| Changes in Benefit Obligations, Components of Benefit Costs, Weighted-Average Assumptions, and Plan Assets |
The following tables provide detail of the changes in benefit obligations, components of benefit costs, weighted-average assumptions, and plan assets for the retirement plan as of and for the twelve months ending December 31, 2015, 2014 and 2013 (in thousands) using a measurement date of December 31.
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2015
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2014
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2013
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Assumptions (end of period):
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Discount rate used in determining benefit obligation
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4.12%
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3.86%
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4.49%
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Rate of compensation increase
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N/A
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N/A
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N/A
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Reconciliation of funded status (end of period):
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Accumulated benefit obligation
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$
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(12,915)
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$
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(13,909)
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$
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(12,284)
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Projected benefit obligation
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$
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(12,915)
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$
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(13,909)
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$
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(12,284)
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Fair value of plan assets
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10,419
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11,290
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10,851
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Funded status
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$
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(2,496)
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$
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(2,619)
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$
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(1,433)
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Net actuarial loss
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(3,957)
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(4,000)
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(2,277)
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Accumulated other comprehensive loss
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(3,957)
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(4,000)
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(2,277)
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Prepaid pension cost
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1,461
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1,381
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844
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Net amount recognized as of December 31
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$
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(2,496)
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$
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(2,619)
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$
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(1,433)
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Changes in projected benefit obligation:
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Benefit obligation as of beginning of period
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$
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13,909
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$
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12,284
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$
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13,439
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Interest cost
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518
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532
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505
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Actuarial liability (gain)/loss
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(646)
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1,947
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(824)
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Benefits paid
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(866)
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(854)
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(836)
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Benefit obligation as of end of period
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$
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12,915
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$
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13,909
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$
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12,284
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Change in plan assets:
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Fair value of plan assets as of beginning of period
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$
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11,290
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$
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10,851
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$
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9,754
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Actual return on plan assets (net of expenses)
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(5)
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760
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1,565
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Employer contributions
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-
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533
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368
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Benefits paid
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(866)
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(854)
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(836)
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Fair value of plan assets as of end of period
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$
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10,419
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$
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11,290
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$
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10,851
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Net periodic pension cost:
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Service cost - benefits earned during the period
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$
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-
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$
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-
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$
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-
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Interest cost on projected benefit obligation
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518
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532
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505
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Expected return on plan assets
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(701)
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(698)
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(615)
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Recognized actuarial loss
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103
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162
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495
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Net periodic pension cost
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$
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(80)
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$
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(4)
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$
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385
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Discount rate
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3.86%
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4.49%
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3.89%
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Expected return on plan assets
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6.50%
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6.50%
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6.50%
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Rate of compensation increase
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N/A
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N/A
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N/A
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| Schedule of Fair Value, Assets Measured on Recurring Basis |
The following table presents, for each of the fair value hierarchy levels, our plan assets that are measured at fair value on a recurring basis at December 31, 2015 and December 31, 2014 (in thousands).
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As of December 31, 2015
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs
(Level 2)
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Unobservable Inputs
(Level 3)
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Total
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Debt securities
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$
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-
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$
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3,423
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$
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-
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$
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3,423
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Equity securities
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6,697
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-
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-
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6,697
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Total
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$
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6,697
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$
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3,423
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$
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-
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$
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10,120
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As of December 31, 2014
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Quoted Prices in Active Markets for Identical Assets (Level 1)
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Other Observable Inputs (Level 2)
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Unobservable Inputs (Level 3)
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Total
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Debt securities
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$
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-
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$
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3,718
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$
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-
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$
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3,718
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Equity securities
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7,230
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-
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-
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7,230
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Total
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$
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7,230
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$
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3,718
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$
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-
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$
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10,948
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