Employee Benefit Plans

12 Months Ended

Dec. 31, 2018

Defined Benefit Plan [Abstract]

Employee Benefit Plans

Employee Benefit Plans

The Company provides certain full-time employees with pension benefits under defined benefit and defined contribution plans. The measurement date for all plans is December 31. The Company's expense for its defined contribution plans amounted to $7.2 million in 2018, $7.3 million in 2017 and $7.8 million in 2016. The Company also provides health insurance benefits to certain employees and retirees.

The Company has an unfunded noncontributory defined benefit pension plan. The plan provides defined benefits based on years of service and average monthly compensation using a career average formula. Pension benefits were frozen at July 1, 2010.

The Company also has postretirement health care benefit plans covering substantially all of its full time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs.

Obligation and Funded Status

Following are the details of the obligation and funded status of the pension and postretirement benefit plans:

(in thousands)	Pension Benefits						Postretirement Benefits
Change in benefit obligation	2018			2017			2018			2017
Benefit obligation at beginning of year	$	5,832		$	7,112		$	22,602		$	29,757
Service cost	—			—			319			391
Interest cost	130			155			752			985
Actuarial (gains) losses	(282		)	(245		)	(1,623		)	(7,903		)
Participant contributions	—			—			145			463
Retiree drug subsidy received	—			—			125			184
Benefits paid	(1,318		)	(1,190		)	(1,682		)	(1,275		)
Benefit obligation at end of year	$	4,362		$	5,832		$	20,638		$	22,602

(in thousands)	Pension Benefits						Postretirement Benefits
Change in plan assets	2018			2017			2018			2017
Fair value of plan assets at beginning of year	$	—		$	—		$	—		$	—
Actual gains on plan assets	—			—			—			—
Company contributions	1,318			1,190			1,537			812
Participant contributions	—			—			145			463
Benefits paid	(1,318		)	(1,190		)	(1,682		)	(1,275		)
Fair value of plan assets at end of year	$	—		$	—		$	—		$	—
Under funded status of plans at end of year	$	(4,362	)	$	(5,832	)	$	(20,638	)	$	(22,602	)

Amounts recognized in the Consolidated Balance Sheets at December 31, 2018 and 2017 consist of:

	Pension Benefits						Postretirement Benefits
(in thousands)	2018			2017			2018			2017
Accrued expenses	$	(1,516	)	$	(1,232	)	$	(1,162	)	$	(1,098	)
Employee benefit plan obligations	(2,846		)	(4,600		)	(19,476		)	(21,504		)
Net amount recognized	$	(4,362	)	$	(5,832	)	$	(20,638	)	$	(22,602	)

Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2018:

	Pension Benefits					Postretirement Benefits
(in thousands)	Unamortized Actuarial Net Losses			Unamortized Prior Service Costs		Unamortized Actuarial Net Losses			Unamortized Prior Service Costs
Balance at beginning of year	$	3,747		$	—	$	(7,506	)
Amounts arising during the period	(282		)	—		(1,623		)	—
Amounts recognized as a component of net periodic benefit cost	(243		)	—		—			910
Balance at end of year	$	3,222		$	—	$	(9,129	)	$	910

Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows:

	December 31,
(in thousands)	2018		2017
Projected benefit obligation	$	4,362	$	5,832
Accumulated benefit obligation	$	4,362	$	5,832

The combined benefits expected to be paid for all Company defined benefit plans over the next ten years (in thousands) are as follows:

Year	Expected Pension Benefit Payout		Expected Postretirement Benefit Payout
2019	$	1,516	$	1,161
2020	1,262		1,185
2021	1,011		1,203
2022	210		1,225
2023	220		1,240
2024-2028	418		6,364

Following are components of the net periodic benefit cost for each year:

	Pension Benefits						Postretirement Benefits
	December 31,						December 31,
(in thousands)	2018		2017		2016		2018			2017			2016
Service cost	$	—	$	—	$	—	$	319		$	391		$	760
Interest cost	130		155		194		752			985			1,549
Expected return on plan assets	—		—		—		(910		)	(455		)	(355		)
Recognized net actuarial loss	243		252		146		—			—			768
Benefit cost (income)	$	373	$	407	$	340	$	161		$	921		$	2,722

Following are weighted average assumptions of pension and postretirement benefits for each year:

	Pension Benefits			Postretirement Benefits
	2018	2017	2016	2018		2017		2016
Used to Determine Benefit Obligations at Measurement Date
Discount rate (a)	N/A	N/A	N/A	4.1	%	3.4	%	4.0	%
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate (b)	N/A	N/A	N/A	3.4	%	3.7	%	4.2	%
Expected long-term return on plan assets	N/A	N/A	N/A	—		—		—
Rate of compensation increases	N/A	N/A	N/A	—		—		—

(a) The calculated rate for the unfunded employee retirement plan was 3.20%, 2.50% and 2.40% in 2018, 2017 and 2016, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three-year period presented above.

(b) The calculated rate for the unfunded employee retirement plan was 2.50%, 2.40% and 2.60% in 2018, 2017 and 2016, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three year period presented above.

Assumed Health Care Cost Trend Rates at Beginning of Year
	2018		2017
Health care cost trend rate assumed for next year	3.0	%	3.0	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a)	N/A		N/A
Year that the rate reaches the ultimate trend rate (a)	N/A		N/A

(a)

In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.