PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

3 Months Ended

Mar. 31, 2019

PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS

Summary of the components of net periodic benefit cost

The following is a summary of the components of net periodic benefit cost:


	Three Months Ended March 31
	Nonunion Defined				Supplemental				Postretirement
	Benefit Pension Plan				Benefit Plan				Health Benefit Plan
	2019		2018		2019		2018		2019		2018
	(in thousands)
Service cost	$	—	$	—	$	—	$	—	$	80	$	92
Interest cost		318		1,015		10		27		303		209
Expected return on plan assets		(90)		(401)		—		—		—		—
Amortization of prior service credit		—		—		—		—		(9)		(23)
Pension settlement expense		1,356		654		—		—		—		—
Amortization of net actuarial loss(1)		149		778		24		20		225		76
Net periodic benefit cost	$	1,733	$	2,046	$	34	$	47	$	599	$	354

⁽¹⁾

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

Schedule of changes in the projected benefit obligation and plan assets of the nonunion defined benefit pension plan

The following table discloses the changes in benefit obligations and plan assets of the nonunion defined benefit pension plan for the three months ended March 31, 2019:


	Nonunion Defined
	Benefit Pension Plan
	(in thousands)
Change in benefit obligations
Benefit obligations at December 31, 2018	$	33,373
Interest cost		318
Actuarial gain(1)		(766)
Benefits paid		(14,975)
Benefit obligations at March 31, 2019		17,950
Change in plan assets
Fair value of plan assets at December 31, 2018		26,646
Actual return on plan assets		216
Employer contributions		—
Benefits paid		(14,975)
Fair value of plan assets at March 31, 2019		11,887
Funded status at period end(2)	$	(6,063)

Accumulated benefit obligation	$	17,950

⁽¹⁾

The plan recognized an actuarial gain on lump-sum distributions related to benefit elections for plan termination which had been included in the actuarial estimate for the annuity contract purchase as of the December 31, 2018 measurement date.

⁽²⁾

Recognized within current portion of pension and postretirement liabilities in the accompanying consolidated balance sheet at March 31, 2019.