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Pensions and Other Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Pensions and Other Employee Benefit Plans [Abstract]  
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2019 and 2018, and a statement of the funded status as of December 31, 2019 and 2018. We use a December 31 measurement date for the pension plan and other post-retirement benefits (in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

Year Ended December 31,

 

Year Ended December 31,

 

 

2019

    

2018

    

2019

    

2018

Reconciliation of benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Obligation at beginning of period

 

$

49,020

 

$

53,976

 

$

479

 

$

519

Service cost

 

 

722

 

 

715

 

 

         —

 

 

 1

Interest cost

 

 

2,018

 

 

1,855

 

 

21

 

 

18

Participant contributions

 

 

25

 

 

27

 

 

         —

 

 

15

Actuarial loss (gain)

 

 

5,256

 

 

(5,725)

 

 

30

 

 

(36)

Benefit payments

 

 

(1,882)

 

 

(1,828)

 

 

(19)

 

 

(38)

Obligation at December 31,

 

 

55,159

 

 

49,020

 

 

511

 

 

479

Reconciliation of fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

34,263

 

 

35,640

 

 

         —

 

 

         —

Actual return on plan assets

 

 

4,798

 

 

(1,925)

 

 

         —

 

 

         —

Employer contributions

 

 

942

 

 

2,349

 

 

19

 

 

23

Participant contributions

 

 

25

 

 

27

 

 

         —

 

 

15

Benefit payments

 

 

(1,882)

 

 

(1,828)

 

 

(19)

 

 

(38)

Fair value of plan assets at December 31,

 

 

38,146

 

 

34,263

 

 

         —

 

 

         —

Funded status at end of period

 

$

(17,013)

 

$

(14,757)

 

$

(511)

 

$

(479)

 

Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Loss

The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2019 and 2018 consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

December 31,

 

December 31,

 

 

2019

    

2018

    

2019

    

2018

Actuarial loss

 

$

(18,613)

 

$

(16,728)

 

$

(32)

 

$

(4)

 

Amounts Recognized in Other Comprehensive Loss

The amounts recognized in other comprehensive (loss) income during the years ended December 31, 2019 and 2018 consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

 

2018

 

 

Pension
Benefits

    

Other
Benefits

    

Pension
Benefits

    

Other
Benefits

Actuarial (loss) gain during the period

 

$

(2,891)

 

$

(30)

 

$

1,172

 

$

36

Amortization of actuarial loss

 

 

1,006

 

 

 2

 

 

1,041

 

 

 8

Amortization of prior service cost

 

 

         —

 

 

         —

 

 

         —

 

 

22

Total recognized in other comprehensive (loss) income

 

$

(1,885)

 

$

(28)

 

$

2,213

 

$

66

 

Amounts Recognized in the Balance Sheets

Amounts recognized in the balance sheet consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

December 31,

 

December 31,

 

 

2019

    

2018

    

2019

    

2018

Current Liabilities

 

$

         —

 

$

         —

 

$

77

 

$

69

Long-Term Liabilities

 

 

17,013

 

 

14,757

 

 

434

 

 

410

 

 

$

17,013

 

$

14,757

 

$

511

 

$

479

 

Components of Net Periodic Cost

The following table provides the components of net periodic cost included in income from continuing operations for the plans for the years ended December 31, 2019 and 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

Year Ended December 31,

 

Year Ended December 31,

 

    

2019

    

2018

    

2019

    

2018

Service cost (1) 

 

$

722

 

$

715

 

$

         —

 

$

 1

Interest cost (2) 

 

 

2,018

 

 

1,855

 

 

21

 

 

18

Expected return on plan assets (2)

 

 

(2,432)

 

 

(2,628)

 

 

         —

 

 

         —

Amortization of prior service cost (2)

 

 

         —

 

 

         —

 

 

         —

 

 

22

Amortization of net actuarial loss (2)

 

 

1,006

 

 

1,041

 

 

 2

 

 

 8

Net periodic cost

 

$

1,314

 

$

983

 

$

23

 

$

49

 

(1)

Included in general and administrative expenses.

(2)

Included in other expense.
Assumptions Used to Determine Net Periodic Cost

Assumptions used to determine net periodic cost:

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2019

    

2018

Discount rate

 
4.25%

 
3.50%

Expected return on plan assets

 
7.25%

 
7.25%

Rate of compensation increase

 
4.25%

 
4.25%

 

Assumptions Used to Determine Benefit Obligation

Assumptions used to determine the benefit obligation:

 

 

 

 

 

 

 

December 31,

 

 

2019

    

2018

Discount rate

 
3.25%

 
4.25%

Rate of compensation increase

 
4.25%

 
4.25%

 

Pension Plans' Actual and Targeted Asset Allocations

The pension plan’s actual and targeted asset allocations, are as follows:

 

 

 

 

 

 

 

 

 

