PENSION AND POST RETIREMENT BENEFIT PLAN
|9 Months Ended|
Sep. 30, 2020
|Retirement Benefits [Abstract]|
|PENSION AND POST RETIREMENT BENEFIT PLAN||
In September 2019, the Company settled its fully-funded pension plan. At December 31, 2019, $21.6 million of pension assets remained available to fund other employee benefits. The Company used $5.8 million and $18.0 million to fund its 401(k)-match obligation during the quarter and nine months ended September 30, 2020, respectively. The Company plans to fund any remaining 2020 benefit plan obligations, with reversion of any remaining pension assets to the Company per ERISA regulations before year end. As of September 30, 2020, the Company had approximately $1.2 million remaining of benefit plan assets before discounting for the 45% tax to be paid upon reversion.
Components of Net Pension Benefit Loss / (Gain)
During the nine months ended September 30, 2020, and the same period in 2019, the Company made no contributions to its defined benefit retirement plans (the “Plans”). The Company made no contributions for the year ended December 31, 2019.
The entire disclosure for retirement benefits.
Reference 1: http://www.xbrl.org/2003/role/exampleRef