Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2020 and 2019, and a statement of the funded status as of December 31, 2020 and 2019. We use a December 31 measurement date for the pension plan and other post-retirement benefits (in thousands).


	Pension Benefits				Other Benefits
	Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Reconciliation of benefit obligation:
Obligation at beginning of period	$	55,159	$	49,020	$	511	$	479
Service cost		703		722		—		—
Interest cost		1,765		2,018		17		21
Participant contributions		27		25		—		—
Actuarial loss		5,453		5,256		30		30
Benefit payments		(1,926)		(1,882)		(19)		(19)
Obligation at December 31,		61,181		55,159		539		511
Reconciliation of fair value of plan assets:
Fair value of plan assets at beginning of period		38,146		34,263		—		—
Actual return on plan assets		3,257		4,798		—		—
Employer contributions		1,953		942		19		19
Participant contributions		27		25		—		—
Benefit payments		(1,926)		(1,882)		(19)		(19)
Fair value of plan assets at December 31,		41,457		38,146		—		—
Funded status at end of period	$	(19,724)	$	(17,013)	$	(539)	$	(511)

Amounts Recognized in Other Comprehensive Loss

The amounts recognized in other comprehensive (loss) income during the years ended December 31, 2020 and 2019 consist of (in thousands):


	Pension Benefits				Other Benefits
	December 31,				December 31,
	2020		2019		2020		2019
Actuarial (loss) gain during the period	$	(4,847)	$	(2,891)	$	(30)	$	(30)
Amortization of actuarial loss		1,288		1,006		11		2
Total recognized in other comprehensive (loss) income	$	(3,559)	$	(1,885)	$	(19)	$	(28)

Components of Net Periodic Cost

The following table provides the components of net periodic cost included in our statements of operations for the plans for the years ended December 31, 2020 and 2019 (in thousands):


	Pension Benefits				Other Benefits
	Year Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Service cost ⁽¹⁾	$	703	$	722	$	—	$	—
Interest cost ⁽²⁾		1,765		2,018		17		21
Expected return on plan assets ⁽²⁾		(2,651)		(2,432)		—		—
Amortization of net actuarial loss ⁽²⁾		1,288		1,006		11		2
Net periodic cost	$	1,105	$	1,314	$	28	$	23

(1)

Included in general and administrative expenses.

(2)

Included in other expense.

Assumptions Used to Determine Benefit Obligation

Assumptions used to determine the benefit obligation:


	December 31,
	2020	2019
Discount rate	2.50%	3.25%
Rate of compensation increase	4.25%	4.25%

Fair Values of Pension Plan Assets

The table below provides the fair values of the Company’s pension plan assets, by asset category, at December 31, 2020 and 2019. The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts.


	Fair Value Measurements
								Assets
								Measured
Asset Category	Total		Percentage	Level 1	Level 2	Level 3		at NAV⁽¹⁾

		(Dollars in thousands)
At December 31, 2020
Liquid return-seeking:
Multi-asset fund⁽²⁾	$	25,196	61%					$	25,196
Fixed income securities:
Commingled funds⁽³⁾		11,881	29%						11,881
Alternative investments:
Equity long/short fund⁽⁴⁾		2,201	5%			$	2,201
Private equity fund⁽⁵⁾		22	0%				22
Distressed opportunity limited partnership⁽⁶⁾		433	1%				433
Multi-strategy limited partnership⁽⁷⁾		1,724	4%				1,724
		4,380	10%	—	—		4,380		—
	$	41,457	100%	—	—	$	4,380	$	37,077

At December 31, 2019
Liquid return-seeking:
Multi-asset fund⁽²⁾	$	23,127	61%					$	23,127
Fixed income securities:
Commingled funds⁽³⁾		11,463	30%						11,463
Alternative investments:
Equity long/short fund⁽⁴⁾		1,349	4%			$	1,349
Private equity fund⁽⁵⁾		48	0%				48
Distressed opportunity limited partnership⁽⁶⁾		463	1%				463
Multi-strategy limited partnership⁽⁷⁾		1,696	4%				1,696
		3,556	9%	—	—		3,556		—
	$	38,146	100%	—	—	$	3,556	$	34,590

(1)

Assets measured using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy. The NAV practical expedient is based on the fair value of the underlying assets of the common/collective trust (“CCT”) minus its liabilities, and then divided by the number of units outstanding. The NAV practical expedient of a CCT is calculated based on a compilation of primarily observable market information.

(2)	A single fund that invests in global equities, marketable real assets and fixed income securities. The fund has no limitation on redemptions.

(3)	Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. The fund has no limitation on redemptions.

(4)	Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund generally has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag.

(5)

Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. The fund terminates on July 12, 2021, subject to extension for a one-year period. Earlier redemptions are not permitted.

(6)	Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31 with notice of 90 days and is reported on a one month lag.

(7)	Investments in a partnership that has a multi-strategy investment program and does not rely on a single investment model. This partnership has quarterly redemption rights with notice of 65 days and is reported on a one month lag.

Benefit Payments Expected to be Paid

The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands):


	Pension Benefits		Other Benefits
2021	$	2,323	$	84
2022		2,421		71
2023		2,573		60
2024		2,814		49
2025		2,833		40
2026 to 2030		15,346		122