RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

RETIREMENT PLANS

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans

	2020		2019		2018
Discount Rate – Pension Benefit Obligation	2.6	%	4.2	%	4.7	%
Discount Rate – Pension Benefit Cost	3.5	%	4.5	%	4.3	%
Discount Rate – Postretirement Benefit Obligation	2.5	%	3.5	%	4.5	%
Discount Rate – Postretirement Benefit Cost	3.5	%	4.5	%	3.9	%
Annual salary increase	n/a		6.5	%	6.5	%
Expected long-term return on plan assets	5.1	%	6.1	%	6.1	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2020 and 2019 (in thousands):

	2020				2019
	Pension Benefits		Postretirement Benefits		Pension Benefits		Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:	$	81,977	$	4,899	$	76,900	$	4,012
Service cost		439		139		1,709		126
Interest cost		2,585		163		3,472		182
Benefits and settlements paid		(4,791)		(450)		(5,738)		(354)
Actuarial (gain) loss		8,651		759		5,739		933
Settlement		(89)		—		(105)		—
Balance at end of year	$	88,772	$	5,510	$	81,977	$	4,899
Plan net assets:
Balance at beginning of year:	$	83,350	$	—	$	77,530	$	—
Actual return on plan assets		10,398		—		10,678		—
Company contributions		958		450		838		354
Benefits and settlements paid		(5,354)		(450)		(5,696)		(354)
Balance at end of year	$	89,352	$	—	$	83,350	$	—
Over/ (Under) funded status of plan	$	580	$	(5,510)	$	1,373	$	(4,899)

Schedule of funded status of the Company's pension and other retirement benefit plans

	2020						2019
	GTT Pension Benefit		Viya Pension Benefit		Postretirement Benefits		GTT Pension Benefit		Viya Pension Benefit		Postretirement Benefits
Projected benefit obligation	$	15,609	$	73,163	$	5,510	$	15,594	$	66,383	$	4,899
Plan Net Assets		15,609		73,743		—		15,054		68,296		—
Over/ (Under) funded status of plan	$	—	$	580	$	(5,510)	$	(540)	$	1,913	$	(4,899)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2020 are as follows (in thousands):

Asset Category	Total		Level 1		Level 2		Level 3
Cash, cash equivalents, money markets and other	$	5,037	$	5,037	$	—	$	—
Common stock		27,785		24,781		3,004		—
Mutual funds - fixed income		9,494		9,494		—		—
Mutual funds - equities		8,278		8,278		—		—
Fixed income securities		37,225		—		37,225		—
Other		1,533		1,533		—		—
Total	$	89,352	$	49,123	$	40,229	$	—

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

Asset Category	Total		Level 1		Level 2		Level 3
Cash, cash equivalents, money markets and other	$	4,982	$	4,982	$	—	$	—
Common stock		26,702		22,451		4,251		—
Mutual funds - fixed income		12,970		12,970		—		—
Mutual funds - equities		10,921		10,921		—		—
Fixed income securities		26,307		1,178		25,129		—
Other		1,468		1,031		—		437
Total	$	83,350	$	53,533	$	29,380	$	437

Schedule of weighted-average asset allocations, by asset category

	2020		2019
Cash, cash equivalents, money markets and other	6	%	6	%
Common stock	31		32
Mutual funds - fixed income	11		16
Mutual funds - equities	9		13
Fixed income securities	41		32
Other	2		1
Total	100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):

	As of December 31,
	2020				2019
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Accrued and current liabilities	$	—	$	381	$	—	$	340
Other Liabilities		—		5,129		540		4,559
Other Assets		580		—		1,913		—
Accumulated other comprehensive income, net of tax		(158)		(411)		1,484		359

Schedule of amounts recognized in accumulated other comprehensive income

Amounts recognized in accumulated other comprehensive income consist of (in thousands):

	As of December 31,
	2020				2019
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Unrecognized net actuarial gain (loss)	$	(1,159)	$	(411)	$	540	$	359
Accumulated other comprehensive income, pre-tax		(1,159)		(411)		540		359
Accumulated other comprehensive income (loss), net of tax		(158)		(411)		1,484		359

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2020, 2019 and 2018 (in thousands):

	2020				2019				2018
	Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits		Pension benefits		Postretirement benefits
Operating expense
Service cost	$	439	$	139	$	1,709	$	126	$	1,794	$	147
Non-operating expense
Interest cost		2,585		163		3,472		182		3,279		161
Expected return on plan assets		(3,060)		—		(4,571)		—		(4,835)		—
Amortization of actuarial (gain) loss		—		(11)		29		(58)		121		(67)
Settlement		89		—		(35)		—		—		—
Net periodic pension cost	$	53	$	291	$	604	$	250	$	359	$	241

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next 10 years as indicated below (in thousands):

	Pension		Postretirement
Fiscal Year	Benefits		Benefits
2021	$	19,691	$	386
2022		3,730		359
2023		3,703		276
2024		4,048		319
2025		3,706		356
2026-2030		19,058		1,679
Total	$	53,936	$	3,375