Pension and Postretirement Benefits Other than Pension Plans

12 Months Ended

Dec. 31, 2020

Postretirement Health Coverage [Member]

Defined Benefit Plan Disclosure [Line Items]

Pension and Postretirement Benefits Other than Pension Plans

10. Postretirement Benefits Other than Pensions

The Company sponsors an unfunded defined benefit postretirement health care plan for certain employees and contributes toward the cost of health insurance benefits. In order to be eligible for these postretirement benefits, an employee must retire after attainment of age 55 and completion of 15 years of service, or attainment of age 65 and completion of 10 years of service. The Company’s Benefits Trust Committee determines retiree premiums. The Company amended the plans effective December 31, 2001 such that only retirees who were receiving benefits under the plans at that time and active employees at that time whose age plus years of service totaled at least 60 and who had at least 10 years of service as of December 31, 2001 remain eligible. In addition, as a result of the continued impact of the COVID-19 pandemic, the Company amended the plans effective January 1, 2021 to reduce the benefits offered by the plan.

The following table reconciles the change in benefit obligation of the postretirement plans to the accrued postretirement liability as reflected in other liabilities in the accompanying consolidated balance sheets at December 31 (amounts in thousands):

	2020		2019
Benefit obligation at beginning of year	$	2,735	$	2,774
Interest cost		69		101
Actuarial loss		144		196
Plan amendment		(763)		—
Benefits paid		(310)		(336)
Benefit obligation at end of year	$	1,875	$	2,735

Net postretirement benefit income reflected in other gains and (losses), net in the accompanying statements of operations included the following components for the years ended December 31 (amounts in thousands):

	2020		2019		2018
Interest cost	$	69	$	101	$	96
Amortization of net actuarial loss		245		238		257
Amortization of prior service credit		(1,314)		(1,314)		(1,314)
Total net postretirement benefit income	$	(1,000)	$	(975)	$	(961)

The discount rate used to determine the benefit obligation at December 31, 2020, 2019 and 2018 was 1.70%, 2.70% and 3.83%, respectively. The discount rate used to determine the net postretirement benefit income for years ended December 31, 2020, 2019 and 2018 was 2.70%, 3.83% and 3.15%, respectively.

The Company expects to contribute $0.2 million to the plan in 2021. 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):

2021	$	191
2022		178
2023		165
2024		153
2025		141
2026 - 2030		549

The net loss, amortization of net loss, and new prior service credit and amortization of prior service credit recognized in other comprehensive income (loss) for 2020 was $0.1 million, $0.2 million, and $0.6 million, respectively. Included in accumulated other comprehensive loss at December 31, 2020 are the following amounts that have not yet been recognized in net postretirement benefit expense: unrecognized actuarial losses of $3.0 million ($2.0 million net of tax) and unrecognized prior service credits of $9.2 million ($6.4 million net of tax). The net loss, amortization of net loss and amortization of prior service credit recognized in other comprehensive income (loss) for 2019 was $0.2 million, $0.2

million, and $1.3 million, respectively. Included in accumulated other comprehensive loss at December 31, 2019 are the following amounts that have not yet been recognized in net postretirement benefit expense: unrecognized actuarial losses of $3.1 million ($2.2 million net of tax) and unrecognized prior service credits of $9.8 million ($7.0 million net of tax). The net gain, amortization of net loss and amortization of prior service credit recognized in other comprehensive income (loss) for 2018 was $0.1 million, $0.3 million, and $1.3 million, respectively.