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Employee Retirement and Benefit Plans

12 Months Ended

Dec. 31, 2018

Compensation And Retirement Disclosure [Abstract]

Note 11 – Employee Retirement and Benefit Plans

Defined contribution employee savings plans

Effective November 1, 2018 the Company combined its two qualified defined contribution employee savings plans. The Company’s qualified defined contribution employee savings plan allows eligible participants to defer, within prescribed limits, up to 75% of their income on a pre-tax basis through a portion of their salary and accumulate tax-deferred earnings as a retirement fund. The Company contributed approximately $0.2 million, $0.2 million and $0.3 million to its defined contribution employee savings plan during the years ended December 31, 2018, 2017 and 2016, respectively. The Company’s contributions vest over a five-year period.

Pension plans

As of December 31, 2018, approximately 2,000 of the Company’s employees were members of various unions and covered by union-sponsored, collectively bargained, multiemployer health and welfare and defined benefit pension plans. The Company recorded $11.0 million and $2.1 million in expenses for these plans for the year ended December 31, 2018 and 2017, respectively. The Company did not incur any expenses for these plans during the year ended December 31, 2016. The Company has no obligation to fund the plans beyond payments made based upon hours worked. The risks of participating in multiemployer plans are different from single-employer plans, including in the following aspects:

•

Assets contributed to multiemployer plans by one employer may be used to provide benefits to employees of other participating employers;

•

If a participating employer stops contributing to a multiemployer plan, the unfunded obligations of the multiemployer plan may be required to be borne by the remaining participating employers; and

•

If an entity chooses to stop participating in some of its multiemployer plans, the entity may be required to pay those plans an amount based on the underfunded status of those plans, referred to as a “withdrawal liability.”

The Company considers the following multiemployer pension plans to be significant:

FIR/RP

Expiration Date

Pension Protection

Status

Of Collective-

Zone Status ⁽¹⁾

Pending/

Surcharge

Bargaining

Multiemployer Pension Plans

EIN/Plan Number

2017

2016

Implemented

Imposed

Agreement

Central Pension Fund of the

IUOE and Participating

Employers

36-6052390-001

Green

3/31/2018 and

3/31/2020

Southern Nevada Culinary and

Bartenders Pension Plan

88-6016617-001

Green

5/31/2023

(1)	The Pension Protection Act of 2006 requires plans that are certified as endangered (yellow) or critical (red) to develop and implement a funding improvement plan.

The Company’s contributions to each multiemployer pension and benefit plans are as follows:

	December 31,
(In thousands)	2018		2017
Multiemployer pension plans
Central Pension Fund of the IUOE and Participating Employers	$	753	$	165
Southern Nevada Culinary and Bartenders Pension Plan		2,003		453
Other pension plans		191		45
Total contributions	$	2,947	$	663
Multiemployer benefit plans (excluding pension plans)
HEREIU Welfare Fund	$	7,807	$	1,691
All other		6		2
Total contributions	$	7,813	$	1,693

For the 2017 plan year, the latest period for which plan data is available, the Company made less than 5% of total contributions for all multiemployer pension plans to which the Company contributes.