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Employee benefit plans (Tables)
12 Months Ended
Dec. 31, 2017
Employee benefit plans  
Summary of pension and postretirement life insurance plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits 

 

December 31

 

2017

 

2016

 

Change in benefit obligation:

    

 

 

    

 

 

 

Benefit obligation, beginning

 

$

16,703

 

$

17,380

 

Interest cost

 

 

650

 

 

665

 

Change in experience gain

 

 

(13)

 

 

(322)

 

Change in actuarial assumptions loss (gain)

 

 

395

 

 

(256)

 

Benefits paid

 

 

(800)

 

 

(764)

 

Benefit obligation, ending

 

 

16,935

 

 

16,703

 

Change in plan assets:

 

 

 

 

 

 

 

Fair value of plan assets, beginning

 

 

12,644

 

 

12,331

 

Actual return on plan assets

 

 

1,420

 

 

1,023

 

Employer contributions

 

 

 

 

 

54

 

Benefits paid

 

 

(800)

 

 

(764)

 

Fair value of plan assets, ending

 

 

13,264

 

 

12,644

 

Funded status at end of year

 

$

(3,671)

 

$

(4,059)

 

 

Schedule of amounts recognized in balance sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits 

 

 

December 31

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

Liabilities

    

$

3,671

    

$

4,059

    

 

Amounts recognized in the accumulated other comprehensive loss consist of:

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

(6,628)

 

 

(6,946)

 

 

Deferred taxes

 

 

1,392

 

 

2,431

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized

 

$

(5,236)

 

$

(4,515)

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of components of net periodic benefit cost

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Years Ended December 31, 

 

2017

 

2016

 

2015

 

Net periodic pension income:

    

 

 

    

 

 

    

 

 

 

Interest cost

 

$

650

 

$

665

 

$

696

 

Expected return on plan assets

 

 

(915)

 

 

(893)

 

 

(931)

 

Amortization of unrecognized net loss

 

 

195

 

 

209

 

 

198

 

Net periodic pension income:

 

 

(70)

 

 

(19)

 

 

(37)

 

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

 

 

 

 

 

 

 

 

 

 

Net loss (gain)

 

 

318

 

 

917

 

 

296

 

Deferred tax

 

 

(67)

 

 

(321)

 

 

(104)

 

Total recognized in other comprehensive income

 

 

251

 

 

596

 

 

192

 

Total recognized in net period pension cost and other comprehensive income

 

$

181

 

$

577

 

$

155

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

December 31, 

 

2017

 

2016

 

2015

 

 

Discount rate:

    

 

 

 

    

 

    

 

Obligation

 

4.00

%

4.00

%  

4.00

%  

 

Expense

 

3.75

 

4.00

 

4.00

 

 

Expected long-term return on plan assets

 

7.50

%

7.50

%  

7.50

%  

 

 

Schedule of pension plan weighted-average asset allocations

 

 

 

 

 

 

December 31, 

    

2017

    

2016

 

Asset Category:

 

 

 

 

 

Cash and cash equivalents

 

4.1

%

4.2

%

Equity securities

 

57.4

 

58.0

 

Corporate bonds

 

27.6

 

26.2

 

U.S. Government securities

 

10.9

 

11.6

 

 

 

100.0

%  

100.0

%

 

Schedule of fair value measurement of pension plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Quoted Prices in

    

 

 

    

 

 

 

 

 

 

 

Active Markets

 

Significant

 

Significant

 

 

 

 

 

for Identical

 

Observable

 

Observable

 

 

 

 

 

Assets

 

Inputs

 

Inputs

 

December 31, 2017

 

Total 

 

(Level 1) 

 

(Level 2) 

 

(Level 3) 

 

Cash

 

$

539

 

$

539

 

 

 

 

$

 

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. large cap

 

 

7,269

 

 

7,269

 

 

 

 

 

 

 

International

 

 

350

 

 

350

 

 

 

 

 

 

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasuries

 

 

198

 

 

 

 

$

198

 

 

 

 

U.S. Government agencies

 

 

1,247

 

 

 

 

 

1,247

 

 

 

 

Corporate bonds

 

 

3,661

 

 

 

 

 

3,661

 

 

 

 

Total

 

$

13,264

 

$

8,158

 

$

5,106

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

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

 

$

 

 

 

Schedule of expected benefit payments

 

 

 

 

 

 

    

Pension Benefits

 

2018

 

$

835

 

2019

 

 

832

 

2020

 

 

846

 

2021

 

 

847

 

2022

 

 

885

 

Thereafter

 

 

4,869