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Pension and Post-Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Net Pension and Post-Retirement Benefit Plans

Net pension benefit cost (in thousands) consisted of the following for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019			2018			2017
Service cost	$	1,304		$	1,307		$	1,037
Interest cost	5,375			4,632			3,971
Expected return on plan assets	(6,171		)	(5,969		)	(5,265		)
Net amortization and deferral	1,648			2,526			1,773
Net pension benefit costs	$	2,156		$	2,496		$	1,516

Net post-retirement benefit cost (in thousands) consisted of the following for the years ended December 31, 2019, 2018 and 2017:



	Year Ended December 31,
	2019			2018		2017
Service cost	$	88		$	102	$	107
Interest cost	789			740		753
Expected return on plan assets	—			—		(1		)
Unrecognized net (gain)/loss	(29		)	—		—
Net post-retirement benefit costs	$	848		$	842	$	859

Schedule of Changes in Benefit Obligations and Plan Assets

The changes in benefit obligations and plan assets (in thousands), as well as the funded status (in thousands) of our pension and post-retirement plans at December 31, 2019 and 2018 are as follows:



	Pension Benefits						Post-retirement Benefits
	2019			2018			2019			2018
Benefit obligation at January 1,	$	138,900		$	122,052		$	21,570		$	22,771
Service cost	1,304			1,307			88			102
Interest cost	5,375			4,632			789			740
Actuarial (gain) loss	17,225			(10,263		)	206			(965		)
Benefits paid	(14,922		)	(8,202		)	(815		)	(1,499		)
Other⁽¹⁾	609			29,374			216			421
Benefit obligation at December 31,	$	148,491		$	138,900		$	22,054		$	21,570
Fair value of plan assets at January 1,	$	102,396		$	92,067		$	—		$	—
Actual return on plan assets	17,919			(6,204		)	—			—
Employer contributions	4,755			3,350			599			1,078
Benefits paid	(14,922		)	(8,202		)	(815		)	(1,499		)
Other⁽¹⁾	283			21,385			216			421
Fair value of plan assets at December 31,	$	110,431		$	102,396		$	—		$	—
Plan assets less than benefit obligations at December 31 recognized as liability for pension and other post-retirement benefits	$	(38,060	)	$	(36,504	)	$	(22,054	)	$	(21,570	)



(1	)	Includes opening pension benefit obligation and plan assets balances related to the May 1, 2018, EPMH acquisition and other adjustments.

Schedule of Estimated Future Pension and Post-Retirement Benefit Payments

Future estimated annual benefit payments (in thousands) for pension and post-retirement benefit obligations at December 31, 2019 are as follows:



	Benefits
			Post-retirement
	Pension		Before Medicare Subsidy		After Medicare Subsidy
2020	$	10,025	$	1,601	$	1,431
2021	9,221		1,669		1,502
2022	9,195		1,686		1,520
2023	9,208		1,659		1,492
2024	9,551		1,677		1,513
2025-2029	45,386		7,526		6,677

Schedule of Amounts in Accumulated Other Comprehensive Income Expected to be Recognized as Components of Net Periodic Benefit Cost

The amounts in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost (in thousands) during the following fiscal year are as follows:



	Benefits
	Pension		Post-retirement		Total
Net actuarial loss	$	2,532	$	—	$	2,532
Prior service cost	534		—		534
	$	3,066	$	—	$	3,066

Schedule of Weighted-Average Assumptions Used to Determine Benefit Obligations

The following weighted-average assumptions were used to determine our obligations under the plans:



	Pension Benefits				Post-retirement Benefits
	2019		2018		2019		2018
Discount rate	3.2	%	4.4	%	3.2	%	4.3	%
Long-term rate of compensation increase	3.0%-3.5%		3.0%-3.5%		N/A		N/A
Long-term rate of return on plan assets	6.3	%	6.25%-7.15%		N/A		N/A
Health care cost trend rate:
Pre-65 initial rate/ultimate rate	N/A		N/A		7.0%/4.5%		7.3%/4.5%
Pre-65 ultimate year	N/A		N/A		—		—
Post-65 initial rate/ultimate rate	N/A		N/A		7.5%/4.5%		8.0%/4.5%
Post-65 ultimate year	N/A		N/A		2026/2027		2026/2027

