XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Employee Benefit Plans | 9 Months Ended
--- | ---
Sep. 30, 2016
Compensation and Retirement Disclosure [Abstract] |
Employee Benefit Plans |
| (9) | Employee Benefit Plans
Employee Benefits Employee benefits charged to operating expenses are summarized in the table below for the periods indicated.
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Payroll taxes |  | $ | 251 |  |  | $ | 261 |  |  | $ | 883 |  |  | $ | 860 |
Medical plans |  |  | 415 |  |  |  | 491 |  |  |  | 1,414 |  |  |  | 1,462 |
401k match and profit sharing |  |  | 201 |  |  |  | 225 |  |  |  | 585 |  |  |  | 720 |
Pension plan |  |  | 307 |  |  |  | 348 |  |  |  | 920 |  |  |  | 1,044 |
Other |  |  | 56 |  |  |  | 56 |  |  |  | 118 |  |  |  | 99 |
Total employee benefits |  | $ | 1,230 |  |  | $ | 1,381 |  |  | $ | 3,920 |  |  | $ | 4,185 |
The Company’s profit-sharing plan includes a matching 401k portion, in which the Company matches the first 3% of eligible employee contributions. The Company made annual contributions in an amount up to 6% of income before income taxes and before contributions to the profit-sharing and pension plans for all participants, limited to the maximum amount deductible for federal income tax purposes, for each of the periods shown. In addition, employees were able to make additional tax-deferred contributions. Pension The Company provides a noncontributory defined benefit pension plan for all full-time employees. An employer is required to recognize the funded status of a defined benefit postretirement plan as an asset or liability in its balance sheet and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Under the Company’s funding policy for the defined benefit pension plan, contributions are made to a trust as necessary to provide for current service and for any unfunded accrued actuarial liabilities over a reasonable period. To the extent that these requirements are fully covered by assets in the trust, a contribution might not be made in a particular year. A pension contribution in the amount of $772,000 was made on April 15, 2016. Components of Net Pension Cost and Other Amounts Recognized in Accumulated Other Comprehensive Income The following items are components of net pension cost for the periods indicated:
|  | Estimated |  |  | Actual |
(in thousands) |  | 2016 |  |  | 2015 |
Service cost - benefits earned during the year |  | $ | 1,179 |  |  | $ | 1,325 |
Interest costs on projected benefit obligations |  |  | 956 |  |  |  | 838 |
Expected return on plan assets |  |  | (1,057 | ) |  |  | (957 | )
Expected administrative expenses |  |  | 70 |  |  |  | 40 |
Amortization of prior service cost |  |  | 79 |  |  |  | 79 |
Amortization of unrecognized net loss |  |  | 0 |  |  |  | 66 |
Net periodic pension expense |  | $ | 1,227 |  |  | $ | 1,391 |
Pension expense - three months ended September 30, (actual) |  | $ | 307 |  |  | $ | 348 |
Pension expense - nine months ended September 30, (actual) |  | $ | 920 |  |  | $ | 1,044 |

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450702-114947 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65897934&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66047640&loc=d3e39622-114963 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration