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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefit Plans [Abstract]

Change in Plan Assets and Funded Status



		Pension Benefits				Postretirement Benefits
		2019		2018		2019		2018
Change in benefit obligation
Benefit obligation – Beginning of year		$                     48,590		$                     54,319		$                       5,370		$                       5,956
Service cost		-		-		18		33
Interest cost		1,863		1,712		183		186
Actuarial loss (gain)		6,157		(4,037)		-		(237)
Benefits paid		(3,316)		(3,404)		(601)		(568)
Liability gain due to termination		-		-		(4,369)		-
Benefit obligation – End of year		53,294		48,590		601		5,370
Change in plan assets
Plan assets – Beginning of year		42,749		48,556		-		-
Return on plan assets		7,351		(2,403)		-		-
Employer contributions		-		-		601		568
Benefits paid		(3,316)		(3,404)		(601)		(568)
Plan assets at fair value – End of year		46,784		42,749		-		-
Funded status of plans – End of year		$                    (6,510)		$                    (5,841)		$                       (601)		$                    (5,370)



Schedule of Amounts Recognized in Balance Sheet


		Pension Benefits				Postretirement Benefits
		2019		2018		2019		2018
Amounts recognized in the Consolidated Balance Sheets
Current liabilities		$                             -		$                             -		$                      (181)		$                      (395)
Noncurrent liabilities		(6,510)		(5,841)		(420)		(4,975)
Net amount recognized at December 31		$                   (6,510)		$                   (5,841)		$                      (601)		$                   (5,370)



Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


		Pension Benefits				Postretirement Benefits
		2019		2018		2019		2018

Net actuarial loss (gain)		$                     17,062		$                     16,586		$                              -		$                    (2,801)
Prior service cost		-		-		-		158
		$                     17,062		$                     16,586		$                              -		$                    (2,643)



Components of Net Periodic Benefit Cost


		Pension Benefits					Postretirement Benefits
		2019		2018			2019		2018
Components of net periodic benefit cost
Service cost		$               -		$                  -			$               18		$               33
Interest cost		1,863		1,712			183		186
Expected return on plan assets		(2,218)		(2,845)			-		-
Amortization of unrecognized prior service cost		-		-			14		14
Amortization of unrecognized net loss (gain)		549		451			(389)		(282)
Termination gain		-		-			(6,637)		-
Contractual benefit charge		-		-			-		-
Total net periodic benefit cost		$          194		$            (682)			$        (6,811)		$              (49)




Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss


		2019				2018
		Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Net actuarial loss (gain)		$                       1,025		$                              -		$                       1,210		$                       (237)
Liability gain due to termination		-		(4,369)		-		-
Termination gain		-		6,637		-		-
Amortization of net actuarial loss (gain)		(549)		389		(451)		282
Amortization of prior service cost		-		(14)		-		(14)
Total recognized in accumulated other comprehensive loss (gain)		$                          476		$                       2,643		$                          759		$                            31



Schedule of Expected Benefit Payments


		Pension Benefits

2020		$             3,338
2021		3,304
2022		3,294
2023		3,278
2024		3,245
2025 through 2029		15,633



Schedule of Assumptions Used

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










		Pension Benefits				Postretirement Benefits
		2019		2018		2019		2018
Discount rates		3.22%		4.35%		N/A		4.32%







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 2019, the Society of Actuaries issued base mortality table Pri-2012 which is split by retiree and contingent survivor tables and includes mortality improvement assumptions for U.S. plans, scale (MP-2019), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2018) were developed. The Company has historically utilized the Society of Actuaries’ published mortality data in its plan assumptions.  Accordingly, the Company adopted Pri-2012 with MP-2019 for purposes of measuring its pension obligations at December 31, 2019.



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











		Pension Benefits					Postretirement Benefits
		2019		2018			2019		2018
Discount rate for benefit obligations		4.36%		3.68%			4.34%		3.65%
Expected return on plan assets		5.40%		6.07%			N/A		N/A
Rate for interest on benefit obligations		3.96%		3.28%			3.94%		3.24%
Discount rate for service cost		N/A		N/A			4.60%		3.89%



Schedule of Allocation of Plan Assets


		Plan Assets at December 31,				Target Allocation
		2019		2018		2019
Asset Category
Cash and cash equivalents		1%		1%		0% - 5%
Equity securities		54%		51%		45% - 65%
Fixed income securities		40%		43%		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, 2019
		Level 1		Level 2		Level 3		Total
Mutual funds:
Fixed income funds		$    18,720		-		-		$    18,720
Large cap funds		15,546		-		-		15,546
Small cap funds		3,567		-		-		3,567
International funds		6,369		-		-		6,369
Real estate funds		2,339		-		-		2,339
Cash and equivalents		243		-		-		243
Total		$    46,784		$              -		$              -		$    46,784














 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



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