Pension and Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

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:



	2019		2018
	Modified Retirement Plan		Modified Retirement Plan		Funded Plan
Discount rate for disclosures	3.25	%	4.40	%	Various
Discount rate for net periodic benefit cost	4.40	%	3.75	%	3.75	%
Expected long-term rate of return	N/A		N/A		4.00	%
Rate of compensation increase	N/A		N/A		N/A
Measurement date	12/31/2019		12/31/2018		12/31/2018

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):



	2019						2018
	Modified Retirement Plan			Funded Plan			Modified Retirement Plan			Funded Plan
Accumulated benefit obligation:
Accumulated benefit obligation - beginning of year	$	21,736		$	16,011		$	21,705		$	17,700
Service cost	392			—			363			—
Interest cost	931			166			801			647
Plan amendments	386			—			412			—
Actuarial (gains) losses	2,390			1,489			(949		)	(839		)
Benefits paid	(730		)	(17,666		)	(596		)	(1,497		)
Accumulated benefit obligation - end of year	25,105			—			21,736			16,011
Change in plan assets, at fair value:
Beginning plan assets	—			12,595			—			14,308
Actual return	—			173			—			(216		)
Employer contribution	730			4,898			596			—
Benefits paid	(730		)	(17,666		)	(596		)	(1,497		)
Plan assets - end of year	—			—			—			12,595
Funded status - end of year (plan assets less benefit obligations)	$	(25,105	)	$	—		$	(21,736	)	$	(3,416	)

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 are as follows (in thousands):



	2019					2018					2017
	Modified Retirement Plan		Funded Plan			Modified Retirement Plan		Funded Plan			Modified Retirement Plan		Funded Plan
Service cost	$	392	$	—		$	363	$	—		$	551	$	—
Interest cost	931		166			801		647			778		738
Expected return on plan assets	—		(106		)	—		(551		)	—		(630		)
Amortization of prior service cost	635		—			666		—			560		—
Amortization of net losses	59		—			241		—			238		—
Net periodic benefit cost	$	2,017	$	60		$	2,071	$	96		$	2,127	$	108

Schedule of estimated future benefit payments

The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands).



2020	$	1,301
2021	1,176
2022	1,170
2023	1,164
2024	1,156
2025-2029	7,133

Schedule of funded plan assets

The following table summarizes the Funded Plan assets by major category as of the December 31, 2018, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands).



	Level 1		Level 2		Level 3		Total
Money market fund	$	—	$	1,033	$	—	$	1,033
Mutual funds	4,881		—		—		4,881
Corporate stocks	4,465		—		—		4,465
Exchange traded funds	2,216		—		—		2,216
Total plan assets	$	11,562	$	1,033	$	—	$	12,595