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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of Multiemployer Plans | The following table outlines the Company’s participation in multi-employer pension plans for the years ended December 31, 2020, 2019 and 2018 and sets forth the calendar year contributions and accruals for each plan. The “EIN/Pension Plan Number” column provides the Employer Identification Number (“EIN”) and the three-digit plan number. The most recent Pension Protection Act zone status available in 2020 and 2019 relates to the plans’ two most recent fiscal year-ends. The zone status is based on information that the Company received from the plans’ administrators and is certified by each plan’s actuary. Plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a financial improvement plan (“FIP”) for yellow/orange zone plans, or a rehabilitation plan (“RP”) for red zone plans, is either pending or has been implemented. As of December 31, 2020 and 2019, all plans that have either a FIP or RP requirement have had the respective plan implemented.
|  | EIN/ Pension Plan Number |  | Pension Protection Act Zone Status |  | FIP/RP Status Pending/ Implemented |  | Contributions and Accruals (in $000’s) |  | Company Contributions > 5% |  | Union Contract Expires
Pension Fund |  |  | 2020 |  | 2019 |  |  | 2020 |  | 2019 |  | 2018 |  |
SEIU National Industry Pension Fund |  | 52-6148540 |  | Red |  | Red |  | Yes/Implemented |  | $ | 366 |  |  | $ | 910 |  |  | $ | 845 |  |  | No |  | 4/30/2022
New England Carpenters Pension Fund (1) |  | 51-6040899 |  | Green |  | Green |  | No |  | 91 |  |  | 121 |  |  | 138 |  |  | No |  | 6/2/2020(4)
Plumbers and Pipefitters Pension Fund |  | 52-6152779 |  | Yellow |  | Yellow |  | Yes/Implemented |  | 171 |  |  | 299 |  |  | 311 |  |  | No |  | 8/29/2021
Rhode Island Laborers Pension Fund |  | 51-6095806 |  | Green |  | Green |  | No |  | 483 |  |  | 785 |  |  | 934 |  |  | Yes |  | 10/31/2022
New England Teamsters Pension Fund |  | 04-6372430 |  | Red |  | Red |  | Yes/Implemented |  | 230 |  |  | 361 |  |  | 582 |  |  | No |  | 6/30/2023
The Legacy Plan of the UNITE HERE Retirement Fund (3) |  | 82-0994119/001 |  | Red |  | Red |  | Yes/Implemented |  | 578 |  |  | 936 |  |  | 1,474 |  |  | No |  | 6/30/2021
The Adjustable Plan of the UNITE HERE Retirement Fund (3) |  | 82-0994119/002 |  | N/A(2) |  | N/A(2) |  | No |  | 5/31/2022
Local 68 Engineers Union Pension Fund |  | 51-0176618 |  | Red |  | Red |  | Yes/Implemented |  | 22 |  |  | — |  |  | — |  |  | No |  | 4/30/2022
Northeast Carpenters Pension Fund |  | 11-1991772 |  | Green |  | Green |  | No |  | 10 |  |  | — |  |  | — |  |  | No |  | 4/30/2022
International Painters and Allied Trades Industry Pension Fund |  | 52-6073909 |  | Red |  | Red |  | Yes/Implemented |  | 5 |  |  | — |  |  | — |  |  | No |  | 4/30/2022
Total Contributions |  |  |  |  |  |  |  |  |  | $ | 1,956 |  |  | $ | 3,412 |  |  | $ | 4,284 |  |  |  |  |
__________________________________ (1)Effective January 1, 2018, the Rhode Island Carpenters Pension Fund (05-6016572) merged into the New England Carpenters Pension Fund. (2)The Plan is not subject to the Pension Protection Act of 2016 zone status certification rule. (3)Formerly listed as Hotel & Restaurant Employees International Pension Fund - Allocations of contributions between the two plans are determined by the plan administrator. Unions at both our Twin River Lincoln and Bally's Atlantic City properties participate in the UNITE HERE Retirement funds. (4)Contract renewal is currently in negotiations
Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of Plan | For the defined benefit pension plan, the accumulated benefit obligation is equal to the projected benefit obligation. The following tables present the benefit obligation, fair value of plan assets and funded status of the plan:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019
