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Retirement Benefit Plans | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Retirement Benefit Plans | RETIREMENT BENEFIT PLANS (Dollars in Thousands) Arrow sponsors qualified and nonqualified defined benefit pension plans and other postretirement benefit plans for its employees. Arrow maintains a non-contributory pension plan, which covers substantially all employees. Effective December 1, 2002, all active participants in the qualified defined benefit pension plan were given a one-time irrevocable election to continue participating in the traditional plan design, for which benefits were based on years of service and the participant’s final compensation (as defined), or to begin participating in the new cash balance plan design. All employees who participate in the plan after December 1, 2002 automatically participate in the cash balance plan design. The interest credits under the cash balance plan are based on the 30-year U.S. Treasury rate in effect for November of the prior year with a minimum interest credit of 3.0%. The service credits under the cash balance plan are equal to 6.0% of eligible salaries for employees who become participants on or after January 1, 2003. For employees in the plan prior to January 1, 2003, the service credits are scaled based on the age of the participant, and range from 6.0% to 12.0%. The funding policy is to contribute up to the maximum amount that can be deducted for federal income tax purposes and to make all payments required under ERISA. Arrow also maintains a supplemental non-qualified unfunded retirement plan to provide eligible employees of Arrow and its subsidiaries with benefits in excess of qualified plan limits imposed by federal tax law. Arrow has multiple non-pension postretirement benefit plans. The health care, dental and life insurance plans are contributory, with participants’ contributions adjusted annually. Arrow’s policy is to fund the cost of postretirement benefits based on the current cost of the underlying policies. However, the health care plan provision for automatic increases of Company contributions each year is based on the increase in inflation and is limited to a maximum of 5%. As of December 31, 2019, Arrow updated its mortality assumption to the Pri-2012 mortality tables for employees, healthy annuitants and contingent survivors, adjusted for mortality improvements with the Scale MP-2019 mortality improvement scale on a generational basis to reflect newly published mortality tables. The Pension Plan uses the sex-distinct amount-weighted tables, the Select Executive Retirement Plan uses the sex-distinct white collar amount-weighted tables, and the Postretirement Benefit Plan uses the sex-distinct headcount-weighted tables. The change in mortality tables resulted in a decrease in liabilities for the Employee's Pension Plan, the Select Executive Retirement Plan and the Postretirement Benefit Plan. The mortality table used in determining the present value of a lump sum payment/annuitizing cash balance accounts was changed to the applicable mortality table for the determination of present values under IRC Section 417(e)(3)(B). This table is