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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] Ìý
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):

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

Ìý December 31, 2020 December 31, 2019
Assets $ —Ìý $ 38Ìý
Liabilities 2,150Ìý —Ìý
Ìý $ 2,150Ìý $ 38Ìý
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):
Ìý 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 716Ìý 388Ìý
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,
Ìý 2020 2019 2018
Components of net periodic benefit cost:
Service cost $ 1,835Ìý $ 666Ìý $ 157Ìý
Interest cost 210Ìý 197Ìý 183Ìý
Expected return on Pension Plan assets (454) (364) (367)
Amortization of net loss 66Ìý 46Ìý 64Ìý
Net periodic benefit cost $ 1,657Ìý $ 545Ìý $ 37Ìý
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,
Ìý 2020 2019 2018
Net actuarial loss $ 1,626Ìý $ 530Ìý $ 183Ìý
Recognized actuarial loss (66) (46) (64)
Total recognized in other comprehensiveÌýloss, before taxes $ 1,560Ìý $ 484Ìý $ 119Ìý
Total recognized in net benefit cost andÌýother comprehensive loss, before taxes $ 3,217Ìý $ 1,029Ìý $ 156Ìý
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):
Ìý December 31, 2020 December 31, 2019
Projected benefit obligation in excess of Pension Plan assets:
Projected benefit obligation
 $ 9,717Ìý $ 6,577Ìý
Fair value of Pension Plan assets $ 7,567Ìý $ 6,615Ìý
Plan assets in excess of accumulated benefit obligation:
Accumulated benefit obligation
 $ 6,348Ìý $ 5,056Ìý
Fair value of Pension Plan assets $ 7,567Ìý $ 6,615Ìý
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,
Ìý 2020 2019 2018
Weighted average assumptions used to determine benefit obligations as of December 31:
Discount rate
 2.75Ìý % 3.25Ìý % 4.25Ìý %
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
 3.25Ìý % 4.25Ìý % 3.75Ìý %
Expected return on Pension 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 the Pension Plan assets by major asset category as of December 31, 2020 and 2019, respectively, are as follows (in thousands):
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, 2020:
Cash and cash equivalents — money markets $ 1,277Ìý $ 1,277Ìý $ —Ìý $ —Ìý
Equities 1,567Ìý 1,567Ìý —Ìý —Ìý
Equity funds 1,503Ìý 1,503Ìý —Ìý —Ìý
Fixed income funds 797Ìý 797Ìý —Ìý —Ìý
Taxable bonds 2,423Ìý 2,423Ìý —Ìý —Ìý
Total $ 7,567Ìý $ 7,567Ìý $ —Ìý $ —Ìý
As of December 31, 2019:
Cash and cash equivalents — money markets $ 528Ìý $ 528Ìý $ —Ìý $ —Ìý
Equities 1,133Ìý 1,133Ìý —Ìý —Ìý
Equity funds 1,939Ìý 1,939Ìý —Ìý —Ìý
Fixed income funds 465Ìý 465Ìý —Ìý —Ìý
Taxable bonds 2,550Ìý 2,550Ìý —Ìý —Ìý
Total $ 6,615Ìý $ 6,615Ìý $ —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
2021 $ 260Ìý
2022 256Ìý
2023 254Ìý
2024 249Ìý
2025 244Ìý
2026 to 2030 1,430Ìý