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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Schedule of Pension Costs
The pension costs of this plan are presented in the following tables in accordance with the requirements of ASC 715-60, Defined Benefit Plans – Other Postretirement.

Funded status
 
December 31, 2018

December 31, 2017

 
(in thousands)
Projected benefit obligation
$
(5,279
)
$
(5,927
)
Fair value of plan assets
4,707

5,202

 
Funded status
$
(572
)
$
(725
)
Non-current other liabilities (note 8)
$
(572
)
$
(725
)


Change in benefit obligation
 
December 31, 2018

December 31, 2017

 
(in thousands)
Benefit obligation at beginning of year
$
5,927

$
6,928

Service cost
138

243

Interest cost
47

54

Plan participants' contributions
83

120

Settlement
(409
)
(1,019
)
Prior service cost
(8
)
—

Transferred (benefits paid)/balances
(77
)
(76
)
Actuarial gain
(372
)
(626
)
Foreign currency exchange rate changes
(50
)
303

 
Benefit obligation at end of year
$
5,279

$
5,927


Change in plan assets
December 31,

December 31,

 
2018

2017

 
(in thousands)
Fair value of plan assets at beginning of year
$
5,202

$
6,006

Expected return on plan assets
41

47

Actual return on plan assets
(240
)
(296
)
Scheme contributions
109

157

Plan participants' contributions
83

120

Transferred (benefits paid)/balances
(77
)
(76
)
Settlement
(409
)
(1,019
)
Foreign currency exchange rate changes
(2
)
263

 Fair value of plan assets at end of year
$
4,707

$
5,202

The pension costs of this plan are presented in the following tables in accordance with the requirements of ASC 715-60, Defined Benefit Plans – Other Postretirement. The plan has been closed to new entrants with effect from July 1, 2003.

Funded status
 
December 31, 2018

December 31, 2017

 
(in thousands)
Projected benefit obligation
$
(30,045
)
$
(37,759
)
Fair value of plan assets
27,297

32,423

 
Funded status
$
(2,748
)
$
(5,336
)
Non-current other liabilities (note 8)
$
(2,748
)
$
(5,336
)













Change in benefit obligation
 
December 31, 2018

December 31, 2017

 
(in thousands)
Benefit obligation at beginning of year
$
37,759

$
32,906

Service cost
124

112

Interest cost
895

929

Plan participants' contributions
24

22

Expenses
—

(8
)
Benefits paid
(3,049
)
(68
)
Actuarial (gain)/loss
(3,844
)
658

Foreign currency exchange rate changes
(1,864
)
3,208

 
Benefit obligation at end of year
$
30,045

$
37,759


Change in plan assets
 
December 31, 2018

December 31, 2017

 
(in thousands)
Fair value of plan assets at beginning of year
$
32,423

$
24,876

Actual return on plan assets
(584
)
979

Employer contributions
153

4,008

Plan participants' contributions
24

22

Benefits paid
(3,049
)
(68
)
Foreign currency exchange rate changes
(1,670
)
2,606

 
Fair value of plan assets at end of year
$
27,297

$
32,423
Schedule of Funded Status
The pension costs of this plan are presented in the following tables in accordance with the requirements of ASC 715-60, Defined Benefit Plans – Other Postretirement. The plan has been closed to new entrants with effect from July 1, 2003.

Funded status
 
December 31, 2018

December 31, 2017

 
(in thousands)
Projected benefit obligation
$
(30,045
)
$
(37,759
)
Fair value of plan assets
27,297

32,423

 
Funded status
$
(2,748
)
$
(5,336
)
Non-current other liabilities (note 8)
$
(2,748
)
$
(5,336
)
Funded status
 
December 31, 2018

December 31, 2017

 
(in thousands)
Projected benefit obligation
$
(5,279
)
$
(5,927
)
Fair value of plan assets
4,707

5,202

 
Funded status
$
(572
)
$
(725
)
Non-current other liabilities (note 8)
$
(572
)
$
(725
)
Schedule of Components of Net Periodic Benefit Cost
 
December 31, 2018

December 31, 2017

December 31, 2016

 
(in thousands)
Service cost
$
138

$
243

$
352

Interest cost
47

54

82

Expected return on plan assets
(41
)
(47
)
(48
)
Amortization of net (gain)/loss
(69
)
(43
)
22

Amortization of prior service credit
(8
)
(8
)
(8
)
Settlement
(93
)
(214
)
(136
)
Curtailment
—

—

—

 
Net periodic benefit credit
$
(26
)
$
(15
)
$
264

The following amounts were recorded in the Consolidated Statement of Operations as components of the net periodic benefit cost:

