XML 67 R28.htm IDEA: XBRL DOCUMENT v3.20.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Pension Plans  
Defined Benefit Plan Disclosure [Line Items]  
Components of the Net Periodic Pension and Postretirement Benefit Cost
Components of net periodic pension plans benefit were as follows:
Year Ended December 31,
20192018
Service cost$357  $434  
Interest cost5,233  4,858  
Expected return on assets(6,124) (7,883) 
Amortization of actuarial loss52  —  
Net periodic pension plans benefit$(482) $(2,591) 
Schedule of Changes in Projected Benefit Obligations
The status of the Pension Plans was as follows:
Year Ended December 31,
20192018
Change in projected benefit obligation:
Projected benefit obligation at beginning of period$148,479  $157,427  
Service cost357  434  
Interest cost5,233  4,858  
Benefit payments(12,380) (10,959) 
Actuarial loss (gain)16,054  (3,631) 
Plan amendment resulting from change in collective bargaining agreement—  350  
Projected benefit obligation at end of period$157,743  $148,479  
Change in plan assets:
Fair value of plan assets at beginning of period$145,065  $162,758  
Actual return on assets24,933  (7,105) 
Employer contributions384  371  
Benefit payments(12,380) (10,959) 
Fair value of plan assets at end of period$158,002  $145,065  
Funded status – net asset (liability)$259  $(3,414) 
Amounts recognized in the consolidated balance sheets consist of:
Prepaid pension cost$5,758  $1,754  
Accrued liabilities(390) (389) 
Pension benefit obligations(5,109) (4,779) 
Net amount recognized$259  $(3,414) 
Pre-tax components of accumulated other comprehensive loss:
Unrecognized actuarial gain$8,568  $11,322  
Unrecognized prior service cost298  350  
Total$8,866  $11,672  
Accumulated benefit obligation$157,698  $148,479  
Schedule of Assumptions Used
The assumptions used to measure the projected benefit obligations of the Company’s Pension Plans were as follows:
Year Ended December 31,
20192018
Discount rate
2.99% - 3.11%
4.00% - 4.06%
Projected annual salary increases
3.00%
0%
The assumptions used to determine net periodic pension cost of the Company’s Pension Plans were as follows: 
Year Ended December 31,
20192018
Discount rate
4.00% - 4.06%
3.51% - 3.58%
Expected long-term rate of return on plan assets
5.00%
5.00%
Schedule of Fair Value of Plan Assets
The fair values of the assets of the Company-sponsored qualified pension plan fall within the following levels of the fair value hierarchy as of December 31, 2019:
Level 1Level 2Level 3Total
Fixed income securities (a)
$8,925  $172,293  $—  $181,218  
Investments measured at net asset value8,662  
Accounts payable – pending trades(31,878) 
Total$158,002  
(a) Fixed income securities are comprised of corporate bonds (72%), government bonds (17%), government agency securities (1%) and other fixed income securities (10%).
The fair values of the assets of the Company-sponsored qualified pension plan fall within the following levels of the fair value hierarchy as of December 31, 2018:
Level 1Level 2Level 3Total
Fixed income securities (b)
$9,232  $136,778  $—  $146,010  
Investments measured at net asset value7,323  
Accounts payable – pending trades(8,268) 
Total$145,065  
(b) Fixed income securities are comprised of corporate bonds (75%), government bonds, (17%) government agency securities (2%) and other fixed income securities (6%).
Schedule of Expected Benefit Payments
The estimated future pension benefit payments are:
2020$11,900  
202110,810  
202210,770  
202310,180  
202410,180  
2024 — 202848,930  
Other Postretirement Benefit Plan  
Defined Benefit Plan Disclosure [Line Items]  
Components of the Net Periodic Pension and Postretirement Benefit Cost
Components of net periodic postretirement plan benefit were as follows:
Year Ended December 31,
20192018
Service cost$67  $35  
Interest cost56  41  
Amortization of prior service credit(2) —  
Amortization of actuarial loss42  —  
Net periodic postretirement plan cost $163  $76  
Schedule of Changes in Projected Benefit Obligations
The status of the postretirement plan was as follows:
Year Ended December 31,
20192018
Change in accumulated postretirement benefit obligations:
Accumulated postretirement benefit obligation at beginning of period$1,627  $1,438  
Service cost67  35  
Interest cost56  41  
Benefit payments(22) (426) 
Actuarial loss32  556  
Contribution change per collective bargaining agreement—  (17) 
Accumulated postretirement benefit obligation at end of period$1,760  $1,627  
Funded status – net liability$(1,760) $(1,627) 
Amounts recognized in the consolidated balance sheets consist of:
Accrued liabilities$(160) $(85) 
Postretirement benefit obligations(1,600) (1,542) 
Net amount recognized$(1,760) $(1,627) 
Pre-tax components of accumulated other comprehensive loss:
Unrecognized prior service cost$(15) $(17) 
Unrecognized actuarial loss548  558  
Total$533  $541  
Schedule of Assumptions Used
The weighted average discount rate used to determine the net periodic postretirement benefit costs and the accumulated postretirement benefit obligations were as follows:
Year Ended December 31,
20192018
Net periodic postretirement benefit costs3.90%  3.45%  
Accumulated postretirement benefit obligations2.92%  3.90%  
Schedule of Assumed Health Care Cost and Trend Rates for Medical Plans
The assumed health care cost trend rates for medical plans were as follows:
Year Ended December 31,
20192018
Medical cost trend rate6.75%  7.00%  
Ultimate medical cost trend rate4.50%  4.50%  
Year ultimate medical cost trend rate will be reached20302027