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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract] |
Information about Pension Plan | Information about the pension plan is as follows:
|  | 2019 |  |  | 2018 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Beginning benefit obligation |  | $ | 13,338 |  |  | $ | 17,916 |
Service cost |  |  | — |  |  |  | — |
Interest cost |  |  | 479 |  |  |  | 627 |
Curtailment gain |  |  | — |  |  |  | — |
Settlement loss |  |  | — |  |  |  | 98 |
Actuarial (gain)/loss |  |  | 3,546 |  |  |  | (1,800 | )
Benefits paid |  |  | (1,793 | ) |  |  | (104 | )
Settlement payments |  |  | — |  |  |  | (3,399 | )
Ending benefit obligation |  |  | 15,570 |  |  |  | 13,338 |
Change in plan assets, at fair value: |  |  |  |  |  |  |  |
Beginning plan assets |  |  | 15,572 |  |  |  | 19,306 |
Actual return |  |  | 1,404 |  |  |  | (207 | )
Employer contribution |  |  | — |  |  |  | — |
Benefits paid |  |  | (1,793 | ) |  |  | (104 | )
Settlement payments |  |  | — |  |  |  | (3,399 | )
Administrative expenses |  |  | — |  |  |  | (24 | )
Ending plan assets |  |  | 15,183 |  |  |  | 15,572 |
Funded status at end of year |  | $ | (387 | ) |  | $ | 2,234 |
Components of Net Periodic Pension Expense | The components of net periodic pension expense were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 479 |  |  |  | 627 |  |  |  | 679 |
Expected return on plan assets |  |  | (811 | ) |  |  | (1,355 | ) |  |  | (1,178 | )
Net amortization and deferral |  |  | 156 |  |  |  | 149 |  |  |  | 380 |
Net periodic pension cost (benefit) |  |  | (176 | ) |  |  | (579 | ) |  |  | (119 | )
Additional loss due to settlement |  |  | — |  |  |  | 1,188 |  |  |  | 237 |
Total pension cost (benefit) |  | $ | (176 | ) |  | $ | 609 |  |  | $ | 118 |
Net loss (gain) recognized in other comprehensive income |  | $ | 2,798 |  |  | $ | (1,453 | ) |  | $ | (322 | )
Total recognized in net periodic benefit cost and other comprehensive loss (before tax) |  | $ | 2,622 |  |  | $ | (2,032 | ) |  | $ | (441 | )
Weighted Average Assumptions Used to Determine Benefit Obligations and Net Periodic Pension Cost | The weighted average assumptions used to determine benefit obligations at year-end were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate on benefit obligation |  |  | 3.13 | % |  |  | 4.14 | % |  |  | 3.51 | %
Long-term rate of return on plan assets |  |  | 4.96 | % |  |  | 7.00 | % |  |  | 7.00 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
The weighted average assumptions used to determine net periodic pension cost were as follows:
|  | 2019 |  |  | 2018 |  |  | 2017 |
Discount rate on benefit obligation |  |  | 4.14 | % |  |  | 3.51 | % |  |  | 4.00 | %
Long-term rate of return on plan assets |  |  | 7.00 | % |  |  | 7.00 | % |  |  | 7.00 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
Schedule of Pension Plan Asset Allocation and Target Allocation by Asset Category | The Company’s pension plan asset allocation at year-end 2019 and 2018 and target allocation for 2020 by asset category are as follows:
|  | Target Allocation |  | Percentage of Plan Assets at Year-end |
Asset Category |  | 2020 |  | 2019 |  |  | 2018 |
Equity securities |  | 0-30% |  |  | 20.0 | % |  |  | 33.1 | %
Debt securities |  | 70-100 |  |  | 80.0 |  |  |  | 20.7 |
Money market funds |  | 0 |  |  | 0.0 |  |  |  | 46.2 |
Total |  |  |  |  | 100.0 | % |  |  | 100.0 | %
Plan's Assets at Fair Value Hierarchy | The following tables set forth by level, within the fair value hierarchy, the pension plan’s assets at fair value as of December 31, 2019 and 2018:
|  | December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common/collective trust: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bonds |  | $ | 12,146 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,146 |
Equities |  |  | 3,037 |  |  |  | — |  |  |  | — |  |  |  | 3,037 |
Total assets at fair value |  | $ | 15,183 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,183 |
Summary of Expected Benefit Payments | Expected benefit payments, which reflect expected future service, are as follows:
2020 |  | $ | 204 |
2021 |  |  | 246 |
2022 |  |  | 314 |
2023 |  |  | 375 |
2024 |  |  | 416 |
2025 through 2029 |  |  | 480 |
Total |  | $ | 2,035 |

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- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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