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Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

A subsidiary of the Company, sponsors a defined benefit plan with benefits based on each employee’s years of service and compensation. The benefits under the defined benefit pension plan are frozen.

Net Periodic Pension Cost and Pension Benefit Obligation

Net periodic pension cost consists of the following components for the years ended December 31:

			Pension Benefits
			2020						2019						2018
Service cost			$	—					$	—					$	—
Interest cost on benefit obligation			1,426						1,640						1,641
Expected return on plan assets			(1,924)						(1,604)						(1,948)
Curtailment and settlements			2,333						626						1,039
Amortization of actuarial (gains) losses			340						266						258
Net periodic benefit cost			$	2,175					$	928					$	990

The above costs are included within Other, net on the Consolidated Statements of Operations.

The following weighted average assumptions were used to determine net periodic costs at December 31:

			Pension Benefits
			2020						2019						2018
Discount rate			3.39		%				4.42		%				3.83		%
Expected return on plan assets			7.00		%				7.00		%				7.00		%
Rate of compensation increase			N/A						N/A						N/A

The expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes.

Other changes in plan assets and benefit obligation recognized in Other comprehensive income (loss) consist of the following components for the years ended December 31:

			Pension Benefits
			2020						2019						2018
Current year actuarial (gain) loss			$	2,213					$	2,917					$	(520)
Amortization of actuarial loss			(340)						(266)						(258)
Total recognized in other comprehensive (income) loss			1,873						2,651						(778)
Total recognized in net periodic benefit cost and other comprehensive loss			$	4,048					$	3,579					$	212

The following table summarizes the change in benefit obligations and fair values of plan assets for the years ended December 31:

			2020						2019						2018
Change in benefit obligation:
Benefit obligation, Beginning balance			$	43,012					$	37,938					$	43,750
Interest Cost			1,426						1,640						1,641
Actuarial (gains) losses			5,301						6,127						(3,522)
Benefits paid			(6,728)						(2,693)						(3,931)
Benefit obligation, Ending balance			43,011						43,012						37,938
Change in plan assets:
Fair value of plan assets, Beginning balance			27,206						23,181						27,977
Actual return on plan assets			2,678						4,188						(2,093)
Employer contributions			2,325						2,530						1,228
Benefits paid			(6,728)						(2,693)						(3,931)
Fair value of plan assets, Ending balance			25,481						27,206						23,181
Unfunded status			$	17,530					$	15,806					$	14,757

Amounts recognized in the balance sheet at December 31 consist of the following:

			Pension Benefits
			2020						2019
Non-current liability			$	17,530					$	15,806
Net amount recognized			$	17,530					$	15,806

Amounts recognized in Accumulated Other Comprehensive Loss before income taxes consists of the following components for the years ended December 31:

			Pension Benefits
			2020						2019
Accumulated net actuarial losses			$	17,403					$	15,530
Amount recognized			$	17,403					$	15,530

In 2021, the Company estimates that it will recognize $413 of amortization of net actuarial losses from accumulated other comprehensive loss, net into net periodic cost related to the pension plan.

The following weighted average assumptions were used to determine benefit obligations as of December 31:

			Pension Benefits
			2020						2019
Discount rate			2.55		%				3.39		%
Rate of compensation increase			N/A						N/A

The discount rate assumptions at December 31, 2020 and 2019 were determined independently. The discount rate was derived from the effective interest rate of a hypothetical portfolio of high-quality bonds, whose cash flows match the expected future benefit payments from the plan as of the measurement date.

Fair Value of Plan Assets and Investment Strategy

The fair value of the plan assets as of December 31, is as follows:

			December 31, 2020						Level 1						Level 2						Level 3
Asset Category:
Money market fund – Short term investments			$	1,039					$	1,039					$	—					$	—
Mutual funds			24,442						24,442						—						—
Total			$	25,481					$	25,481					$	—					$	—

			December 31, 2019						Level 1						Level 2						Level 3
Asset Category:
Money market fund – Short term investments			$	1,275					$	1,275					$	—					$	—
Mutual funds			25,931						25,931						—						—
Total			$	27,206					$	27,206					$	—					$	—

The pension plans weighted-average asset allocation for the years ended December 31, 2020 and 2019 are as follows:

			Target Allocation						Actual Allocation
			2020						2020						2019
Asset Category:
Equity securities			65.0		%				69.0		%				66.7		%
Debt securities			30.0		%				27.0		%				28.6		%
Cash/cash equivalents and Short term investments			5.0		%				4.0		%				4.7		%
			100.0		%				100.0		%				100.0		%

The goals of the pension plan investment program are to fully fund the obligation to pay retirement benefits in accordance with the plan documents and to provide returns that, along with appropriate funding from the Company, maintain an asset/liability ratio that is in compliance with all applicable laws and regulations and assures timely payment of retirement benefits.

Equity securities primarily include investments in large-cap and mid-cap companies located in the United States. Debt securities are diversified across different asset types with bonds issued in the United States as well as outside the United States. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the preceding tables.

Cash Flows                                                        

The pension plan contributions are deposited into a trust, and the pension plan benefit payments are made from trust assets. During 2020, the Company contributed $2,325 to the pension plan. The Company estimates that it will make approximately $2,415 in contributions to the pension plan in 2021. Fluctuations in actual market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefit costs and contributions in future periods.

The following estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years ending December 31:

Period						Amount
2021						$	1,802
2022						1,769
2023						1,983
2024						2,231
2025						2,171
Thereafter						10,796

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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- References

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