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Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract] Ìý
Schedule of Net Funded Status
The following table sets forth the Plan’s changes in benefit obligation, changes in fair value of plan assets, and funded status as of December 31, 2019 and 2018 using a measurement date of December 31 (in thousands):Ìý

Ìý December 31, 2019 December 31, 2018
Change in projected benefits obligation:
Projected benefit obligation at beginning of year
 $ 4,745Ìý Ìý $ 5,032Ìý Ìý
Service cost
 666Ìý Ìý 157Ìý Ìý
Interest cost
 197Ìý Ìý 183Ìý Ìý
Actuarial (gain) loss
 1,208Ìý Ìý (369) Ìý
Benefits paid
 (239) Ìý (258) Ìý
ÌýProjected benefit obligation at end of year
 $ 6,577Ìý Ìý $ 4,745Ìý Ìý
Change in plan assets:
Fair value of plan assets at beginning of year
 $ 5,313Ìý Ìý $ 5,356Ìý Ìý
Actual return on plan assets
 1,041Ìý Ìý (185) Ìý
Contributions by employer
 500Ìý Ìý 400Ìý Ìý
Benefits paid
 (239) Ìý (258) Ìý
Fair value of plan assets at end of year
 6,615Ìý Ìý 5,313Ìý Ìý
Funded (unfunded) status at end of year $ 38Ìý Ìý $ 568Ìý Ìý
Schedule of Defined Benefit Plans Disclosures
Amounts recognized in the balance sheets as of December 31, 2019 and 2018 consist of (in thousands):Ìý

Ìý December 31, 2019 December 31, 2018
Assets $ 38Ìý Ìý $ 568Ìý Ìý
Liabilities —Ìý Ìý —Ìý Ìý
Ìý $ 38Ìý Ìý $ 568Ìý Ìý
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) consist of the following as of December 31, 2019 and 2018 (in thousands):

Ìý December 31, 2019 December 31, 2018
Net actuarial loss $ (1,849) Ìý $ (1,365) Ìý
Amounts recognized in accumulated other comprehensive income (loss), before taxes (1,849) Ìý (1,365) Ìý
Income tax benefit 388Ìý Ìý 287Ìý Ìý
Amounts recognized in accumulated other comprehensive income (loss), after taxes $ (1,461) Ìý $ (1,078) Ìý
Schedule of Net Benefit Costs
Net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 include the following components (in thousands):

Years Ended December 31,
Ìý 2019 2018 2017
Components of net periodic benefit cost:
Service cost $ 666Ìý Ìý $ 157Ìý Ìý $ 147Ìý Ìý
Interest cost 197Ìý Ìý 183Ìý Ìý 201Ìý Ìý
Expected return on plan assets (364) Ìý (367) Ìý (339) Ìý
Amortization of net loss 46Ìý Ìý 64Ìý Ìý 108Ìý Ìý
Net periodic benefit cost $ 545Ìý Ìý $ 37Ìý Ìý $ 117Ìý Ìý
Schedule of Other Changes in Plan Assets and Benefit Obligations
Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands):Ìý

Years Ended December 31,
Ìý 2019 2018 2017
Net actuarial (gain) loss $ 530Ìý Ìý $ 183Ìý Ìý $ (132) Ìý
Recognized actuarial loss (46) Ìý (64) Ìý (108) Ìý
Total recognized in other comprehensiveÌýincome, before taxes $ 484Ìý Ìý $ 119Ìý Ìý $ (240) Ìý
Total recognized in net benefit cost andÌýother comprehensive income, before taxes $ 1,029Ìý Ìý $ 156Ìý Ìý $ (123) Ìý
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the Plan assets in excess of projected benefit obligation and accumulated benefit obligation at December 31, 2019 and 2018 (in thousands):Ìý

Ìý December 31, 2019 December 31, 2018
Plan assets in excess of projected benefit obligation:
Projected benefit obligation
 $ 6,577Ìý Ìý $ 4,745Ìý Ìý
Fair value of plan assets
 $ 6,615Ìý Ìý $ 5,313Ìý Ìý
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
 $ 5,056Ìý Ìý $ 4,173Ìý Ìý
Fair value of plan assets
 $ 6,615Ìý Ìý $ 5,313Ìý Ìý
Schedule of Assumptions Used
The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 2019, 2018 and 2017:Ìý

Years Ended December 31,
Ìý 2019 2018 2017
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
 3.25Ìý % 4.25Ìý % 3.75Ìý %
Rate of compensation increase
 7.29Ìý % 7.29Ìý % 7.29Ìý %
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate
 4.25Ìý % 3.75Ìý % 4.25Ìý %
Expected return on plan assets
 7.00Ìý % 7.00Ìý % 7.00Ìý %
Rate of compensation increase
 7.29Ìý % 7.29Ìý % 7.29Ìý %
Schedule of Plan Assets by Major Asset Category
The fair values of plan assets by major asset category at December 31, 2019 and 2018, respectively, are as follows (in thousands): Ìý
Ìý Total Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
As of December 31, 2019:
Cash and cash equivalents — money markets $ 528Ìý Ìý $ 528Ìý Ìý $ —Ìý Ìý $ —Ìý Ìý
Equities 1,133Ìý Ìý 1,133Ìý Ìý —Ìý Ìý —Ìý Ìý
Equity funds 1,939Ìý Ìý 1,939Ìý Ìý —Ìý Ìý —Ìý Ìý
Fixed income funds 465Ìý Ìý 465Ìý Ìý —Ìý Ìý —Ìý Ìý
Taxable bonds 2,550Ìý Ìý 2,550Ìý Ìý —Ìý Ìý —Ìý Ìý
Total $ 6,615Ìý Ìý $ 6,615Ìý Ìý $ —Ìý Ìý $ —Ìý Ìý
As of December 31, 2018:
Cash and cash equivalents — money markets $ 407Ìý Ìý $ 407Ìý Ìý $ —Ìý Ìý $ —Ìý Ìý
Equities 813Ìý Ìý 813Ìý Ìý —Ìý Ìý —Ìý Ìý
Equity funds 2,448Ìý Ìý 2,448Ìý Ìý —Ìý Ìý —Ìý Ìý
Fixed income funds 1,645Ìý Ìý 1,645Ìý Ìý —Ìý Ìý —Ìý Ìý
Total $ 5,313Ìý Ìý $ 5,313Ìý Ìý $ —Ìý Ìý $ —Ìý Ìý
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid for the following ten-year period (in thousands):
Ìý
Year ending December 31, Amount
2020 $ 258Ìý Ìý
2021 254Ìý Ìý
2022 250Ìý Ìý
2023 246Ìý Ìý
2024 240Ìý Ìý
2025 to 2029 1,252Ìý Ìý