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Pension and Postretirement Benefits | 12 Months Ended
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Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract] |
Pension and Postretirement Benefits | Note 18. Pension and Postretirement Benefits Domestic Plans We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans, which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we may fund the plans. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our pension plans consist of the following:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 61 |  |  | $ | 64 |  |  | $ | 64 |
Interest cost |  |  | 861 |  |  |  | 780 |  |  |  | 803 |
Expected return on plan assets |  |  | (99 | ) |  |  | (193 | ) |  |  | (176 | )
Recognized net actuarial loss |  |  | 403 |  |  |  | 494 |  |  |  | 433 |
Net periodic benefit cost |  |  | 1,226 |  |  |  | 1,145 |  |  |  | 1,124 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  |  | 1,305 |  |  |  | (76 | ) |  |  | 114 |
Reversal of amortization item: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  | (403 | ) |  |  | (494 | ) |  |  | (433 | )
Total recognized in other comprehensive income (loss) |  |  | 902 |  |  |  | (570 | ) |  |  | (319 | )
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 2,128 |  |  | $ | 575 |  |  | $ | 805 |
The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) of our postretirement benefit plans consist of the following:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 64 |  |  | $ | 80 |  |  | $ | 92 |
Interest cost |  |  | 458 |  |  |  | 449 |  |  |  | 413 |
Amortization of prior service credit |  |  | (189 | ) |  |  | (205 | ) |  |  | (431 | )
Recognized net actuarial loss |  |  | 112 |  |  |  | 405 |  |  |  | 164 |
Net periodic benefit cost |  |  | 445 |  |  |  | 729 |  |  |  | 238 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) |  |  | (1,117 | ) |  |  | 170 |  |  |  | 237 |
Prior service credit |  |  | — |  |  |  | — |  |  |  | 816 |
Reversal of amortization item: |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  | (112 | ) |  |  | (405 | ) |  |  | (164 | )
Prior service credit |  |  | 189 |  |  |  | 205 |  |  |  | 431 |
Total recognized in other comprehensive income (loss) |  |  | (1,040 | ) |  |  | (30 | ) |  |  | 1,320 |
Total recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | (595 | ) |  | $ | 699 |  |  | $ | 1,558 |
The following table indicates the funded status of the plans as of December 31:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Postretirement |
|  | Funded Plans |  |  | Unfunded Plans |  |  | Benefit Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 14,235 |  |  | $ | 15,440 |  |  | $ | 9,271 |  |  | $ | 9,857 |  |  | $ | 13,454 |  |  | $ | 13,807 |
Service cost |  |  | — |  |  |  | — |  |  |  | 61 |  |  |  | 64 |  |  |  | 64 |  |  |  | 80 |
Interest cost |  |  | 527 |  |  |  | 481 |  |  |  | 333 |  |  |  | 299 |  |  |  | 458 |  |  |  | 449 |
Actuarial adjustments |  |  | 1,611 |  |  |  | (887 | ) |  |  | 753 |  |  |  | (425 | ) |  |  | (1,117 | ) |  |  | 170 |
Benefits paid |  |  | (801 | ) |  |  | (799 | ) |  |  | (956 | ) |  |  | (524 | ) |  |  | (873 | ) |  |  | (1,052 | )
Benefit obligation at end of year |  |  | 15,572 |  |  |  | 14,235 |  |  |  | 9,462 |  |  |  | 9,271 |  |  |  | 11,986 |  |  |  | 13,454 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 10,299 |  |  |  | 11,590 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 1,157 |  |  |  | (1,043 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Company contributions |  |  | 636 |  |  |  | 551 |  |  |  | 956 |  |  |  | 524 |  |  |  | 873 |  |  |  | 1,052 |
Benefits paid |  |  | (801 | ) |  |  | (799 | ) |  |  | (956 | ) |  |  | (524 | ) |  |  | (873 | ) |  |  | (1,052 | )
Fair value of plan assets at end of year |  |  | 11,291 |  |  |  | 10,299 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | (4,281 | ) |  | $ | (3,936 | ) |  | $ | (9,462 | ) |  | $ | (9,271 | ) |  | $ | (11,986 | ) |  | $ | (13,454 | )
