EMPLOYEE BENEFIT PLANS (Tables)
|
12 Months Ended |
Dec. 31, 2020 |
|---|
| Employee Benefit Plans |
|
| The funded status of the plans and the net amount recognized in the statement of financial position |
The Company
uses December 31 as the measurement date for its defined benefit post-retirement plans. The funded status of the plans and
the net amount recognized in the statement of financial position are summarized as follows as of:
|
| EMPLOYEE BENEFIT PLANS |
| December 31, |
|
2020 |
|
|
2019 |
|
| (in thousands) |
|
|
|
|
|
|
| CHANGE IN ACCUMULATED BENEFIT OBLIGATION |
|
|
|
|
|
|
|
|
| Accumulated benefit obligation at beginning of year |
|
$ |
2,818 |
|
|
$ |
208,425 |
|
| Service cost |
|
|
— |
|
|
|
— |
|
| Interest cost |
|
|
102 |
|
|
|
4,804 |
|
| Actuarial gain/(loss) |
|
|
313 |
|
|
|
(4,156 |
) |
| Benefits paid |
|
|
(26 |
) |
|
|
(8,000 |
) |
| Settlement |
|
|
(171 |
) |
|
|
(198,255 |
) |
| Accumulated Benefit obligation at end of year |
|
|
3,036 |
|
|
|
2,818 |
|
| CHANGE IN PLAN ASSETS |
|
|
|
|
|
|
|
|
| Fair value of assets at beginning of year |
|
|
23,603 |
|
|
|
213,699 |
|
| Settlement |
|
|
— |
|
|
|
(198,255 |
) |
| Actual return on assets |
|
|
(1,647 |
) |
|
|
27,064 |
|
| Employer contributions |
|
|
— |
|
|
|
144 |
|
| Rollins 401(k) funding |
|
|
(18,010 |
) |
|
|
(11,049 |
) |
| Benefits paid |
|
|
(689 |
) |
|
|
(8,000 |
) |
| Fair value of plan assets at end of year |
|
|
3,257 |
|
|
|
23,603 |
|
| Funded status |
|
$ |
221 |
|
|
$ |
20,785 |
|
|
| Schedule of Amounts Recognized in Balance Sheet [Table Text Block] |
|
| Amounts Recognized in the Statement of Financial Position |
|
Amounts Recognized in the Statement of Financial Position consist of: |
|
|
|
|
|
|
|
|
| December 31, |
|
2020 |
|
|
2019 |
|
| (in thousands) |
|
|
|
|
|
|
| Assets: |
|
|
|
|
|
|
|
|
| Benefit plan assets |
|
$ |
1,198 |
|
|
$ |
21,565 |
|
| Liabilities: |
|
|
|
|
|
|
|
|
| Long-term accrued liabilities |
|
$ |
977 |
|
|
$ |
780 |
|
|
| Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] |
|
| Amounts Recognized in the Accumulated Other Comprehensive Income |
| |
|
|
|
|
|
|
|
Amounts Recognized in the Accumulated Other Comprehensive Income consist of: |
| December 31, |
|
2020 |
|
|
2019 |
|
| (in thousands) |
|
|
|
|
|
|
|
|
| Net actuarial loss |
|
$ |
992 |
|
|
$ |
912 |
|
|
| weighted average assumptions were used to determine the accumulated benefit obligation and net benefit cost |
The
following weighted average assumptions were used to determine the accumulated benefit
obligation and net benefit cost:
|
| EMPLOYEE BENEFIT PLANS (Details 4) |
| December 31, |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| ACCUMULATED BENEFIT OBLIGATION |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
|
|
2.80 |
% |
|
|
3.65 |
% |
|
|
4.00 |
%* |
| Rate of compensation increase |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| NET BENEFIT COST |
|
|
|
|
|
|
|
|
|
|
|
|
| Discount rate |
|
|
3.65 |
% |
|
|
4.70 |
% |
|
|
4.45 |
% |
| Expected return on plan assets |
|
|
7.00 |
% |
|
|
7.00 |
% |
|
|
7.00 |
% |
| Rate of compensation increase |
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
| combined components of net periodic benefit cost |
The combined components of net periodic benefit cost are summarized as follows:
|
| EMPLOYEE BENEFIT PLANS (Details 5) |
| Years ended December 31, |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| (in thousands) |
|
|
|
|
|
|
|
|
|
| Service cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
37 |
|
| Interest cost |
|
|
102 |
|
|
|
4,805 |
|
|
|
7,926 |
|
| Expected return on plan assets |
|
|
(140 |
) |
|
|
(6,149 |