December 31, 2019

 

Target Allocation

 

 

Actual Allocation

    

Target

    

Target Range

Liquid return-seeking investments

 
61%

 
56.5%

 

45-65%

Alternative investments

 
9%

 
14.5%

 

0-20%

Fixed income  investments

 
30%

 
29.0%

 

20-40%

 

 
100%

 
100%

 
100%

 

Fair Values of Pension Plan Assets

The table below provides the fair values of the Company’s pension plan assets, by asset category, at December 31, 2019 and 2018. The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Measured

Asset Category

    

Total

    

Percentage

    

Level 1

    

Level 2

    

Level 3

    

at NAV(1)

 

 

 

(Dollars in thousands)

At December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid return-seeking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-asset fund(2)

 

$

23,127

 
61%

 

 

 

 

 

 

 

 

$

23,127

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds(3)

 

 

11,463

 
30%

 

 

 

 

 

 

 

 

 

11,463

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(4)

 

 

1,349

 
4%

 

 

 

 

 

$

1,349

 

 

 

Private equity fund(5)

 

 

48

 
0%

 

 

 

 

 

 

48

 

 

 

Distressed opportunity limited partnership(6)

 

 

463

 
1%

 

 

 

 

 

 

463

 

 

 

Multi-strategy limited partnership(7)

 

 

1,696

 
4%

 

 

 

 

 

 

1,696

 

 

 

 

 

 

3,556

 
9%

 

—

 

—

 

 

3,556

 

 

 —

 

 

$

38,146

 
100%

 

—

 

—

 

$

3,556

 

$

34,590

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid return-seeking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-asset fund(2)

 

$

20,251

 
59%

 

 

 

 

 

 

 

 

$

20,251

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds(3)

 

 

10,869

 
32%

 

 

 

 

 

 

 

 

 

10,869

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(4)

 

 

1,002

 
3%

 

 

 

 

 

$

1,002

 

 

 

Private equity fund(5)

 

 

76

 
0%

 

 

 

 

 

 

76

 

 

 

Distressed opportunity limited partnership(6)

 

 

463

 
1%

 

 

 

 

 

 

463

 

 

 

Multi-strategy limited partnership(7)

 

 

1,602

 
5%

 

 

 

 

 

 

1,602

 

 

 

 

 

 

3,143

 
9%

 

—

 

—

 

 

3,143

 

 

 —

 

 

$

34,263

 
100%

 

—

 

—

 

$

3,143

 

$

31,120

 

(1)

Assets measured using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy. The NAV practical expedient is based on the fair value of the underlying assets of the common/collective trust (“CCT”) minus its liabilities, and then divided by the number of units outstanding. The NAV practical expedient of a CCT is calculated based on a compilation of primarily observable market information.

(2)

A single fund that invests in global equities, marketable real assets and fixed income securities. The fund has no limitation on redemptions.

(3)

Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. The fund has no limitation on redemptions.

(4)

Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund generally has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag.

(5)

Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. The fund terminates on July 12, 2020, subject to extension for up to two one-year periods. Earlier redemptions are not permitted.

(6)

Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31 with notice of 90 days and is reported on a one month lag.

(7)

Investments in a partnership that has a multi-strategy investment program and does not rely on a single investment model. This partnership has quarterly redemption rights with notice of 65 days and is reported on a one month lag.

 

Changes in Fair Value of Pension Plan Assets

Additional information pertaining to the changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2019 and 2018 is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

 

Private
Equity
Fund

    

Equity
Long/Short
Fund

    

Distressed
Opportunity
Ltd. Partnership

    

 Multi
Strategy
Fund

    

Total  

 

 

 

(In thousands)

Balance, January 1, 2018

 

$

83

 

$

1,067

 

$

504

 

$

1,572

 

$

3,226

Unrealized gain

 

 

10

 

 

(65)

 

 

(41)

 

 

30

 

 

(66)

Sales

 

 

(17)

 

 

—

 

 

—

 

 

—

 

 

(17)

Balance, December 31, 2018

 

 

76

 

 

1,002

 

 

463

 

 

1,602

 

 

3,143

Unrealized gain (loss)

 

 

(23)

 

 

347

 

 

       —

 

 

94

 

 

418

Sales

 

 

(5)

 

 

—

 

 

 —

 

 

 —

 

 

(5)

Balance, December 31, 2019

 

$

48

 

$

1,349

 

$

463

 

$

1,696

 

$

3,556

 

Benefit Payments Expected to be Paid

The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands):

 

 

 

 

 

 

 

 

    

Pension
Benefits

    

Other
Benefits

2020

 

$

2,103

 

$

78

2021

 

 

2,267

 

 

68

2022

 

 

2,368

 

 

58

2023

 

 

2,527

 

 

50

2024

 

 

2,770

 

 

41

2025 to 2029

 

 

14,831

 

 

128