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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Employee Benefit Plans [Abstract]  
Change in Plan Assets and Funded Status

The changes in benefit obligation, change in plan assets and funded status as of December 31, 2021 and 2020, are as follows:

 

 

 

 

Pension Benefits

 

 

 

 

2021

 

 

 

2020

 

Change in benefit obligation

 

 

 

 

 

 

 

 

Benefit obligation  Beginning of year

 

 

$

55,359

 

 

 

$

53,294

 

Interest cost

 

 

 

944

 

 

 

 

1,430

 

Actuarial (gain) loss

 

 

 

(2,098

)

 

 

 

3,870

 

Benefits paid

 

 

 

(3,267

)

 

 

 

(3,235

)

Benefit obligation  End of year

 

 

 

50,938

 

 

 

 

55,359

 

Change in plan assets

 

 

 

 

 

 

 

 

Plan assets  Beginning of year

 

 

 

48,314

 

 

 

 

46,784

 

Return on plan assets

 

 

 

5,856

 

 

 

 

4,765

 

Benefits paid

 

 

 

(3,267

)

 

 

 

(3,235

)

Plan assets at fair value  End of year

 

 

 

50,903

 

 

 

 

48,314

 

Funded status of plans  End of year

 

 

$

(35

)

 

 

$

(7,045

)

Schedule of Amounts Recognized in Balance Sheet

 

 

 

 

 

Pension Benefits

 

 

 

 

2021

 

 

 

2020

 

Amounts recognized in the Consolidated Balance Sheets

 

 

 

 

 

 

 

 

Current liabilities

 

 

$

-

 

 

 

$

-

 

Noncurrent liabilities

 

 

 

(35

)

 

 

 

(7,045

)

Net amount recognized at December 31

 

 

$

(35

)

 

 

$

(7,045

)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive loss but not yet recognized in earnings at December 31, 2021 and 2020, are as follows:

 

 

 

 

 

 

 

 

Pension Benefits

 

 

 

 

2021

 

 

 

2020

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

$

11,803

 

 

 

$

18,045

 

 

 

 

$

11,803

 

 

 

$

18,045

 

Components of Net Periodic Benefit Cost

Components of net periodic benefit cost for the years ended December 31, 2021 and 2020, are as follows:

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

 

 

2021

 

 

 

2020

 

Components of net periodic benefit cost

 

 

 

 

 

 

 

 

Interest cost

 

$

 

944

 

 

$

 

1,430

 

Expected return on plan assets

 

 

 

(2,335

)

 

 

 

(2,438

)

Amortization of unrecognized net loss (gain)

 

 

 

621

 

 

 

 

562

 

Total net periodic (income) benefit cost

 

$

 

(770

)

 

$

 

(446

)

Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss

The increase (decrease) in accumulated other comprehensive loss (pre-tax) for the years ended December 31, 2021 and 2020, are as follows:

 

 

 

 

 

 

 

 

 

Pension Benefits

 

 

 

 

2021

 

 

 

2020

 

Net actuarial (gain) loss

 

 

$

(5,620

)

 

 

$

1,544

 

Amortization of net actuarial (gain) loss

 

 

 

(621

)

 

 

 

(561

)

Total recognized in accumulated other comprehensive loss

 

 

$

(6,241

)

 

 

$

983

 

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid as of December 31, 2021:

 

 

 

 

 

 

 

 

Pension Benefits

 

 

 

 

 

 

2022

 

 

$

3,206

 

2023

 

 

 

3,234

 

2024

 

 

 

3,195

 

2025

 

 

 

3,175

 

2026

 

 

 

3,139

 

2027 through 2031

 

 

 

14,897

 

Schedule of Assumptions Used

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

 

 

 

 

 

 

 

Pension Benefits

 

 

 

2021

 

 

2020

Discount rates

 

 

2.84%

 

 

2.48%

 

 

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 2021, 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-2021with COVID adjustment), which reflects additional data that the Social Security Administration has released since prior assumptions (MP-2020) 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-2021 for purposes of measuring its pension obligations at December 31, 2021.

 

The 2021 actuarial gain of $2,098 was largely the result of the change in the yield curve. The impact of the mortality improvement scale MP-2021also created a slight actuarial gain for 2021. 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

 

 

 

2021

 

 

2020

Discount rate for benefit obligations

 

 

2.48%

 

 

3.22%

 

Expected return on plan assets

 

 

5.00%

 

 

5.40%

 

Rate for interest on benefit obligations

 

 

1.77%

 

 

2.78%

 

Discount rate for service cost

 

 

N/A

 

 

N/A

 

Schedule of Allocation of Plan Assets

The Company’s pension plan’s weighted average asset allocations at December 31, 2021 and 2020, and target allocations for 2022, by asset category, are as follows:

 

 

 

 

 

Plan Assets at December 31,

 

 

 

 

 

 

 

 

 

 

Target Allocation

 

 

 

 

2021

 

 

2020

 

 

2022

 

Asset Category

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

2

%

 

 

0

%

 

0% - 5%

 

Equity securities

 

 

 

54

%

 

 

56

%

 

45% - 65%

 

Fixed income securities

 

 

 

33

%

 

 

35

%

 

30% - 50%

 

Real estate

 

 

 

11

%

 

 

9

%

 

4%-6%

 

 

 

 

 

100

%

 

 

100

%

 

 

100

%

Schedule of Changes in Fair Value of Plan Assets The following table presents the fair value of pension plan assets classified under the appropriate level of the ASC 820 fair value hierarchy (see Note 2, Summary of Significant Accounting Policies for a description of the fair value hierarchy) as of December 31, 2021 and 2020:

 

 

   Pension Plan Assets

 

 

As of December 31, 2021

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

Mutual funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fixed income funds

 

 

$

16,645

 

 

 

$

-

 

 

 

$

-

 

 

 

$

16,645

 

Large cap funds

 

 

 

16,238

 

 

 

 

-

 

 

 

 

-

 

 

 

 

16,238

 

Small cap funds

 

 

 

4,877

 

 

 

 

-

 

 

 

 

-

 

 

 

 

4,877

 

International funds

 

 

 

6,607

 

 

 

 

-

 

 

 

 

-

 

 

 

 

6,607

 

Real estate funds

 

 

 

5,529

 

 

 

 

-

 

 

 

 

-

 

 

 

 

5,529

 

Cash and equivalents

 

 

 

1,007

 

 

 

 

-

 

 

 

 

-

 

 

 

 

1,007

 

Total

 

 

$

50,903

 

 

 

$

-

 

 

 

$

-

 

 

 

$

50,903

 

 

 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