PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

Pension and Other Postretirement Benefit Plans [Abstract]

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

Information with respect to the Scheme for which INSW uses a December 31 measurement date, is as follows:

	December 31,		December 31,
	2019		2018
Change in benefit obligation:
Benefit obligation at beginning of year	$	23,814	$	31,527
Prior service cost		-		152
Interest cost on benefit obligation		657		707
Actuarial losses/(gains)		2,761		(2,848)
Benefits paid		(820)		(696)
Settlements		-		(3,706)
Foreign exchange losses/(gains)		1,069		(1,322)
Benefit obligation at year end		27,481		23,814
Change in plan assets:
Fair value of plan assets at beginning of year		22,785		29,527
Actual return on plan assets		3,341		(1,009)
Employer contributions		639		-
Benefits paid		(820)		(696)
Settlements		-		(3,761)
Foreign exchange gains/(losses)		1,049		(1,276)
Fair value of plan assets at year end		26,994		22,785
Unfunded status at December 31	$	(487)	$	(1,029)

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Information for the defined benefit pension plan with accumulated benefit obligations in excess of plan assets follows:

	December 31,		December 31,
	2019		2018
Projected benefit obligation	$	27,481	$	23,814
Accumulated benefit obligation		27,481		23,814
Fair value of plan assets		26,994		22,785

Schedule of Net Benefit Costs

		2019		2018		2017
Components of expense:
Plan administration costs	$	-	$	-	$	64
Interest cost on benefit obligation		657		707		797
Expected return on plan assets		(1,017)		(1,029)		(1,041)
Amortization of prior-service costs		74		71		68
Recognized net actuarial loss		315		388		447
Recognized settlement loss		-		1,442		-
Net periodic benefit cost	$	29	$	1,579	$	335

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

The weighted-average assumptions used to determine benefit obligations follow:

	December 31,		December 31,
	2019		2018
Discount rate		2.00%		2.80%

Schedule of Assumptions Used

The weighted-average assumptions used to determine net periodic benefit costs follow:

	2019	2018	2017
Discount rate	2.80%	2.40%	2.60%
Expected (long-term) return on plan assets	4.46%	3.85%	3.85%
Rate of future compensation increases	-	-	-

Schedule of Expected Benefit Payments

Expected benefit payments are as follows:

	Pension benefits
2020	$	822
2021		827
2022		843
2023		871
2024		997
Years 2025-2029		6,059
	$	10,419

Schedule of Changes in Fair Value of Plan Assets

The fair values of the Company’s pension plan assets at December 31, 2019, by asset category are as follows:

Description	Fair Value		Level 1		Level 2 (1)
Cash and cash equivalents	$	549	$	549	$	-
Managed funds		26,445		-		26,445
Total	$	26,994	$	549	$	26,445

(1) Quoted prices for the managed funds are not available from an active market source since such investments are pooled investment funds. The unitized pooled investment vehicles have been valued at the latest available bid price or single price provided by the pooled investment manager. Shares in other pooled arrangements have been valued at the latest available net asset value, determined in accordance with fair value principles, provided by the pooled investment manager.