EMPLOYEE BENEFIT PLANS

9 Months Ended

Sep. 30, 2019

Retirement Benefits [Abstract]

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS

Postretirement Medical Plans

The Company provides postretirement benefits in the form of two unfunded postretirement medical plans; one that is under a collective bargaining agreement and covers eligible retired employees of the Verona facility and a plan for those named as executive officers in the Company’s proxy statement.

Net periodic benefit costs for such retirement medical plans were as follows:

	Nine Months Ended September 30,
	2019			2018
Service cost	$	47		$	58
Interest cost	29			33
Amortization of prior service cost	55			52
Amortization of gain	(34		)	(2		)
Net periodic benefit cost	$	97		$	141

The amount recorded for these obligations on the Company’s balance sheets as of September 30, 2019 and December 31, 2018 is $1,250 and $1,174, respectively, and is included in other long-term obligations. These plans are unfunded and approved claims are paid from Company funds. Historical cash payments made under such plans have typically been less than $100 per year.

Deferred Compensation Plan

On June 1, 2018, the Company established an unfunded, nonqualified deferred compensation plan maintained for the benefit of a select group of management or highly compensated employees.  Assets of the plan are held in a rabbi trust, which are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company.  The deferred compensation liability was $1,803 and $265 as of September 30, 2019 and December 31, 2018, respectively, and is included in other long-term obligations on the Company’s balance sheets. The related rabbi trust assets were $1,803 and $265 as of September 30, 2019 and December 31, 2018, respectively, and are included in other non-current assets on the Company's balance sheets.

Defined Benefit Pension Plans

On May 27, 2019, the Company acquired Chemogas, which had two defined benefit pension plans (DB plans), one of which was closed on December 31, 2018 and replaced by four individual defined contribution plans. The active pension plan is funded by means of employee and Company contributions and provides for the payment of a lump sum at retirement or payments in case of death of the covered employees. The DB plan is considered a post-employment benefit. The amount recorded for these obligations on the Company's balance sheet as of September 30, 2019 is $580 and is included in other long-term obligations.