Postemployment Benefits [Abstract] | Period [Axis] |
---|
2016-01-01 - 2016-12-31 |
---|
Postemployment Benefits [Abstract] | |
Summary of Change in Projected Benefit Obligation |
The following tables summarize the Pension Plan, SERP and
Postretirement Benefits as of December 31, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Change in Projected Benefit Obligation
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at beginning of year
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Service cost
|
|
|
— |
|
|
|
— |
|
|
|
8,169 |
|
Interest cost
|
|
|
530,839 |
|
|
|
51,696 |
|
|
|
11,097 |
|
Plan participants’ contributions
|
|
|
— |
|
|
|
— |
|
|
|
1,939 |
|
Actuarial (gain) loss
|
|
|
(965,046 |
) |
|
|
(415,416 |
) |
|
|
(103,396 |
) |
Business combinations
|
|
|
88,705,097 |
|
|
|
9,154,118 |
|
|
|
1,859,010 |
|
Benefits paid
|
|
|
(409,084 |
) |
|
|
(38,550 |
) |
|
|
(20,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation at end of year
|
|
$ |
87,861,806 |
|
|
$ |
8,751,848 |
|
|
$ |
1,756,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Change in Plan Assets |
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Change in Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at beginning of year
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Actual return on plan assets
|
|
|
(1,731,372 |
) |
|
|
— |
|
|
|
— |
|
Employer contribution
|
|
|
— |
|
|
|
38,550 |
|
|
|
18,457 |
|
Business combinations
|
|
|
86,008,964 |
|
|
|
— |
|
|
|
— |
|
Plan participants’ contributions
|
|
|
— |
|
|
|
— |
|
|
|
1,939 |
|
Benefits paid
|
|
|
(409,084 |
) |
|
|
(38,550 |
) |
|
|
(20,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair value of plan assets at end of year
|
|
$ |
83,868,508 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Funded Status
|
|
$ |
(3,993,298 |
) |
|
$ |
(8,751,848 |
) |
|
$ |
(1,756,423 |
) |
Unrecognized net actuarial (gain) loss
|
|
|
1,767,058 |
|
|
|
(415,416 |
) |
|
|
(103,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative employer contributions in excess of the net periodic
pension cost
|
|
$ |
(2,226,240 |
) |
|
$ |
(9,167,264 |
) |
|
$ |
(1,859,819 |
) |
|
Summary of Amounts Recognized in Statement of Financial Position |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Amounts Recognized in the Statement of Financial
Position
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent assets
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Current liabilities
|
|
|
— |
|
|
|
(422,656 |
) |
|
|
(113,268 |
) |
Noncurrent liabilities
|
|
|
(3,993,298 |
) |
|
|
(8,329,192 |
) |
|
|
(1,643,155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net amount recognized
|
|
$ |
(3,993,298 |
) |
|
$ |
(8,751,848 |
) |
|
$ |
(1,756,423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Amounts Recognized in Accumulated Other Comprehensive Income |
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Amounts Recognized in Accumulated Other Comprehensive
Income
|
|
|
|
|
|
|
|
|
|
Net actuarial loss (gain)
|
|
$ |
1,767,058 |
|
|
$ |
(415,416 |
) |
|
$ |
(103,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (before tax effects)
|
|
$ |
1,767,058 |
|
|
$ |
(415,416 |
) |
|
$ |
(103,396 |
) |
|
Summary of Information for Pension Plans With Accumulated Benefit Obligation in Excess of Plan Assets |
|
|
|
SERP |
|
|
Postretirement
Benefits |
|
Information for Pension Plans with an Accumulated Benefit
Obligation in excess of Plan Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation
|
|
$ |
87,861,806 |
|
|
$ |
8,751,848 |
|
|
$ |
— |
|
Accumulated benefit obligation
|
|
$ |
87,861,806 |
|
|
$ |
8,751,848 |
|
|
$ |
— |
|
Fair value of plan assets
|
|
$ |
83,868,508 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Summary of Weighted-Average Assumptions for Disclosure |
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Weighted-average assumptions for Disclosure
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
3.62 |
% |
|
|
3.80 |
% |
|
|
4.00 |
% |
