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12. Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Employee Benefits

Schedule of reconciliation of the change in the plan's benefit obligations

The following tables represents a reconciliation of the change in the plan’s benefit obligations, fair value of plan assets, and funded status at December 31, 2019 and 2018:

		December 31,
		2019				2018
		(In thousands)
Change in Projected Benefit Obligation
Projected benefit obligation, beginning of year		$	20,085			$	22,562
Service cost			–				–
Interest cost			808				775
Assumption changes			3,047				(1,867	)
Actuarial (gain) loss			141				(361	)
Settlements			–				–
Benefits paid			(1,084	)			(1,024	)
Projected benefit obligation, end of year		$	22,997			$	20,085
Change in Plan Assets
Fair value of plan assets, beginning of year		$	14,368			$	16,446
Return on assets			3,017				(1,806	)
Employer contribution			–				1,000
Expenses			(391	)			(248	)
Settlements			–				–
Benefits paid			(1,084	)			(1,024	)
Fair value of plan assets, end of year		$	15,910			$	14,368
Funded Status at end of year		$	(7,087	)		$	(5,717	)

Schedule of weighted average assumptions used to determine pension benefit obligations

Weighted average assumptions used to determine benefit obligations and cost at December 31, 2019 and 2018 were as follows:

		December, 31
		2019				2018
Weighted average assumptions used to determine benefit obligations
Discount rate			3.07%				4.11%
Weighted average assumptions used to determine net periodic benefit cost
Discount rate			4.11%				3.50%
Expected return on plan assets			7.25%				7.25%

Schedule of components of net periodic benefit cost

Our overall expected long-term rate of return on assets is 7.25% per annum as of December 31, 2019. The expected long-term rate of return is based on the weighted average of historical returns on individual asset categories, which are described in more detail below.

		December 31,
		2019				2018				2017
		(In thousands)
Amounts recognized on Consolidated Balance Sheet
Other assets		$	–			$	–			$	–
Other liabilities			(7,087	)			(5,717	)			(6,116	)
Net amount recognized		$	(7,087	)		$	(5,717	)		$	(6,116	)
Amounts recognized in accumulated other comprehensive loss consists of:
Net loss		$	13,092			$	11,896			$	11,350
Unrecognized transition asset			–				–				–
Net amount recognized		$	13,092			$	11,896			$	11,350
Components of net periodic benefit cost
Interest cost		$	808			$	775			$	855
Expected return on assets			(1,012	)			(1,163	)			(1,149	)
Amortization of transition asset			–				–				–
Amortization of net loss			376				443				405
Net periodic benefit cost			172				55				111
Settlement (gain)/loss			–				–				–
Total		$	172			$	55			$	111
Benefit Obligation Recognized in Other Comprehensive Loss (Income)
Net loss (gain)		$	1,197			$	545			$	732
Prior service cost (credit)			–				–				–
Amortization of prior service cost			–				–				–
Net amount recognized in other comprehensive loss (income)		$	1,197			$	545			$	732

Schedule of weighted average asset allocation of our pension benefits

The weighted average asset allocation of our pension benefits at December 31, 2019 and 2018 were as follows:

		December 31,
		2019				2018
Weighted Average Asset Allocation at Year-End
Asset Category
Equity securities			82%				78%
Debt securities			18%				22%
Cash and cash equivalents			0%				0%
Total			100%				100%

Schedule of estimated Future Benefit Payments

Cash Flows
Estimated Future Benefit Payments (In thousands)
2020		$	870
2021			906
2022			943
2023			966
2024			997
Years 2025 - 2029			5,592
Anticipated Contributions in 2020		$	1,052

Schedule of fair value of plan assets

The fair value of plan assets at December 31, 2019 and 2018, by asset category, is as follows:

		December 31, 2019
		Level 1 (1)				Level 2 (2)				Level 3 (3)				Total
		(in thousands)
Investment Name:
Company Common Stock		$	2,950			$	–			$	–			$	2,950
Large Cap Value			–				2,370				–				2,370
Mid Cap Index			–				658				–				658
Small Cap Growth			–				655				–				655
Small Cap Value			–				674				–				674
Large Cap Blend			–				683				–				683
Growth			–				2,342				–				2,342
International Growth			–				2,667				–				2,667
Core Bond			–				1,909				–				1,909
High Yield			–				386				–				386
Inflation Protected Bond			–				509				–				509
Money Market			–				107				–				107
Total.		$	2,950			$	12,960			$	–			$	15,910

		December 31, 2018
		Level 1 (1)				Level 2 (2)				Level 3 (3)				Total
		(in thousands)
Investment Name:
Company Common Stock		$	2,635			$	–			$	–			$	2,635
Large Cap Value			–				1,983				–				1,983
Mid Cap Index			–				563				–				563
Small Cap Growth			–				559				–				559
Small Cap Value			–				558				–				558
Large Cap Blend			–				587				–				587
Growth			–				2,031				–				2,031
International Growth			–				2,301				–				2,301
Core Bond			–				1,921				–				1,921
High Yield			–				364				–				364
Inflation Protected Bond			–				510				–				510
Money Market			–				356				–				356
Total		$	2,635			$	11,733			$	–			$	14,368

________________________

(1) Company common stock is classified as level 1 and valued using quoted prices in active markets for identical assets.

(2) All other plan assets in stock, bond and money market funds are classified as level 2 and valued using significant observable inputs.

(3) There are no plan assets classified as level 3 in the fair value hierarchy as a result of having significant unobservable inputs.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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