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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
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 | The following table provides a reconciliation of the Company’s changes in the Plan’s benefit obligations, fair value of assets and a statement of the funded status as of and for the year ended December 31 (in thousands):
|  | 2019 |  |  | 2018 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |
Projected benefit obligation at beginning of period |  | $ | 69,574 |  |  | $ | 70,436 |
Service cost |  |  | 3,207 |  |  |  | 3,346 |
Interest cost |  |  | 2,777 |  |  |  | 2,387 |
Actuarial (gain) loss |  |  | 11,993 |  |  |  | (3,298 | )
Benefits paid and plan expenses |  |  | (3,223 | ) |  |  | (3,297 | )
Projected benefit obligation at end of period |  |  | 84,328 |  |  |  | 69,574 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  |  | 75,188 |  |  |  | 83,348 |
Actual return on plan assets |  |  | 15,862 |  |  |  | (4,863 | )
Employer contributions |  |  | - |  |  |  | - |
Benefits paid and plan expenses |  |  | (3,223 | ) |  |  | (3,297 | )
Fair value of plan assets at end of period |  |  | 87,827 |  |  |  | 75,188 |
Funded status at end of period |  | $ | 3,499 |  |  | $ | 5,614 |
Estimated Benefit Payments Under The Pension Plan | Estimated benefit payments under the Plan over the next ten years at December 31, 2019 are as follows (in thousands):
2020 |  | $ | 3,872 |
2021 |  |  | 3,475 |
2022 |  |  | 3,855 |
2023 |  |  | 4,127 |
2024 |  |  | 4,215 |
2025 - 2029 |  |  | 23,491 |
Components Of Net Periodic Benefit Expense | Net periodic pension cost consists of the following components for the years ended December 31 (in thousands):
|  | 2019 |  |  | 2018 |  |  | 2017 |
Service cost |  | $ | 3,207 |  |  | $ | 3,346 |  |  | $ | 3,140 |
Interest cost on projected benefit obligation |  |  | 2,777 |  |  |  | 2,387 |  |  |  | 2,449 |
Expected return on plan assets |  |  | (4,736 | ) |  |  | (5,284 | ) |  |  | (4,775 | )
Amortization of unrecognized loss |  |  | 1,445 |  |  |  | 725 |  |  |  | 1,142 |
Amortization of unrecognized prior service (credit) cost |  |  | - |  |  |  | (5 | ) |  |  | 17 |
Net periodic pension cost |  | $ | 2,693 |  |  | $ | 1,169 |  |  | $ | 1,973 |
Actuarial Assumptions Used | The actuarial assumptions used to determine the net periodic pension cost were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Weighted average discount rate |  |  | 4.13 | % |  |  | 3.49 | % |  |  | 4.00 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Expected long-term rate of return |  |  | 6.50 | % |  |  | 6.50 | % |  |  | 6.50 | %
The actuarial assumptions used to determine the projected benefit obligation were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Weighted average discount rate |  |  | 3.09 | % |  |  | 4.13 | % |  |  | 3.49 | %
Rate of compensation increase |  |  | 3.00 | % |  |  | 3.00 | % |  |  | 3.00 | %
Plan's Target Asset Allocation And Actual Asset Allocation | The following table represents the Plan’s target asset allocation and actual asset allocation, respectively, as of December 31, 2019:
|  | Target |  | Actual
|  | Allocation |  | Allocation
Asset category: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 0.00 | % |  |  | 0.00 | %
Equity securities |  |  | 28.25 |  |  |  | 31.75 |
Fixed income securities |  |  | 59.75 |  |  |  | 57.65 |
Alternative investments |  |  | 12.00 |  |  |  | 10.60 |
The Plan had target asset allocations, based on asset categories, and actual asset allocations, respectively, as of December 31, 2018, as shown in the following table:
|  | Target |  | Actual
|  | Allocation |  | Allocation
Asset category: |  |  |  |  |  |  |  |
Cash equivalents |  |  | 0 – 20 | % |  |  | 4.2 | %
Equity securities |  |  | 40 – 60 |  |  |  | 46.1 |
Fixed income securities |  |  | 40 – 60 |  |  |  | 45.8 |
Other financial instruments |  |  | 0 – 5 |  |  |  | 3.9 |
The Major Categories Of Plan Assets Measured At Fair Value On a Recurring Basis | The major categories of Plan assets measured at fair value on a recurring basis as of December 31 are presented in the following tables (in thousands).
