Employee Benefit Plans (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Retirement Benefits [Abstract] |
|
| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
Actuarial information regarding these plans is as follows: | | | | | | | | | | | | | | | | | | 2019 | | Retirement
Income Plan | National
Service-Related Pension Plan | Other
Post-Retirement Benefits | Superannuation | Total | Change in benefit obligation: | (In thousands) | Benefit obligation – January 1, 2019 | $ | (43,364 | ) | $ | (30,627 | ) | $ | (678 | ) | $ | (1,385 | ) | $ | (76,054 | ) | Service cost | — |
| — |
| — |
| (78 | ) | (78 | ) | Interest cost | (1,590 | ) | (1,245 | ) | (23 | ) | (49 | ) | (2,907 | ) | Actuarial loss | (3,251 | ) | (4,167 | ) | (62 | ) | (77 | ) | (7,557 | ) | Benefits paid | 2,990 |
| 1,003 |
| — |
| 447 |
| 4,440 |
| Plan participants’ contributions | — |
| — |
| — |
| (12 | ) | (12 | ) | Foreign currency translation loss | — |
| — |
| — |
| 2 |
| 2 |
| Effect of settlement | — |
| — |
| 152 |
| — |
| 152 |
| Benefit obligation – end of year | (45,215 | ) | (35,036 | ) | (611 | ) | (1,152 | ) | (82,014 | ) | | | | | | | Change in plan assets: | | | | | | Fair value of plan assets – January 1, 2019 | 34,958 |
| 23,277 |
| — |
| 1,502 |
| 59,737 |
| Actual return on plan assets | 6,804 |
| 4,556 |
| — |
| 237 |
| 11,597 |
| Employer contributions | 1,339 |
| 1,011 |
| 152 |
| 58 |
| 2,560 |
| Benefits paid | (2,990 | ) | (1,003 | ) | — |
| (447 | ) | (4,440 | ) | Effect of settlement | — |
| — |
| (152 | ) | — |
| (152 | ) | Plan participants’ contributions | — |
| — |
| — |
| 12 |
| 12 |
| Foreign currency translation loss | — |
| — |
| — |
| (6 | ) | (6 | ) | Fair value of plan assets – end of year | 40,111 |
| 27,841 |
| — |
| 1,356 |
| 69,308 |
| Funded status | $ | (5,104 | ) | $ | (7,195 | ) | $ | (611 | ) | $ | 204 |
| $ | (12,706 | ) | | | | | | | Amounts recognized on the consolidated balance sheet as of December 31, 2019: | | | | | | Pension and post-retirement liability | $ | (5,104 | ) | $ | (7,195 | ) | $ | (611 | ) | $ | 204 |
| $ | (12,706 | ) | Accumulated other comprehensive loss (income) | 6,417 |
| 4,501 |
| (21 | ) | 62 |
| 10,959 |
| Amounts in accumulated other comprehensive loss consist of: | | | | | | Net loss (gain) | 6,417 |
| 4,501 |
| (21 | ) | (15 | ) | 10,882 |
| Prior service cost | — |
| — |
| — |
| 77 |
| 77 |
| | | | | | | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | | | | | | Net (gain) loss | (1,793 | ) | 788 |
| (94 | ) | (78 | ) | (1,177 | ) | Amortization of net (loss) gain | (1,509 | ) | (564 | ) | 4 |
| — |
| (2,069 | ) | Amortization of prior service cost | — |
| — |
| — |
| (28 | ) | (28 | ) | Amount recognized due to special event | — |
| — |
| 5 |
| 5 |
| 10 |
| Foreign currency translation loss | — |
| — |
| — |
| (5 | ) | (5 | ) | Total recognized in other comprehensive loss (income) | $ | (3,302 | ) | $ | 224 |
| $ | (85 | ) | $ | (106 | ) | $ | (3,269 | ) | | | | | | | Information for plans with accumulated benefit obligation in excess of plan assets: | | | | | | Projected benefit obligation | $ | 45,215 |
| $ | 35,036 |
| $ | 611 |
| $ | 1,152 |
| $ | 82,014 |
| Accumulated benefit obligation | $ | 45,215 |
| $ | 35,036 |
| $ | 611 |
| $ | 1,038 |
| $ | 81,900 |
| Fair value of plan assets | $ | 40,111 |
| $ | 27,841 |
| $ | — |
