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KIMLEY‐HORN AND ASSOCIATES, INC.  <br />NOTES TO THE FINANCIAL STATEMENTS  <br />  <br />  <br />DECEMBER 31, 2018 AND 2017  <br />(SEE INDEPENDENT ACCOUNTANT’S REVIEW REPORT)  <br />  <br />  <br />16 <br />Note 9—Income taxes (continued)  <br />  <br />As of December 31, 2018, the Company has net operating loss carryforwards for federal and state income tax <br />purposes of $0 and $17,675, respectively, which are available to offset future federal and state taxable income, if <br />any, for the next 15 years. <br /> <br />In November 2015, the FASB issued ASU No. 2015-17, Income Taxes, Balance Sheet Classification of Deferred <br />Taxes. This ASU changes the presentation of deferred income taxes and requires that deferred tax assets and <br />liabilities be classified as noncurrent on the balance sheets. The Company has implemented this ASU and will <br />apply it retrospectively for all periods presented. The Company reclassified $2,335,817 of current deferred tax <br />liabilities to noncurrent as of December 31, 2017. <br /> <br />Note 10—Other liabilities  <br />  <br />The Company has a Post-Retirement Healthcare Plan (the “Plan”). Participation in this Plan is determined by the <br />Board of Directors. The Company has currently designated certain retired individuals and their dependents as <br />participants in the Plan. The Company’s intent is that no new participants will be added to the Plan. The Plan <br />provides supplemental Medicare insurance under terms described in the Plan. The Plan also provides long-term <br />care insurance, vision insurance, and dental insurance. <br /> <br />The measurement date for the post-retirement benefit plans is December 31. <br /> <br />The components of net periodic post-retirement benefits cost recognized in the statements of operations for 2018 <br />and 2017 consist of the following: <br /> <br />2018 2017 <br />Interest cost 40,349$ 43,360$ <br />Amortization of unrecognized losses 26,939 26,538 <br />Amortization of prior service costs (1,692) (1,692) <br />Net periodic post-retirement benefits cost 65,596$ 68,206$ <br />Benefits paid by the Company totaled $80,034 and $98,292, respectively, in the years ended December 31, 2018 <br />and 2017. <br /> <br />Amounts recognized in the balance sheets as of December 31 consist of the following: <br /> <br />2018 2017 <br />Accumulated post-retirement benefit obligation (1,134,585)$ (1,284,348)$ <br />Fair value of plan assets - - <br />Funded status (1,134,585)$ (1,284,348)$ <br /> <br />