The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Postretirement |
|  | Funded Plans |  |  | Unfunded Plans |  |  | Benefit Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Other current liabilities |  | $ | — |  |  | $ | — |  |  | $ | 703 |  |  | $ | 974 |  |  | $ | 1,019 |  |  | $ | 1,160 |
Non-current liabilities |  |  | 4,281 |  |  |  | 3,936 |  |  |  | 8,759 |  |  |  | 8,297 |  |  |  | 10,967 |  |  |  | 12,294 |
Net amount recognized |  | $ | 4,281 |  |  | $ | 3,936 |  |  | $ | 9,462 |  |  | $ | 9,271 |  |  | $ | 11,986 |  |  | $ | 13,454 |
Amounts recognized in AOCI as of December 31 are as follows:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Postretirement |  |  |  |  |  |  |  |  |
|  | Funded Plans |  |  | Unfunded Plans |  |  | Benefit Plans |  |  | Total |  |  | Total |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Net actuarial loss |  | $ | 8,856 |  |  | $ | 8,643 |  |  | $ | 2,744 |  |  | $ | 2,055 |  |  | $ | 1,320 |  |  | $ | 2,549 |  |  | $ | 12,920 |  |  | $ | 13,247 |
Prior service credit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 43 |  |  |  | (146 | ) |  |  | 43 |  |  |  | (146 | )
Subtotal |  |  | 8,856 |  |  |  | 8,643 |  |  |  | 2,744 |  |  |  | 2,055 |  |  |  | 1,363 |  |  |  | 2,403 |  |  |  | 12,963 |  |  |  | 13,101 |
Less tax effect |  |  | (2,236 | ) |  |  | (2,182 | ) |  |  | (693 | ) |  |  | (519 | ) |  |  | (344 | ) |  |  | (607 | ) |  |  | (3,273 | ) |  |  | (3,308 | )
Total |  | $ | 6,620 |  |  | $ | 6,461 |  |  | $ | 2,051 |  |  | $ | 1,536 |  |  | $ | 1,019 |  |  | $ | 1,796 |  |  | $ | 9,690 |  |  | $ | 9,793 |
The fair value of the domestic plans’ assets by asset class are as follows:
|  |  |  |  |  | Fair Value Measurements at December 31, 2019 |
|  |  |  |  |  | Quoted Prices in Active Markets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
(in thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Domestic pension plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 5,267 |  |  | $ | 5,267 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 5,518 |  |  |  | 5,518 |  |  |  | — |  |  |  | — |
Cash |  |  | 316 |  |  |  | 316 |  |  |  | — |  |  |  | — |
Other |  |  | 190 |  |  |  | — |  |  |  | 190 |  |  |  | — |
Total |  | $ | 11,291 |  |  | $ | 11,101 |  |  | $ | 190 |  |  | $ | — |
|  |  |  |  |  | Fair Value Measurements at December 31, 2018 |
|  |  |  |  |  | Quoted Prices in Active Markets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
(in thousands) |  | Total |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Domestic pension plans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 5,355 |  |  | $ | 5,355 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 4,611 |  |  |  | 4,611 |  |  |  | — |  |  |  | — |
Cash |  |  | 140 |  |  |  | 140 |  |  |  | — |  |  |  | — |
Other |  |  | 193 |  |  |  | — |  |  |  | 193 |  |  |  | — |
Total |  | $ | 10,299 |  |  | $ | 10,106 |  |  | $ | 193 |  |  | $ | — |
We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across U.S. and non-U.S. stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements. We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness. The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands) |  | Funded Plans |  |  | Unfunded Plans |  |  | Postretirement Benefit Plans |
2020 |  | $ | 1,441 |  |  | $ | 714 |  |  | $ | 1,035 |
2021 |  | $ | 928 |  |  | $ | 702 |  |  | $ | 985 |
2022 |  | $ | 1,002 |  |  | $ | 687 |  |  | $ | 956 |
2023 |  | $ | 996 |  |  | $ | 672 |  |  | $ | 928 |
2024 |  | $ | 962 |  |  | $ | 656 |  |  | $ | 893 |
2025-2029 |  | $ | 4,759 |  |  | $ | 2,985 |  |  | $ | 3,768 |
Foreign Pension Plans Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following:
|  | December 31, |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2017 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 405 |  |  | $ | 552 |  |  | $ | 530 |
Interest cost |  |  | 397 |  |  |  | 381 |  |  |  | 492 |
Expected return on plan assets |  |  | (487 | ) |  |  | (505 | ) |  |  | (602 | )
Recognized net actuarial loss |  |  | 127 |  |  |  | 139 |  |  |  | 155 |
