Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Pension Plans

The Company sponsored a qualified defined-benefit pension plan and a post-retirement benefit plan (collectively, “the Pension Plans”). The Pension Plans were frozen on September 30, 1986 and since then there have been no new entrants to the Pension Plans. In September 2016, the Company terminated the qualified defined-benefit pension plan and in December 2017, completed the plan settlement with an annuity transfer to a third-party insurance company.

The Company’s post-retirement benefit plan is not subject to ERISA. As a result, the post-retirement benefit plan is not required to be pre-funded, and accordingly, has no plan assets.

Other post-retirement benefit costs charged to operations are estimated on the basis of annual valuations with the assistance of an independent actuary. Adjustments arising from plan amendments, and changes in assumptions and experience gains and losses, are amortized over the average remaining future service of active employees expected to receive benefits for the post-retirement benefit plan.

The unfunded amount of liability recognized in the balance sheet related to the other post-retirement benefit plan was $2.8 million and $2.4 million, for the years ended December 31, 2020 and 2019, respectively. The net actuarial loss recognized in AOCI was $0.4 million and the net actuarial gain recognized in AOCI was $0.1 million for those same periods, respectively.

Multi-employer Defined Benefit Plan

The Company contributed $0.5 million for the years ended December 31, 2020, 2019, and 2018, to multi-employer defined benefit plans under the terms of a collective-bargaining agreement that covers its union-represented employees.

Savings Plans

The Company maintains defined-contribution plans in the U.S., subject to Section 401(k) of the Internal Revenue Code, and in Canada, subject to the Income Tax Act. For the year ended December 31, 2020, eligible U.S. employees could elect to contribute, on a tax-deferred basis, from 0% to 75% of their compensation to a maximum of $19,500. Eligible U.S. employees over 50 years of age could also contribute an additional $6,500 on a tax-deferred basis. In Canada, employees can elect to contribute up to a maximum of CAD $27,230. Effective January 1, 2021, the maximum contribution available to employees in Canada increased to CAD $27,830. As of December 31, 2020, the Company matches 50% of U.S. and Canada employee contributions up to 6% of base salary for a total maximum company contribution of 3%. In connection with the Company’s cost savings measures during 2020 due to the COVID-19 pandemic, this policy was temporarily halted between April 16, 2020 and September 30, 2020. For the years ended December 31, 2020, 2019 and 2018, the Company made matching payments of $3.1 million, $6.1 million and $5.6 million, respectively.