Employee Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Pension plan |
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| Employee retirement plans |
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| Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets. |
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December 31
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2017
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2016
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Benefit obligation at beginning of year
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$
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39,407
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$
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37,217
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Service cost
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356
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321
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Interest cost
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1,613
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1,639
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Actuarial loss
|
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3,571
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1,469
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Benefits paid
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(1,283)
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(1,239)
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Benefit obligation at end of year
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43,664
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39,407
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Fair value of plan assets at beginning of year
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29,223
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26,378
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Actual return on plan assets
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4,294
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2,373
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Employer contributions through December 31
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1,669
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1,711
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Benefits paid
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(1,283)
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(1,239)
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Fair value of plan assets at end of year
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33,903
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29,223
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$
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(9,761)
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$
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(10,184)
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| Schedule of components of net periodic pension or other postretirement benefit cost |
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2017
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2016
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2015
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Components of net periodic pension cost:
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Service cost
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$
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356
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$
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321
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$
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257
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Interest cost
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1,613
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1,639
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1,489
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Expected return on plan assets
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(1,790)
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(1,824)
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(1,630)
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Amortization of net loss
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723
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724
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1,021
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Net periodic pension cost
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$
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902
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$
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860
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$
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1,137
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| Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates |
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Year ended December 31
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2017
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2016
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2015
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Discount rates
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4.2
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%
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4.5
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%
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3.9% - 4.0
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%
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Rates of increase in compensation levels:
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Salaried
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3.5
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3.5
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3.5
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Hourly
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N/A
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N/A
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N/A
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Expected long-term rate of return on assets
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6.5
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7.25
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7.25
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| Schedule of expected benefit payments |
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2018
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$
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1,540
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2019
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1,460
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2020
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1,510
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2021
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1,550
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2022
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1,720
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2023-2027
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10,230
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| Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category |
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Target
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2017
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2016
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Large Cap Equity
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34
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%
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$
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2,259
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35
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%
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$
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1,991
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36
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%
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Mid Cap Equity
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3
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%
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199
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3
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%
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177
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3
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%
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Small Cap Equity
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1
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%
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73
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1
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%
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67
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1
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%
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International Equity
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14
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%
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950
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15
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%
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664
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12
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%
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Emerging Markets Equity
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2
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%
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128
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2
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%
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|
|
88
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2
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%
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Fixed Income and Cash Equivalents
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40
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%
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2,447
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38
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%
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2,256
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40
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%
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Real Estate
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6
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%
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382
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6
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%
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333
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6
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%
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Total
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100
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%
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$
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6,438
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100
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%
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$
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5,576
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100
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%
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| Schedule of fair values of the Company's pension plan assets |
The fair values of the Company’s pension plan assets as of December 31, 2017 are as follows:
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Balance as of December 31, 2017
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Significant Other Observable Inputs (Level 2)
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Significant Unobservable Inputs (Level 3)
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Assets:
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Equity holdings
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$
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13,384
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$
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—
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$
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13,384
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$
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—
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Fixed-income holdings
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18,493
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—
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18,493
