Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.19.3.a.u2
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Status of Stock Options Related to Stock Plans
A summary of the status of the stock options related to the Stock Plans is presented below:
Options
Outstanding
Exercise Price
Per Share
(Low - High)
 Weighted Average Exercise Price Per Share
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic
Value
(In thousands, except per share data, term in years)
Balance at December 31, 2018 33    $ 1.81  - 1.81    $ 1.81    0.3 $ 392   
Exercised (33)   $ 1.81  - 1.81    $ 1.81   
Schedule Intrinsic Value of Options Exercised
Year Ended December 31,
2019 2018 2017
(In thousands)
Intrinsic value of stock options exercised $ 426    $ 3,564    $ 425   
Status of Non-Vested Restricted Stock and Restricted Stock Unit Grants Related to Stock Plans
A summary of the status of the non-vested restricted stock award and restricted stock unit grants related to the Stock Plans is presented below: 
Non-Vested
Restricted
Stock Awards
and Restricted
Stock Units
Weighted
Average
Grant Date
Fair Value
per Share
(In thousands, except per share data)
Balance at December 31, 2018 2,161    $ 21.20   
Granted 968    $ 13.38   
Forfeited (295)   $ 19.75   
Vested (487)   $ 18.82   
Balance at December 31, 2019 2,347    $ 19.34   
Status of Supplemental Executive Retirement Plan
The following table sets forth the status of the SERP:
Year Ended December 31,
2019 2018
Change in projected benefit obligation: (In thousands)
Obligation at January 1 $ 13,326    $ 13,556   
Service cost 1,731    1,933   
Interest cost 575    470   
Actuarial loss (gain) 2,641    (2,368)  
Amendments/settlements/curtailments loss (gain) —    —   
Benefits paid (265)   (265)  
Obligation at December 31 (1) $ 18,008    $ 13,326   
Accumulated benefit obligation $ 13,694    $ 10,191   
(1) For 2019, approximately $0.4 million is included in other accrued liabilities and approximately $17.6 million is included in other long-term liabilities in the accompanying consolidated balance sheets. For 2018, approximately $0.3 million is included in other accrued liabilities and approximately $13.0 million is included in other long-term liabilities in the accompanying consolidated balance sheets.
Schedule of Funded Status
Year Ended December 31,
2019 2018
(In thousands)
Change in fair value of plan assets:
Plan assets at January 1 $ —    $ —   
Actual return on plan assets —    —   
Employer contributions 265    265   
Benefits paid (265)   (265)  
Plan assets at December 31 —    —   
Funded status recognized $ (18,008)   $ (13,326)  
Cost Components of Supplemental Executive Retirement Plan
The following table provides the cost components of the SERP:
Year Ended December 31,
2019 2018
(In thousands)
Service cost $ 1,731    $ 1,933   
Interest cost 575    470   
Net pension expense (benefit) $ 2,306    $ 2,403   
Weighted Average Assumptions Used to Determine Benefit Obligation and Net Periodic Benefit Costs
The weighted average assumptions used to determine the benefit obligation and net periodic benefit costs consist of:
As of December 31,
2019 2018
Discount rate 2.99  % 4.36  %
Rate of compensation increase 3.00  % 3.00  %
Estimated Future Benefit Payments
The estimated future benefit payments expected to be paid for each of the next five years and the sum of the payments expected for the next five years thereafter are:
Estimated Future Benefit Payments
Year Ending December 31, (In thousands)
2020 $ 360   
2021 $ 360   
2022 $ 360   
2023 $ 360   
2024 $ 360   
2025 - 2029 $ 2,414   
Schedule of Multiemployer Pension Plans Affecting Period-to-Period Comparability of Contributions
Our participation in the AI Pension Plan for 2019, 2018 and 2017 is outlined in the table below. The “EIN/Pension Plan Number” column provides the Employee Identification Number (the “EIN”). Unless otherwise noted, the most recent Pension Protection Act of 2006 (the “PPA”) zone status available in the years ended December 31, 2019 and 2018 is for the plan’s year-end at December 31, 2018 and 2017, respectively. The zone status is based on information that we received from the AI Pension Plan. Among other factors, plans in the red zone are generally less than 65% funded (“Critical Status”), plans in the yellow zone are less than 80% funded and plans in the green zone are at least 80% funded. The “FIP/RP Status - Pending/Implemented” column indicates plans for which a Financial Improvement Plan (“FIP”) or a Rehabilitation Plan (“RP”) is either pending or has been implemented. The last column lists the expiration dates of the collective bargaining agreements to which the plan is subject. The number of employees covered by the AI Pension Plan decreased 1.0% from December 31, 2017 to December 31, 2018 and decreased 5.5% from December 31, 2018 to December 31, 2019, affecting the period-to-period comparability of the contributions for 2019, 2018 and 2017.
Pension
Protection
Act Zone
Status
 FIP/RP Status Sonic Contributions Surcharge Imposed Collective Bargaining Agreement Expiration Date
Pension Fund EIN/Pension Plan Number 2019 2018 Pending /Implemented Year Ended December 31,
2019 2018 2017
(In thousands)
AI Pension Plan
 94-1133245 Red Red RP Implemented $181    $176    $171    Yes Between
October 2021
and February 2022