| $ | 1,356 |
| $ | 69,308 |
|
| | | | | | | | | | | | | | | | | | 2018 | | Retirement
Income Plan | National
Service-Related Pension Plan | Other
Post-Retirement Benefits | Superannuation | Total | Change in benefit obligation: | (In thousands) | Benefit obligation – January 1, 2018 | $ | (45,386 | ) | $ | (33,405 | ) | $ | (691 | ) | $ | (3,002 | ) | $ | (82,484 | ) | Service cost | (31 | ) | (78 | ) | — |
| (137 | ) | (246 | ) | Interest cost | (1,418 | ) | (1,199 | ) | (20 | ) | (104 | ) | (2,741 | ) | Actuarial loss | 753 |
| 3,125 |
| 33 |
| 179 |
| 4,090 |
| Benefits paid | 2,718 |
| 930 |
| — |
| 1,391 |
| 5,039 |
| Plan participants’ contributions | — |
| — |
| — |
| (21 | ) | (21 | ) | Foreign currency translation gain | — |
| — |
| — |
| 309 |
| 309 |
| Benefit obligation – end of year | (43,364 | ) | (30,627 | ) | (678 | ) | (1,385 | ) | (76,054 | ) | | | | | | | Change in plan assets: | | | | | | Fair value of plan assets – January 1, 2018 | 38,218 |
| 24,518 |
| — |
| 2,992 |
| 65,728 |
| Actual return on plan assets | (2,042 | ) | (1,446 | ) | — |
| 50 |
| (3,438 | ) | Employer contributions | 1,499 |
| 1,135 |
| — |
| 125 |
| 2,759 |
| Benefits paid | (2,717 | ) | (930 | ) | — |
| (1,391 | ) | (5,038 | ) | Plan participants’ contributions | — |
| — |
| — |
| 21 |
| 21 |
| Foreign currency translation gain | — |
| — |
| — |
| (295 | ) | (295 | ) | Fair value of plan assets – end of year | 34,958 |
| 23,277 |
| — |
| 1,502 |
| 59,737 |
| Funded status | $ | (8,406 | ) | $ | (7,350 | ) | $ | (678 | ) | $ | 117 |
| $ | (16,317 | ) | | | | | | | Amounts recognized on the consolidated balance sheet as of December 31, 2018: | | | | | | Pension and post-retirement liability | $ | (8,406 | ) | $ | (7,350 | ) | $ | (678 | ) | $ | 117 |
| $ | (16,317 | ) | Accumulated other comprehensive loss (income) | 9,718 |
| 4,278 |
| (92 | ) | 170 |
| 14,074 |
| Amounts in accumulated other comprehensive loss consist of: | | | | | | Net loss (gain) | 9,718 |
| 4,278 |
| (92 | ) | 65 |
| 13,969 |
| Prior service cost | — |
| — |
| — |
| 105 |
| 105 |
| | | | | | | Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): | | | | | | Net loss (gain) | 3,337 |
| (311 | ) | (34 | ) | (66 | ) | 2,926 |
| Amortization of net gain | (1,244 | ) | (715 | ) | — |
| — |
| (1,959 | ) | Amortization of prior service cost | — |
| — |
| — |
| (28 | ) | (28 | ) | Amount recognized due to special event | — |
| — |
| — |
| (64 | ) | (64 | ) | Foreign currency translation loss | — |
| — |
| — |
| 26 |
| 26 |
| Total recognized in other comprehensive loss (income) | $ | 2,093 |
| $ | (1,026 | ) | $ | (34 | ) | $ | (132 | ) | $ | 901 |
| | | | | | | Information for plans with accumulated benefit obligation in excess of plan assets: | | | | | | Projected benefit obligation | $ | 43,364 |
| $ | 30,627 |
| $ | 678 |
| $ | 1,385 |
| $ | 76,054 |
| Accumulated benefit obligation | $ | 43,364 |
| $ | 30,627 |
| $ | 678 |
| $ | 1,186 |
| $ | 75,855 |
| Fair value of plan assets | $ | 34,958 |
| $ | 23,277 |
| $ | — |
| $ | 1,502 |
| $ | 59,737 |
|
|
| Schedule of Net Periodic Benefit Costs |
The components of net period benefit cost for the years ended December 31, 2019, 2018 and 2017 are as follows: | | | | | | | | | | | | | | | | | | December 31, 2019 | | Retirement Income Plan | National Service-Related Pension Plan | Other
