PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2020

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Summary of the components of net periodic benefit cost


	Three Months Ended June 30
	Nonunion Defined				Supplemental				Postretirement
	Benefit Pension Plan				Benefit Plan				Health Benefit Plan
	2020⁽¹⁾		2019		2020		2019		2020⁽²⁾		2019

	(in thousands)
Service cost	$	—	$	—	$	—	$	—	$	47	$	80
Interest cost		—		168		2		10		144		303
Expected return on plan assets		—		1		—		—		—		—
Amortization of prior service credit		—		—		—		—		—		(8)
Pension settlement expense⁽³⁾		—		278		—		—		—		—
Amortization of net actuarial (gain) loss⁽⁴⁾		—		61		1		23		(149)		224
Net periodic benefit cost	$	—	$	508	$	3	$	33	$	42	$	599


	Six Months Ended June 30
	Nonunion Defined				Supplemental				Postretirement
	Benefit Pension Plan				Benefit Plan				Health Benefit Plan
	2020⁽¹⁾		2019		2020		2019		2020⁽²⁾		2019

	(in thousands)
Service cost	$	—	$	—	$	—	$	—	$	94	$	160
Interest cost		—		486		5		20		288		606
Expected return on plan assets		—		(89)		—		—		—		—
Amortization of prior service credit		—		—		—		—		—		(17)
Pension settlement expense⁽³⁾		—		1,634		89		—		—		—
Amortization of net actuarial (gain) loss⁽⁴⁾		—		210		5		47		(298)		449
Net periodic benefit cost	$	—	$	2,241	$	99	$	67	$	84	$	1,198

(1)	Termination of the nonunion defined benefit pension plan was completed in 2019 and the plan was liquidated as of December 31, 2019.

(2)	Expense for the postretirement health benefit plan is lower for the three and six months ended June 30, 2020, compared to the same periods of 2019, due to the impact of a lower cost prescription drug plan effective January 1, 2020.

(3)

For the six months ended June 30, 2020, pension settlement expense for the supplemental benefit plan of $0.1 million (pre-tax), or $0.1 million (after-tax), was due to a $0.7 million benefit related to an officer retirement. For the three and six months ended June 30, 2019, pension settlement expense for the nonunion defined benefit pension plan of $0.3 million (pre-tax), or $0.2 million (after-tax), and $1.6 million (pre-tax), or $1.2 million (after-tax), respectively, was related to lump-sum distribuitions from the plan of $3.0 million and $17.9 million, respectively.

(4)	The Company amortizes actuarial gains and losses over the average remaining active service period of the plan participants and does not use a corridor approach.