Settlement |  |  | — |  |  |  | — |  |  |  | 777 |
Net periodic benefit cost |  |  | 442 |  |  |  | 567 |  |  |  | 1,352 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial loss |  |  | 605 |  |  |  | (238 | ) |  |  | (106 | )
Reversal of amortization of net actuarial loss |  |  | (127 | ) |  |  | (139 | ) |  |  | (155 | )
Total recognized in other comprehensive income (loss) |  |  | 478 |  |  |  | (377 | ) |  |  | (261 | )
Total recognized in net periodic benefit cost and other comprehensive income |  | $ | 920 |  |  | $ | 190 |  |  | $ | 1,091 |
The following table represents the funded status of the plans as of December 31:
|  | Funded Plans |  |  | Unfunded Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 8,134 |  |  | $ | 9,521 |  |  | $ | 2,290 |  |  | $ | 2,582 |
Service cost |  |  | 405 |  |  |  | 552 |  |  |  | — |  |  |  | — |
Interest cost |  |  | 320 |  |  |  | 308 |  |  |  | 77 |  |  |  | 73 |
Actuarial adjustments |  |  | 1,037 |  |  |  | (809 | ) |  |  | 106 |  |  |  | (25 | )
Benefits paid |  |  | (336 | ) |  |  | (732 | ) |  |  | (178 | ) |  |  | (184 | )
Translation adjustment |  |  | 430 |  |  |  | (706 | ) |  |  | 36 |  |  |  | (156 | )
Benefit obligation at end of year |  |  | 9,990 |  |  |  | 8,134 |  |  |  | 2,331 |  |  |  | 2,290 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 8,243 |  |  |  | 9,493 |  |  |  | — |  |  |  | — |
Actual return on plan assets |  |  | 1,156 |  |  |  | (322 | ) |  |  | — |  |  |  | — |
Company contributions |  |  | 515 |  |  |  | 514 |  |  |  | 178 |  |  |  | 184 |
Benefits paid |  |  | (336 | ) |  |  | (732 | ) |  |  | (178 | ) |  |  | (184 | )
Translation adjustment |  |  | 435 |  |  |  | (710 | ) |  |  | — |  |  |  | — |
Fair value of plan assets at end of year |  |  | 10,013 |  |  |  | 8,243 |  |  |  | — |  |  |  | — |
Funded status at end of year |  | $ | 23 |  |  | $ | 109 |  |  | $ | (2,331 | ) |  | $ | (2,290 | )
The net amounts recognized in the Consolidated Balance Sheets under the caption “Pension and postretirement benefits” as of December 31 were as follows:
|  | Funded Plans |  |  | Unfunded Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Non-current assets |  | $ | (43 | ) |  | $ | (109 | ) |  | $ | — |  |  | $ | — |
Other current liabilities |  |  | — |  |  |  | — |  |  |  | 177 |  |  |  | 176 |
Non-current liabilities |  |  | 20 |  |  |  | — |  |  |  | 2,154 |  |  |  | 2,114 |
Net amount recognized |  | $ | (23 | ) |  | $ | (109 | ) |  | $ | 2,331 |  |  | $ | 2,290 |
Net actuarial losses for the foreign funded plans recognized in AOCI were $2.6 million ($1.9 million after-tax) as of December 31, 2019 and $2.2 million ($1.6 million after-tax) as of December 31, 2018. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.7 million ($0.5 million after-tax) as of December 31, 2019 and $0.6 million ($0.4 million after-tax) as of December 31, 2018. The fair value information related to the foreign pension plans’ assets is summarized in the following tables:
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
(in thousands) |  | December 31, 2019 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobserved Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 5,194 |  |  | $ | 5,194 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 4,669 |  |  |  | 4,669 |  |  |  | — |  |  |  | — |
Other |  |  | 150 |  |  |  | 150 |  |  |  | — |  |  |  | — |
Total |  | $ | 10,013 |  |  | $ | 10,013 |  |  | $ | — |  |  | $ | — |
|  |  |  |  |  | Fair Value Measurements at Reporting Date Using |
(in thousands) |  | December 31, 2018 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobserved Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities |  | $ | 3,967 |  |  | $ | 3,967 |  |  | $ | — |  |  | $ | — |
Equity securities |  |  | 4,087 |  |  |  | 4,087 |  |  |  | — |  |  |  | — |
Other |  |  | 189 |  |  |  | 189 |  |  |  | — |  |  |  | — |
Total |  | $ | 8,243 |  |  | $ | 8,243 |  |  | $ | — |  |  | $ | — |
The following payments, which reflect expected future service, as appropriate, are expected to be paid:
(in thousands) |  | Funded Plans |  |  | Unfunded Plans |
2020 |  | $ | 345 |  |  | $ | 177 |
2021 |  | $ | 355 |  |  | $ | 177 |
2022 |  | $ | 398 |  |  | $ | 176 |
2023 |  | $ | 438 |  |  | $ | 176 |
2024 |  | $ | 440 |  |  | $ | 175 |
2025-2029 |  | $ | 2,268 |  |  | $ | 860 |
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets The accumulated benefit obligations in excess of plan assets as of December 31 were as follows:
|  | Domestic Plans |
|  | Funded Plans |  |  | Unfunded Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 15,572 |  |  | $ | 14,235 |  |  | $ | 9,462 |  |  | $ | 9,271 |
Accumulated benefit obligation |  | $ | 15,572 |  |  | $ | 14,235 |  |  | $ | 9,454 |  |  | $ | 9,224 |
Fair value of plan assets |  | $ | 11,291 |  |  | $ | 10,299 |  |  | $ | — |  |  | $ | — |
|  | Foreign Plans |
|  | Funded Plans |  |  | Unfunded Plans |
(in thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Projected benefit obligation |  | $ | 9,990 |  |  | $ | 8,134 |  |  | $ | 2,331 |  |  | $ | 2,290 |
Accumulated benefit obligation |  | $ | 9,347 |  |  | $ | 7,581 |  |  | $ | 2,331 |  |  | $ | 2,290 |
Fair value of plan assets |  | $ | 10,013 |  |  | $ | 8,243 |  |  | $ | — |  |  | $ | — |
Contributions In aggregate for both the domestic and foreign plans, we anticipate contributing $1.4 million to the funded pension plans, $0.9 million to the unfunded pension plans, and $1.0 million to the postretirement benefit plans in 2020. Weighted-Average Assumptions Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
|  | Domestic Plans |  |  |  |  |  |  |  |  |
|  | Funded Plans |  |  | Unfunded Plans |  |  | Postretirement Benefit Plans |  |  | Foreign Plans |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  | 3.15 | % |  |  | 4.30 | % |  |  | 3.13 | % |  |  | 4.21 | % |  |  | 3.17 | % |  |  | 4.29 | % |  |  | 2.92 | % |  |  | 3.58 | %
Rate of compensation increase |  | N/A |  |  | N/A |  |  | N/A |  |  |  | 3.00 | % |  | N/A |  |  | N/A |  |  |  | 2.34 | % |  |  | 2.24 | %
Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows:
|  | Domestic Plans |  |  |  |  |  |  |  |  |
|  | Funded Plans |  |  | Unfunded Plans |  |  | Postretirement Benefit Plans |  |  | Foreign Plans |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  | 4.28 | % |  |  | 3.60 | % |  |  | 4.22 | % |  |  | 3.55 | % |  |  | 4.29 | % |  |  | 3.59 | % |  |  | 3.68 | % |  |  | 3.27 | %
Expected return on plan assets |  |  | 5.50 | % |  |  | 5.50 | % |  | N/A |  |  | N/A |  |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 4.55 | % |  |  | 4.62 | %
Rate of compensation increase |  | N/A |  |  | N/A |  |  |  | 3.00 | % |  |  | 3.00 | % |  | N/A |  |  | N/A |  |  |  | 2.34 | % |  |  | 2.24 | %
Multi-employer Plans We contribute to various defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that the unfunded obligations of the plan may be borne by solvent participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we could be required to pay a withdrawal liability amount based on the underfunded status of the plan. We finalized the terms of the new collective bargaining agreement with the Teamsters 727 union. The terms included a withdrawal from the underfunded Central States pension plan. Accordingly, we recorded a charge of $15.5 million, which represents the estimated present value of future contributions we will be required to make to the plan as a result of this withdrawal and $0.2 million of other withdrawal costs. Currently, we do not anticipate triggering any withdrawal from any other multi-employer pension plan to which we currently contribute. We also contribute to defined contribution plans pursuant to collective bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective bargaining agreements for individually significant multi-employer plans. Our participation in multi-employer pension plans for 2019 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2019 and 2018 relates to the plan’s year end as of December 31, 2018 and 2017, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.