Post-Retirement Benefits | Superannuation | Total | Components of net periodic benefit cost: | (In thousands) | Service cost | $ | — |
| $ | — |
| $ | — |
| $ | 78 |
| $ | 78 |
| Interest cost | 1,590 |
| 1,245 |
| 23 |
| 49 |
| 2,907 |
| Expected return on plan assets | (1,760 | ) | (1,176 | ) | — |
| (74 | ) | (3,010 | ) | Amortization of net loss (gain) | 1,509 |
| 564 |
| (4 | ) | — |
| 2,069 |
| Amortization of prior service cost | — |
| — |
| — |
| 28 |
| 28 |
| Effect of settlement | — |
| — |
| (5 | ) | (5 | ) | (10 | ) | Net pension benefit cost | $ | 1,339 |
| $ | 633 |
| $ | 14 |
| $ | 76 |
| $ | 2,062 |
|
| | | | | | | | | | | | | | | | | | December 31, 2018 | | Retirement Income Plan | National Service-Related Pension Plan | Other
Post-Retirement Benefits | Superannuation | Total | Components of net periodic benefit cost: | (In thousands) | Service cost | $ | 31 |
| $ | 78 |
| $ | — |
| $ | 137 |
| $ | 246 |
| Interest cost | 1,418 |
| 1,199 |
| 20 |
| 104 |
| 2,741 |
| Expected return on plan assets | (2,047 | ) | (1,369 | ) | — |
| (172 | ) | (3,588 | ) | Amortization of net loss | 1,244 |
| 715 |
| — |
| — |
| 1,959 |
| Amortization of prior service cost | — |
| — |
| — |
| 30 |
| 30 |
| Effect of settlement | — |
| — |
| — |
| 68 |
| 68 |
| Net pension benefit cost | $ | 646 |
| $ | 623 |
| $ | 20 |
| $ | 167 |
| $ | 1,456 |
|
| | | | | | | | | | | | | | | | | | December 31, 2017 | | Retirement Income Plan | National Service-Related Pension Plan | Other
Post-Retirement Benefits | Superannuation | Total | Components of net periodic benefit cost: | (In thousands) | Service cost | $ | 65 |
| $ | 504 |
| $ | — |
| $ | 153 |
| $ | 722 |
| Interest cost | 1,583 |
| 1,256 |
| 22 |
| 120 |
| 2,981 |
| Expected return on plan assets | (1,757 | ) | (1,175 | ) | — |
| (174 | ) | (3,106 | ) | Amortization of net loss (gain) | 1,889 |
| 815 |
| (1 | ) | — |
| 2,703 |
| Amortization of prior service cost | — |
| 212 |
| — |
| 9 |
| 221 |
| Effect of settlement | — |
| — |
| (4 | ) | 67 |
| 63 |
| Net pension benefit cost | $ | 1,780 |
| $ | 1,612 |
| $ | 17 |
| $ | 175 |
| $ | 3,584 |
|
|
| Schedule of Assumptions Used |
The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2019, 2018 and 2017 are as follows: | | | | | | | | | | | December 31, 2019 | | Retirement Income
Plan | National Service-Related Pension
Plan | Other
Post-Retirement Benefits | Superan- nuation | Weighted-average assumptions used to determine obligations (balance sheet): | | | | | Discount rate | 3.00 | % | 3.25 | % | 2.55 | % | 2.30 | % | Rate of compensation increase | N/A |
| N/A |
| N/A |
| 3.25 | % | Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | | | | | Discount rate | 3.95 | % | 4.15 | % | 3.70 | % | 3.70 | % | Expected return on plan assets | 6.50 | % | 6.50 | % | N/A |
| 5.00 | % | Rate of compensation increase | 3.50 | % | N/A |
| N/A |
| 3.25 | % |
| | | | | | | | | | | December 31, 2018 | | Retirement Income
Plan | National Service-Related Pension
Plan | Other
Post-Retirement Benefits | Superan- nuation | Weighted-average assumptions used to determine obligations (balance sheet): | | | | | Discount rate | 3.95 | % | 4.15 | % | 3.70 | % | 3.70 | % | Rate of compensation increase | 3.50 | % | N/A |
| N/A |
