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EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2019
EMPLOYEE BENEFIT PLANS |
Schedule of pension benefits | PENSION BENEFITS:
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
CHANGE IN BENEFIT OBLIGATION: |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 41,094 |  | $ | 41,013
Service cost |  |  | 1,470 |  |  | 1,482
Interest cost |  |  | 1,569 |  |  | 1,273
Actuarial loss |  |  | 7,758 |  |  | 823
Special/contractual termination benefits |  |  | — |  |  | 63
Benefits paid |  |  | (2,330) |  |  | (3,560)
Benefit obligation at end of year |  |  | 49,561 |  |  | 41,094
CHANGE IN PLAN ASSETS: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 38,478 |  |  | 37,100
Actual return on plan assets |  |  | 5,483 |  |  | (1,062)
Employer contributions |  |  | 3,200 |  |  | 6,000
Benefits paid |  |  | (2,330) |  |  | (3,560)
Fair value of plan assets at end of year |  |  | 44,831 |  |  | 38,478
Funded status of the plan |  | $ | (4,730) |  | $ | (2,616)
Schedule of amounts not yet recognized as a component of periodic pension cost |
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
AMOUNTS NOT YET RECOGNIZED AS A COMPONENT OF NET PERIODIC PENSION COST: |  |  |  |  |  |
Amounts recognized in accumulated other comprehensive loss consists of: |  |  |  |  |  |
Net actuarial loss |  | $ | 22,113 |  | $ | 18,461
Total |  | $ | 22,113 |  | $ | 18,461
Schedule of accumulated benefit obligation |
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
ACCUMULATED BENEFIT OBLIGATION: |  |  |  |  |  |
Accumulated benefit obligation |  | $ | 45,501 |  | $ | 37,695
Schedule of weighted-average assumptions used to determine benefit obligations | The weighted-average assumptions used to determine benefit obligations at December 31, 2019 and 2018 were as follows:
|  | YEAR ENDED DECEMBER 31, |
|  | 2019 |  | 2018 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  |
Discount rate |  | 3.20 | % | 4.28 | %
Salary scale |  | 2.50 |  | 2.50 |
Schedule of net periodic pension cost |
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  | (IN THOUSANDS)
COMPONENTS OF NET PERIODIC BENEFIT COST: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 1,470 |  | $ | 1,482 |  | $ | 1,516
Interest cost |  |  | 1,569 |  |  | 1,273 |  |  | 1,292
Expected return on plan assets |  |  | (3,025) |  |  | (2,798) |  |  | (2,539)
Special termination benefit liability |  |  | — |  |  | 63 |  |  | —
Recognized net actuarial loss |  |  | 1,649 |  |  | 1,548 |  |  | 1,454
Net periodic pension cost |  | $ | 1,663 |  | $ | 1,568 |  | $ | 1,723
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive loss |
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018 |  | 2017
|  | (IN THOUSANDS)
OTHER CHANGES IN PLAN ASSETS AND BENEFIT OBLIGATIONS RECOGNIZED IN OTHER COMPREHENSIVE LOSS |  |  |  |  |  |  |  |  |
Net (gain) loss |  | $ | 5,300 |  | $ | 4,683 |  | $ | (822)
Recognized loss |  |  | (1,649) |  |  | (1,548) |  |  | (1,454)
Total recognized in other comprehensive loss before tax effect |  | $ | 3,651 |  | $ | 3,135 |  | $ | (2,276)
Total recognized in net benefit cost and other comprehensive loss before tax effect |  | $ | 5,314 |  | $ | 4,703 |  | $ | (553)
Schedule of weighted-average assumptions used to determine net periodic benefit cost | The weighted-average assumptions used to determine net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 were as follows:
|  | YEAR ENDED DECEMBER 31, |
|  | 2019 |  | 2018 |  | 2017 |
WEIGHTED AVERAGE ASSUMPTIONS: |  |  |  |  |  |  |
Discount rate |  | 4.28 | % | 3.63 | % | 4.12 | %
Expected return on plan assets |  | 7.50 |  | 7.50 |  | 7.75 |
Rate of compensation increase |  | 2.50 |  | 2.50 |  | 2.50 |
Schedule of plan's asset allocations | The plan’s measurement date is December 31, 2019. This plan’s asset allocation at December 31, 2019 and 2018, by asset category are as follows:
|  | YEAR ENDED DECEMBER 31, |
|  | 2019 |  | 2018 |
ASSET CATEGORY: |  |  |  |  |
Cash and cash equivalents |  | 1 | % | 49 | %
Domestic equities |  | 8 |  | 7 |
Mutual funds/ETFs |  | 82 |  | 42 |
International equities |  | 1 |  | — |
Corporate bonds |  | 8 |  | 2 |
Total |  | 100 | % | 100 | %
Schedule of fair value of plan assets | The major categories of assets in the Company’s Pension Plan as of year-end are presented in the following table. Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value.
|  | YEAR ENDED DECEMBER 31,
|  | 2019 |  | 2018
|  | (IN THOUSANDS)
Level 1: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 186 |  | $ | 18,939
Domestic equities |  |  | 3,782 |  |  | 2,841
Mutual funds/ETFs |  |  | 36,469 |  |  | 15,808
International equities |  |  | 620 |  |  | —
Level 2: |  |  |  |  |  |
Corporate bonds |  |  | 3,774 |  |  | 890
Total fair value of plan assets |  | $ | 44,831 |  | $ | 38,478
Schedule of benefit payments | The following benefit payments, which reflect future service, as appropriate, are expected to be paid.
|  | ESTIMATED FUTURE
YEAR: |  | BENEFIT PAYMENTS
|  | (IN THOUSANDS)
2020 |  | $ | 4,096
2021 |  |  | 3,910
2022 |  |  | 4,317
2023 |  |  | 3,949
2024 |  |  | 4,205
Years 2025-2029 |  |  | 15,975

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