currently a 50/50 blend of male and female rates from the 2020 sex distinct optional combined mortality tables, as prescribed under IRC Section 430. The change in mortality table was made to reflect the continued improvement in mortality rates and resulted in an increase in liabilities for the Employee's Pension Plan and the Select Executive Retirement Plan. The interest rates used in determining the present value of a lump sum payment/annuitizing cash balance accounts were changed to the segment rates in effect for the January 1, 2020 plan year (2.04%, 3.09%, 3.68%) as of December 31, 2019. This change resulted in a decrease in liability for the Employee's Pension Plan and the Select Executive Retirement Plan. The following tables set forth changes in the plans’ benefit obligations (projected benefit obligation for pension benefits and accumulated benefit obligation for postretirement benefits) and changes in the plans’ assets and the funded status of the pension plans and other postretirement benefit plan at December 31:
Schedule of Defined Benefit Plan Disclosures
| Employees' Pension Plan |  | Select Executive Retirement Plan |  | Postretirement Benefit Plans
Defined Benefit Plan Funded Status |  |  |  |  |
December 31, 2019 |  |  |  |  |
Fair Value of Plan Assets | $ | 57,051 |  |  | $ | — |  |  | $ | — |
Benefit Obligation | 42,322 |  |  | 5,194 |  |  | 8,652 |
Funded Status of Plan | $ | 14,729 |  |  | $ | (5,194 | ) |  | $ | (8,652 | )
December 31, 2018 |  |  |  |  |
Fair Value of Plan Assets | $ | 48,445 |  |  | $ | — |  |  | $ | — |
Benefit Obligation | 38,069 |  |  | 4,710 |  |  | 7,706 |
Funded Status of Plan | $ | 10,376 |  |  | $ | (4,710 | ) |  | $ | (7,706 | )
Change in Benefit Obligation |  |  |  |  |
Benefit Obligation, at January 1, 2019 | $ | 38,069 |  |  | $ | 4,710 |  |  | $ | 7,706 |
Service Cost 1 | 1,527 |  |  | 324 |  |  | 121 |
Interest Cost 2 | 1,765 |  |  | 217 |  |  | 364 |
Plan Participants' Contributions | — |  |  | — |  |  | 485 |
Actuarial Loss | 2,960 |  |  | 409 |  |  | 670 |
Benefits Paid | (1,999 | ) |  | (466 | ) |  | (694 | )
Benefit Obligation, at December 31, 2019 | $ | 42,322 |  |  | $ | 5,194 |  |  | $ | 8,652 |
Benefit Obligation, at January 1, 2018 | $ | 38,921 |  |  | $ | 4,586 |  |  | $ | 7,727 |
Service Cost 1 | 1,557 |  |  | 414 |  |  | 136 |
Interest Cost 2 | 1,598 |  |  | 192 |  |  | 333 |
Plan Participants' Contributions | — |  |  | — |  |  | 416 |
Amendments | — |  |  | — |  |  | 453 |
Actuarial Gain | (795 | ) |  | (17 | ) |  | (664 | )
Benefits Paid | (3,212 | ) |  | (465 | ) |  | (695 | )
Benefit Obligation, at December 31, 2018 | $ | 38,069 |  |  | $ | 4,710 |  |  | $ | 7,706 |
Change in Fair Value of Plan Assets |  |  |  |  |
Fair Value of Plan Assets, at January 1, 2019 | $ | 48,445 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets | 10,605 |  |  | — |  |  | — |
Employer Contributions | — |  |  | 466 |  |  | 209 |
Plan Participants' Contributions | — |  |  | — |  |  | 485 |
Benefits Paid | (1,999 | ) |  | (466 | ) |  | (694 | )
Fair Value of Plan Assets, at December 31, 2019 | $ | 57,051 |  |  | $ | — |  |  | $ | — |
Fair Value of Plan Assets, at January 1, 2018 | $ | 53,571 |  |  | $ | — |  |  | $ | — |
