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Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2016
Employee benefit plans  
Summary of pension and postretirement life insurance plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits 

 

December 31

 

2016

 

2015

 

Change in benefit obligation:

    

 

 

    

 

 

 

Benefit obligation, beginning

 

$

17,380

 

$

17,869

 

Interest cost

 

 

665

 

 

696

 

Change in experience gain

 

 

(322)

 

 

(41)

 

Change in assumptions gain

 

 

(256)

 

 

(367)

 

Benefits paid

 

 

(764)

 

 

(777)

 

Benefit obligation, ending

 

 

16,703

 

 

17,380

 

Change in plan assets:

 

 

 

 

 

 

 

Fair value of plan assets, beginning

 

 

12,331

 

 

12,839

 

Actual return on plan assets

 

 

1,023

 

 

29

 

Employer contributions

 

 

54

 

 

240

 

Benefits paid

 

 

(764)

 

 

(777)

 

Fair value of plan assets, ending

 

 

12,644

 

 

12,331

 

Funded status at end of year

 

$

(4,059)

 

$

(5,049)

 

 

Schedule of amounts recognized in balance sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits 

 

 

December 31

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Liabilities

    

$

4,059

    

$

5,049

    

 

Amounts recognized in the accumulated other comprehensive loss consist of:

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

(6,946)

 

 

(7,863)

 

 

Deferred taxes

 

 

2,431

 

 

2,752

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized

 

$

(4,515)

 

$

(5,111)

 

 

 

 

 

 

 

 

 

 

 

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Years Ended December 31, 

 

2016

 

2015

 

2014

 

Net periodic pension income:

    

 

 

    

 

 

    

 

 

 

Interest cost

 

$

665

 

$

696

 

$

678

 

Expected return on plan assets

 

 

(893)

 

 

(931)

 

 

(910)

 

Amortization of unrecognized net loss

 

 

209

 

 

198

 

 

92

 

Net periodic pension income:

 

 

(19)

 

 

(37)

 

 

(140)

 

Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

 

917

 

 

296

 

 

3,684

 

Deferred tax

 

 

(321)

 

 

(104)

 

 

(1,289)

 

Total recognized in other comprehensive income

 

 

596

 

 

192

 

 

2,395

 

Total recognized in net period pension cost and other comprehensive income

 

$

577

 

$

155

 

$

2,255

 

 

Schedule of weighted-average assumptions used to determine benefit obligations and related expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

December 31, 

 

2016

 

2015

 

2014

 

 

Discount rate:

    

 

 

 

    

 

    

 

Obligation

 

4.00

%

4.00

%  

4.00

%  

 

Expense

 

4.00

 

4.00

 

5.00

 

 

Expected long-term return on plan assets

 

7.50

%

7.50

%  

7.50

%  

 

 

Schedule of Ppension plan weighted-average asset allocations

 

 

 

 

 

 

December 31, 

    

2016

    

2015

 

Asset Category:

 

 

 

 

 

Cash and cash equivalents

 

4.2

%

5.9

%

Equity securities

 

58.0

 

57.0

 

Corporate bonds

 

26.2

 

23.0

 

U.S. Government securities

 

11.6

 

14.1

 

 

 

100.0

%  

100.0

%

 

Fair Value Measurement of pension plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Quoted Prices in

    

 

 

    

 

 

 

 

 

 

 

Active Markets

 

Significant

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Observable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

December 31, 2016

 

Total 

 

(Level 1) 

 

(Level 2) 

 

(Level 3) 

 

Cash

 

$

529

 

$

529

 

 

 

 

$

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap

 

 

7,046

 

 

7,046

 

 

 

 

 

 

 

International

 

 

282

 

 

282

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

498

 

 

 

 

$

498

 

 

 

 

U.S. Government agencies

 

 

977

 

 

 

 

 

977

 

 

 

 

Corporate bonds

 

 

3,312

 

 

 

 

 

3,312

 

 

 

 

Total

 

$

12,644

 

$

7,857

 

$

4,787

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Quoted Prices in

    

 

 

    

 

 

 

 

 

 

 

 

Active Markets

 

Significant

 

Significant

 

 

 

 

 

 

for Identical

 

Observable

 

Observable

 

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

December 31, 2015

 

Total 

 

(Level 1) 

 

(Level 2) 

 

(Level 3) 

 

Cash

 

$

781

 

$

781

 

 

 

 

$

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap

 

 

6,772

 

 

6,772

 

 

 

 

 

 

 

International

 

 

225

 

 

225

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

760

 

 

 

 

$

760

 

 

 

 

U.S. Government agencies

 

 

971

 

 

 

 

 

971

 

 

 

 

Corporate bonds

 

 

2,822

 

 

 

 

 

2,822

 

 

 

 

Total

 

$

12,331

 

$

7,778

 

$

4,553

 

$

 

 

 

Schedule of expected benefit payments

 

 

 

 

 

 

    

Pension Benefits

 

2017

 

$

791

 

2018

 

 

796

 

2019

 

 

793

 

2020

 

 

838

 

2021

 

 

851

 

Thereafter

 

$

4,784