Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| 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, 2018 and 2017 using a measurement date of December 31 (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Change in projected benefits obligation: |
|
|
|
Projected benefit obligation at beginning of year |
$ |
5,032 |
|
|
$ |
4,833 |
|
Service cost |
157 |
|
|
147 |
|
Interest cost |
183 |
|
|
201 |
|
Actuarial (gain) loss |
(369 |
) |
|
82 |
|
Benefits paid |
(258 |
) |
|
(231 |
) |
Projected benefit obligation at end of year |
$ |
4,745 |
|
|
$ |
5,032 |
|
|
|
|
|
Change in plan assets: |
|
|
|
Fair value of plan assets at beginning of year |
$ |
5,356 |
|
|
$ |
4,937 |
|
Actual return on plan assets |
(185 |
) |
|
552 |
|
Contributions by employer |
400 |
|
|
98 |
|
Benefits paid |
(258 |
) |
|
(231 |
) |
Fair value of plan assets at end of year |
5,313 |
|
|
5,356 |
|
Funded (unfunded) status at end of year |
$ |
568 |
|
|
$ |
324 |
|
|
| Schedule of Defined Benefit Plans Disclosures |
Amounts recognized in the balance sheets as of December 31, 2018 and 2017 consist of (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Assets |
$ |
568 |
|
|
$ |
324 |
|
Liabilities |
— |
|
|
— |
|
|
$ |
568 |
|
|
$ |
324 |
|
|
| 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, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Net actuarial loss |
$ |
(1,365 |
) |
|
$ |
(1,246 |
) |
Amounts recognized in accumulated other comprehensive income (loss), before taxes |
(1,365 |
) |
|
(1,246 |
) |
Income tax benefit |
287 |
|
|
442 |
|
Amounts recognized in accumulated other comprehensive income (loss), after taxes |
$ |
(1,078 |
) |
|
$ |
(804 |
) |
|
| Schedule of Net Benefit Costs |
Net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016 include the following components (in thousands):
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|
|
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|
Years Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Components of net periodic benefit cost: |
|
|
|
|
|
Service cost |
$ |
157 |
|
|
$ |
147 |
|
|
$ |
153 |
|
Interest cost |
183 |
|
|
201 |
|
|
215 |
|
Expected return on plan assets |
(367 |
) |
|
(339 |
) |
|
(311 |
) |
Amortization of net loss |
64 |
|
|
108 |
|
|
140 |
|
Net periodic benefit cost |
$ |
37 |
|
|
$ |
117 |
|
|
$ |
197 |
|
|
| 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, 2018, 2017 and 2016 (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Net actuarial (gain) loss |
$ |
183 |
|
|
$ |
(132 |
) |
|
$ |
(305 |
) |
Recognized actuarial loss |
(64 |
) |
|
(108 |
) |
|
(140 |
) |
Total recognized in other comprehensive income, before taxes |
$ |
119 |
|
|
$ |
(240 |
) |
|
$ |
(445 |
) |
Total recognized in net benefit cost and other comprehensive income, before taxes |
$ |
156 |
|
|
$ |
(123 |
) |
|
$ |
(248 |
) |
|
| 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, 2018 and 2017 (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
December 31, 2017 |
Plan assets in excess of projected benefit obligation: |
|
|
|
Projected benefit obligation |
$ |
4,745 |
|
|
$ |
5,032 |
|
Fair value of plan assets |
$ |
5,313 |
|
|
$ |
5,356 |
|
Plan assets in excess of accumulated benefit obligation: |
|
|
|
Accumulated benefit obligation |
$ |
4,173 |
|
|
$ |
4,510 |
|
Fair value of plan assets |
$ |
5,313 |
|
|
$ |
5,356 |
|
|
| Schedule of Assumptions Used |
The following are weighted-average assumptions used to determine benefit obligations and costs at December 31, 2018, 2017 and 2016:
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|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2018 |
|
2017 |
|
2016 |
Weighted average assumptions used to determine benefit obligations as of December 31: |
|
|
|
|
|
Discount rate |
4.25 |
% |
|
3.75 |
% |
|
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 |
3.75 |
% |
|
4.25 |
% |
|
4.50 |
% |
Expected return on plan assets |
7.00 |
% |
|
7.00 |
% |
|
7.00 |
% |
Rate of compensation increase |
7.29 |
% |
|
7.29 |
% |
|
7.29 |
% |
|
| Fair Value, Assets Measured on Recurring Basis |
The fair values of plan assets by major asset category at December 31, 2018 and 2017, respectively, are as follows (in thousands):
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2018: |
|
|
|
|
|
|
|
Cash and cash equivalents — money markets |
$ |
407 |
|
|
$ |
407 |
|
|
$ |
— |
|
|
$ |
— |
|
Equities |
813 |
|
|
813 |
|
|
— |
|
|
— |
|
Equity funds |
2,448 |
|
|
2,448 |
|
|
— |
|
|
— |
|
Fixed income funds |
1,645 |
|
|
1,645 |
|
|
— |
|
|
— |
|
Total |
$ |
5,313 |
|
|
$ |
5,313 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
As of December 31, 2017: |
|
|
|
|
|
|
|
Cash and cash equivalents — money markets |
$ |
165 |
|
|
$ |
165 |
|
|
$ |
— |
|
|
$ |
— |
|
Equities |
670 |
|
|
670 |
|
|
— |
|
|
— |
|
Equity funds |
2,468 |
|
|
2,468 |
|
|
— |
|
|
— |
|
Fixed income funds |
2,053 |
|
|
2,053 |
|
|
— |
|
|
— |
|
Total |
$ |
5,356 |
|
|
$ |
5,356 |
|
|
$ |
— |
|
|
$ |
— |
|
|
| 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 |
2019 |
$ |
238 |
|
2020 |
254 |
|
2021 |
250 |
|
2022 |
247 |
|
2023 |
242 |
|
2024 to 2028 |
1,203 |
|
|