Employee Benefit Plans

12 Months Ended

Dec. 31, 2019

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 $8.8 million in 2019, $7.2 million in 2018 and $7.3 million in 2017. 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	2019			2018			2019			2018
Benefit obligation at beginning of year	$	4,362		$	5,832		$	20,638		$	22,602
Service cost	—			—			365			319
Interest cost	116			130			854			752
Actuarial (gains) losses	44			(282		)	4,687			(1,623		)
Participant contributions	—			—			297			145
Retiree drug subsidy received	—			—			—			125
Benefits paid	(1,434		)	(1,318		)	(1,969		)	(1,682		)
Benefit obligation at end of year	$	3,088		$	4,362		$	24,872		$	20,638

(in thousands)	Pension Benefits						Postretirement Benefits
Change in plan assets	2019			2018			2019			2018
Fair value of plan assets at beginning of year	$	—		$	—		$	—		$	—
Actual gains on plan assets	—			—			—			—
Company contributions	1,434			1,318			1,672			1,537
Participant contributions	—			—			297			145
Benefits paid	(1,434		)	(1,318		)	(1,969		)	(1,682		)
Fair value of plan assets at end of year	$	—		$	—		$	—		$	—
Under funded status of plans at end of year	$	(3,088	)	$	(4,362	)	$	(24,872	)	$	(20,638	)

Amounts recognized in the Consolidated Balance Sheets at December 31, 2019 and 2018 consist of:

	Pension Benefits				Postretirement Benefits
(in thousands)	2019		2018		2019		2018
Accrued expenses	$	1,309	$	1,516	$	1,292	$	1,162
Employee benefit plan obligations	1,779		2,846		23,580		19,476
Net amount recognized	$	3,088	$	4,362	$	24,872	$	20,638

Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2019:

	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	$	3,222		$	—	$	(9,129	)	$	1,365
Amounts arising during the period	44			—		4,687			—
Amounts recognized as a component of net periodic benefit cost	(232		)	—		—			911
Balance at end of year	$	3,034		$	—	$	(4,442	)	$	2,276

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)	2019		2018
Projected benefit obligation	$	3,088	$	4,362
Accumulated benefit obligation	$	3,088	$	4,362

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

(in thousands)	Expected Pension Benefit Payout		Expected Postretirement Benefit Payout
2020	$	1,309	$	1,292
2021	1,006		1,341
2022	250		1,356
2023	208		1,364
2024	208		1,360
2025-2029	211		6,867

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

	Pension Benefits						Postretirement Benefits
	December 31,						December 31,
(in thousands)	2019		2018		2017		2019			2018			2017
Service cost	$	—	$	—	$	—	$	365		$	319		$	391
Interest cost	116		130		155		854			752			985
Expected return on plan assets	—		—		—		(911		)	(910		)	(455		)
Recognized net actuarial loss	232		243		252		—			—			—
Benefit cost (income)	$	348	$	373	$	407	$	308		$	161		$	921

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

	Postretirement Benefits
	2019		2018		2017
Used to Determine Benefit Obligations at Measurement Date
Discount rate (a)	3.0	%	4.1	%	3.4	%
Used to Determine Net Periodic Benefit Cost for Years ended December 31
Discount rate (b)	4.1	%	3.4	%	3.7	%
Expected long-term return on plan assets	—		—		—
Rate of compensation increases	—		—		—

(a) The calculated rate for the unfunded employee retirement plan was 2.00%, 3.20% and 2.50% in 2019, 2018, and 2017, 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 3.20%, 2.50% and 2.40% in 2019, 2018, and 2017, 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
	2019		2018
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.