Actual Return on Plan Assets | (1,914 | ) |  | — |  |  | — |
Employer Contributions | — |  |  | 465 |  |  | 279 |
Plan Participants' Contributions | — |  |  | — |  |  | 416 |
Benefits Paid | (3,212 | ) |  | (465 | ) |  | (695 | )
Fair Value of Plan Assets, at December 31, 2018 | $ | 48,445 |  |  | $ | — |  |  | $ | — |
Accumulated Benefit Obligation at December 31, 2019 | $ | 42,041 |  |  | $ | 5,125 |  |  | $ | 8,652 |
Amounts Recognized in the Consolidated Balance Sheets |  |  |  |  |
December 31, 2019 |  |  |  |  |
Prepaid Pension Asset | $ | 14,729 |  |  | $ | — |  |  | — |
Accrued Benefit Liability | — |  |  | (5,194 | ) |  | (8,652 | )
Net Benefit Recognized | $ | 14,729 |  |  | $ | (5,194 | ) |  | $ | (8,652 | )
December 31, 2018 |  |  |  |  |
Prepaid Pension Asset | $ | 10,376 |  |  | $ | — |  |  | — |
Accrued Benefit Liability | — |  |  | (4,710 | ) |  | (7,706 | )
Net Benefit Recognized | $ | 10,376 |  |  | $ | (4,710 | ) |  | $ | (7,706 | )
Schedule of Defined Benefit Plan Disclosures
| Employees' Pension Plan |  | Select Executive Retirement Plan |  | Postretirement Benefit Plans
Amounts Recognized in Other Comprehensive Income (Loss) |  |  |  |  |
For the Year Ended December 31, 2019 |  |  |  |  |
Net Unamortized (Gain) Loss Arising During the Period | $ | (4,584 | ) |  | $ | 409 |  |  | $ | 670 |
Amortization of Net (Loss) Gain | (613 | ) |  | (113 | ) |  | 42 |
Amortization of Prior Service Cost | (69 | ) |  | (54 | ) |  | (101 | )
Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans | $ | (5,266 | ) |  | $ | 242 |  |  | $ | 611 |
For the Year Ended December 31, 2018 |  |  |  |  |
Net Unamortized (Gains) Loss Arising During the Period | $ | 4,480 |  |  | $ | (17 | ) |  | $ | (665 | )
Net Prior Service Cost Arising During the Period | — |  |  | — |  |  | 453 |
Amortization of Net Gains | (194 | ) |  | (131 | ) |  | — |
Amortization of Prior Service Credit (Cost) | 49 |  |  | (57 | ) |  | (100 | )
Total Other Comprehensive Income (Loss) for Pension and Other Postretirement Benefit Plans | $ | 4,335 |  |  | $ | (205 | ) |  | $ | (312 | )
For the Year Ended December 31, 2017 |  |  |  |  |
Net Unamortized Loss Arising During the Period | $ | (517 | ) |  | $ | 244 |  |  | $ | (14 | )
Net Prior Service Cost Arising During the Period | — |  |  | — |  |  | — |
Amortization of Net (Gains) Loss | (306 | ) |  | (129 | ) |  | 24 |
Amortization of Prior Service (Cost) Credit | 57 |  |  | (57 | ) |  | 11 |
Total Other Comprehensive (Loss) Income for Pension and Other Postretirement Benefit Plans | $ | (766 | ) |  | $ | 58 |  |  | $ | 21 |
Accumulated Other Comprehensive Income |  |  |  |  |
December 31, 2019 |  |  |  |  |
Net Actuarial Loss (Gains) | $ | 5,745 |  |  | $ | 2,275 |  |  | $ | (181 | )
Prior Service Cost | 244 |  |  | 378 |  |  | 685 |
Total Accumulated Other Comprehensive Income, Before Tax | $ | 5,989 |  |  | $ | 2,653 |  |  | $ | 504 |
December 31, 2018 |  |  |  |  |
Net Actuarial Loss (Gains) | $ | 10,942 |  |  | $ | 1,979 |  |  | $ | (893 | )
Prior Service Cost | 313 |  |  | 432 |  |  | 786 |
Total Accumulated Other Comprehensive Income, Before Tax | $ | 11,255 |  |  | $ | 2,411 |  |  | $ | (107 | )