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—
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Alternative investments
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2,026
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—
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—
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2,026
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Total pension plan assets
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$
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33,903
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$
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—
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$
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31,877
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$
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2,026
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The fair values of the Company’s pension plan assets as of December 31, 2016 are as follows:
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Balance as of December 31, 2016
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Significant Other Observable Inputs (Level 2)
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Significant Unobservable Inputs (Level 3)
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Assets:
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Equity holdings
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$
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15,654
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$
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—
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$
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15,654
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$
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—
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Fixed-income holdings
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11,821
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—
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11,821
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—
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Alternative investments
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1,748
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—
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—
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1,748
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Total pension plan assets
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$
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29,223
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$
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—
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$
|
27,475
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$
|
1,748
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| Schedule of reconciliation of the fair value measurements using significant unobservable inputs (Level 3) |
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December 31,
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2017
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2016
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Balance, beginning of year
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$
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1,748
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$
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1,364
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Deposits
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100
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|
101
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Actual return on plan assets held at reporting date
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142
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138
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Withdrawals
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36
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|
145
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Balance, end of year
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$
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2,026
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$
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1,748
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| Salaried Pension Plan |
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| Employee retirement plans |
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| Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category |
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Target
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2017
|
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2016
|
|
Large Cap Equity
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21
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%
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$
|
6,111
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23
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%
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$
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8,444
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36
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%
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Mid Cap Equity
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2
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%
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|
542
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2
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%
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|
752
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3
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%
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Small Cap Equity
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1
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%
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|
201
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1
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%
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|
282
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|
1
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%
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International Equity
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9
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%
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2,573
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9
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%
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2,815
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12
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%
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Emerging Markets Equity
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1
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%
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|
348
|
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|
1
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%
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|
374
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2
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%
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Fixed Income and Cash Equivalents
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60
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%
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16,046
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|
58
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%
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9,565
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40
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%
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Real Estate
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6
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%
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1,644
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|
6
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%
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|
1,415
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6
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%
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Total
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100
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%
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$
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27,465
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|
100
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%
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$
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23,647
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|
100
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%
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| Other postretirement benefit cost |
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| Employee retirement plans |
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| Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets. |
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December 31
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2017
|
|
2016
|
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Change in projected benefit obligation:
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|
|
|
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Benefit obligation at beginning of year
|
$
|
7,333
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|
$
|
6,896
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|
Service cost
|
|
205
|
|
|
210
|
|
Interest cost
|
|
278
|
|
|
278
|
|
Participant contributions
|
|
25
|
|
|
38
|
|
Changes in actuarial assumptions
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(853)
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|
53
|
|
Benefits paid
|
|
(39)
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|
(142)
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Projected benefit obligation at end of year
|
$
|
6,949
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$
|
7,333
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Amounts recognized in the consolidated balance sheets consisted of:
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Accrued expenses and other current liabilities
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$
|
140
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$
|
140
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Retiree health benefit obligation
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|
6,809
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|
7,193
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$
|
6,949
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$
|
7,333
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| Schedule of components of net periodic pension or other postretirement benefit cost |
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2017
|
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|
2016
|
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|
2015
|
|
Components of net postretirement health benefit cost:
|
|
|
|
|
|
|
|
Service cost
|
$
|
205
|
|
$
|
210
|
|
$
|
229
|
|
Interest cost
|
|
278
|
|
|
278
|
|
256
|
|
Amortization of net gain
|
|
(107)
|
|
|
(127)
|
|
(69)
|
|
Net postretirement healthcare benefit cost (income)
|
$
|
376
|
|
$
|
361
|
|
$
|
416
|
|
| Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates |
|
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|
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Year Ended December 31
|
|
|
|
2017
|
|
2016
|
|
|
2015
|
|
|
Discount rate
|
|
3.8
|
%
|
|
4.1
|
%
|
|
3.7
|
%
|
|
Immediate healthcare cost trend rate
|
|
*
|
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|
**
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|
***
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|
Ultimate healthcare cost trend rate
|
|
4.5
|
|
|
4.5
|
|
|
4.5
|
|
|
Assumed annual reduction in trend rate
|
|
*
|
|
|
**
|
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|
***
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|
Participation
|
|
60
|
|
|
60
|
|
|
60
|
|
* Health Care Cost Trend rate is assumed to be 7.0% beginning in 2017 gradually reducing to an ultimate rate of 4.5% in 2026.
**Health Care Cost Trend rate is assumed to be 7.0% beginning in 2016 gradually reducing to an ultimate rate of 4.5% in 2025.
***Health Care Cost Trend rate is assumed to be 7.0% beginning in 2015 gradually reducing to an ultimate rate of 4.5% in 2024.
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| Schedule of effect of one percentage point change in the healthcare cost trend rate |
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1%
|
|
1%
|
|
|
Increase
|
|
Decrease
|
|
Effect on total service and interest cost
|
$
|
54
|
|
$
|
(46)
|
|
Effect on postretirement benefit obligation
|
|
762
|
|
|
(669)
|
|