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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Employee Benefit Plans [Abstract]

Change in Plan Assets and Funded Status



		Pension Benefits				Postretirement Benefits
		2018		2017		2018		2017
Change in benefit obligation
Benefit obligation – Beginning of year		$                     54,319		$                     53,293		$                       5,956		$                       6,172
Service cost		-		-		33		48
Interest cost		1,712		1,786		186		199
Actuarial loss (gain)		(4,037)		2,599		(237)		(74)
Benefits paid		(3,404)		(3,629)		(568)		(539)
Lump-sum settlement payment		-		-		-		-
Settlement gain		-		-		-		-
Plan curtailment		-		-		-		-
Special termination benefits		-		270		-		150
Benefit obligation – End of year		48,590		54,319		5,370		5,956
Change in plan assets
Plan assets – Beginning of year		48,556		46,472		-		-
Return on plan assets		(2,403)		5,713		-		-
Employer contributions		-		-		568		539
Benefits paid		(3,404)		(3,629)		(568)		(539)
Lump-sum settlement payment		-		-		-		-
Plan assets at fair value – End of year		42,749		48,556		-		-
Funded status of plans – End of year		$                    (5,841)		$                    (5,763)		$                    (5,370)		$                    (5,956)



Schedule of Amounts Recognized in Balance Sheet


		Pension Benefits				Postretirement Benefits
		2018		2017		2018		2017
Amounts recognized in the Consolidated Balance Sheets
Current liabilities		$                             -		$                             -		$                      (395)		$                      (400)
Noncurrent liabilities		(5,841)		(5,763)		(4,975)		(5,556)
Net amount recognized at December 31		$                   (5,841)		$                   (5,763)		$                   (5,370)		$                   (5,956)



Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


		Pension Benefits				Postretirement Benefits
		2018		2017		2018		2017

Net actuarial loss (gain)		$                     16,586		$                     15,827		$                    (2,801)		$                    (2,846)
Prior service cost		-		-		158		173
		$                     16,586		$                     15,827		$                    (2,643)		$                    (2,673)



Components of Net Periodic Benefit Cost


		Pension Benefits					Postretirement Benefits
		2018		2017			2018		2017
Components of net periodic benefit cost
Service cost		$               -		$                  -			$               33		$               48
Interest cost		1,712		1,786			186		199
Expected return on plan assets		(2,845)		(2,569)			-		-
Amortization of unrecognized prior service cost		-		-			14		14
Amortization of unrecognized net loss (gain)		451		475			(282)		(317)
Lump-sum settlement cost		-		-			-		-
Curtailment recognition		-		-			-		-
Contractual benefit charge		-		270			-		150
Total net periodic benefit cost		$         (682)		$              (38)			$             (49)		$               94




Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss


		2018				2017
		Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Net actuarial loss (gain)		$                       1,210		$                       (237)		$                       (545)		$                         (74)
Settlement gain		-		-		-		-
Curtailment - prior service cost		-		-		-		-
Net actuarial loss settlement expense		-		-		-		-
Amortization of net actuarial loss (gain)		(451)		282		(475)		317
Amortization of prior service cost		-		(14)		-		(14)
Total recognized in accumulated other comprehensive loss (gain)		$                          759		$                            31		$                    (1,020)		$                          229



Schedule of Expected Benefit Payments


		Pension Benefits		Postretirement               Benefits

2019		$             3,360		$                    395
2020		3,338		390
2021		3,299		386
2022		3,291		383
2023		3,270		382
2024 through 2028		15,812		1,823



Schedule of Assumptions Used

The assumptions used to determine end of year benefit obligations are shown in the following table:








		Pension Benefits				Postretirement Benefits
		2018		2017		2018		2017
Discount rates		4.35%		3.68%		4.32%		3.65%







The discount rate is determined using a yield curve model that uses yields on high quality corporate bonds (AA rated or better) to produce a single equivalent rate.  The yield curve model excludes callable bonds except those with make-whole provisions, private placements and bonds with variable rates.



In October 2018, the Society of Actuaries published updated mortality improvement assumptions for U.S. plans, scale (MP-2018), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2017) were developed.  Scale (MP-2018) results in lower projected mortality improvement than scale (MP-2017).  The Company has historically utilized the Society of Actuaries’ published mortality data in its plan assumptions.  Accordingly, the Company adopted MP-2018 for purposes of measuring its pension and postretirement obligations at December 31, 2018.



The assumptions used in the measurement of net periodic cost are shown in the following table:











		Pension Benefits					Postretirement Benefits
		2018		2017			2018		2017
Discount rate for benefit obligations		3.68%		4.22%			3.65%		4.18%
Expected return on plan assets		6.07%		5.75%			N/A		N/A
Rate for interest on benefit obligations		3.28%		3.51%			3.24%		3.48%
Discount rate for service cost		N/A		N/A			3.89%		4.55%



Schedule of Allocation of Plan Assets


		Plan Assets at December 31,				Target Allocation
		2018		2017		2018
Asset Category
Cash and cash equivalents		1%		1%		0% - 5%
Equity securities		51%		57%		45% - 65%
Fixed income securities		43%		37%		30% - 50%
Real estate		5%		5%		4%-6%
		100%		100%		100%




Schedule of Changes in Fair Value of Plan Assets








   Pension Plan Assets		As of December 31, 2018
		Level 1		Level 2		Level 3		Total
Mutual funds:
Fixed income funds		$    18,210		-		-		$    18,210
Large cap funds		12,671		-		-		12,671
Small cap funds		3,562		-		-		3,562
International funds		5,799		-		-		5,799
Real estate funds		2,195		-		-		2,195
Cash and equivalents		312		-		-		312
Total		$    42,749		$              -		$              -		$    42,749












 Pension Plan Assets		As of December 31, 2017
		Level 1		Level 2		Level 3		Total
Mutual funds:
Fixed income funds		$    18,250		-		-		$    18,250
Large cap funds		15,356		-		-		15,356
Small cap funds		4,589		-		-		4,589
International funds		7,755		-		-		7,755
Real estate funds		2,385		-		-		2,385
Cash and equivalents		221		-		-		221
Total		$    48,556		$              -		$              -		$    48,556



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