PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Tables)

9 Months Ended

Sep. 30, 2020

Summary of the components of net periodic benefit cost


	Three Months Ended September 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	$	—	$	—	$	—	$	—	$	46	$	80
Interest cost		—		138		2		9		144		303
Expected return on plan assets		—		29		—		—		—		—
Amortization of prior service credit		—		—		—		—		—		(8)
Pension settlement expense⁽³⁾		—		2,530		—		—		—		—
Amortization of net actuarial (gain) loss⁽⁴⁾		—		50		2		24		(150)		225
Net periodic benefit cost	$	—	$	2,747	$	4	$	33	$	40	$	600


	Nine Months Ended September 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	$	—	$	—	$	—	$	—	$	140	$	240
Interest cost		—		624		7		29		432		909
Expected return on plan assets		—		(60)		—		—		—		—
Amortization of prior service credit		—		—		—		—		—		(25)
Pension settlement expense⁽³⁾		—		4,164		89		—		—		—
Amortization of net actuarial (gain) loss⁽⁴⁾		—		260		7		71		(448)		674
Net periodic benefit cost	$	—	$	4,988	$	103	$	100	$	124	$	1,798

(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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2019, pension settlement expense for the nonunion defined benefit pension plan of $2.5 million (pre-tax), or $1.9 million (after-tax), and $4.2 million (pre-tax), or $3.1 million (after-tax), respectively, was related to lump-sum distributions from the plan of $16.0 million and $33.9 million, respectively, which included third quarter 2019 payments to purchase a nonparticipating annuity contract and transfer the remaining benefit obligation to the Pension Benefit Guaranty Corporation (the “PBGC”). During the three and nine months ended September 30, 2019, an additional $4.0 million pension termination expense (with no tax benefit) was recorded with pension settlement expense in the “Other, net” line of other income (costs) in the consolidated statements of operations. This noncash charge was related to an amount which was stranded in accumulated other comprehensive loss until the nonunion defined benefit pension obligation was settled upon plan termination.

(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.