Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Total Expense for All Retirement Plans

Total expense for all retirement plans for the years ended December 31 was (in thousands):

	2019		2018		2017
401(k) plan	$	2,419	$	2,262	$	2,248
Multiemployer and other defined benefit and pension plans	195		238		320
Postretirement healthcare plan	346		427		476
Total retirement plan expense	$	2,960	$	2,927	$	3,044

Amounts Recognized in the Consolidated Financial Statements

Amounts recognized in the consolidated financial statements consisted of (in thousands):

	2019			2018
Accrued postretirement benefit liability
Current portion	$	330		$	331
Long term portion	5,694			5,805
Pre-tax accumulated other comprehensive loss – unamortized post-retirement healthcare costs	(1,666		)	(1,814		)
Net amount recognized	$	4,358		$	4,322

Other Postretirement Benefits

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Changes in the Accumulated Postretirement Benefit Obligation

The following table presents the changes in the accumulated postretirement benefit obligation related to the Company’s unfunded postretirement healthcare benefits at December 31 (in thousands):

	2019			2018
Projected benefit obligation at January 1	$	6,135		$	7,020
Service cost	17			18
Interest cost	234			233
Actuarial gain	(52		)	(819		)
Benefits paid, net of contributions	(310		)	(317		)
Projected benefit obligation at December 31	6,024			6,135
Fair value of plan assets	—			—
Under funded status	(6,024		)	(6,135		)
Unamortized prior service cost	338			382
Unrecognized actuarial loss	1,328			1,431
Net amount recognized	$	(4,358	)	$	(4,322	)

Schedule of Net Periodic Pension and Other Post-Retirement Benefit Costs

Components of net periodic postretirement benefit cost charged to expense for the years ended December 31 were as follows (in thousands):

	2019			2018			2017
Service cost	$	17		$	18		$	17
Interest cost	234			233			269
Amortization of unrecognized prior service cost	44			44			44
Loss amortization (2)	51			132			146
Net periodic benefit cost	$	346		$	427		$	476
Assumptions used to calculate the benefit obligation:
Discount rate	2.9		%	4.1		%	3.4		%
Annual rate of increase in the per capita cost of:
Medical costs before age 65 (1)	6.8		%	7.0		%	7.3		%
Medical costs after age 65 (1)	4.5		%	5.0		%	6.3		%
Prescription drug costs (1)	7.0		%	9.5		%	10.5		%

(1)    It was assumed that these rates would gradually decline to 3.8% by 2075.

(2)    Actuarial (gains)/losses are amortized utilizing the corridor approach. Differences between actual experience and the actuarial assumptions are reflected in (gain)/loss. If the total net (gain) or loss exceeds 10 percent of the greater of the accumulated postretirement benefit obligation or plan assets, this excess must be amortized over the average remaining service period of the active plan participants. If most of the plan participants are inactive, the amortization period is the expected future lifetime of inactive plan participants.

Schedule of 1% Change in Annual Medical Inflation Rate Issued

A 1% change in the annual medical inflation rate issued would have the following impact on the amounts reported at December 31 as follows (in thousands):

	2019			2018
Effect on accumulated postretirement benefit obligation
1% increase	$	716		$	831
1% decrease	$	(614	)	$	(702	)
Effect on annual service and interest costs
1% increase	$	31		$	36
1% decrease	$	(26	)	$	(30	)

Expected Benefit Payments from the Plan

Expected benefit payments from the plan for the years ended December 31 are as follows (in thousands):

	2020		2021		2022		2023		2024		Years 2025 - 2029
Expected benefit payments	$	330	$	335	$	346	$	357	$	364	$	1,892