Amounts that will be Amortized from Accumulated Other Comprehensive Income the Next Year |  |  |  |  |
Net Actuarial Loss | $ | 4 |  |  | $ | 132 |  |  | $ | 7 |
Prior Service Cost | $ | 63 |  |  | $ | 42 |  |  | $ | 106 |
Net Periodic Benefit Cost |  |  |  |  |
For the Year Ended December 31, 2019 |  |  |  |  |
Service Cost 1 | $ | 1,527 |  |  | $ | 324 |  |  | $ | 121 |
Interest Cost 2 | 1,765 |  |  | 217 |  |  | 364 |
Expected Return on Plan Assets 2 | (3,060 | ) |  | — |  |  | — |
Amortization of Prior Service Cost 2 | 69 |  |  | 54 |  |  | 101 |
Amortization of Net Loss 2 | 613 |  |  | 113 |  |  | (42 | )
Net Periodic Benefit Cost | $ | 914 |  |  | $ | 708 |  |  | $ | 544 |
For the Year Ended December 31, 2018 |  |  |  |  |
Service Cost 1 | $ | 1,557 |  |  | $ | 414 |  |  | $ | 136 |
Interest Cost 2 | 1,598 |  |  | 192 |  |  | 333 |
Expected Return on Plan Assets 2 | (3,362 | ) |  | — |  |  | — |
Amortization of Prior Service (Credit) Cost 2 | (49 | ) |  | 57 |  |  | 100 |
Amortization of Net Loss 2 | 194 |  |  | 131 |  |  | — |
Net Periodic Benefit (Credit) Cost | $ | (62 | ) |  | $ | 794 |  |  | $ | 569 |
Schedule of Defined Benefit Plan Disclosures
| Employees' Pension Plan |  | Select Executive Retirement Plan |  | Postretirement Benefit Plans
For the Year Ended December 31, 2017 |  |  |  |  |
Service Cost 1 | $ | 1,392 |  |  | $ | 45 |  |  | $ | 130 |
Interest Cost 2 | 1,682 |  |  | 209 |  |  | 339 |
Expected Return on Plan Assets 2 | (3,141 | ) |  | — |  |  | — |
Amortization of Prior Service (Credit) Cost 2 | (57 | ) |  | 57 |  |  | (11 | )
Amortization of Net Loss (Gain) 2 | 306 |  |  | 129 |  |  | (24 | )
Net Periodic Benefit Cost | $ | 182 |  |  | $ | 440 |  |  | $ | 434 |
Weighted-Average Assumptions Used in Calculating Benefit Obligation |  |  |  |  |
December 31, 2019 |  |  |  |  |
Discount Rate | 3.72 | % |  | 3.75 | % |  | 3.76 | %
Rate of Compensation Increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00 | % |  | 3.00 | % |  |
December 31, 2018 |  |  |  |  |
Discount Rate | 4.81 | % |  | 4.80 | % |  | 4.81 | %
Rate of Compensation Increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Interest Rate Credit for Determining Projected Cash Balance Account | 3.36 | % |  | 3.36 | % |  |
Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost |  |  |  |  |
December 31, 2019 |  |  |  |  |
Discount Rate | 4.81 | % |  | 4.80 | % |  | 4.81 | %
Expected Long-Term Return on Plan Assets | 6.50 | % |  |  |  |  |
Rate of Compensation Increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00 | % |  | 3.00 | % |  |
December 31, 2018 |  |  |  |  |
Discount Rate | 4.24 | % |  | 4.18 | % |  | 4.22 | %
Expected Long-Term Return on Plan Assets | 6.50 | % |  |  |  |  |
Rate of Compensation Increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00 | % |  | 3.00 | % |  |
December 31, 2017 |  |  |  |  |
Discount Rate | 4.83 | % |  | 4.73 | % |  | 4.80 | %
Expected Long-Term Return on Plan Assets | 6.50 | % |  |  |  |  |
Rate of Compensation Increase | 3.50 | % |  | 3.50 | % |  | 3.50 | %
Interest Rate Credit for Determining Projected Cash Balance Account | 3.00 | % |  | 3.00 | % |  |
Interest Rate to Annuitize Cash Balance Account | 4.50 | % |  | 4.50 | % |  |
