EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Employee Benefit Plans

The funded status of the plans and the net amount recognized in the statement of financial position

The Company uses December 31 as the measurement date for its defined benefit post-retirement plans. The funded status of the plans and the net amount recognized in the statement of financial position are summarized as follows as of:

EMPLOYEE BENEFIT PLANS

December 31,	2020			2019
(in thousands)
CHANGE IN ACCUMULATED BENEFIT OBLIGATION
Accumulated benefit obligation at beginning of year	$	2,818		$	208,425
Service cost		—			—
Interest cost		102			4,804
Actuarial gain/(loss)		313			(4,156	)
Benefits paid		(26	)		(8,000	)
Settlement		(171	)		(198,255	)
Accumulated Benefit obligation at end of year		3,036			2,818
CHANGE IN PLAN ASSETS
Fair value of assets at beginning of year		23,603			213,699
Settlement		—			(198,255	)
Actual return on assets		(1,647	)		27,064
Employer contributions		—			144
Rollins 401(k) funding		(18,010	)		(11,049	)
Benefits paid		(689	)		(8,000	)
Fair value of plan assets at end of year		3,257			23,603
Funded status	$	221		$	20,785

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

Amounts Recognized in the Statement of Financial Position

Amounts Recognized in the Statement of Financial Position consist of:
December 31,	2020		2019
(in thousands)
Assets:
Benefit plan assets	$	1,198	$	21,565
Liabilities:
Long-term accrued liabilities	$	977	$	780

Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]

Amounts Recognized in the Accumulated Other Comprehensive Income

Amounts Recognized in the Accumulated Other Comprehensive Income consist of:
December 31,	2020		2019
(in thousands)
Net actuarial loss	$	992	$	912

weighted average assumptions were used to determine the accumulated benefit obligation and net benefit cost

The following weighted average assumptions were used to determine the accumulated benefit obligation and net benefit cost:

EMPLOYEE BENEFIT PLANS (Details 4)

December 31,	2020			2019			2018
ACCUMULATED BENEFIT OBLIGATION
Discount rate		2.80	%		3.65	%		4.00	%*
Rate of compensation increase		N/A			N/A			N/A
NET BENEFIT COST
Discount rate		3.65	%		4.70	%		4.45	%
Expected return on plan assets		7.00	%		7.00	%		7.00	%
Rate of compensation increase		N/A			N/A			N/A

combined components of net periodic benefit cost

The combined components of net periodic benefit cost are summarized as follows:

EMPLOYEE BENEFIT PLANS (Details 5)

Years ended December 31,	2020			2019			2018
(in thousands)
Service cost	$	—		$	—		$	37
Interest cost		102			4,805			7,926
Expected return on plan assets		(140	)		(6,149	)		(13,775	)
Amortization of net loss		100			2,396			3,292
Preliminary net periodic benefit cost/(income)		62			1,052			(2,520	)
Settlement expense		56			46,419			—
Net periodic benefit cost	$	118		$	47,471		$	(2,520	)

benefit obligations recognized in other comprehensive income

The benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019, and 2018 are summarized as follows:

EMPLOYEE BENEFIT PLANS (Details 6)

Years ended December 31,	2020			2019			2018
(in thousands)
Pretax (income)/loss	$	236		$	(26,634	)	$	18,056
Amortization of net loss		(100	)		(2,396	)		(3,292	)
Settlement expense		(56	)		(46,419	)		—
Total recognized in other comprehensive income	$	80		$	(75,449	)	$	14,764

plans’ weighted average asset allocation

The plans’ weighted average asset allocation at December 31, 2020 and 2019 by asset category, along with the target allocation for 2021, are as follows:

EMPLOYEE BENEFIT PLANS (Details 7)

	Target Allocation for				Percentage of plan assets as of December 31,
Asset category	2021				2020		2019
Cash and cash equivalents		0.0%	-	100.0%		41.1%		72.3%
Domestic equity		0.0%	-	40.0%		29.0%		5.8%
International equity		0.0%	-	30.0%		15.0%		1.9%
Debt securities - core fixed income		0.0%	-	100.0%		14.9%		2.1%
Real estate		0.0%	-	20.0%		0.0%		9.5%
Alternative Opportunistic Special		0.0%	-	20.0%		0.0%		10.4%
Total		0.0%	-	100.0%		100.0%		100.0%

assets using the fair value hierarchy

The following table presents our plan assets using the fair value hierarchy as of December 31, 2020. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. See Note 8 for a brief description of the three levels under the fair value hierarchy.

EMPLOYEE BENEFIT PLANS (Details 8)

(in thousands)	Level 1		Level 2		NAV		Total
(1) Cash and cash equivalents	$	1,322	$	—	$	—	$	1,322
(2) Fixed income securities		—		480		—		480
(3) Domestic equity securities		—		932		—		932
(3) International equity securities		—		523		—		523
Total	$	1,322	$	1,935	$	—	$	3,257

estimated future benefit payments

The estimated future benefit payments over the next five years for the Waltham Plan are as follows:

EMPLOYEE BENEFIT PLANS (Details 9)

(in thousands)
2021	$	68
2022		77
2023		83
2024		100
2025		110
Thereafter		693
Total	$	1,131

non-qualified deferred compensation plan assets using the fair value hierarchy

The following table presents our non-qualified deferred compensation plan assets using the fair value hierarchy as of December 31, 2020 and 2019.

EMPLOYEE BENEFIT PLANS (Details 11)

(in thousands)	Level 1		Level 2		Level 3		Total
December 31, 2020	$	25	$	—	$	24,460	$	24,485
December 31, 2019	$	71	$	—	$	22,158	$	22,229