| 3.25 | % | Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | | | | | Discount rate | 3.35 | % | 3.65 | % | 3.10 | % | 3.70 | % | Expected return on plan assets | 7.00 | % | 7.00 | % | N/A |
| 6.00 | % | Rate of compensation increase | 3.50 | % | N/A |
| N/A |
| 4.00 | % |
| | | | | | | | | | | December 31, 2017 | | Retirement Income
Plan | National Service-Related Pension
Plan | Other
Post-Retirement Benefits | Superan-
nuation | Weighted-average assumptions used to determine obligations (balance sheet): | | | | | Discount rate | 3.35 | % | 3.65 | % | 3.10 | % | 3.70 | % | Rate of compensation increase | 3.50 | % | N/A |
| N/A |
| 4.00 | % | Weighted-average assumptions used to determine net periodic benefit cost (statement of operations): | | | | | Discount rate | 3.75 | % | 4.15 | % | 3.40 | % | 4.20 | % | Expected return on plan assets | 7.00 | % | 7.00 | % | N/A |
| 6.00 | % | Rate of compensation increase | 3.50 | % | N/A |
| N/A |
| 4.00 | % |
|
| Schedule of Allocation of Plan Assets |
The fair values of the Company’s pension plan assets as of December 31, 2019, by category, are as follow: | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Observable Inputs
(Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2019 | Assets | (In thousands) | U.S. equities: | | | | | Large cap(1) | $ | — |
| $ | 17,698 |
| $ | — |
| $ | 17,698 |
| Medium cap(1) | — |
| 3,404 |
| — |
| 3,404 |
| Small cap(1) | 1,360 |
| 1,360 |
| — |
| 2,720 |
| Non-U.S. equities: | | | | | Large cap(2) | 12,919 |
| — |
| — |
| 12,919 |
| Emerging markets(3) | 4,060 |
| — |
| — |
| 4,060 |
| Fixed-income securities: | | | | | Money markets(4) | — |
| 3,381 |
| — |
| 3,381 |
| U.S. bonds(5) | 10,172 |
| 3,397 |
| — |
| 13,569 |
| Non-U.S. bonds(5) | 6,806 |
| — |
| — |
| 6,806 |
| Real estate(6) | — |
| 3,395 |
| — |
| 3,395 |
| Common/collective trusts | — |
| 1,356 |
| — |
| 1,356 |
| Total assets | $ | 35,317 |
| $ | 33,991 |
| $ | — |
| $ | 69,308 |
|
The fair values of the Company’s pension plan assets as of December 31, 2018, by category, are as follows: | | | | | | | | | | | | | | | Quoted Prices in Active Markets for Identical Assets
(Level 1) | Significant Observable Inputs
(Level 2) | Significant Unobservable Inputs (Level 3) | Balance as of December 31, 2018 | Assets | (In thousands) | U.S. equities: | | | | | Large cap(1) | $ | — |
| $ | 15,141 |
| $ | — |
| $ | 15,141 |
| Medium cap(1) | — |
| 2,912 |
| — |
| 2,912 |
| Small cap(1) | 1,165 |
| 1,165 |
| — |
| 2,330 |
| Non-U.S. equities: | | | | | Large cap(2) | 11,065 |
| — |
| — |
| 11,065 |
| Emerging markets(3) | 3,494 |
| — |
| — |
| 3,494 |
| Fixed-income securities: | | | | | Money markets(4) | — |
| 2,912 |
| — |
| 2,912 |
| U.S. bonds(5) | 8,735 |
| 2,912 |
| — |
| 11,647 |
| Non-U.S. bonds(5) | 5,822 |
| — |
| — |
| 5,822 |
| Real estate(6) | — |
| 2,912 |
| — |
| 2,912 |
| Common/collective trusts | — |
| 1,502 |
| — |
| 1,502 |
| Total assets | $ | 30,281 |
| $ | 29,456 |
| $ | — |
| $ | 59,737 |
|
| | (1) | Includes funds that primarily invest in U.S. common stock. |
| | (2) | Includes funds that invest primarily in foreign equity and equity-related securities. |
| | (3) | Includes funds that invest primarily in equity securities of companies in emerging market countries. |
| | (4) | Includes funds that invest primarily in short-term securities, such as commercial paper. |