Interest Rate to Convert Annuities to Actuarially Equivalent Lump Sum Amounts | 4.50 | % |  | 4.50 | % |  |
Footnotes:
1. | Included in Salaries and Employee Benefits on the Consolidated Statements of Income
2. | Included in Other Operating Expense on the Consolidated Statements of Income
Schedule of Defined Benefit Plan Disclosures Information about Defined Benefit Plan Assets - Employees' Pension Plan
Fair Value Measurements Using:
Asset Category | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Percent of Total |  | Target Allocation Minimum |  | Target Allocation Maximum
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | % |  | — | % |  | 15.0 | %
Interest-Bearing Money Market Fund | 2,742 |  |  | — |  |  | — |  |  | 2,742 |  |  | 4.8 | % |  | — | % |  | 15.0 | %
Arrow Common Stock 1 | 6,542 |  |  | — |  |  | — |  |  | 6,542 |  |  | 11.5 | % |  | — | % |  | 10.0 | %
North Country Funds - Equity 2 | 21,209 |  |  | — |  |  | — |  |  | 21,209 |  |  | 37.2 | % |  |  |  |  |  |
Other Mutual Funds - Equity | 15,868 |  |  | — |  |  | — |  |  | 15,868 |  |  | 27.8 | % |  |  |  |  |  |
Total Equity Funds | 37,077 |  |  | — |  |  | — |  |  | 37,077 |  |  | 65.0 | % |  | 55.0 | % |  | 85.0 | %
North Country Funds - Fixed income 2 | 8,692 |  |  | — |  |  | — |  |  | 8,692 |  |  | 15.2 | % |  |  |  |  |  |
Other Mutual Funds - Fixed Income | 793 |  |  | — |  |  | — |  |  | 793 |  |  | 1.4 | % |  |  |  |  |  |
Total Fixed Income Funds | 9,485 |  |  | — |  |  | — |  |  | 9,485 |  |  | 16.6 | % |  | 10.0 | % |  | 30.0 | %
Alternative ETF | 1,205 |  |  | — |  |  | — |  |  | 1,205 |  |  | 2.1 | % |  | — | % |  | 20.0 | %
Total | $ | 57,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 57,051 |  |  | 100.0 | % |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |
Cash | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | — | % |  | — | % |  | 15.0 | %
Interest-Bearing Money Market Fund | 3,310 |  |  | — |  |  | — |  |  | 3,310 |  |  | 6.8 | % |  | — | % |  | 15.0 | %
Arrow Common Stock 1 | 5,381 |  |  | — |  |  | — |  |  | 5,381 |  |  | 11.1 | % |  | — | % |  | 10.0 | %
North Country Funds - Equity 2 | 16,629 |  |  | — |  |  | — |  |  | 16,629 |  |  | 34.3 | % |  |  |  |  |  |
Other Mutual Funds - Equity | 13,081 |  |  | — |  |  | — |  |  | 13,081 |  |  | 27.0 | % |  |  |  |  |  |
Total Equity Funds | 29,710 |  |  | — |  |  | — |  |  | 29,710 |  |  | 61.3 | % |  | 55.0 | % |  | 85.0 | %
North Country Funds - Fixed income 2 | 8,124 |  |  | — |  |  | — |  |  | 8,124 |  |  | 16.8 | % |  |  |  |  |  |
Other Mutual Funds - Fixed Income | 1,920 |  |  | — |  |  | — |  |  | 1,920 |  |  | 4.0 | % |  |  |  |  |  |
Total Fixed Income Funds | 10,044 |  |  | — |  |  | — |  |  | 10,044 |  |  | 20.8 | % |  | 10.0 | % |  | 30.0 | %
Total | $ | 48,445 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,445 |  |  | 100.0 | % |  |  |  |  |
Footnotes: 1 Payment for the acquisition of Arrow Financial Corporation common stock was under 10% of the total fair value of the employee's pension plan assets at the time of acquisition. 2 The North Country Funds - Equity and the North Country Funds - Fixed Income are publicly traded mutual funds advised by Arrow's subsidiary, North Country Investment Advisers, Inc.
