Pension and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following tables set forth the plan changes in benefit obligations, plan assets and funded status on the measurement dates:

	December 31,
(table only in thousands)	2020			2019			2018
Change in projected benefit obligation:
Projected benefit obligation at beginning of year	$	35,985		$	32,998		$	36,327
Interest cost		1,034			1,303			1,190
Actuarial loss (gain)		3,323			3,704			(2,629	)
Benefits paid		(2,070	)		(2,020	)		(1,890	)
Projected benefit obligation at end of year		38,272			35,985			32,998
Change in plan assets:
Fair value of plan assets at beginning of year		27,099			24,197			26,836
Actual return (loss) on plan assets		1,629			4,431			(1,388	)
Employer contribution		1,887			491			639
Benefits paid		(2,070	)		(2,020	)		(1,890	)
Fair value of plan assets at end of year		28,545			27,099			24,197
Funded status at end of year	$	(9,727	)	$	(8,886	)	$	(8,801	)
Weighted-average assumptions used to determine  benefit obligations for the year ended December 31:
Discount rate		2.10	%		2.95	%		4.05	%

The funded status as of December 31, 2020, 2019 and 2018, was $9.7 million, $8.8 million and $8.8 million, respectively and is recognized in our Consolidated Balance Sheets within other long-term liabilities.

Schedule of Net Periodic Benefit Cost For Pension Benefits Included in the Accompanying Consolidated Statements of Operations

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Operations are as follows:

	December 31,
(table only in thousands)	2020			2019			2018
Interest cost	$	1,034		$	1,303		$	1,190
Expected return on plan assets		(1,594	)		(1,254	)		(1,511	)
Amortization of net loss		266			263			238
Net periodic benefit (income) cost	$	(294	)	$	312		$	(83	)

Schedule of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income:

	December 31,
(table only in thousands)	2020			2019			2018
Net loss	$	3,287		$	527		$	271
Amortization of net actuarial gain		(266	)		(263	)		(238	)
Total recognized in other comprehensive income (loss)	$	3,021		$	264		$	33
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	2,727		$	576		$	(50	)

Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit costs

	December 31,
		2020		2019		2018
Discount Rate	2.95%		4.05%		3.35%
Expected return on assets	6.00%		5.35%		5.75%

Details of Defined Benefit Pension Plan Asset Allocation by Asset Category

Our defined benefit pension plan asset allocation by asset category is as follows:

	Target Allocation	Percentage of Plan Assets
	2020	2020	2019
Asset Category:
Cash and cash equivalents	0%	6%	2%
Equity securities	70%	66%	73%
Debt securities	30%	27%	25%
Total	100%	100%	100%

Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2020, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	1,984	$	—	$	—	$	1,984
Equity securities		18,987		—		—		18,987
Debt securities		7,574		—		—		7,574
Total assets	$	28,545	$	—	$	—	$	28,545

The levels assigned to the defined benefit plan assets as of December 31, 2019, are summarized in the tables below:

(table only in thousands)	Level 1		Level 2		Level 3		Total
Pension assets, at fair value:
Cash and cash equivalents	$	578	$	—	$	—	$	578
Equity securities		19,702		—		—		19,702
Debt securities		6,819		—		—		6,819
Total assets	$	27,099	$	—	$	—	$	27,099

Summary of Pension Fund General Information

The Company’s participation in these plans for the year ended December 31, 2020, is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employer Identification Number and the three-digit plan number, if applicable. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2020 is for the plan’s year-end at December 31, 2019. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan (FIP) or a rehabilitation plan (RP) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject.

Pension Fund	EIN/Pension Plan Number	Pension Protection Act Zone Status 2012	FIF/RP Status Pending/ Implemented	Surcharge Imposed	Expiration of Collective Bargaining Agreement
Sheet Metal Workers’ National Pension Fund	52-6112463/001	Yellow	FIF: Yes -Implemented  RP: Yes - Implemented	No	Various
Sheet Metal Workers Local 224 Pension Plan	31-6171353/001	Yellow	FIF: Yes - Implemented	No	May 31, 2022
Sheet Metal Workers Local No. 177 Pension    Fund	62-6093256/001	Green	Is not subject	No	April 30, 2023