 
December 31, 2018

December 31, 2017

December 31, 2016

 
(in thousands)
Service cost
$
124

$
112

$
75

Interest cost
895

929

1,017

Expected return on plan assets
(624
)
(586
)
(646
)
Amortization of net loss
248

250

—

Expenses
—

(8
)
8

 
Net periodic benefit cost
$
643

$
697

$
454
Summary of Assumptions Used in Calculating Net Periodic Benefit Cost
The following assumptions were used at the commencement of the year in determining the net periodic pension benefit cost for the years ended December 31, 2018, December 31, 2017 and December 31, 2016:

 
December 31, 2018

December 31, 2017

December 31, 2016

Discount rate
0.80
%
0.75
%
0.95
%
Rate of compensation increase
2.00
%
2.00
%
2.00
%
Expected rate of return on plan assets
0.80
%
0.75
%
0.95
%
 
Other comprehensive income
 
December 31, 2018

December 31, 2017

December 31, 2016

Actuarial gain - benefit obligation
$
(372
)
$
(626
)
$
(1,157
)
Actuarial loss/(gain) – plan assets
240

296

(1,233
)
Prior service credit recognized in net periodic benefit cost
93

215

136

Actuarial gain/(loss) recognized in net periodic benefit cost
69

43

(22
)
Amortization of net prior service credit
8

8

8

Net prior service cost occurring during the year
(9
)
(1
)
(89
)
 
Total
$
29

$
(65
)
$
(2,357
)
The following assumptions were used at the commencement of the year in determining the net periodic pension benefit cost for the years ended December 31, 2018, December 31, 2017 and December 31, 2016:

 
December 31, 2018

December 31, 2017

December 31, 2016

Discount rate
2.5
%
2.7
%
4.0
%
Rate of compensation increase
3.7
%
3.9
%
3.7
%
Expected rate of return on plan assets
2.0
%
2.1
%
3.0
%

Other comprehensive income
 
December 31, 2018

December 31, 2017

December 31, 2016

 
(in thousands)
Actuarial (gain)/loss - benefit obligation
$
(3,844
)
$
658

$
10,057

Actuarial loss/(gain) – plan assets
1,208

(393
)
(5,215
)
Actuarial gain recognized in net periodic benefit cost
(248
)
(250
)
—

 
Total
$
(2,884
)
$
15

$
4,842
Summary of Amounts Recognized in Accumulated Other Comprehensive Income Which Have Not Yet Been Recognized as Components of Net Periodic Benefit Cost
Amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:
 
December 31, 2018

December 31, 2017

December 31, 2016

 
(in thousands)
Net actuarial gain
$
(1,254
)
$
(1,283
)
$
(1,218
)
 
Total
$
(1,254
)
$
(1,283
)
$
(1,218
)
Amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:
 
December 31, 2018

December 31, 2017

December 31, 2016

 
(in thousands)
Net actuarial loss
$
4,254

$
7,138

$
7,123

 
Total
$
4,254

$
7,138

$
7,123
Summary of Assumptions Used in Calculating Pension Benefit Obligations
The following assumptions were used in determining the benefit obligation at December 31, 2018 and December 31, 2017:
 
December 31, 2018

December 31, 2017

Discount rate
2.9
%
2.5
%
Rate of compensation increase
3.7
%
3.7
%
The following assumptions were used in determining the benefit obligation at December 31, 2018 and December 31, 2017:

 
December 31, 2018

December 31, 2017

Discount rate
0.80
%
0.80
%
Rate of compensation increase
2.00
%
2.00
%
Summary of Expected Long Term Rates of Return on Different Asset Classes
The expected long term rates of return on different asset classes are as follows:
Asset Category
 
Expected long-term return per annum

Corporate Bonds
2.9
%
Gilts
1.8
%
Cash
2.9
%
Schedule of Underlying Asset Split of Fund
The following annual benefit payments, which reflect expected future service as appropriate, are expected to be paid.

 
(in thousands)
 
 
2019
678

2020
212

2021
209

2022
204

2023
199

Years 2023 - 2028
$
908

The underlying asset split of the fund is shown below.

Asset Category
 
December 31, 2018

December 31, 2017

Corporate Bonds
25
%
22
%
Gilts
71
%
65
%
Cash
4
%
13
%
 
100
%
100
%
Schedule of Plan Asset Fair Value Measurements
 
Quoted Prices in Active Markets for Identical Assets
Level 1
(in thousands)
 
December 31, 2018

December 31, 2017

Cash
$
1,029

$
4,086

Fixed Income Securities
 
 
Legal and General Active Corporate Bond – Over 10 Year
6,688

7,188

Legal and General Gilt Funds
7,136

7,611

Legal and General Index Linked Gilt Funds
12,444

13,538

 
$
27,297

$
32,423
Schedule of Annual Benefit Payments which Reflect Expected Future Service
The following annual benefit payments, which reflect expected future service as appropriate, are expected to be paid.

 
(in thousands)
2019
295

2020
311

2021
383

2022
412

2023
403

Years 2024 - 2028
$
3,451