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EMPLOYEE RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2018
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Information Relating to the Company's Plan

Information relating to the Company’s plan is as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

Change in benefit obligation:

 

 

 

 

 

 

 

 

Benefit obligation, beginning of year

 

$

33,176

 

 

$

27,563

 

Service cost

 

 

1,301

 

 

 

1,214

 

Interest cost

 

 

1,047

 

 

 

1,013

 

Actuarial loss

 

 

8,531

 

 

 

2,952

 

Plan amendment

 

 

 

 

 

434

 

Benefit obligation, end of year

 

 

44,055

 

 

 

33,176

 

Fair value of plan assets

 

 

 

 

 

 

Unfunded status of the plan, end of year

 

$

44,055

 

 

$

33,176

 

Current liability

 

 

 

 

 

 

Noncurrent liability

 

$

44,055

 

 

$

33,176

 

Components of Net Periodic Pension Cost

The components of net periodic pension cost were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Service cost

 

$

1,301

 

 

$

1,214

 

 

$

1,415

 

Interest cost

 

 

1,047

 

 

 

1,013

 

 

 

875

 

Amortization of prior service cost

 

 

1,683

 

 

 

1,667

 

 

 

1,660

 

Amortization of loss

 

 

435

 

 

 

457

 

 

 

15

 

Total net periodic benefit cost

 

$

4,466

 

 

$

4,351

 

 

$

3,965

 

Assumptions Used to Determine Benefit Obligation and Net Periodic Pension Cost

Assumptions used to determine the year end benefit obligation were as follows:

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

Discount rate

 

 

3.82

%

 

 

3.22

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

Assumptions used to determine the net periodic pension cost were as follows:

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Discount rate

 

 

3.22

%

 

 

3.41

%

 

 

3.57

%

Rate of compensation increases

 

 

3.50

%

 

 

3.50

%

 

 

3.50

%

Amounts to be Amortized from Accumulated Other Comprehensive Loss into Net Periodic Pension Cost in Next Fiscal Year

The estimated amounts to be amortized from accumulated other comprehensive loss into the net periodic pension cost in 2019 are as follows (in thousands):

 

Amortization of prior service cost

 

$

1,595

 

Amortization of loss

 

 

1,642

 

Total

 

$

3,237

 

Benefit Payments Expected to be Paid

Benefit payments, which reflect estimated future service, are currently expected to be paid as follows (in thousands):

 

Year

 

Projected

Benefits

 

2019

 

$

 

2020

 

 

3,551

 

2021

 

 

3,640

 

2022

 

 

4,122

 

2023

 

 

4,427

 

2024-2028

 

 

25,977

 

Thereafter

 

 

23,647