XML 28 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Retirement Plans
6 Months Ended
Jun. 30, 2019
Retirement Benefits [Abstract]  
Retirement Plans

Note 8 — Retirement Plans

 

Pension Plans

 

Beginning in September 2018, the Company entered into discussions with the U.S. Pension Benefit Guaranty Corporation (the “PBGC”), a United States government agency established by Title IV of the Employee Retirement Income Security Act of 1974 (“ERISA”) which insures certain pension plans, for the purpose of obtaining certain relief from the Company’s obligations under the Plan. On April 16, 2019, the Company received notice from the PBGC, that the Company’s application for termination of the Plan had been approved by the PBGC, with the termination date of the Plan to occur on April 30, 2019, the PBGC finding that (i) the Plan did not meet the minimum funding standard required under section 412 of the Internal Revenue Code; (ii) the Plan would be unable to pay benefits when due and (iii) the Plan should be terminated in order to protect the interests of the Plan participants (the “Notice of Determination”). The Plan was terminated effective April 30, 2019, and the PBGC was appointed trustee of the Plan at that time, pursuant to an Agreement for Appointment of Trustee and Termination of Plan entered into between the Company and the PBGC. The Company’s obligations under the Plan have not yet been agreed-upon between the Company and the PBGC, and as such, the Plan, including associated liabilities thereunder, remains reflected in the Company’s financial statements and notes hereto.

 

Germany was the Company’s only remaining international plan. In connection with the Subsidiary Sale in the first quarter of 2019, the Company no longer has any international plans.