POSTRETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plan [Abstract]

Change in benefit obligation, plan assets and funded status

The following tables summarize the change in benefit obligation, plan assets and funded status during 2019 and 2018:

(in thousands)	Postretirement benefit plan			Pension plan(1)
Change in benefit obligation:
Benefit obligation, December 31, 2017	$	87,594		$	3,398
Interest cost	2,529			97
Net actuarial gain	(9,231		)	(23		)
Benefits paid from plan assets and company funds	(7,175		)	(324		)
Benefit obligation, December 31, 2018	73,717			3,148
Interest cost	2,617			111
Net actuarial loss	5,012			316
Benefits paid from plan assets and company funds	(8,171		)	(324		)
Benefit obligation, December 31, 2019	$	73,175		$	3,251
Change in plan assets:
Fair value of plan assets, December 31, 2017	$	127,443		$	—
Return on plan assets	(6,663		)	—
Benefits paid	(5,804		)	—
Fair value of plan assets, December 31, 2018	114,976			—
Return on plan assets	21,179			—
Benefits paid	(6,237		)	—
Fair value of plan assets, December 31, 2019	$	129,918		$	—
Funded status, December 31, 2018	$	41,259		$	(3,148	)
Funded status, December 31, 2019	$	56,743		$	(3,251	)

Amounts recognized in consolidated balance sheets

The funded status of our plans was recognized in the consolidated balance sheets as of December 31 as follows:

	Postretirement benefit plan				Pension plan
(in thousands)	2019		2018		2019		2018
Other non-current assets	$	56,743	$	41,259	$	—	$	—
Accrued liabilities	—		—		324		324
Other non-current liabilities	—		—		2,927		2,824

Amounts included in other comprehensive loss that have not been recognized as components of postretirement benefit income

Amounts included in accumulated other comprehensive loss as of December 31 that have not been recognized as components of postretirement benefit income were as follows:

(in thousands)	2019			2018
Unrecognized prior service credit	$	12,756		$	14,178
Unrecognized net actuarial loss	(45,319		)	(57,436		)
Tax effect	4,157			6,729
Amount recognized in accumulated other comprehensive loss, net of tax	$	(28,406	)	$	(36,529	)

Components of net periodic benefit income

Postretirement benefit income for the years ended December 31 consisted of the following components:

(in thousands)	2019			2018			2017
Interest cost	$	2,727		$	2,626		$	2,896
Expected return on plan assets	(6,957		)	(7,737		)	(7,128		)
Amortization of prior service credit	(1,421		)	(1,421		)	(1,421		)
Amortization of net actuarial losses	3,223			2,884			3,637
Net periodic benefit income	$	(2,428	)	$	(3,648	)	$	(2,016	)

Actuarial assumptions used in measuring benefit obligation and net periodic benefit income

In measuring benefit obligations as of December 31, the following discount rate assumptions were used:

	Postretirement benefit plan				Pension plan
	2019		2018		2019		2018
Discount rate	3.03	%	4.13	%	2.76	%	4.01	%

In measuring net periodic benefit income for the years ended December 31, the following assumptions were used:

	Postretirement benefit plan						Pension plan
	2019		2018		2017		2019		2018		2017
Discount rate	4.13	%	3.46	%	3.81	%	4.01	%	3.35	%	3.66	%
Expected return on plan assets	6.25	%	6.25	%	6.25	%	—		—		—

Health care cost trend rate assumptions

In measuring benefit obligations as of December 31 for our postretirement benefit plan, the following assumptions for health care cost trend rates were used:

	2019				2018				2017
	Participants under age 65		Participants age 65 and older		Participants under age 65		Participants age 65 and older		Participants under age 65		Participants age 65 and older
Health care cost trend rate assumed for next year	7.40	%	8.40	%	7.70	%	8.70	%	7.90	%	9.10	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%	4.50	%
Year that the rate reaches the ultimate trend rate	2029		2029		2029		2029		2025		2025

Allocation of plan assets by asset category

The allocation of plan assets by asset category as of December 31 was as follows:

	Postretirement benefit plan
	2019		2018
U.S. large capitalization equity securities	24	%	23	%
Mortgage-backed securities	24	%	25	%
International equity securities	19	%	18	%
U.S. corporate debt securities	15	%	20	%
Government debt securities	14	%	11	%
U.S. small and mid-capitalization equity securities	4	%	3	%
Total	100	%	100	%

Our postretirement benefit plan has assets that are intended to meet long-term obligations. In order to meet these obligations, we employ a total return investment approach that considers cash flow needs and balances long-term projected returns against expected asset risk, as measured using projected standard deviations. Risk tolerance is established through consideration of projected plan liabilities, the plan's funded status, projected liquidity needs and our financial condition.

The target asset allocation percentages for our postretirement benefit plan are based on our liability and asset projections. The targeted allocation of plan assets is 55% fixed income securities, 24% large capitalization equity securities, 18% international equity securities and 3% small and mid-capitalization equity securities.

Information regarding fair value measurements of plan assets was as follows as of December 31, 2019:

	Fair value measurements using
	Quoted prices in active markets for identical assets		Significant other observable inputs		Significant unobservable inputs		Investments measured at net asset value		Fair value as of December 31, 2019
(in thousands)	(Level 1)		(Level 2)		(Level 3)
U.S. large capitalization equity securities	$	—	$	30,990	$	—	$	—	$	30,990
Mortgage-backed securities	—		13,060		—		17,768		30,828
International equity securities	20,859		3,173		—		—		24,032
U.S. corporate debt securities	—		14,771		—		5,184		19,955
Government debt securities	—		18,776		—		—		18,776
U.S. small and mid-capitalization equity securities	4,228		363		—		—		4,591
Other debt securities	529		217		—		—		746
Plan assets	$	25,616	$	81,350	$	—	$	22,952	$	129,918

Information regarding fair value measurements of plan assets was as follows as of December 31, 2018:

	Fair value measurements using
	Quoted prices in active markets for identical assets			Significant other observable inputs		Significant unobservable inputs		Investments measured at net asset value		Fair value as of December 31, 2018
(in thousands)	(Level 1)			(Level 2)		(Level 3)
U.S. large capitalization equity securities	$	—		$	—	$	—	$	26,240	$	26,240
Mortgage-backed securities	—			13,593		—		15,138		28,731
International equity securities	20,261			298		—		—		20,559
U.S. corporate debt securities	6,489			12,468		—		3,594		22,551
Government debt securities	—			12,738		—		—		12,738
U.S. small and mid-capitalization equity securities	3,259			27		—		551		3,837
Other debt securities	(6		)	326		—		—		320
Plan assets	$	30,003		$	39,450	$	—	$	45,523	$	114,976

Expected benefit payments

The following benefit payments are expected to be paid during the years indicated:

(in thousands)	Postretirement benefit plan		Pension plan
2020	$	6,089	$	320
2021	6,040		320
2022	5,934		310
2023	5,767		300
2024	5,562		290
2025 - 2029	24,427		1,280