Employee Retirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Pension plan |
|
| Employee retirement plans |
|
| 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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|
|
|
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|
|
|
|
December 31 |
|
|
2019 |
|
|
|
|
Benefit obligation at beginning of year |
|
$ |
40,182 |
Service cost |
|
|
- |
Interest cost |
|
|
1,642 |
Actuarial (gain) loss |
|
|
166 |
Benefits paid |
|
|
(1,451) |
Pension settlement |
|
|
(40,539) |
Curtailment |
|
|
- |
Benefit obligation at end of year |
|
|
- |
Fair value of plan assets at beginning of year |
|
|
38,053 |
Actual return on plan assets |
|
|
3,477 |
Employer contributions through December 31 |
|
|
460 |
Pension settlement |
|
|
(40,539) |
Benefits paid |
|
|
(1,451) |
Fair value of plan assets at end of year |
|
|
- |
Funded status at end of year |
|
$ |
- |
|
| Schedule of components of net periodic pension or other postretirement benefit cost |
|
|
|
|
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|
|
|
|
|
|
2019 |
|
|
2018 |
Components of net periodic pension cost: |
|
|
|
|
|
Service cost |
|
$ |
- |
|
$ |
409 |
Interest cost |
|
|
1,642 |
|
|
1,555 |
Expected return on plan assets |
|
|
(1,175) |
|
|
(1,901) |
Amortization of net loss |
|
|
595 |
|
|
706 |
Effect of settlement for termination |
|
|
6,380 |
|
|
- |
Net periodic pension cost |
|
$ |
7,442 |
|
$ |
769 |
|
| Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31 |
|
|
2019 |
|
2018 |
|
Discount rates |
|
N/A |
|
|
3.6 |
% |
Rates of increase in compensation levels: |
|
|
|
|
|
|
Salaried |
|
N/A |
|
|
3.5 |
|
Hourly |
|
N/A |
|
|
N/A |
|
Expected long-term rate of return on assets |
|
|
|
|
|
|
Salaried |
|
N/A |
|
|
5.8 |
|
Hourly |
|
N/A |
|
|
6.5 |
|
|
| Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Target |
|
|
2018 |
Large Cap Equity |
|
5 |
% |
|
$ |
- |
|
0 |
% |
Mid Cap Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
Small Cap Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
International Equity |
|
2 |
% |
|
|
- |
|
0 |
% |
Emerging Markets Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
Fixed Income and Cash Equivalents |
|
90 |
% |
|
|
7,388 |
|
99 |
% |
Real Estate |
|
3 |
% |
|
|
107 |
|
1 |
% |
|
|
|
|
|
|
|
Total |
|
100 |
% |
|
$ |
7,495 |
|
100 |
% |
|
| Salaried Pension Plan |
|
| Employee retirement plans |
|
| Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category |
|
|
|
|
|
|
|
|
|
|
|
Target |
|
|
2018 |
Large Cap Equity |
|
5 |
% |
|
$ |
- |
|
0 |
% |
Mid Cap Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
Small Cap Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
International Equity |
|
2 |
% |
|
|
- |
|
0 |
% |
Emerging Markets Equity |
|
0 |
% |
|
|
- |
|
0 |
% |
Fixed Income and Cash Equivalents |
|
90 |
% |
|
|
30,009 |
|
98 |
% |
Real Estate |
|
3 |
% |
|
|
549 |
|
2 |
% |
|
|
|
|
|
|
|
Total |
|
100 |
% |
|
$ |
30,558 |
|
100 |
% |
|
| Other postretirement benefit cost |
|
| Employee retirement plans |
|
| 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 |
|
2020 |
|
2019 |
Change in projected benefit obligation: |
|
|
|
|
|
Benefit obligation at beginning of year |
$ |
6,538 |
|
$ |
6,420 |
Service cost |
|
147 |
|
|
149 |
Interest cost |
|
191 |
|
|
252 |
Participant contributions |
|
55 |
|
|
38 |
Changes in actuarial assumptions |
|
(178) |
|
|
(266) |
Benefits paid |
|
(17) |
|
|
(55) |
Projected benefit obligation at end of year |
$ |
6,736 |
|
$ |
6,538 |
Amounts recognized in the consolidated balance sheets consisted of: |
|
|
|
|
|
Accrued expenses and other current liabilities |
$ |
250 |
|
$ |
200 |
Retiree health benefit obligation |
|
6,486 |
|
|
6,338 |
|
$ |
6,736 |
|
$ |
6,538 |
|
|
|
|
|
|
|
| Schedule of components of net periodic pension or other postretirement benefit cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2020 |
|
|
2019 |
|
|
2018 |
Components of net postretirement health benefit cost: |
|
|
|
|
|
|
Service cost |
$ |
147 |
|
$ |
149 |
|
$ |
189 |
Interest cost |
|
191 |
|
|
252 |
|
|
233 |
Amortization of net gain |
|
(310) |
|
|
(312) |
|
|
(211) |
Net postretirement healthcare benefit cost |
$ |
28 |
|
$ |
89 |
|
$ |
211 |
|
| Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates |
|
|
|
|
|
|
|
|
|
|
|
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|
|
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|
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|
Year Ended December 31 |
|
|
2020 |
|
2019 |
|
|
2018 |
|
Discount rate |
|
3.0 |
% |
|
4.0 |
% |
|
3.4 |
% |
Immediate healthcare cost trend rate |
|
* |
|
|
** |
|
|
*** |
|
Ultimate healthcare cost trend rate |
|
4.5 |
|
|
4.5 |
|
|
4.5 |
|
Assumed annual reduction in trend rate |
|
* |
|
|
** |
|
|
*** |
|
Participation |
|
60 |
|
|
60 |
|
|
60 |
|
* |
Health Care Cost Trend rate is assumed to be 7.0% beginning in 2020 gradually reducing to an ultimate rate of 4.5% in 2029. |
** |
Health Care Cost Trend rate is assumed to be 6.8% beginning in 2019 gradually reducing to an ultimate rate of 4.5% in 2028. |
*** |
Health Care Cost Trend rate is assumed to be 6.8% beginning in 2018 gradually reducing to an ultimate rate of 4.5% in 2027. |
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