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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2017
Postemployment Benefits [Abstract]  
Summary of Change in Plan Assets
     Pension Plan     SERP     Postretirement
Benefits
 

Change in Plan Assets

      

Fair value of plan assets at beginning of year

   $ 83,868,508     $ —       $ —    

Actual return on plan assets

     4,531,725       —         —    

Employer contribution

     —         312,088       47,860  

Settlements

     (33,447,301     —         —    

Benefits paid

     (2,749,560     (312,088     (47,860
  

 

 

   

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ 52,203,372     $ —       $ —    
  

 

 

   

 

 

   

 

 

 

Funded Status

   $ 5,852     $ (9,616,702   $ —    

Unrecognized net actuarial (gain) loss

     (992,724     421,264       —    
  

 

 

   

 

 

   

 

 

 

Cumulative employer contributions in excess of the net periodic pension cost

   $ (986,872   $ (9,195,438   $ —  

 

     Pension Plan      SERP      Postretirement
Benefits
 

Change in Plan Assets

        

Fair value of plan assets at beginning of year

   $ —        $ —        $ —    

Actual return on plan assets

     (1,731,372      —          —    

Employer contribution

     —          38,550        18,457  

Business combinations

     86,008,964        —          —    

Plan participants’ contributions

     —          —          1,939  

Benefits paid

     (409,084      (38,550      (20,396
  

 

 

    

 

 

    

 

 

 

Fair value of plan assets at end of year

   $ 83,868,508      $ —        $ —    
  

 

 

    

 

 

    

 

 

 

Funded Status

   $ (3,993,298    $ (8,751,848    $ (1,756,423

Unrecognized net actuarial (gain) loss

     1,767,058        (415,416      (103,396
  

 

 

    

 

 

    

 

 

 

Cumulative employer contributions in excess of the net periodic pension cost

   $ (2,226,240    $ (9,167,264    $ (1,859,819 )
Summary of Change in Projected Benefit Obligation

The following tables summarize the Pension Plan, SERP and Postretirement Benefits as of December 31, 2017:

 

     Pension Plan      SERP      Postretirement
Benefits
 

Change in Projected Benefit Obligation

        

Benefit obligation at beginning of year

   $ 87,861,806      $ 8,751,848      $ 1,756,423  

Service cost

     —          —          11,860  

Interest cost

     2,958,903        340,262        26,269  

Amendments

     —          —          (1,678,920

Actuarial (gain) loss

     (2,426,328      836,680        (67,772

Settlements

     (33,447,301      —          —    

Benefits paid

     (2,749,560      (312,088      (47,860
  

 

 

    

 

 

    

 

 

 

Benefit obligation at end of year

   $ 52,197,520      $ 9,616,702      $ —  

 

  

 

 

    

 

 

    

 

 

 

 

The following tables summarize the Pension Plan, SERP and Postretirement Benefits as of December 31, 2016:

 


     Pension Plan      SERP      Postretirement
Benefits
 

Change in Projected Benefit Obligation

        

Benefit obligation at beginning of year

   $ —        $ —        $ —    

Service cost

     —          —          8,169  

Interest cost

     530,839        51,696        11,097  

Plan participants’ contributions

     —          —          1,939  

Actuarial (gain) loss

     (965,046      (415,416      (103,396

Business combinations

     88,705,097        9,154,118        1,859,010  

Benefits paid

     (409,084      (38,550      (20,396
  

 

 

    

 

 

    

 

 

 

Benefit obligation at end of year

   $ 87,861,806      $ 8,751,848      $ 1,756,423  
  

 

 

    

 

 

    

 

 

 
Summary of Amounts Recognized in Statement of Financial Position

  
Pension Plan     SERP     Postretirement
Benefits
 

Amounts Recognized in the Statement of Financial Position

      

Noncurrent assets

   $ 5,852     $ —       $ —    

Current liabilities

     —         (505,169     —    

Noncurrent liabilities

     —         (9,111,533     —    
  

 

 

   

 

 

   

 

 

 

Net amount recognized

   $ 5,852     $ (9,616,702   $ —    

  
Pension Plan      SERP      Postretirement
Benefits
 

Amounts Recognized in the Statement of Financial Position

        

Noncurrent assets

   $ —        $ —        $ —    

Current liabilities

     —          (422,656      (113,268

Noncurrent liabilities

     (3,993,298      (8,329,192      (1,643,155
  

 

 

    

 

 

    

 

 

 

Net amount recognized

   $ (3,993,298    $ (8,751,848    $ (1,756,423
Summary of Amounts Recognized in Accumulated Other Comprehensive Income
     Pension Plan     SERP     Postretirement
Benefits
 

Amounts Recognized in Accumulated Other Comprehensive Income

      

Net actuarial loss (gain)

   $ (992,724   $ 421,264     $ —    
  

 

 

   

 

 

   

 

 

 

Total (before tax effects)

   $ (992,724   $ 421,264     $ —    
     Pension Plan      SERP      Postretirement
Benefits
 

Amounts Recognized in Accumulated Other Comprehensive Income

        

Net actuarial loss (gain)

   $ 1,767,058      $ (415,416    $ (103,396
  

 

 

    

 

 

    

 

 

 

Total (before tax effects)

   $ 1,767,058      $ (415,416    $ (103,396
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
     Pension Plan     SERP     Postretirement
Benefits
 

Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets

      

Projected benefit obligation

   $ 52,197,520     $ 9,616,702     $ —    

Accumulated benefit obligation

   $ 52,197,520     $ 9,616,702     $ —    

Fair value of plan assets

   $ 52,203,372     $ —       $ —    

  
Pension Plan     SERP     Postretirement
Benefits
 

Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets

      

