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Pension and Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of weighted-average assumptions used to determine pension benefit obligations
Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below:
 
2018
 
2017
 
Modified
Retirement
Plan
 
Funded
Plan
 
Modified
Retirement
Plan
 
Funded
Plan
Discount rate for disclosures
4.40
%
 
Various

 
3.75
%
 
3.75
%
Discount rate for net periodic benefit cost
3.75
%
 
3.75
%
 
4.00
%
 
4.00
%
Expected long-term rate of return
N/A

 
4.00
%
 
N/A

 
4.00
%
Rate of compensation increase
N/A

 
N/A

 
N/A

 
N/A

Measurement date
12/31/2018

 
12/31/2018

 
12/31/2017

 
12/31/2017

Schedule of changes in obligations and plan assets
United recognizes the underfunded status of the plans as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands)
 
2018
 
2017
 
Modified
Retirement
Plan
 
Funded
Plan
 
Modified
Retirement
Plan
 
Funded
Plan
Accumulated benefit obligation:
 

 
 

 
 

 
 

Accumulated benefit obligation - beginning of year
$
21,705

 
$
17,700

 
$
19,408

 
$
18,501

Service cost
363

 

 
551

 

Interest cost
801

 
647

 
778

 
738

Plan amendments
412

 

 
699

 

Actuarial (gains) losses
(949
)
 
(839
)
 
773

 
1,291

Benefits paid
(596
)
 
(1,497
)
 
(504
)
 
(2,830
)
Accumulated benefit obligation - end of year
21,736

 
16,011

 
21,705

 
17,700

Change in plan assets, at fair value:
 
 
 
 
 
 
 
Beginning plan assets

 
14,308

 

 
16,264

Actual return

 
(216
)
 

 
874

Employer contribution
596

 

 
504

 

Benefits paid
(596
)
 
(1,497
)
 
(504
)
 
(2,830
)
Plan assets - end of year

 
12,595

 

 
14,308

Funded status - end of year (plan assets less benefit obligations)
$
(21,736
)
 
$
(3,416
)
 
$
(21,705
)
 
$
(3,392
)
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income
Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands):
 
 
2018
 
2017
 
2016
 
Modified
Retirement
Plan
 
Funded
Plan
 
Modified
Retirement
Plan
 
Funded
Plan
 
Modified
Retirement
Plan
 
Funded
Plan
Service cost
$
363

 
$

 
$
551

 
$

 
$
382

 
$

Interest cost
801

 
647

 
778

 
738

 
740

 
842

Expected return on plan assets

 
(551
)
 

 
(630
)
 

 
(696
)
Amortization of prior service cost
666

 

 
560

 

 
501

 

Amortization of net losses
241

 

 
238

 

 
167

 

Net periodic benefit cost
$
2,071

 
$
96

 
$
2,127

 
$
108

 
$
1,790

 
$
146

Schedule of estimated future benefit payments
The following table summarizes the estimated future benefit payments expected to be paid from the plans for the periods indicated (in thousands). With regard to the Funded Plan, the estimated future benefit payments were determined without regard to termination.
 
 
 
Modified
Retirement
Plan
 
Funded
Plan
 
 
2019
$
1,142

 
$
1,083

 
 
2020
1,227

 
1,073

 
 
2021
1,221

 
1,056

 
 
2022
1,214

 
1,058

 
 
2023
1,207

 
1,037

 
 
2024-2026
6,755

 
4,984

 
 
 
$
12,766

 
$
10,291

 
Schedule of funded plan assets
The following table summarizes the Funded Plan assets by major category as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market fund
 
$

 
$
1,033

 
$

 
$
1,033

Mutual funds
 
4,881

 

 

 
4,881

U.S. Treasuries
 
4,465

 

 

 
4,465

Exchange traded funds
 
2,216

 

 

 
2,216

Total plan assets
 
$
11,562

 
$
1,033

 
$

 
$
12,595

 
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
 
Total
Money market fund
 
$

 
$
516

 
$

 
$
516

Mutual funds
 
526

 

 

 
526

Corporate stocks
 
1,346

 

 

 
1,346

Exchange traded funds
 
11,920

 

 

 
11,920

Total plan assets
 
$
13,792

 
$
516

 
$

 
$
14,308