Rate of compensation increase
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
Summary of Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income |
Components of Net Periodic Benefit Cost and Other Amounts
Recognized in Other Comprehensive Income
|
|
|
|
|
|
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|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Net periodic benefit cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
8,169 |
|
Interest cost
|
|
|
530,839 |
|
|
|
51,696 |
|
|
|
11,097 |
|
Expected return on plan assets
|
|
|
(1,000,732 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net periodic benefit cost
|
|
$ |
(469,893 |
) |
|
$ |
51,696 |
|
|
$ |
19,266 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Other Changes in Plan Assets and Benefit Obligations Recognized
in Other Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
Net actuarial (gain) loss
|
|
$ |
1,767,058 |
|
|
$ |
(415,416 |
) |
|
$ |
(103,396 |
) |
Total recognized in other comprehensive income (before tax
effects)
|
|
$ |
1,767,058 |
|
|
$ |
(415,416 |
) |
|
$ |
(103,396 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total recognized in net benefit cost and other comprehensive income
(before tax effects)
|
|
$ |
1,297,165 |
|
|
$ |
(363,720 |
) |
|
$ |
(84,130 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Amounts Expected to be Recognized in Net Periodic Cost in Coming Year |
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Amounts Expected to be Recognized in Net Periodic Cost in the
Coming Year
|
|
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss recognition
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Prior service cost recognition
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net initial obligation (asset) recognition
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
Summary of Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Weighted-average assumptions used to determine Net Periodic
Benefit Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate
|
|
|
3.60 |
% |
|
|
3.40 |
% |
|
|
3.60 |
% |
Expected return on plan assets
|
|
|
7.00 |
% |
|
|
N/A |
|
|
|
N/A |
|
Rate of compensation increase
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Corridor
|
|
|
10.00 |
% |
|
|
10.00 |
% |
|
|
10.00 |
% |
|
|
|
|
|
Summary of Weighted-Average Assets Allocation |
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Weighted-Average Assets Allocation
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity securities
|
|
|
28.92 |
% |
|
|
N/A |
|
|
|
N/A |
|
Fixed income
|
|
|
71.08 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
100.00 |
% |
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Asset Category |
|
|
|
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Asset Category (all Level 1)
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. equity funds
|
|
|
8,859,295 |
|
|
|
N/A |
|
|
|
N/A |
|
International equity funds
|
|
|
15,495,346 |
|
|
|
N/A |
|
|
|
N/A |
|
Fixed income funds
|
|
|
59,859,194 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
84,213,835 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Estimated Future Benefit Payments |
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Estimated Future Benefit Payments
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
$ |
3,062,240 |
|
|
$ |
422,656 |
|
|
$ |
113,268 |
|
2018
|
|
$ |
3,268,248 |
|
|
$ |
469,239 |
|
|
$ |
109,952 |
|
2019
|
|
$ |
3,513,785 |
|
|
$ |
479,770 |
|
|
$ |
106,890 |
|
2020
|
|
$ |
3,683,327 |
|
|
$ |
482,753 |
|
|
$ |
103,798 |
|
2021
|
|
$ |
3,829,459 |
|
|
$ |
509,468 |
|
|
$ |
100,782 |
|
2022-2026
|
|
$ |
21,960,276 |
|
|
$ |
2,641,620 |
|
|
$ |
474,413 |
|
|
Summary of Estimated Contributions |
|
|
Pension Plan |
|
|
SERP |
|
|
Postretirement
Benefits |
|
Contributions
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated contributions for 2017
|
|
$ |
— |
|
|
$ |
422,656 |
|
|
$ |
113,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|