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Pension Plans (Tables) | 12 Months Ended
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Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items] |
Funded Status and Accrued Pension Cost | The following table sets forth the funded status at December 31 (amounts in thousands):
|  | 2018 |  | 2017
CHANGE IN BENEFIT OBLIGATION: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 85,695 |  | $ | 85,360
Interest cost |  |  | 2,829 |  |  | 3,019
Actuarial (gain) loss |  |  | (4,459) |  |  | 3,624
Benefits paid |  |  | (6,218) |  |  | (6,308)
Benefit obligation at end of year |  |  | 77,847 |  |  | 85,695
CHANGE IN PLAN ASSETS: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 69,245 |  |  | 65,446
Actual return on plan assets |  |  | (4,937) |  |  | 10,107
Employer contributions |  |  | 1,563 |  |  | —
Benefits paid |  |  | (6,218) |  |  | (6,308)
Fair value of plan assets at end of year |  |  | 59,653 |  |  | 69,245
Funded status and accrued pension cost |  | $ | (18,194) |  | $ | (16,450)
Assumptions Used to Determine Benefit Obligations | The weighted-average assumptions used to determine the benefit obligation at December 31 are as follows:
|  | 2018 |  | 2017 |  | 2016 |
Discount rate |  | 3.95 | % | 3.30 | % | 3.72 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |
The weighted-average assumptions used to determine the net periodic pension expense for years ended December 31 are as follows:
|  | 2018 |  | 2017 |  | 2016 |
Discount rate |  | 3.47 | % | 3.59 | % | 3.70 | %
Rate of compensation increase |  | N/A |  | N/A |  | N/A |
Expected long-term rate of return on plan assets |  | 6.50 | % | 6.50 | % | 6.50 | %
Allocation of Defined Benefit Pension Plans Assets | The allocation of the defined benefit pension plan’s assets at December 31 are as follows (amounts in thousands):
Asset Class |  | 2018 |  | 2017
Cash |  | $ | 162 |  | $ | 642
Mutual funds |  |  | 59,491 |  |  | 68,603
Total |  | $ | 59,653 |  | $ | 69,245
Pension Plan [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Net Periodic Pension and Postretirement Benefit (Income) Expense | Net periodic pension expense reflected in the accompanying consolidated statements of operations included the following components for the years ended December 31 (amounts in thousands):
| 2018 |  | 2017 |  | 2016
Interest cost | $ | 2,829 |  | $ | 3,019 |  | $ | 3,173
Expected return on plan assets |  | (4,363) |  |  | (4,202) |  |  | (4,131)
Amortization of net actuarial loss |  | 750 |  |  | 919 |  |  | 1,047
Net settlement loss |  | 1,559 |  |  | 1,734 |  |  | 1,715
Total net periodic pension expense | $ | 775 |  | $ | 1,470 |  | $ | 1,804
Expected Future Benefit Payments | The Company expects to contribute approximately $1.5 million to its defined benefit pension plan in 2019. Based on the Company’s assumptions discussed above, the Company expects to make the following estimated future benefit payments under the plan during the years ending December 31 (amounts in thousands):
2019 |  | $ | 4,073
2020 |  |  | 4,694
2021 |  |  | 4,930
2022 |  |  | 5,882
2023 |  |  | 5,066
2024 - 2028 |  |  | 30,061

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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