Projected benefit obligation

   $ 87,861,806     $ 8,751,848     $ —    

Accumulated benefit obligation

   $ 87,861,806     $ 8,751,848     $ —    

Fair value of plan assets

   $ 83,868,508     $ —       $ —    
Summary of Weighted-Average Assumptions for Disclosure

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-average assumptions for Disclosure

      

Discount rate

     1.80     3.35     3.75

Rate of compensation increase

     N/A       N/A       N/A  

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-average assumptions for Disclosure

      

Discount rate

     3.62     3.80     4.00

Rate of compensation increase

     N/A       N/A       N/A  
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income  
     Pension Plan     SERP     Postretirement
Benefits
 

Net periodic benefit cost

      

Service cost

   $ —       $ —       $ 11,860  

Interest cost

     2,958,903       340,262       26,269  

Expected return on plan assets

     (3,562,150           —    

Recognized actuarial (gain) loss

     —               (2,079

Curtailment charge (credit)

     —               (1,678,920

Recognized actuarial (gain) loss due to settlements

     (636,121           (169,089
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ (1,239,368   $ 340,262     $ (1,811,959
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income  
     Pension Plan     SERP     Postretirement
Benefits
 

Net periodic benefit cost

      

Service cost

   $ —       $ —       $ 8,169  

Interest cost

     530,839       51,696       11,097  

Expected return on plan assets

     (1,000,732     —         —    
  

 

 

   

 

 

   

 

 

 

Net periodic benefit cost

   $ (469,893   $ 51,696     $ 19,266  
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

     Pension Plan     SERP     Postretirement
Benefits
 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

      

Net actuarial (gain) loss

   $ (3,395,903   $ 836,680     $ (67,772

Recognized actuarial (gain) loss

     —               2,079  

Prior service cost (credit)

     —               (1,678,920

Prior service cost (credit) due to curtailment

     —               1,678,920  

Recognized actuarial (gain) loss due to settlements

     636,121             169,089  
  

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income (before tax effects)

   $ (2,759,782   $ 836,680     $ 103,396  
  

 

 

   

 

 

   

 

 

 

Total recognized in net benefit cost and other comprehensive income (before tax effects)

   $ (3,999,150   $ 1,176,942     $ (1,708,563

  
Pension Plan     SERP     Postretirement
Benefits
 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

      

Net actuarial (gain) loss

   $ 1,767,058     $ (415,416   $ (103,396
  

 

 

   

 

 

   

 

 

 

Total recognized in other comprehensive income (before tax effects)

   $ 1,767,058     $ (415,416   $ (103,396
  

 

 

   

 

 

   

 

 

 

Total recognized in net benefit cost and other comprehensive income (before tax effects)

   $ 1,297,165     $ (363,720   $ (84,130
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year
     Pension Plan     SERP     Postretirement
Benefits
 

Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year

      

(Gain) loss recognition

   $ (992,724   $     $ —    

Prior service cost recognition

   $ —       $     $ —    

Net initial obligation (asset) recognition

   $ —       $     $ —    

  
Pension Plan     SERP     Postretirement
Benefits
 

Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year

      

(Gain) loss recognition

   $ —       $ —       $ —    

Prior service cost recognition

   $ —       $ —       $ —    

Net initial obligation (asset) recognition

   $ —       $ —       $ —    
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-average assumptions used to determine Net Periodic Benefit Cost

      

Discount rate

     3.59     3.80     4.00

Expected return on plan assets

     7.00     N/A       N/A  

Rate of compensation increase

     N/A       N/A       N/A  

Corridor

     10.00     10.00     10.00 %

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-average assumptions used to determine Net Periodic Benefit Cost

      

Discount rate

     3.60     3.40     3.60

Expected return on plan assets

     7.00     N/A       N/A  

Rate of compensation increase

     N/A       N/A       N/A  

Corridor

     10.00     10.00     10.00 %
Summary of Weighted-Average Assets Allocation

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-Average Assets Allocation

      

Fixed income

     65.40     N/A       N/A  

Cash equivalents

     34.60     N/A       N/A  
  

 

 

   

 

 

   

 

 

 

Total

     100.00     N/A       N/A  

  
Pension Plan     SERP     Postretirement
Benefits
 

Weighted-Average Assets Allocation

      

Equity securities

     28.92     N/A       N/A  

Fixed income

     71.08     N/A       N/A  
  

 

 

   

 

 

   

 

 

 

Total

     100.00     N/A       N/A  
Schedule of Asset Category

  
Pension Plan     SERP     Postretirement
Benefits
 

Asset Category (all Level 1)

      

Fixed income funds

     34,141,339       N/A       N/A  

Money market funds

     18,062,033       N/A       N/A  
  

 

 

   

 

 

   

 

 

 

Total

     52,203,372       N/A       N/A  
     Pension Plan      SERP      Postretirement
Benefits
 

Asset Category (all Level 1)

        

U.S. equity funds

     8,764,507        N/A        N/A  

International equity funds

     15,489,743        N/A        N/A  

Fixed income funds

     59,614,258        N/A        N/A  
  

 

 

    

 

 

    

 

 

 

Total

     83,868,508        N/A        N/A  
Summary of Estimated Future Benefit Payments

Estimated Future Benefit Payments

      

2018

   $ 52,237,000     $ 505,169     $ —    

2019

   $ —       $ 515,688     $ —    

2020

   $ —       $ 511,503     $ —    

2021

   $ —       $ 536,062     $ —    

2022

   $ —       $ 532,639     $ —    

2023-2027

   $ —       $ 2,825,601     $ —    

 

Summary of Estimated Contributions

  
Pension Plan      SERP      Postretirement
Benefits
 

Contributions

        

Estimated contributions for 2018

   $ 200,000      $ 505,169      $ —