|  |  |  | Plan |  |  | Pension Protection Act Zone Status |  | FIP/RP Status Pending/ Implemented |  | Viad Contributions |  |  | Surcharge Paid |  | Expiration Date of Collective Bargaining Agreement(s)
(in thousands) |  | EIN |  | No. |  |  | 2019 |  | 2018 |  |  |  | 2019 |  |  | 2018 |  |  | 2017 |  |  |  |  |
Pension Fund: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Western Conference of Teamsters Pension Plan |  | 91-6145047 |  |  | 1 |  |  | Green |  | Green |  | No |  | $ | 6,754 |  |  | $ | 6,471 |  |  | $ | 7,809 |  |  | No |  | 3/31/2020
Southern California Local 831—Employer Pension Fund(1) |  | 95-6376874 |  |  | 1 |  |  | Green |  | Green |  | No |  |  | 3,427 |  |  |  | 3,087 |  |  |  | 3,087 |  |  | No |  | 8/31/2021
Chicago Regional Council of Carpenters Pension Fund |  | 36-6130207 |  |  | 1 |  |  | Green |  | Green |  | Yes |  |  | 2,877 |  |  |  | 2,876 |  |  |  | 2,390 |  |  | No |  | 5/31/2023
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2 |  | 51-6030753 |  |  | 2 |  |  | Green |  | Green |  | No |  |  | 1,651 |  |  |  | 927 |  |  |  | 1,099 |  |  | No |  | 6/6/2021
IBEW Local Union No 357 Pension Plan A |  | 88-6023284 |  |  | 1 |  |  | Green |  | Green |  | No |  |  | 1,074 |  |  |  | 1,025 |  |  |  | 1,682 |  |  | No |  | 6/16/2021
Central States, Southeast and Southwest Areas Pension Plan |  | 36-6044243 |  |  | 1 |  |  | Red |  | Red |  | Yes |  |  | 872 |  |  |  | 1,177 |  |  |  | 1,060 |  |  | No |  | 3/31/2023
Southern California IBEW-NECA Pension Fund |  | 95-6392774 |  |  | 1 |  |  | Yellow |  | Yellow |  | Yes |  |  | 799 |  |  |  | 881 |  |  |  | 905 |  |  | Yes |  | 8/31/2021
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1) |  | 36-1416355 |  |  | 11 |  |  | Yellow |  | Yellow |  | Yes |  |  | 797 |  |  |  | 1,328 |  |  |  | 719 |  |  | Yes |  | 6/30/2024
Sign Pictorial & Display Industry Pension Plan(1) |  | 94-6278490 |  |  | 1 |  |  | Green |  | Green |  | No |  |  | 768 |  |  |  | 778 |  |  |  | 654 |  |  | No |  | 3/31/2021
Southwest Carpenters Pension Trust |  | 95-6042875 |  |  | 1 |  |  | Green |  | Green |  | No |  |  | 717 |  |  |  | 789 |  |  |  | 883 |  |  | No |  | 7/31/2023
New England Teamsters & Trucking Industry Pension |  | 04-6372430 |  |  | 1 |  |  | Red |  | Red |  | Yes |  |  | 506 |  |  |  | 423 |  |  |  | 772 |  |  | No |  | 3/31/2022
All other funds(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,625 |  |  |  | 3,734 |  |  |  | 2,900 |  |  |  |  |
Total contributions to defined benefit plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,867 |  |  |  | 23,496 |  |  |  | 23,960 |  |  |  |  |
Total contributions to other plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,416 |  |  |  | 2,900 |  |  |  | 2,613 |  |  |  |  |
Total contributions to multi-employer plans |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 27,283 |  |  | $ | 26,396 |  |  | $ | 26,573 |  |  |  |  |
(1) | We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s.
(2) | Represents participation in 35 pension funds during 2019.
Other Employee Benefits We match U.S. employee contributions to the 401(k) plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $5.0 million for 2019, $4.8 million for 2018, and $4.2 million for 2017.

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