| | (5) | Includes funds either publicly traded (Level 1) or within a separate account (Level 2) held by a regulated investment company. These funds hold primarily debt and fixed-income securities. |
(6) Includes funds in a separate account held by a regulated investment company that invest primarily in commercial real estate and includes mortgage loans which are backed by the associated properties. The Company can call the investment in these assets with no restrictions. The allocations of the U.S. Plans’ and the Offshore Plan’s investments by fair value as of December 31, 2019 and 2018 are as follows: | | | | | | | | | | U.S. Plans | | Offshore Plan | | Actual | Target Allocation | | Actual | Target Allocation | | 2019 | 2018 | | 2019 | 2018 | | | | | | | | | U.S. equities | 35% | 35% | 25–55% | | 20% | 16% | 19% | Non-U.S. equities | 25% | 25% | 15–45% | | 42% | 46% | 41% | Fixed-income securities | 35% | 35% | 15–40% | | 8% | 9% | 13% | Real estate | 5% | 5% | 0–5% | | 8% | 8% | 8% | Cash and other | —% | —% | —% | | 22% | 21% | 19% |
|
| Schedule of Expected Benefit Payments |
The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid for all plans as of December 31, 2019: | | | | | Years Ending December 31: | (In thousands) | 2020 | $ | 7,796 |
| 2021 | 5,090 |
| 2022 | 5,034 |
| 2023 | 4,862 |
| 2024 | 4,867 |
| Thereafter | 22,846 |
| | $ | 50,495 |
|
|
| Schedule of Multiemployer Plans |
| | | | | | | | | | | | | | | | Pension Fund | EIN/Pension
Plan Number | Pension Protection
Act Zone Status | FIP/RP Status Pending/
Implemented | Americold Contributions | Surcharge Imposed | 2019 | 2018 | 2019 | 2018 | 2017 | | | | | | (In thousands) | | Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2) | 36-6052390 | Green | Green | No | $ | 6 |
| $ | 6 |
| $ | 3 |
| No | | | | | | | | | | Central States SE & SW Areas Health and Welfare Pension Plans (1) | 36-6044243 | Red | Red | Yes/ Implemented | 9,238 |
| 8,424 |
| 8,427 |
| No | | | | | | | | | | New England Teamsters & Trucking Industry Pension Plan (3) | 04-6372430 | Red | Red | Yes/ Implemented | 456 |
| 456 |
| 566 |
| No | | | | | | | | | | Alternative New England Teamsters & Trucking Industry Pension Plan | 04-6372430 | Green | Green | No | 449 |
| 493 |
| 98 |
| No | | | | | | | | | | I.U.O.E Stationary Engineers Local 39 Pension Fund (1) | 94-6118939 | Green | Green | No | 194 |
| 160 |
| 197 |
| No | | | | | | | | | | United Food & Commercial Workers International Union-Industry Pension Fund (4) | 51-6055922 | Green | Green | No | 105 |
| 90 |
| 87 |
| No | | | | | | | | | | Western Conference of Teamsters Pension Fund (1) | 91-6145047 | Green | Green | No | 7,398 |
| 7,632 |
| 7,265 |
| No | | | | | | | | | | Minneapolis Food Distributing Industry Pension Plan (1) | 41-6047047 | Green | Green | Yes/ Implemented | 116 |
| 180 |
| 326 |
| No | | | | | | | | | | | | | | Total Contributions | $ | 17,962 |
| $ | 17,441 |
| $ | 16,969 |
| |
| | (1) | The status information is for the plans’ year end at December 31, 2019 and 2018. |
| | (2) | The status information is for the plans’ year end at January 31, 2019 and 2018. |
| | (3) | The status information is for the plans’ year end at September 30, 2019 and 2018. The Company withdrew from the multi-employer plan on October, 31, 2017. |
(4) The status information is for the plans’ year end at June 30, 2019 and 2018.
|