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Pension and Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations

The following tables set forth the plan changes in benefit obligations, plan assets and funded status on the measurement dates, December 31, 2018, 2017 and 2016, and amounts recognized in our Consolidated Balance Sheets within other long-term liabilities.

 

Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost

The details of net periodic benefit cost for pension benefits included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2018, 2017 and 2016 are as follows:

 

(Table only in thousands)

 

2018

 

 

2017

 

 

2016

 

Service cost

 

$

 

 

$

415

 

 

$

447

 

Interest cost

 

 

1,190

 

 

 

1,314

 

 

 

1,426

 

Expected return on plan assets

 

 

(1,511

)

 

 

(1,723

)

 

 

(1,829

)

Net amortization and deferral

 

 

238

 

 

 

227

 

 

 

212

 

Net periodic benefit cost (income)

 

$

(83

)

 

$

233

 

 

$

256

 

Weighted-average assumptions used to determine net

   periodic benefit costs for the years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

3.35

%

 

 

3.85

%

 

 

4.00

%

Expected return on assets

 

 

5.75

%

 

 

7.25

%

 

 

7.50

%

Details of Defined Benefit Pension Plan Asset Allocation by Asset Category Our defined benefit pension plan asset allocation by asset category is as follows:

 

 

 

Target

Allocation

 

 

Percentage of

Plan Assets

 

 

 

2018

 

 

2018

 

 

2017

 

Asset Category:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

0

%

 

 

3

%

 

 

4

%

Equity securities

 

 

70

%

 

 

70

%

 

 

70

%

Debt securities

 

 

30

%

 

 

27

%

 

 

26

%

Total

 

 

100

%

 

 

100

%

 

 

100

%

 

Disclosure of Fair Value Measurements of Pension Plan Assets

The levels assigned to the defined benefit plan assets as of December 31, 2018, are summarized in the tables below:

 

(Table only in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension assets, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

685

 

 

$

 

 

$

 

 

$

685

 

Equity securities

 

 

16,994

 

 

 

 

 

 

 

 

 

16,994

 

Debt securities

 

 

6,518

 

 

 

 

 

 

 

 

 

6,518

 

Total assets

 

$

24,197

 

 

$

 

 

$

 

 

$

24,197

 

 

The levels assigned to the defined benefit plan assets as of December 31, 2017, are summarized in the tables below:

 

(Table only in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Pension assets, at fair value:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,147

 

 

$

 

 

$

 

 

$

1,147

 

Equity securities

 

 

18,722

 

 

 

 

 

 

 

 

 

18,722

 

Debt securities

 

 

6,967

 

 

 

 

 

 

 

 

 

6,967

 

Total assets

 

$

26,836

 

 

$

 

 

$

 

 

$

26,836

 

Summary of Pension Fund General Information

 

Pension Fund

 

EIN/Pension

Plan Number

 

Pension

Protection

Act Zone

Status

 

FIP/RP Status Pending/

Implemented

 

Surcharge

Imposed

 

Expiration

of Collective

Bargaining

Agreement

Sheet Metal Workers’ National Pension Fund

 

52-6112463/001

 

Yellow

 

FIP: Yes - Implemented RP: Yes - Implemented

 

No

 

various

Sheet Metal Workers Local 224 Pension Plan

 

31-6171353/001

 

Yellow

 

FIP: Yes - Implemented

 

No

 

May 31, 2022

Sheet Metal Workers Local No. 20, Indianapolis Area Pension fund

 

51-0168516/001

 

Green

 

Is not subject

 

No

 

May 31, 2020

Sheet Metal Workers Local No. 177 Pension Fund

 

62-6093256/001

 

Green

 

Is not subject

 

No

 

May 1, 2019