Changes in Benefit Obligation |  |  |
Beginning benefit obligation | $ | 27,849 |  |  | $ | 24,067 |
Service cost | — |  |  | — |
Interest cost | 897 |  |  | 666 |
Actuarial (gain) loss | 3,069 |  |  | 3,588 |
Benefits paid | (880) |  |  | (472) |
Benefit obligation at end of year | $ | 30,935 |  |  | $ | 27,849 |
Changes in Plan Assets |  |  |
Beginning fair value of plan assets | $ | 19,162 |  |  | $ | 17,454 |
Actual return (loss) on plan assets | 2,653 |  |  | 1,815 |
Employer contributions | 786 |  |  | 365 |
Benefits paid | (880) |  |  | (472) |
Settlement payments | — |  |  | — |
Fair value of plan assets at end of year | $ | 21,721 |  |  | $ | 19,162 |
Unfunded status at end of year | $ | (9,214) |  |  | $ | (8,687) |
Schedule of Periodic Benefit (Income) Cost | Net periodic benefit (income) cost and other changes in plan assets and benefit obligations recognized consist of the following:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019
Net Periodic Benefit (Income) Cost |  |  |
Interest cost | $ | 897 |  |  | $ | 666 |
Expected return on plan assets | (1,428) |  |  | (967) |
Net periodic benefit (income) cost | $ | (531) |  |  | $ | (301) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income |  |  |
Net actuarial loss | $ | 1,844 |  |  | $ | 2,740 |
Total expense recognized in other comprehensive income | $ | 1,844 |  |  | $ | 2,740 |
Total expense recognized in net periodic benefit cost (income) and other comprehensive income (loss) | $ | 1,313 |  |  | $ | 2,439 |
Schedule of Assumptions Used | The principal assumptions used to determine net periodic pension benefit cost and benefit obligation under the Dover Downs Pension Plan as of December 31, 2020 consist of the following:
| Year Ended December 31,
| 2020 |  | 2019
Benefit obligation assumptions: |  |  |
Discount rate | 2.55 | % |  | 3.28 | %
Net periodic benefit cost assumptions: |  |  |
Discount rate | 3.28 | % |  | 4.05 | %
Expected return on plan assets | 7.5 | % |  | 7.5 | %
Average future years of service | 8.9 |  | n/a
Schedule of Allocation of Plan Assets | The asset allocation targets and the actual allocation of pension assets in the Dover Downs Pension Plan as of December 31, 2020 are as follows:
Asset Category |  | Target |  | December 31, 2020
Equity Securities |  | 60 | % |  | 64 | %
Debt Securities |  | 40 | % |  | 32 | %
Other |  | — | % |  | 4 | %
Total |  | 100 | % |  | 100 | %
The fair values of pension assets in the Dover Downs Pension Plan as of December 31, 2020 by asset category are as follows:
(in thousands) |  |  |  |  |  |  |  |
Asset Category |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Mutual funds/ETFs: |  |  |  |  |  |  |  |
Equity-large cap |  | $ | 7,986 |  |  | $ | 7,986 |  |  | $ | — |  |  | $ | — |
Equity-mid cap |  | 1,254 |  |  | 1,254 |  |  | — |  |  | — |
Equity-small cap |  | 1,243 |  |  | 1,243 |  |  | — |  |  | — |
Equity-international |  | 3,343 |  |  | 3,343 |  |  | — |  |  | — |
Fixed income |  | 6,944 |  |  | 6,944 |  |  | — |  |  | — |
Money market |  | 951 |  |  | 951 |  |  | — |  |  | — |
Total mutual funds/ETFs |  | $ | 21,721 |  |  | $ | 21,721 |  |  | $ | — |  |  | $ | — |
Schedule of Estimated Future Benefit Payments | The estimated future benefit payments under the Dover Downs Pension Plan are as follows:
(in thousands) |
Year Ending December 31, |
2021 | $ | 944 |
2022 | 991 |
2023 | 1,081 |
2024 | 1,126 |
2025 | 1,179 |
2026-2030 | 6,398 |

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