Pension Plans (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan Disclosure [Line Items]

Funded Status and Accrued Pension Cost

The following table sets forth the funded status of the retirement plan at December 31 (amounts in thousands):

	2019		2018
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	77,847	$	85,695
Interest cost		2,713		2,829
Actuarial (gain) loss		8,436		(4,459)
Benefits paid		(6,478)		(6,218)
Benefit obligation at end of year		82,518		77,847
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		59,653		69,245
Actual return on plan assets		11,346		(4,937)
Employer contributions		1,479		1,563
Benefits paid		(6,478)		(6,218)
Fair value of plan assets at end of year		66,000		59,653
Funded status and accrued pension cost	$	(16,518)	$	(18,194)

Assumptions Used to Determine Benefit Obligations

The assumptions used to determine the benefit obligation at December 31 are as follows:

	2019		2018		2017
Discount rate	2.85	%	3.95	%	3.30	%
Rate of compensation increase	N/A		N/A		N/A

The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:

	2019		2018		2017
Discount rate	3.51	%	3.47	%	3.59	%
Rate of compensation increase	N/A		N/A		N/A
Expected long-term rate of return on plan assets	6.50	%	6.50	%	6.50	%

Allocation of Defined Benefit Pension Plans Assets

The allocation of the defined benefit pension plan’s assets at December 31 is as follows (amounts in thousands):

Asset Class	2019		2018
Cash	$	43	$	162
Mutual funds		65,957		59,491
Total	$	66,000	$	59,653

Pension Plan [Member]

Defined Benefit Plan Disclosure [Line Items]

Net Periodic Pension and Postretirement Benefit (Income) Expense

Net periodic pension expense reflected in other gains and (losses), net in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):

	2019		2018		2017
Interest cost	$	2,713	$	2,829	$	3,019
Expected return on plan assets		(3,849)		(4,363)		(4,202)
Amortization of net actuarial loss		970		750		919
Net settlement loss		1,904		1,559		1,734
Total net periodic pension expense	$	1,738	$	775	$	1,470

Expected Future Benefit Payments

The Company expects to contribute approximately $1.7 million to its defined benefit pension plan in 2020. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):

2020	$	6,930
2021		4,917
2022		5,795
2023		4,956
2024		4,932
2025 - 2029		30,300