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RETIREMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2019
RETIREMENT PLANS  
Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan and other postretirement benefit plans

    

2019

    

2018

    

2017

Discount Rate – Pension Benefit Obligation

 

4.2

%  

4.7

%  

4.2

%

Discount Rate – Pension Benefit Cost

4.5

%

4.3

%

4.6

%

Discount Rate – Postretirement Benefit Obligation

3.5

%  

4.5

%  

3.9

%

Discount Rate – Postretirement Benefit Cost

4.5

%

3.9

%

4.3

%

Annual salary increase

 

6.5

%  

6.5

%  

6.5

Expected long-term return on plan assets

 

6.1

%  

6.1

%  

6.1

%

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

2019

2018

Accumulated postretirement benefit obligation

Service cost plus interest cost

Accumulated postretirement benefit obligation

Service cost plus interest cost

At trend

4,900

308

4,013

308

At trend + 1%

5,242

337

4,305

338

Dollar Impact

342

29

292

30

Percentage Impact

7.0

%

9.4

%

7.3

%

9.7

%

At trend – 1%

4,597

284

3,755

282

Dollar Impact

(303)

(24)

(258)

(26)

Percentage Impact

(6.2)

%

(7.8)

%

(6.4)

%

(8.4)

%

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 2019 and 2018 (in thousands):

    

2019

    

2018

Pension Benefits

Postretirement Benefits

Pension Benefits

Postretirement Benefits

Projected benefit obligations:

Balance at beginning of year:

$

76,900

$

4,012

$

80,355

$

5,307

Service cost

 

1,709

 

126

 

1,794

 

147

Interest cost

 

3,472

182

 

3,279

161

Benefits and settlements paid

 

(5,738)

 

(354)

 

(4,524)

 

(360)

Actuarial (gain) loss

 

5,739

 

933

 

(4,004)

 

(1,243)

Settlement

 

(105)

 

 

 

Balance at end of year

$

81,977

$

4,899

$

76,900

$

4,012

Plan net assets:

Balance at beginning of year:

$

77,530

$

$

80,892

$

Actual return on plan assets

10,678

 

(730)

 

Company contributions

 

838

 

354

 

1,830

 

360

Benefits and settlements paid

 

(5,696)

 

(354)

 

(4,462)

 

(360)

Balance at end of year

$

83,350

$

$

77,530

$

Over/ (Under) funded status of plan

$

1,373

$

(4,899)

$

630

$

(4,012)

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

    

2019

    

2018

GTT Pension Benefit

Viya Pension Benefit

Postretirement Benefits

GTT Pension Benefit

Viya Pension Benefit

Postretirement Benefits

Projected benefit obligation

$

15,594

$

66,383

$

4,899

$

14,712

$

62,188

$

4,012

Plan Net Assets

15,054

68,296

14,105

63,425

Over/ (Under) funded status of plan

$

(540)

$

1,913

$

(4,899)

$

(607)

$

1,237

$

(4,012)

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, 2019 are as follows (in thousands):

Asset Category

    

Total

    

Level 1

    

Level 2

    

Level 3

 

Cash, cash equivalents, money markets and other

$

4,982

$

4,982

$

$

Common stock

26,702

22,451

4,251

Mutual funds - fixed income

12,970

12,970

Mutual funds - equities

10,921

10,921

Fixed income securities

26,307

1,178

25,129

Other

1,468

1,031

437

Total

$

83,350

$

53,533

$

29,380

$

437

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

Schedule of weighted-average asset allocations, by asset category

    

2019

    

2018

Cash, cash equivalents, money markets and other

 

6

%  

7

%

Common stock

32

30

Mutual funds - fixed income

16

21

Mutual funds - equities

13

17

Fixed income securities

32

23

Other

1

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, 

    

2019

    

2018

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Accrued and current liabilities

$

$

340

$

$

271

Other Liabilities

540

4,559

744

3,742

Other Assets

 

1,913

 

 

1,375

 

Accumulated other comprehensive income, net of tax

1,484

359

938

1,350

Schedule of amounts recognized in accumulated other comprehensive loss

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

As of December 31, 

    

2019

    

2018

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Net actuarial gain

$

540

$

359

$

30

$

1,350

Accumulated other comprehensive income, pre-tax

540

359

30

1,350

Accumulated other comprehensive income, net of tax

 

1,484

 

359

 

938

 

1,350

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, 2019, 2018 and 2017 (in thousands):

    

2019

    

2018

2017

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Pension benefits

Postretirement benefits

Service cost

$

1,709

$

126

$

1,794

$

147

$

1,676

$

183

Interest cost

 

3,472

 

182

 

3,279

161

 

3,388

206

Expected return on plan assets

 

(4,571)

 

 

(4,835)

 

(4,470)

Amortization of actuarial (gain) loss

 

29

 

(58)

 

121

(67)

 

716

Settlement

 

(35)

 

 

 

Net periodic pension cost

$

604

$

250

$

359

$

241

$

1,310

$

389

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

2020

$

4,719

$

347

2021

 

4,476

320

2022

 

4,813

317

2023

 

4,339

263

2024

 

4,594

310

2025-2029

 

23,474

1,695

Total

$

46,415

$

3,252