Schedule of Mortality Tables Used

Mortality tables used for pension benefits and post-retirement benefits plans are the following:



	Pension and Post-retirement Benefits
	2019	2018
Healthy Lives	Pri-2012 base mortality tables with generational mortality improvements using Scale MP-2019	RP-2014 mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2018
Disabled Lives	Pri-2012 base mortality tables with generational mortality improvements using Scale MP-2019	RP-2014 disabled retiree mortality table, adjusted back to 2006 base rates, with generational mortality improvements using Scale MP-2018

Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates

Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects (in thousands):



	One-Percentage-Point
	Increase		Decrease
Effect on total of service and interest cost	$	100	$	(85	)
Effect on post-retirement benefit obligation	2,341		(2,010		)

Schedule of Major Investments Categories and Their Relative Percentage of the Fair Value to Total Plan Assets

The major investment categories and their relative percentage of the fair value of total plan assets as invested at December 31, 2019, and 2018 are as follows:



	Pension Benefits				Post-retirement Benefits⁽¹⁾
	2019		2018		2019		2018
Equity securities	52.1	%	42.1	%	—	%	—	%
Debt securities	46.6	%	55.5	%	—	%	—	%
Cash	1.3	%	2.4	%	—	%	—	%



(1	)	Retiree health benefits are paid by the Company as covered expenses are incurred.

Schedule of Fair Value of Pension Plan Assets by Asset Category

The fair values of the pension plan assets (in thousands) at December 31, 2019, by asset category, are as follows:



	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	—	$	1,385	$	—	$	1,385
Mutual funds:
Diversified emerging markets	4,942		—		—		4,942
Foreign large blend	19,183		—		—		19,183
Large-cap blend	20,738		—		—		20,738
Mid-cap blend	8,416		—		—		8,416
Real estate	4,309		—		—		4,309
Fixed income securities:
Corporate notes and bonds	37,664		—		—		37,664
U.S. Treasuries	10,894		—		—		10,894
Mortgage-backed securities	—		2,496		—		2,496
Asset-backed securities	—		404		—		404
Net asset	$	106,146	$	4,285	$	—	$	110,431

The fair values of the pension plan assets (in thousands) at December 31, 2018, by asset category, are as follows:



	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	—	$	2,449	$	—	$	2,449
Mutual funds:
Diversified emerging markets	6,638		—		—		6,638
Foreign large blend	11,689		—		—		11,689
Large-cap blend	14,226		—		—		14,226
Mid-cap blend	6,819		—		—		6,819
Small-cap blend	522		—		—		522
Real estate	3,192		—		—		3,192
Fixed income securities:
Corporate notes and bonds	43,745		—		—		43,745
U.S. Treasuries	8,486		—		—		8,486
Mortgage-backed securities	—		3,578		—		3,578
Asset-backed securities	—		1,052		—		1,052
Net asset	$	95,317	$	7,079	$	—	$	102,396

Schedule of Summary of Multiemployer Pension Plan

A summary of each multiemployer pension plan for which we participate is presented below:

Pension

Fund

EIN/ Pension

Plan No.

Pension Protection Act

Zone Status⁽¹⁾

FIP/RP Status

Pending/

Implemented

Company

Contributions

(in thousands)

Surcharge

Imposed

Expiration

Date of

CBA

2019

2018

2019

2018

2017

LIUNA

52-6074345/001

Red

Yes

385

573

223

Yes

5/31/2020

IUOE

36-6052390/001

Green

310

1,385

7/31/2022

CSSS⁽²⁾

36-6044243/001

Red

Yes


(1)	The Pension Protection Act of 2006 defines the zone status as follows: green—healthy, yellow—endangered, orange—seriously endangered and red—critical.

(2)

In 2011, we withdrew from the Central States, Southeast and Southwest Areas Pension Plan. The withdrawal liability of $1.0 million will be paid in monthly installments of $4,000 until 2031.