Pension Plans (Tables)

12 Months Ended

Dec. 31, 2020

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):

	2020		2019
CHANGE IN BENEFIT OBLIGATION:
Benefit obligation at beginning of year	$	82,518	$	77,847
Interest cost		1,969		2,713
Actuarial loss		8,568		8,436
Benefits paid		(6,307)		(6,478)
Benefit obligation at end of year		86,748		82,518
CHANGE IN PLAN ASSETS:
Fair value of plan assets at beginning of year		66,000		59,653
Actual return on plan assets		9,801		11,346
Employer contributions		1,727		1,479
Benefits paid		(6,307)		(6,478)
Fair value of plan assets at end of year		71,221		66,000
Funded status and accrued pension cost	$	(15,527)	$	(16,518)

Assumptions Used to Determine Benefit Obligations

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

	2020		2019		2018
Discount rate	1.95	%	2.85	%	3.95	%
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:

	2020		2019		2018
Discount rate	2.40	%	3.51	%	3.47	%
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	2020		2019
Cash	$	2,457	$	43
Mutual funds		68,764		65,957
Total	$	71,221	$	66,000

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):

	2020		2019		2018
Interest cost	$	1,969	$	2,713	$	2,829
Expected return on plan assets		(4,101)		(3,849)		(4,363)
Amortization of net actuarial loss		1,004		970		750
Net settlement loss		1,740		1,904		1,559
Total net periodic pension expense	$	612	$	1,738	$	775

Expected Future Benefit Payments

The Company expects to contribute approximately $0.9 million to its defined benefit pension 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	$	7,518
2022		5,778
2023		4,827
2024		4,837
2025		6,559
2026 - 2030		28,698