Schedule of Defined Benefit Plan Disclosures
| Employees' Pension Plan |  | Select Executive Retirement Plan |  | Postretirement Benefit Plans
Expected Future Benefit Payments |  |  |  |  |
2020 | $ | 2,975 |  |  | $ | 444 |  |  | $ | 638 |
2021 | 2,527 |  |  | 427 |  |  | 673 |
2022 | 2,808 |  |  | 409 |  |  | 655 |
2023 | 3,048 |  |  | 389 |  |  | 629 |
2024 | 2,922 |  |  | 555 |  |  | 643 |
2025 - 2029 | 14,571 |  |  | 2,482 |  |  | 3,271 |
Estimated Contributions During 2020 | $ | — |  |  | $ | 444 |  |  | $ | 638 |
Assumed Health Care Cost Trend Rates |  |  |  |  |
December 31, 2019 |  |  |  |  |
Health Care Cost Trend Rate Assumed for Next Year |  |  |  |  | 6.75 | %
Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) |  |  |  |  | 3.78 | %
Year that the Rate Reaches the Ultimate Trend Rate |  |  |  |  | 2075 |
December 31, 2018 |  |  |  |  |
Health Care Cost Trend Rate Assumed for Next Year |  |  |  |  | 7.00 | %
Rate to which the Cost Trend Rate is Assumed to Decline (the Ultimate Trend Rate) |  |  |  |  | 3.78 | %
Year that the Rate Reaches the Ultimate Trend Rate |  |  |  |  | 2075 |
Effect of a One-Percentage Point Change in Assumed Health Care Cost Trend Rates |  |  |  |  |
Effect of a One Percentage Point Increase on Service and Interest Cost Components |  |  |  |  | $ | 43 |
Effect of a One Percentage Point Decrease on Service and Interest Cost Components |  |  |  |  | (36 | )
Effect of a One Percentage Point Increase on Accumulated Postretirement Benefit Obligation |  |  |  |  | 550 |
Effect of a One Percentage Point Decrease on Accumulated Postretirement Benefit Obligation |  |  |  |  | (477 | )
Fair Value of Plan Assets (Defined Benefit Plan): For information on fair value measurements, including descriptions of level 1, 2 and 3 of the fair value hierarchy and the valuation methods employed by Arrow, see Note 2, Summary of Significant Accounting Policies, and Note 17, Fair Values. The fair value of level 1 financial instruments in the table above are based on unadjusted, quoted market prices from exchanges in active markets. In accordance with ERISA guidelines, the Board authorized the purchase of Arrow common stock up to 10% of the fair market value of the plan's assets at the time of acquisition. Pension Plan Investment Policies and Strategies: The Company maintains a non-contributory pension benefit plan covering substantially all employees for the purpose of rewarding long and loyal service to the Company. The pension assets are held in trust and are invested in a prudent manner for the exclusive purpose of providing benefits to participants. The investment objective is to achieve an inflation-protected rate of return that meets the actuarial assumption which is used for funding purposes. The investment strategy attempts to maximize the investment return on assets at a level of risk deemed appropriate by the Company while complying with ERISA and any applicable regulations and laws. The investment strategy utilizes asset allocation as a principal determinant for establishing the risk/reward profile of the assets. Asset allocation ranges are established, periodically reviewed, and adjusted as funding levels, and participant benefit characteristics change. Active and passive investment management is employed to help enhance the risk/return profile of the assets. The plan’s assets are invested in a diversified portfolio of equity securities comprised of companies with small, mid, and large capitalizations. Both domestic and international equities are allowed to provide further diversification and opportunity for return in potentially higher growth economies with lower correlation of returns. Growth and value styles of investment are employed to increase the diversification and offer varying opportunities for appreciation. The fixed income portion of the plan may be invested in U.S. dollar denominated debt securities that shall be rated within the top four ratings categories by nationally recognized ratings agencies. The fixed income portion will be invested without regard to industry or sector based on analysis of each target security’s structural and repayment features, current pricing and trading opportunities as well as credit quality of the issuer. Individual bonds with ratings that fall below the Plan’s rating requirements will be sold only when it is in the best interests of the Plan. Hybrid investments, such as convertible bonds, may be used to provide growth characteristics while offering some protection to declining equity markets by having a fixed income component. Alternative investments such as Treasury Inflation Protected Securities, commodities, and REITs may be used to further enhance diversification while offering opportunities for return. In accordance with ERISA guidelines, common stock of the Company may be purchased up to 10% of the fair market value of the Plan’s assets at the time of acquisition. Derivative investments are prohibited in the plan. The return on assets assumption was developed through review of historical market returns, historical asset class volatility and correlations, current market conditions, the Plan’s past experience, and expectations on potential future market returns. The assumption represents a long-term average view of the performance of the assets in the Plan, a return that may or may not be achieved during any one calendar year. The assumption is based on the return of the Plan using the historical 15 year return adjusted for the potential for lower than historical returns due to low interest rates. Cash Flows - We were not required to and we did not make any contribution to our qualified pension plan in 2019. Arrow makes contributions for its postretirement benefits in an amount equal to actual expenses for the year.

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