Retirement Plans

12 Months Ended

Dec. 31, 2019

Compensation And Retirement Disclosure [Abstract]

Retirement Plans

NOTE 17 - RETIREMENT PLANS

We have an unfunded salary continuation plan covering certain directors, officers and other key members of management. Subject to certain vesting requirements, the plan provides for a benefit based on final average compensation, which becomes payable on the employee’s death or upon attaining age 65, if retired. The plan was closed to new participants effective February 3, 2011. We purchased life insurance policies on certain participants to provide in part for future liabilities. Cash surrender value of these policies, totaling $8.1 million, are included in other non-current assets in the Company’s condensed consolidated balance sheets at December 31, 2018. In the second quarter of 2019, we terminated our life insurance policies in exchange for the cash surrender value of $7.6 million. We also received $0.6 million for death benefit claims.

The following table summarizes the changes in plan assets and plan benefit obligations:

Year Ended December 31,	2019			2018
(Dollars in thousands)
Change in benefit obligation
Beginning benefit obligation	$	26,953		$	29,759
Interest cost		1,144			1,086
Actuarial (gain) loss		4,295			(2,486	)
Benefit payments		(1,391	)		(1,406	)
Ending benefit obligation	$	31,001		$	26,953

Year Ended December 31,	2019			2018
(Dollars in thousands)
Change in plan assets
Fair value of plan assets at beginning of year	$	—		$	—
Employer contribution		1,391			1,406
Benefit payments		(1,391	)		(1,406	)
Fair value of plan assets at end of year	$	—		$	—
Funded status	$	(31,001	)	$	(26,953	)
Amounts recognized in the consolidated    balance sheets consist of:
Accrued expenses	$	(1,478	)	$	(1,392	)
Other non-current liabilities		(29,523	)		(25,561	)
Net amount recognized	$	(31,001	)	$	(26,953	)
Amounts recognized in accumulated other    comprehensive loss consist of:
Net actuarial loss	$	8,940		$	4,799
Prior service cost		(1	)		(1	)
Net amount recognized, before tax effect	$	8,939		$	4,798
Weighted average assumptions used to    determine benefit obligations:
Discount rate		3.3	%		4.4	%
Rate of compensation increase		3.0	%		3.0	%

Components of net periodic pension cost are described in the following table:

Year Ended December 31,	2019			2018			2017
(Dollars in thousands)
Components of net periodic pension cost:
Interest cost	$	1,144		$	1,086		$	1,189
Amortization of actuarial loss		209			438			369
Net periodic pension cost	$	1,353		$	1,524		$	1,558
Weighted average assumptions used to determine net    periodic pension cost:
Discount rate		4.4	%		3.7	%		4.4	%
Rate of compensation increase		3.0	%		3.0	%		3.0	%

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

Year Ended December 31,	Amount
(Dollars in thousands)
2020	$	1,502
2021	$	1,478
2022	$	1,518
2023	$	1,497
2024	$	1,535
Years 2025 to 2029	$	8,870

The following is an estimate of the components of net periodic pension cost in 2020:

Estimated Year Ended December 31,	2020
(Dollars in thousands)
Interest cost		1,004
Amortization of actuarial loss		289
Estimated 2020 net periodic pension cost	$	1,293

Other Retirement Plans

We also contribute to employee retirement savings plans in the U.S. and Mexico that cover substantially all of our employees in those countries. The employer contribution totaled $1.5 million, $1.8 million and $1.7 million for the three years ended December 31, 2019, 2018 and 2017, respectively.