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RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2018

RETIREMENT PLANS

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans

		2018		2017		2016
Discount Rate – Pension Benefit Obligation		4.7	%	4.2	%	4.6	%
Discount Rate – Pension Benefit Cost		4.3	%	4.6	%	4.3	%
Discount Rate – Postretirement Benefit Obligation		4.5	%	3.9	%	4.3	%
Discount Rate – Postretirement Benefit Cost		3.9	%	4.3	%	3.9	%
Annual salary increase		6.5	%	6.5	%	6.5	%
Expected long-term return on plan assets		6.1	%	6.1	%	6.3	%

Schedule of effect of one-percentage point increase in assumed health care cost trend rates of net periodic postretirement health care benefit cost

		2018						2017
		Accumulated postretirement benefit obligation			Service cost plus interest cost			Accumulated postretirement benefit obligation			Service cost plus interest cost
At trend			4,013			308			5,308			389
At trend + 1%			4,305			338			5,723			429
Dollar Impact			292			30			415			40
Percentage Impact			7.3	%		9.7	%		7.8	%		10.3	%
At trend – 1%			3,755			282			4,944			355
Dollar Impact			(258)			(26)			(364)			(34)
Percentage Impact			(6.4)	%		(8.4)	%		(6.9)	%		(8.7)	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2018 and 2017 (in thousands):

		2018						2017
		Pension Benefits			Postretirement Benefits			Pension Benefits			Postretirement Benefits
Projected benefit obligations:
Balance at beginning of year:		$	80,355		$	5,307		$	76,119		$	5,108
Service cost			1,794			147			1,676			183
Interest cost			3,279			161			3,388			206
Benefits and settlements paid			(4,524)			(360)			(3,942)			(367)
Actuarial (gain) loss			(4,295)			(272)			3,114			177
Experience (gain) loss			291			(971)			—			—
Balance at end of year		$	76,900		$	4,012		$	80,355		$	5,307
Plan net assets:
Balance at beginning of year:		$	80,892		$	—		$	75,331		$	—
Actual return on plan assets			(730)			—			8,789			—
Company contributions			1,830			360			842			367
Benefits and settlements paid			(4,462)			(360)			(4,070)			(367)
Balance at end of year		$	77,530		$	—		$	80,892		$	—
Over/ (Under) funded status of plan		$	630		$	(4,012)		$	537		$	(5,307)

Schedule of funded status of the Company’s pension and other retirement benefit plans

The funded status of the Company’s pension and other retirement benefit plans is below (in thousands):

		2018									2017
		GTT Pension Benefit			Viya Pension Benefit			Postretirement Benefits			GTT Pension Benefit			Viya Pension Benefit			Postretirement Benefits
Projected benefit obligation		$	14,712		$	62,188		$	4,012		$	13,205		$	67,150		$	5,307
Plan Net Assets			14,105			63,425			—			10,307			70,585			—
Over/ (Under) funded status of plan		$	(607)		$	1,237		$	(4,012)		$	(2,898)		$	3,435		$	(5,307)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2018 are as follows (in thousands):

Asset Category		Total			Level 1			Level 2			Level 3
Cash, cash equivalents, money markets and other		$	5,173		$	5,173		$	—		$	—
Common stock			23,052			18,760			4,292			—
Mutual funds - fixed income			16,444			—			16,444			—
Mutual funds - equities			13,099			4,748			8,351			—
Fixed income securities			18,095			—			18,095			—
Other			1,667			1,177			—			490
Total		$	77,530		$	29,858		$	47,182		$	490

The fair values for the pension plan’s net assets, by asset category, at December 31, 2017 are as follows (in thousands):

Asset Category		Total			Level 1			Level 2			Level 3
Cash, cash equivalents, money markets and other		$	6,363		$	6,363		$	—		$	—
Common stock			28,467			25,312			3,155			—
Mutual funds - equities			9,248			9,248			—			—
Exchange traded funds - equities			904			904			—			—
Fixed income securities			35,414			—			35,414			—
Annuities			496			—			—			496
Total		$	80,892		$	41,827		$	38,569		$	496

Schedule of weighted-average asset allocations, by asset category

		2018		2017
Cash, cash equivalents, money markets and other		7	%	8	%
Common stock		30		35
Mutual funds - fixed income		21		—
Mutual funds - equities		17		11
Fixed income securities		23		44
Other		2		2
Total		100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):

		As of December 31,
		2018						2017
		Pension benefits			Postretirement benefits			Pension benefits			Postretirement benefits
Accrued and current liabilities		$	—		$	271		$	—		$	392
Other Liabilities			744			3,742			2,898			4,915
Other Assets			1,375			—			3,435			—
Accumulated other comprehensive income, net of tax			938			1,350			2,953			174

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recognized in accumulated other comprehensive loss consist of (in thousands):

		As of December 31,
		2018						2017
		Pension benefits			Postretirement benefits			Pension benefits			Postretirement benefits
Net actuarial gain		$	30		$	1,350		$	1,408		$	174
Accumulated other comprehensive income, pre-tax			30			1,350			1,408			174
Accumulated other comprehensive income, net of tax			938			1,350			2,953			174

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2018, 2017 and 2016 (in thousands):

		2018						2017						2016
		Pension benefits			Postretirement benefits			Pension benefits			Postretirement benefits			Pension benefits			Postretirement benefits
Service cost		$	1,794		$	147		$	1,676		$	183		$	1,308		$	97
Interest cost			3,279			161			3,388			206			2,002			97
Expected return on plan assets			(4,835)			—			(4,470)			—			(2,024)			—
Amortization of actuarial (gain) loss			121			(67)			716			—			1,271			—
Curtailment			—			—			—			—			128			—
Net periodic pension cost		$	359		$	241		$	1,310		$	389		$	2,685		$	194

Schedule of estimated benefits

The following estimated benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):

		Pension			Postretirement
Fiscal Year		Benefits			Benefits
2019		$	5,022		$	277
2020			4,292			255
2021			4,452			237
2022			5,079			261
2023			4,355			236
2024-2028			23,534			1,535
		$	46,734		$	2,801

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Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in accumulated other comprehensive income (loss).

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Tabular disclosure of the weighted average percentage allocation of plan assets by major asset category.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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