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | Inputs |  |  | Inputs |  |  | Inputs |  |  | Fair Value |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash (including foreign currencies) |  | $ | 16 |  |  | $ | - |  |  | $ | - |  |  | $ | 16 |
Short term investment funds |  |  | - |  |  |  | 1,829 |  |  |  | - |  |  |  | 1,829 |
Total cash equivalents |  |  | 16 |  |  |  | 1,829 |  |  |  | - |  |  |  | 1,845 |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Depository receipts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commingled pension trust funds |  |  | - |  |  |  | 30,685 |  |  |  | - |  |  |  | 30,685 |
Preferred stock |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total equity securities |  |  | - |  |  |  | 30,685 |  |  |  | - |  |  |  | 30,685 |
Fixed income securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateralized mortgage obligations |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Commingled pension trust funds |  |  | - |  |  |  | 49,566 |  |  |  | - |  |  |  | 49,566 |
Corporate bonds |  |  | - |  |  |  | 5 |  |  |  | - |  |  |  | 5 |
GNMA |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Government securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Total fixed income securities |  |  | - |  |  |  | 49,571 |  |  |  | - |  |  |  | 49,571 |
Other investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commingled pension trust funds - Realty |  |  | - |  |  |  | 5,726 |  |  |  | - |  |  |  | 5,726 |
Total Plan investments |  | $ | 16 |  |  | $ | 87,811 |  |  | $ | - |  |  | $ | 87,827 |
|  | 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 |
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, 2019 and 2018:
Level 3 assets, January 1, 2018 |  | $ | 2,641 |
Unrealized gain |  |  | 256 |
Level 3 assets, December 31, 2018 |  |  | 2,897 |
Realized gain |  |  | 881 |
Sales |  |  | (2,873 | )
Unrealized gain |  |  | (905 | )
Level 3 assets, December 31, 2019 |  | $ | - |
Components Of Accumulated Other Comprehensive Loss Related To Defined Benefit Plan And Postretirement Benefit Plan | The components of accumulated other comprehensive loss related to the defined benefit plan and postretirement benefit plan as of December 31 are summarized below (in thousands):
|  | 2019 |  |  | 2018 |
Defined benefit plan: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | (19,894 | ) |  | $ | (20,472 | )
Prior service credit (cost) |  |  | - |  |  |  | - |
|  |  | (19,894 | ) |  |  | (20,472 | )
Postretirement benefit plan: |  |  |  |  |  |  |  |
Net actuarial loss |  |  | (133 | ) |  |  | (139 | )
Prior service credit |  |  | 37 |  |  |  | 102 |
|  |  | (96 | ) |  |  | (37 | )
Total |  |  | (19,990 | ) |  |  | (20,509 | )
Deferred tax benefit |  |  | 5,122 |  |  |  | 7,273 |
Amounts included in accumulated other comprehensive loss |  | $ | (14,868 | ) |  | $ | (13,236 | )
Changes In Plan Assets And Benefit Obligations Recognized In Other Comprehensive Income | Changes in plan assets and benefit obligations recognized in other comprehensive income on a pre-tax basis during the years ended December 31 are as follows (in thousands):
|  | 2019 |  |  | 2018 |
Defined benefit plan: |  |  |  |  |  |  |  |
Net actuarial loss |  | $ | (867 | ) |  | $ | (6,849 | )
Amortization of net loss |  |  | 1,445 |  |  |  | 725 |
Amortization of prior service credit |  |  | - |  |  |  | (5 | )
|  |  | 578 |  |  |  | (6,129 | )
Postretirement benefit plan: |  |  |  |  |  |  |  |
Net actuarial (loss) gain |  |  | (12 | ) |  |  | 26 |
Amortization of net loss |  |  | 18 |  |  |  | 25 |
Amortization of prior service credit |  |  | (65 | ) |  |  | (67 | )
|  |  | (59 | ) |  |  | (16 | )
Total recognized in other comprehensive income |  | $ | 519 |  |  | $ | (6,145 | )

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