) |
|
|
(13,775 |
) |
| Amortization of net loss |
|
|
100 |
|
|
|
2,396 |
|
|
|
3,292 |
|
| Preliminary net periodic benefit cost/(income) |
|
|
62 |
|
|
|
1,052 |
|
|
|
(2,520 |
) |
| Settlement expense |
|
|
56 |
|
|
|
46,419 |
|
|
|
— |
|
| Net periodic benefit cost |
|
$ |
118 |
|
|
$ |
47,471 |
|
|
$ |
(2,520 |
) |
|
| benefit obligations recognized in other comprehensive income |
The
benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019, and 2018 are summarized
as follows:
|
| EMPLOYEE BENEFIT PLANS (Details 6) |
| Years ended December 31, |
|
2020 |
|
|
2019 |
|
|
2018 |
|
| (in thousands) |
|
|
|
|
|
|
|
|
|
| Pretax (income)/loss |
|
$ |
236 |
|
|
$ |
(26,634 |
) |
|
$ |
18,056 |
|
| Amortization of net loss |
|
|
(100 |
) |
|
|
(2,396 |
) |
|
|
(3,292 |
) |
| Settlement expense |
|
|
(56 |
) |
|
|
(46,419 |
) |
|
|
— |
|
| Total recognized in other comprehensive income |
|
$ |
80 |
|
|
$ |
(75,449 |
) |
|
$ |
14,764 |
|
|
| plans’ weighted average asset allocation |
The plans’
weighted average asset allocation at December 31, 2020 and 2019 by asset category, along with the target allocation for 2021,
are as follows:
|
| EMPLOYEE BENEFIT PLANS (Details 7) |
| |
|
Target
Allocation for |
|
|
Percentage
of plan assets as
of December 31, |
|
| Asset
category |
|
2021 |
|
|
2020 |
|
|
2019 |
|
| Cash
and cash equivalents |
|
|
0.0% |
- |
100.0% |
|
|
|
41.1% |
|
|
|
72.3% |
|
| Domestic
equity |
|
|
0.0% |
- |
40.0% |
|
|
|
29.0% |
|
|
|
5.8% |
|
| International
equity |
|
|
0.0% |
- |
30.0% |
|
|
|
15.0% |
|
|
|
1.9% |
|
| Debt
securities - core fixed income |
|
|
0.0% |
- |
100.0% |
|
|
|
14.9% |
|
|
|
2.1% |
|
| Real
estate |
|
|
0.0% |
- |
20.0% |
|
|
|
0.0% |
|
|
|
9.5% |
|
| Alternative
Opportunistic Special |
|
|
0.0% |
-
|
20.0% |
|
|
|
0.0% |
|
|
|
10.4% |
|
| Total |
|
|
0.0% |
-
|
100.0% |
|
|
|
100.0% |
|
|
|
100.0% |
|
|
| assets using the fair value hierarchy |
The following
table presents our plan assets using the fair value hierarchy as of December 31, 2020. The fair value hierarchy has three
levels based on the reliability of the inputs used to determine fair value. See Note 8 for a brief description of the three levels
under the fair value hierarchy.
|
| EMPLOYEE BENEFIT PLANS (Details 8) |
| (in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
NAV |
|
|
Total |
|
| (1) Cash
and cash equivalents |
|
$ |
1,322 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,322 |
|
| (2) Fixed income securities |
|
|
— |
|
|
|
480 |
|
|
|
— |
|
|
|
480 |
|
| (3) Domestic equity securities |
|
|
— |
|
|
|
932 |
|
|
|
— |
|
|
|
932 |
|
| (3) International equity
securities |
|
|
— |
|
|
|
523 |
|
|
|
— |
|
|
|
523 |
|
| Total |
|
$ |
1,322 |
|
|
$ |
1,935 |
|
|
$ |
— |
|
|
$ |
3,257 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| estimated future benefit payments |
The estimated
future benefit payments over the next five years for the Waltham Plan are as follows:
|
| EMPLOYEE BENEFIT PLANS (Details 9) |
| (in thousands) |
|
|
|
| 2021 |
|
$ |
68 |
|
| 2022 |
|
|
77 |
|
| 2023 |
|
|
83 |
|
| 2024 |
|
|
100 |
|
| 2025 |
|
|
110 |
|
| Thereafter |
|
|
693 |
|
| Total |
|
$ |
1,131 |
|
|
| non-qualified deferred compensation plan assets using the fair value hierarchy |
The following
table presents our non-qualified deferred compensation plan assets using the fair value hierarchy as of December 31, 2020
and 2019.
|
| EMPLOYEE BENEFIT PLANS (Details 11) |
| (in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| December 31, 2020 |
|
$ |
25 |
|
|
$ |
— |
|
|
$ |
24,460 |
|
|
$ |
24,485 |
|
| December 31, 2019 |
|
$ |
71 |
|
|
$ |
— |
|
|
$ |
22,158 |
|
|
$ |
22,229 |
|
|