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EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Summary of Actual and Target Asset Allocation of Plan Assets
The following is a summary of the pension plan's actual and target asset allocations at December 31, 2020 and 2019 by asset category:
Target
Pension Plan Assets2020% of Total2019% of TotalAllocation
Fixed maturity securities - corporate bonds$21,718 8.7 %$13,250 6.7 %0 %-15 %
Redeemable preferred stock3,534 1.4 2,929 1.5 0 %-10 %
Equity securities149,413 60.0 117,117 58.7 50 %-70 %
Pooled separate accounts
Core plus bond separate account fund26,266 10.6 20,505 10.3 0 %-40 %
U.S. property separate account fund22,269 9.0 22,114 11.1 0 %-25 %
Arbitrage fund9,873 4.0 9,245 4.6 0 %-10 %
United Life annuity11,398 4.6 10,855 5.4 0 %-10 %
Cash and cash equivalents4,264 1.7 3,451 1.7 0 %-10 %
Total plan assets$248,735 100.0 %$199,466 100.0 %
Categories of Pension Plan Assets at Fair Value on Recurring Basis
The following tables present the categorization of the pension plan's assets measured at fair value on a recurring basis at December 31, 2020 and 2019:
 Fair Value Measurements
DescriptionDecember 31, 2020Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$21,718 $— $21,718 $— 
Redeemable preferred stock3,534 3,534 — — 
Equity securities149,413 149,413 — — 
Pooled separate accounts
Core plus bond separate account fund26,266 — 26,266 — 
U.S. property separate account fund22,269 — — 22,269 
Arbitrage fund9,873 — 9,873 — 
Money market funds4,260 4,260 — — 
Total assets measured at fair value$237,333 $157,207 $57,857 $22,269 
Fair Value Measurements
DescriptionDecember 31, 2019Level 1Level 2Level 3
Fixed maturity securities - corporate bonds$13,250 $— $13,250 $— 
Redeemable preferred stock2,929 2,929 — — 
Equity securities117,117 117,117 — — 
Pooled separate accounts
Core plus bond separate account fund20,505 — 20,505 — 
U.S. property separate account fund22,114 — — 22,114 
Arbitrage fund9,245 — 9,245 — 
Money market funds3,448 3,448 — — 
Total assets measured at fair value$188,608 $123,494 $43,000 $22,114 
Summary of Changes in Fair Value of Pension Plan Securities
The following tables provide a summary of the changes in fair value of the pension plan's Level 3 securities:
U.S. property separate account fund
Balance at January 1, 2020$22,114 
Unrealized gains155 
Balance at December 31, 2020$22,269 

U.S. property separate account fund
Balance at January 1, 2019$20,841 
Unrealized gains1,273 
Balance at December 31, 2019$22,114 
Schedule of Actuarial Assumptions Used
The following actuarial assumptions were used to determine the reported plan benefit obligations at December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
December 31,2020201920202019
Discount rate2.58 %3.32 %2.58 %3.32 %
Rate of compensation increase2.75 3.00 N/AN/A
The following actuarial assumptions were used at January 1 to determine our reported net periodic benefit costs for the year ended December 31:
Weighted-average assumptions as ofPension BenefitsPost-retirement Benefits
January 1,202020192018202020192018
Discount rate3.32 %4.18 %3.65 %3.32 %4.18 %3.65 %
Expected long-term rate of return on plan assets6.70 6.70 6.70 N/AN/AN/A
Rate of compensation increase3.00 3.00 3.00 N/AN/AN/A
Schedule of Health Care Cost Trend Rates
 Health Care BenefitsDental Claims
Years Ended December 31,2020201920202019
Health care cost trend rates assumed for next year7.00 %6.75 %3.00 %4.00 %
Rate to which the health care trend rate is assumed to decline (ultimate trend rate)4.50 %4.50 %N/AN/A
Year that the rate reaches the ultimate trend rate20312030N/AN/A
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates A 1.0 percent change in assumed health care cost trend rates would have the following effects:
1% Increase1% Decrease
Effect on the net periodic post-retirement health care benefit cost$643 $(494)
Effect on the accumulated post-retirement benefit obligation5,520 (4,451)
Reconciliation of Benefit Obligations, Plan Assets, and Funded Status
The following table provides a reconciliation of benefit obligations, plan assets and funded status of our plans:
Pension BenefitsPost-retirement Benefits
Years Ended December 31,2020201920202019
Reconciliation of benefit obligation
Benefit obligation at beginning of year$252,374 $202,156 $31,001 $30,973 
Service cost10,829 7,989 1,728 1,823 
Interest cost8,266 8,320 1,014 1,274 
Actuarial loss (gain)38,920 39,598 (1,084)(1,806)
Adjustment for plan amendment(32,175)— — — 
Benefit payments(6,470)(5,689)(993)(1,263)
Benefit obligation at end of year (1)
$271,744 $252,374 $31,666 $31,001 
Reconciliation of fair value of plan assets
Fair value of plan assets at beginning of year$199,466 $164,819 $— $— 
Actual return on plan assets45,739 36,336 — — 
Employer contributions10,000 4,000 993 1,263 
Benefit payments(6,470)(5,689)(993)(1,263)
Fair value of plan assets at end of year$248,735 $199,466 $— $— 
Funded status at end of year$(23,009)$(52,908)$(31,666)$(31,001)
(1)For the pension plan, the benefit obligation is the projected benefit obligation. For the post-retirement benefit plan, the benefit obligation is the accumulated post-retirement benefit obligation.
Schedule of Amounts Recognized in AOCI
The following table displays the effect that the unrecognized prior service cost and unrecognized actuarial loss of our plans had on accumulated other comprehensive income ("AOCI"), as reported in the accompanying Consolidated Balance Sheets:
Pension BenefitsPost-retirement Benefits
Years Ended December 312020201920202019
Amounts recognized in AOCI
Unrecognized prior service cost$(32,175)$— $(20,863)$(28,947)
Unrecognized actuarial (gain) loss66,864 64,059 6,627 8,086 
Total amounts recognized in AOCI$34,689 $64,059 $(14,236)$(20,861)
Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for our pension and post-retirement benefit plans are as follows:
Pension PlanPost-retirement Benefit Plan
Years Ended December 31,202020192018202020192018
Net periodic benefit cost
Service cost$10,829 $7,989 $8,701 $1,728 $1,823 $2,998 
Interest cost8,266 8,320 7,500 1,014 1,274 2,009 
Expected return on plan assets(13,539)(10,784)(10,502)— — — 
Amortization of prior service cost— — — (8,084)(8,684)(5,409)
Amortization of net loss3,914 3,603 4,287 375 894 2,355 
Net periodic benefit cost$9,470 $9,128 $9,986 $(4,967)$(4,693)$1,953 
Summary of Expected Benefit Payments
The following table summarizes the expected benefits to be paid from our plans over the next 10 years:
202120222023202420252026 - 2030
Pension benefits$7,330 $7,920 $8,860 $9,850 $10,970 $67,280 
Post-retirement benefits$940 $990 $1,010 $1,050 $1,090 $6,520