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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans [Abstract]

Change in Plan Assets and Funded Status

			Pension Benefits						Postretirement Benefits
			2020			2019			2020			2019
Change in benefit obligation
Benefit obligation – Beginning of year		$	53,294		$	48,590		$	-		$	5,370
Service cost			-			-			-			18
Interest cost			1,430			1,863			-			183
Actuarial loss			3,870			6,157			-			-
Benefits paid			(3,235)			(3,316)			-			(601)
Liability gain due to termination			-			-			-			(4,369)
Benefit obligation – End of year			55,359			53,294			-			601
Change in plan assets
Plan assets – Beginning of year			46,784			42,749			-			-
Return on plan assets			4,765			7,351			-			-
Employer contributions			-			-			-			601
Benefits paid			(3,235)			(3,316)			-			(601)
Plan assets at fair value – End of year			48,314			46,784			-			-
Funded status of plans – End of year		$	(7,045)		$	(6,510)		$	-		$	(601)

Schedule of Amounts Recognized in Balance Sheet

			Pension Benefits						Postretirement Benefits
			2020			2019			2020			2019
Amounts recognized in the Consolidated Balance Sheets
Current liabilities		$	-		$	-		$	-		$	(181)
Noncurrent liabilities			(7,045)			(6,510)			-			(420)
Net amount recognized at December 31		$	(7,045)		$	(6,510)		$	-		$	(601)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

			Pension Benefits
			2020			2019
Net actuarial loss		$	18,045		$	17,062
		$	18,045		$	17,062

Components of Net Periodic Benefit Cost

			Pension Benefits							Postretirement Benefits
			2020			2019				2020			2019
Components of net periodic benefit cost
Service cost		$	-		$	-			$	-		$	18
Interest cost			1,430			1,863				-			183
Expected return on plan assets			(2,438)			(2,218)				-			-
Amortization of unrecognized prior service cost			-			-				-			14
Amortization of unrecognized net loss (gain)			562			549				-			(389)
Termination gain			-			-				-			(6,637)
Total net periodic (income) benefit cost		$	(446)		$	194			$	-		$	(6,811)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

			2020						2019
			Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits
Net actuarial loss		$	1,544		$	-		$	1,025		$	-
Liability gain due to termination			-			-			-			(4,369)
Termination gain			-			-			-			6,637
Amortization of net actuarial (gain) loss			(561)			-			(549)			389
Amortization of prior service cost			-			-			-			(14)
Total recognized in accumulated other comprehensive loss		$	983		$	-		$	476		$	2,643

Schedule of Expected Benefit Payments

			Pension Benefits
2021		$	3,385
2022			3,282
2023			3,264
2024			3,231
2025			3,206
2026 through 2030			15,321

Schedule of Assumptions Used

‎

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

		Pension Benefits				Postretirement Benefits
		2020		2019		2020		2019
Discount rates		2.48%		3.22%		N/A		N/A

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 2020, 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-2020), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2019) 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-2020 for purposes of measuring its pension obligations at December 31, 2020.

The 2020 actuarial loss of $3,870 was largely the result of the change in the yield curve. The 2020 actuarial loss related to the change in the yield curve was partially offset by the impact of the mortality improvement scale MP-2020.

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

		Pension Benefits					Postretirement Benefits
		2020		2019			2020		2019
Discount rate for benefit obligations		3.22%		4.36%			N/A		4.34%
Expected return on plan assets		5.40%		5.40%			N/A		N/A
Rate for interest on benefit obligations		2.78%		3.96%			N/A		3.94%
Discount rate for service cost		N/A		N/A			N/A		4.60%

Schedule of Allocation of Plan Assets

		Plan Assets at December 31,				Target Allocation
		2020		2019		2021
Asset Category
Cash and cash equivalents		0%		1%		0% - 5%
Equity securities		56%		54%		45% - 65%
Fixed income securities		35%		40%		30% - 50%
Real estate		9%		5%		4%-6%
		100%		100%		100%

Schedule of Changes in Fair Value of Plan Assets

Pension Plan Assets			As of December 31, 2020
			Level 1			Level 2			Level 3			Total
Mutual funds:
Fixed income funds		$	16,670		$	-		$	-		$	16,670
Large cap funds			16,033			-			-			16,033
Small cap funds			4,558			-			-			4,558
International funds			6,338			-			-			6,338
Real estate funds			4,576			-			-			4,576
Cash and equivalents			139			-			-			139
Total		$	48,314		$	-		$	-		$	48,314

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

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