017

 

 

2016

 

Weighted average discount rate

 

 

4.13

%

 

 

3.49

%

 

 

4.00

%

Rate of compensation increase

 

 

3.00

%

 

 

3.00

%

 

 

3.00

%

 

Target Allocation Percentage Of Plan Assets And Weighted Average Expected Rate Of Return

 

 

 

2018

Target

 

Percentage of Plan Assets

at December 31,

 

Weighted

Average

Expected

Long-term

 

 

Allocation

 

2018

 

2017

 

Rate of Return

Asset category:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

0 – 20

%

 

 

4.2

%

 

 

6.4

%

 

 

0.11

%

Equity securities

 

 

40 – 60

 

 

 

46.1

 

 

 

50.2

 

 

 

3.71

 

Fixed income securities

 

 

40 – 60

 

 

 

45.8

 

 

 

40.2

 

 

 

2.24

 

Other financial instruments

 

 

0 – 5

 

 

 

3.9

 

 

 

3.2

 

 

 

0.30

 

 

Changes In Fair Value Of Plan Assets

The following table sets forth a summary of the changes in the Plan’s level 3 assets for the years ended December 31, 2018 and 2017:

 

Level 3 assets, January 1, 2017

 

$

2,637

 

Realized gain

 

 

43

 

Purchases

 

 

103

 

Sales

 

 

(224

)

Unrealized gain

 

 

82

 

Level 3 assets, December 31, 2017

 

 

2,641

 

Unrealized gain

 

 

256

 

Level 3 assets, December 31, 2018

 

$

2,897

 

 

The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Fair Value

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash (including foreign currencies)

 

$

28

 

 

$

-

 

 

$

-

 

 

$

28

 

Short term investment funds

 

 

-

 

 

 

3,094

 

 

 

-

 

 

 

3,094

 

Total cash equivalents

 

 

28

 

 

 

3,094

 

 

 

-

 

 

 

3,122

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

11,931

 

 

 

-

 

 

 

-

 

 

 

11,931

 

Depository receipts

 

 

203

 

 

 

-

 

 

 

-

 

 

 

203

 

Commingled pension trust funds

 

 

-

 

 

 

22,468

 

 

 

-

 

 

 

22,468

 

Preferred stock

 

 

95

 

 

 

-

 

 

 

-

 

 

 

95

 

Total equity securities

 

 

12,229

 

 

 

22,468

 

 

 

-

 

 

 

34,697

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations

 

 

-

 

 

 

750

 

 

 

-

 

 

 

750

 

Commingled pension trust funds

 

 

-

 

 

 

20,051

 

 

 

-

 

 

 

20,051

 

Corporate bonds

 

 

-

 

 

 

2,928

 

 

 

-

 

 

 

2,928

 

GNMA

 

 

-

 

 

 

144

 

 

 

-

 

 

 

144

 

Government securities

 

 

-

 

 

 

10,599

 

 

 

-

 

 

 

10,599

 

Mortgage backed securities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total fixed income securities

 

 

-

 

 

 

34,472

 

 

 

-

 

 

 

34,472

 

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds - Realty

 

 

-

 

 

 

-

 

 

 

2,897

 

 

 

2,897

 

Total Plan investments

 

$

12,257

 

 

$

60,034

 

 

$

2,897

 

 

$

75,188

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

Inputs

 

 

Inputs

 

 

Inputs

 

 

Fair Value

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash (including foreign currencies)

 

$

726

 

 

$

-

 

 

$

-

 

 

$

726

 

Short term investment funds

 

 

-

 

 

 

4,635

 

 

 

-

 

 

 

4,635

 

Total cash equivalents

 

 

726

 

 

 

4,635

 

 

 

-

 

 

 

5,361

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

14,523

 

 

 

-

 

 

 

-

 

 

 

14,523

 

Depository receipts

 

 

368

 

 

 

-

 

 

 

-

 

 

 

368

 

Commingled pension trust funds

 

 

-

 

 

 

26,613

 

 

 

-

 

 

 

26,613

 

Preferred stock

 

 

320

 

 

 

-

 

 

 

-

 

 

 

320

 

Total equity securities

 

 

15,211

 

 

 

26,613

 

 

 

-

 

 

 

41,824

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collateralized mortgage obligations

 

 

-

 

 

 

585

 

 

 

-

 

 

 

585

 

Commingled pension trust funds

 

 

-

 

 

 

19,524

 

 

 

-

 

 

 

19,524

 

Corporate bonds

 

 

-

 

 

 

3,068

 

 

 

-

 

 

 

3,068

 

FNMA

 

 

-

 

 

 

167

 

 

 

-

 

 

 

167

 

Government securities

 

 

-

 

 

 

10,117

 

 

 

-

 

 

 

10,117

 

Mortgage backed securities

 

 

-

 

 

 

61

 

 

 

-

 

 

 

61

 

Total fixed income securities

 

 

-

 

 

 

33,522

 

 

 

-

 

 

 

33,522

 

Other investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled pension trust funds - Realty

 

 

-

 

 

 

-

 

 

 

2,641

 

 

 

2,641

 

Total Plan investments

 

$

15,937

 

 

$

64,770

 

 

$

2,641

 

 

$

83,348

 

 

Components Of Accumulated Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan

 

 

 

2018

 

 

2017

 

Defined benefit plan:

 

 

 

 

 

 

 

 

Net actuarial loss

 

$

(20,472

)

 

$

(14,348

)

Prior service credit (cost)

 

 

-

 

 

 

5

 

 

 

 

(20,472

)

 

 

(14,343

)

Postretirement benefit plan:

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

(139

)

 

 

(190

)

Prior service credit

 

 

102

 

 

 

169

 

 

 

 

(37

)

 

 

(21

)

Total

 

 

(20,509

)

 

 

(14,364

)

Deferred tax benefit

 

 

7,273

 

 

 

5,723

 

Amounts included in accumulated other comprehensive loss

 

$

(13,236

)

 

$

(8,641

)

 

Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income

 

 

 

2018

 

 

2017

 

Defined benefit plan:

 

 

 

 

 

 

 

 

Net actuarial gain (loss)

 

$

(6,849

)

 

$

1,475

 

Amortization of net loss

 

 

725

 

 

 

1,142

 

Amortization of prior service (credit) cost

 

 

(5

)

 

 

17

 

 

 

 

(6,129

)

 

 

2,634

 

Postretirement benefit plan:

 

 

 

 

 

 

 

 

Net actuarial gain (loss)

 

 

26

 

 

 

(15

)

Amortization of net loss

 

 

25

 

 

 

24

 

Amortization of prior service credit

 

 

(67

)

 

 

(68

)

 

 

 

(16

)

 

 

(59

)

Total recognized in other comprehensive income

 

$

(6,145

)

 

$

2,575