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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Defined Benefit Plan [Abstract] |
Employee Benefit Plans | Employee Benefit Plans The Company provides certain full-time employees with pension benefits under defined benefit and defined contribution plans. The measurement date for all plans is December 31. The Company's expense for its defined contribution plans amounted to $8.1 million in 2020, $8.8 million in 2019 and $7.2 million in 2018. The Company also provides health insurance benefits to certain employees and retirees. The Company has an unfunded noncontributory defined benefit pension plan. The plan provides defined benefits based on years of service and average monthly compensation using a career average formula. Pension benefits were frozen at July 1, 2010. The Company also has postretirement health care benefit plans covering substantially all of its full-time employees hired prior to January 1, 2003. These plans are generally contributory and include a cap on the Company's share of the related costs. Obligation and Funded Status Following are the details of the obligation and funded status of the pension and postretirement benefit plans:
(in thousands) | Pension Benefits |  | Postretirement Benefits
Change in benefit obligation | 2020 |  | 2019 |  | 2020 |  | 2019
Benefit obligation at beginning of year | $ | 3,088 |  |  | $ | 4,362 |  |  | $ | 24,872 |  |  | $ | 20,638 |
Service cost | — |  |  | — |  |  | 221 |  |  | 365 |
Interest cost | 48 |  |  | 116 |  |  | 719 |  |  | 854 |
Actuarial (gains) losses | 68 |  |  | 44 |  |  | 452 |  |  | 4,687 |
Participant contributions | — |  |  | — |  |  | 298 |  |  | 297 |
Benefits paid | (1,320) |  |  | (1,434) |  |  | (1,238) |  |  | (1,969) |
Benefit obligation at end of year | $ | 1,884 |  |  | $ | 3,088 |  |  | $ | 25,324 |  |  | $ | 24,872 |
(in thousands) | Pension Benefits |  | Postretirement Benefits
Change in plan assets | 2020 |  | 2019 |  | 2020 |  | 2019
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Company contributions | 1,320 |  |  | 1,434 |  |  | 940 |  |  | 1,672 |
Participant contributions | — |  |  | — |  |  | 298 |  |  | 297 |
Benefits paid | (1,320) |  |  | (1,434) |  |  | (1,238) |  |  | (1,969) |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Under funded status of plans at end of year | $ | (1,884) |  |  | $ | (3,088) |  |  | $ | (25,324) |  |  | $ | (24,872) |
Amounts recognized in the Consolidated Balance Sheets at December 31, 2020 and 2019 consist of:
| Pension Benefits |  | Postretirement Benefits
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Accrued expenses and other current liabilities | $ | 1,014 |  |  | $ | 1,309 |  |  | $ | 1,310 |  |  | $ | 1,292 |
Other long-term liabilities | 870 |  |  | 1,779 |  |  | 24,014 |  |  | 23,580 |
Net amount recognized | $ | 1,884 |  |  | $ | 3,088 |  |  | $ | 25,324 |  |  | $ | 24,872 |
Following are the details of the pre-tax amounts recognized in accumulated other comprehensive loss at December 31, 2020:
| Pension Benefits |  | Postretirement Benefits
(in thousands) | Unamortized Actuarial Net Losses |  | Unamortized Prior Service Costs |  | Unamortized Actuarial Net Losses |  | Unamortized Prior Service Costs
Balance at beginning of year | $ | 3,034 |  |  | $ | — |  |  | $ | (4,442) |  |  | $ | 2,276 |
Amounts arising during the period | 68 |  |  | — |  |  | 452 |  |  | — |
Amounts recognized as a component of net periodic benefit cost | (248) |  |  | — |  |  | (79) |  |  | 911 |
Balance at end of year | $ | 2,854 |  |  | $ | — |  |  | $ | (4,069) |  |  | $ | 3,187 |
Amounts applicable to the Company's defined benefit plans with accumulated benefit obligations in excess of plan assets are as follows:
| December 31,
(in thousands) | 2020 |  | 2019
Projected benefit obligation | $ | 1,884 |  |  | $ | 3,088 |
Accumulated benefit obligation | $ | 1,884 |  |  | $ | 3,088 |
The combined benefits expected to be paid for all Company defined benefit plans over the next ten years are as follows:
(in thousands) | Expected Pension Benefit Payout |  | Expected Postretirement Benefit Payout
2021 | $ | 1,014 |  |  | $ | 1,310 |
2022 | 259 |  |  | 1,328 |
2023 | 207 |  |  | 1,324 |
2024 | 207 |  |  | 1,316 |
2025 | 193 |  |  | 1,328 |
2026-2030 | 4 |  |  | 6,577 |
Following are components of the net periodic benefit cost for each year:
| Pension Benefits |  | Postretirement Benefits
| December 31, |  | December 31,
(in thousands) | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 221 |  |  | $ | 365 |  |  | $ | 319 |
Interest cost | 48 |  |  | 116 |  |  | 130 |  |  | 719 |  |  | 854 |  |  | 752 |
Expected return on plan assets | — |  |  | — |  |  | — |  |  | (911) |  |  | (911) |  |  | (910) |
Recognized net actuarial loss | 248 |  |  | 232 |  |  | 243 |  |  | 79 |  |  | — |  |  | — |
Net periodic benefit cost | $ | 296 |  |  | $ | 348 |  |  | $ | 373 |  |  | $ | 108 |  |  | $ | 308 |  |  | $ | 161 |
Following are weighted average assumptions of pension and postretirement benefits for each year:
| Postretirement Benefits
| 2020 |  | 2019 |  | 2018
Used to Determine Benefit Obligations at Measurement Date |  |  |  |  |
Discount rate (a) | 2.2 | % |  | 3.0 | % |  | 4.1 | %
Used to Determine Net Periodic Benefit Cost for Years ended December 31 |  |  |  |  |
Discount rate (b) | 3.0 | % |  | 4.1 | % |  | 3.4 | %
Expected long-term return on plan assets | — |  |  | — |  |  | — |
Rate of compensation increases | — |  |  | — |  |  | — |
(a)The calculated rate for the unfunded employee retirement plan was 0.50%, 2.00% and 3.20% in 2020, 2019, and 2018, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three-year period presented above. (b)The calculated rate for the unfunded employee retirement plan was 2.00%, 3.20% and 2.50% in 2020, 2019, and 2018, respectively. Since it was terminated in 2015, the defined benefit pension plan did not have a discount rate during the three-year period presented above.
Assumed Health Care Cost Trend Rates at Beginning of Year |  |  |
| 2020 |  | 2019
Health care cost trend rate assumed for next year | 3.0 | % |  | 3.0 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) (a) | N/A |  | N/A
Year that the rate reaches the ultimate trend rate (a) | N/A |  | N/A
(a)In 2017, the Company's remaining uncapped participants were converted to a Medicare Exchange Health Reimbursement Arrangement, which put a 2% cap on the Company's share of the related costs.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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