Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.20.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of Net Funded Status
The following table sets forth the Pension Plan’s changes in benefit obligation, changes in fair value of assets, and funded status as of December 31, 2020 and 2019 using a measurement date of December 31 (in thousands):

  December 31, 2020 December 31, 2019
Change in projected benefits obligation:
Projected benefit obligation at beginning of year
 $ 6,577  $ 4,745 
Service cost
 1,835  666 
Interest cost
 210  197 
Actuarial loss 1,333  1,208 
Benefits paid
 (238) (239)
 Projected benefit obligation at end of year
 $ 9,717  $ 6,577 
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year $ 6,615  $ 5,313 
Actual return on Pension Plan assets 161  1,041 
Contributions by employer
 1,029  500 
Benefits paid
 (238) (239)
Fair value of Pension Plan assets at end of year 7,567  6,615 
Funded (unfunded) status at end of year $ (2,150) $ 38 
Schedule of Defined Benefit Plans Disclosures
Amounts recognized in the balance sheets as of December 31, 2020 and 2019 consist of (in thousands):

  December 31, 2020 December 31, 2019
Assets $ —  $ 38 
Liabilities 2,150  — 
  $ 2,150  $ 38 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive loss consist of the following as of December 31, 2020 and 2019 (in thousands):
  December 31, 2020 December 31, 2019
Net actuarial loss $ (3,409) $ (1,849)
Amounts recognized in accumulated other comprehensive loss, before taxes (3,409) (1,849)
Income tax benefit 716  388 
Amounts recognized in accumulated other comprehensive loss, after taxes $ (2,693) $ (1,461)
Schedule of Net Benefit Costs
Net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 include the following components (in thousands):
Years Ended December 31,
  2020 2019 2018
Components of net periodic benefit cost:
Service cost $ 1,835  $ 666  $ 157 
Interest cost 210  197  183 
Expected return on Pension Plan assets (454) (364) (367)
Amortization of net loss 66  46  64 
Net periodic benefit cost $ 1,657  $ 545  $ 37 
Schedule of Other Changes in Plan Assets and Benefit Obligations
Other changes in Pension Plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019 and 2018 (in thousands):
Years Ended December 31,
  2020 2019 2018
Net actuarial loss $ 1,626  $ 530  $ 183 
Recognized actuarial loss (66) (46) (64)
Total recognized in other comprehensive loss, before taxes $ 1,560  $ 484  $ 119 
Total recognized in net benefit cost and other comprehensive loss, before taxes $ 3,217  $ 1,029  $ 156 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table summarizes the projected benefit obligation in excess of Pension Plan assets and Pension Plan assets in excess of accumulated benefit obligation as of December 31, 2020 and 2019 (in thousands):
  December 31, 2020 December 31, 2019
Projected benefit obligation in excess of Pension Plan assets:
Projected benefit obligation
 $ 9,717  $ 6,577 
Fair value of Pension Plan assets $ 7,567  $ 6,615 
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
 $ 6,348  $ 5,056 
Fair value of Pension Plan assets $ 7,567  $ 6,615 
Schedule of Assumptions Used
The following are weighted-average assumptions used to determine benefit obligations and costs as of December 31, 2020, 2019 and 2018:
Years Ended December 31,
  2020 2019 2018
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
 2.75  % 3.25  % 4.25  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Weighted average assumptions used to determine benefit costs for the years ended December 31:
Discount rate
 3.25  % 4.25  % 3.75  %
Expected return on Pension Plan assets 7.00  % 7.00  % 7.00  %
Rate of compensation increase
 7.29  % 7.29  % 7.29  %
Schedule of Plan Assets by Major Asset Category
The fair values of the Pension Plan assets by major asset category as of December 31, 2020 and 2019, respectively, are as follows (in thousands):
  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, 2020:
Cash and cash equivalents — money markets $ 1,277  $ 1,277  $ —  $ — 
Equities 1,567  1,567  —  — 
Equity funds 1,503  1,503  —  — 
Fixed income funds 797  797  —  — 
Taxable bonds 2,423  2,423  —  — 
Total $ 7,567  $ 7,567  $ —  $ — 
As of December 31, 2019:
Cash and cash equivalents — money markets $ 528  $ 528  $ —  $ — 
Equities 1,133  1,133  —  — 
Equity funds 1,939  1,939  —  — 
Fixed income funds 465  465  —  — 
Taxable bonds 2,550  2,550  —  — 
Total $ 6,615  $ 6,615  $ —  $ — 
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):
 
Year ending December 31, Amount
2021 $ 260 
2022 256 
2023 254 
2024 249 
2025 244 
2026 to 2030 1,430