EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

The Company has one qualified non-contributory defined benefit pension plan covering a portion of its employees and an unfunded plan that provides benefits in excess of amounts allowable under current tax law in the qualified plan. Both plans are closed to new participants. Effective December 31, 2016, the Company froze benefits for all employees participating in the pension plan. In lieu of the pension plan, the Company provides those employees with an enhanced 401(k) plan match. Employee benefit plan liabilities are calculated using actuarial estimates and management assumptions. These estimates are based on historical information, along with certain assumptions about future events. Changes in assumptions, as well as changes in actual experience, could cause the estimates to change.

As of September 30, 2019, the Company has paid $0.9 million of the approximately $1.3 million in current year mandatory pension contribution requirements (based on actuarially determined estimates and IRS minimum funding requirements). Additionally, the Company has paid $5.0 million in discretionary pension contributions during the nine months ended September 30, 2019.

The net pension and postretirement benefit costs (credit) that have been recorded are shown in the following table:

Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Three Months Ended September 30,						Three Months Ended September 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$1		$2
Interest cost	Interest and other miscellaneous income, net	799			755			13		13
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(777		)	(983		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	112			168			—		—
Net periodic benefit cost (credit)			$134			($60	)		$14		$15

Components of Net Periodic Benefit Cost (Credit)	Income Statement Location	Pension						Postretirement
		Nine Months Ended September 30,						Nine Months Ended September 30,
		2019			2018			2019		2018
Service cost	Selling and general expenses	—			—				$4		$5
Interest cost	Interest and other miscellaneous income, net	2,398			2,266			40		38
Expected return on plan assets (a)	Interest and other miscellaneous income, net	(2,330		)	(2,950		)	—		—
Amortization of losses	Interest and other miscellaneous income, net	337			505			—		2
Net periodic benefit cost (credit)			$405			($179	)		$44		$45

(a)

The weighted-average expected long-term rate of return on plan assets used in computing 2019 net periodic benefit cost for pension benefits is 5.7%.