Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Net Funded Status

Funded Status  (in thousands):

	Pension Plans						Post-retirement Healthcare Plans
	2019			2018			2019			2018
Accumulated benefit obligation	$	779,031		$	690,729		$	3,707		$	3,824
Change in benefit obligation
Obligation as of January 1	$	690,729		$	740,783		$	3,824		$	4,056
Service cost	—			—			107			123
Interest cost	31,299			29,135			148			127
Plan transfers	3,313			1,603			—			—
Benefits paid	(31,718		)	(29,439		)	(365		)	(365		)
Actuarial (gain) loss	85,408			(51,353		)	(7		)	(117		)
Obligation as of December 31	$	779,031		$	690,729		$	3,707		$	3,824
Change in plan assets
Fair value as of January 1	$	625,646		$	681,573		$	—		$	—
Actual gain (loss) on plan assets	144,108			(51,274		)	—			—
Plan transfers	3,313			1,603			—			—
Return of excess premiums	—			963			—			—
Employer contributions	5,414			22,220			365			365
Benefits paid	(31,718		)	(29,439		)	(365		)	(365		)
Fair value as of December 31	$	746,763		$	625,646		$	—		$	—
Funded status
Overfunded plans, net asset	$	4,996		$	—		$	—		$	—
Underfunded plans
Current liabilities	$	(3,796	)	$	(3,971	)	$	(431	)	$	(451	)
Non-current liabilities	$	(33,468	)	$	(61,112	)	$	(3,276	)	$	(3,373	)

Schedule of Net Benefit Costs

ABX’s net periodic benefit costs for its defined benefit pension plans and post-retirement healthcare plans for the years ended December 31, 2019, 2018 and 2017, are as follows (in thousands):

	Pension Plans									Post-Retirement Healthcare Plan
	2019			2018			2017			2019		2018		2017
Service cost	$	—		$	—		$	—		$	107	$	123	158
Interest cost	31,299			29,135			33,585			148		127		142
Expected return on plan assets	(37,907		)	(42,093		)	(42,080		)	—		—		—
Curtailments and settlements	—			—			12,923			—		—		—
Amortization of prior service cost	—			—			—			—		—		(51		)
Amortization of net (gain) loss	15,528			3,547			7,778			172		219		283
Net periodic benefit cost (income)	$	8,920		$	(9,411	)	$	12,206		$	427	$	469	$	532

Schedule of Net Periodic Benefit Cost Not yet Recognized

The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit expense at December 31 are as follows (in thousands):

	Pension Plans				Post-Retirement Healthcare Plans
	2019		2018		2019		2018
Unrecognized prior service cost	$	—	$	—	$	—	$	—
Unrecognized net actuarial loss	89,871		126,192		1,031		1,210
Accumulated other comprehensive loss	$	89,871	$	126,192	$	1,031	$	1,210

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year

The amounts of unrecognized net actuarial loss recorded in accumulated other comprehensive loss that is expected to be recognized as components of net periodic benefit expense during 2020 is $3.8 million and $0.1 million for the pension plans and the post-retirement healthcare plans, respectively.

Schedule of Assumptions Used

Assumptions used in determining the funded status of ABX’s pension plans at December 31 were as follows:

 

	Pension Plans
	2019	2018	2017
Discount rate - crewmembers	3.65%	4.65%	4.00%
Discount rate - non-crewmembers	3.70%	4.65%	4.05%
Expected return on plan assets	6.10%	6.20%	6.25%

Schedule of Allocation of Plan Assets

The pension plan assets measured at fair value on a recurring basis were as follows (in thousands):

As of December 31, 2019	Fair Value Measurement Using				Total
	Level 1		Level 2
Plan assets
Common trust funds	$	—	$	3,467	$	3,467
Corporate stock	14,553		442		14,995
Mutual funds	59,710		117,067		176,777
Fixed income investments	—		549,441		549,441
Benefit Plan Assets	$	74,263	$	670,417	$	744,680
Investments measured at net asset value ("NAV")					2,083
Total benefit plan assets					$	746,763

As of December 31, 2018	Fair Value Measurement Using				Total
	Level 1		Level 2
Plan assets
Common trust funds	$	—	$	3,961	$	3,961
Corporate stock	13,142		—		13,142
Mutual funds	48,645		91,085		139,730
Fixed income investments	2,065		462,149		464,214
Benefit Plan Assets	$	63,852	$	557,195	$	621,047
Investments measured at net asset value ("NAV")					4,599
Total benefit plan assets					$	625,646

The weighted-average asset allocations by asset category are as shown below:

 

	Composition of Plan Assets as of December 31
Asset category	2019		2018
Cash	—	%	1	%
Equity securities	26	%	25	%
Fixed income securities	74	%	74	%
	100	%	100	%

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the respective plans as follows (in thousands):

	Pension Benefits		Post-retirement Healthcare Benefits
2020	$	37,829	$	431
2021	38,583		483
2022	41,350		511
2023	43,759		545
2024	45,496		520
Years 2025 to 2029	239,019		1,724

Schedule of Level Three Defined Benefit Plan Assets Roll Forward

The following table presents investments measured at fair value based on NAV per share as a practical expedient:

	Fair Value		Redemption Frequency	Redemption Notice Period	Unfunded Commitments
As of December 31, 2019
Hedge Funds & Private Equity	$	2,083	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	2,083			$	—
As of December 31, 2018
Hedge Funds & Private Equity	$	4,599	(1) (2)	90 days	$	—
Real Estate	—		(3)	90 days	—
Total investments measured at NAV	$	4,599			$	—