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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Postemployment Benefits [Abstract]  
Summary of Change in Projected Benefit Obligation
  The following tables summarize the Pension Plan and SERP as of and for the year ended December 31, 2018:
 
 
Pension Plan
 
 
SERP
 
Change in Projected Benefit Obligation
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
 
$
52,197,520
 
 
$
9,616,702
 
Interest cost
 
 
28,282
 
 
 
319,143
 
Actuarial (gain) loss
 
 
77,121
 
 
 
(540,666
)
Settlements
 
 
(52,057,333
)
 
 
 
Benefits paid
 
 
(245,590
)
 
 
(356,354
)
Benefit obligation at end of year
 
$
 
 
$
9,038,825
 
 
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
 
 
$
 
Summary of Change in Plan Assets
 
 
Pension Plan
 
 
SERP
 
Change in Plan Assets
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
 
$
52,203,372
 
 
$
 
Actual return on plan assets
 
 
(113,981
)
 
 
 
Employer contribution
 
 
213,532
 
 
 
356,354
 
Settlements
 
 
(52,057,333
)
 
 
 
Benefits paid
 
 
(245,590
)
 
 
(356,354
)
Fair value of plan assets at end of year
 
$
 
 
$
 
Funded status
 
$
 
 
$
(9,038,825
)
Unrecognized net actuarial (gain) loss
 
 
 
 
 
(119,402
)
Cumulative employer contributions in excess of the net periodic pension cost
 
$
 
 
$
(9,158,227
)
 
 
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
)
 
$
 
Summary of Amounts Recognized in Statement of Financial Position
 
 
Pension Plan
 
 
SERP
 
Amounts Recognized in the Statement of Financial Position
 
 
 
 
 
Current liabilities
 
$
 
 
 
(512,786
)
Noncurrent liabilities
 
 
 
 
 
(8,526,039
)
Net amount recognized
 
$
 
 
$
(9,038,825
)
 
 
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
)
 
$
 
Summary of Amounts Recognized in Accumulated Other Comprehensive Income
 
 
Pension Plan
 
 
SERP
 
Amounts Recognized in Accumulated Other Comprehensive Income
 
 
 
 
 
Net actuarial loss (gain)
 
$
 
 
$
(119,402
)
Total (before tax effects)
 
$
 
 
$
(119,402
)
 
 
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
 
 
$
 
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets
 
 
Pension Plan
 
 
SERP
 
Information for Pension Plans with an Accumulated Benefit Obligation in excess of Plan Assets
 
 
 
 
 
 
 
 
Projected benefit obligation
 
$
 
 
$
9,038,825
 
Accumulated benefit obligation
 
$
 
 
$
9,038,825
 
 
 
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
 
 
$
 
 
$
 
Summary of Weighted-Average Assumptions for Disclosure
 
 
Pension Plan
 
 
SERP
 
Weighted-average assumptions for Disclosure
 
 
 
 
 
 
 
 
Discount rate
 
 
N/A
 
 
 
4.00%
 
 
 
Pension Plan
 
 
SERP
 
 
Postretirement

Benefits
 
Weighted-average assumptions for Disclosure
 
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
 
1.80
%
 
 
3.35
%
 
 
3.75
%
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income
 
 
Pension Plan
 
 
SERP
 
Net periodic benefit cost
 
 
 
 
 
 
 
 
Interest cost
 
$
28,282
 
 
$
319,143
 
Recognized actuarial (gain) loss due to settlements
 
 
(801,622
)
 
 
 
Net periodic benefit cost
 
$
(773,340
)
 
$
319,143
 
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
)
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
 
 
Pension Plan
 
 
SERP
 
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income
 
 
 
 
 
 
 
 
Net actuarial (gain) loss
 
$
191,102
 
 
$
(540,666
)
Recognized actuarial (gain) loss due to settlements
 
 
801,622
 
 
 
 
Total recognized in other comprehensive income (before tax effects)
 
$
992,724
 
 
$
(540,666
)
Total recognized in net benefit cost and other comprehensive income (before tax effects)
 
$
219,384
 
 
$
(221,523
)
 
 
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
)
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year
 
 
Pension Plan
 
 
SERP
 
Amounts Expected to be Recognized in Net Periodic Cost in the Coming Year
 
 
 
 
 
 
 
 
(Gain) loss recognition
 
 
N/A
 
 
$
 
Prior service cost recognition
 
 
N/A
 
 
$
 
Net initial obligation (asset) recognition
 
 
N/A
 
 
$
 
 
 
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
 
$
 
 
$
 
 
$
 
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost
 
 
Pension Plan
 
SERP
Weighted-average assumptions used to determine Net Periodic Benefit Cost
 
 
 
 
 
 
 
 
Discount rate
 
 
1.80
%
 
 
3.35
%
Expected return on plan assets
 
 
0.00
%
 
 
N/A
 
Corridor
 
 
10.00
%
 
 
10.00
%
 
 
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
 
Corridor
 
 
10.00
%
 
 
10.00
%
 
 
10.00
%
Summary of Estimated Future Benefit Payments
Estimated Future Benefit Payments
 
 
 
 
 
 
 
 
2019
 
 
N/A
 
 
$
512,786
 
2020
 
 
N/A
 
 
$
509,653
 
2021
 
 
N/A
 
 
$
536,643
 
2022
 
 
N/A
 
 
$
535,013
 
2023
 
 
N/A
 
 
$
545,087
 
2024-2028
 
 
N/A
 
 
$
2,905,547
 
Summary of Estimated Contributions
 
 
Pension Plan
 
 
SERP
 
Contributions
 
 
 
 
 
 
 
 
Estimated contributions for 2019
 
 
N/A
 
 
$
512,786
 
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
 
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