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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Employee Benefit Plans | A subsidiary acquired in 2012 sponsors a defined benefit plan. The benefits under the defined benefit plan are based on each employee’s years of service and compensation. Effective February 28, 2007, the plan was closed to all new entrants, and effective February 28, 2010, all benefit accruals under the plan were frozen. Net Periodic Pension Cost and Pension Benefit Obligation Net periodic pension cost consists of the following components for the years ended December 31:
| Pension Benefits |  | Pension Benefits |  | Pension Benefits
| 2018 |  | 2017 |  | 2016
Service cost | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost on benefit obligation | 1,641 |  |  | 1,725 |  |  | 1,855 |
Expected return on plan assets | (1,948 | ) |  | (1,830 | ) |  | (1,863 | )
Curtailment and settlements | 1,039 |  |  | — |  |  | 929 |
Amortization of actuarial losses | 258 |  |  | 222 |  |  | 137 |
Net periodic benefit cost | $ | 990 |  |  | $ | 117 |  |  | $ | 1,058 |
The above costs are included within Other income, net on the Consolidated Statements of Operations. The following weighted average assumptions were used to determine net periodic costs at December 31:
| Pension Benefits |  | Pension Benefits |  | Pension Benefits
| 2018 |  | 2017 |  | 2016
Discount rate | 3.83 | % |  | 4.32 | % |  | 4.69 | %
Expected return on plan assets | 7.00 | % |  | 7.40 | % |  | 7.40 | %
Rate of compensation increase | N/A |  |  | N/A |  |  | N/A |
The expected return on plan assets is a long-term assumption established by considering historical and anticipated returns of the asset classes invested in by the pension plan and the allocation strategy currently in place among those classes. Other changes in plan assets and benefit obligation recognized in Other Comprehensive Income (Loss) consist of the following components for the years ended December 31:
| Pension Benefits |  | Pension Benefits
| 2018 |  | 2017
Current year actuarial (gain) loss | $ | (520 | ) |  | $ | 1,558 |
Amortization of actuarial loss | (258 | ) |  | (222 | )
Total recognized in other comprehensive (income) loss | $ | (778 | ) |  | $ | 1,336 |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | 212 |  |  | $ | 1,453 |
The following table summarizes the change in benefit obligations and fair values of plan assets for the years ended December 31:
| 2018 |  | 2017
Change in benefit obligation: |  |  |  |  |
Benefit obligation, Beginning balance | $ | 43,750 |  |  | $ | 40,722 |
Interest Cost | 1,641 |  |  | 1,725 |
Actuarial losses | (3,522 | ) |  | 3,088 |
Benefits paid | (3,931 | ) |  | (1,785 | )
Benefit obligation, Ending balance | 37,938 |  |  | 43,750 |
Change in plan assets: |  |  |  |  |
Fair value of plan assets, Beginning balance | 27,977 |  |  | 24,482 |
Actual return on plan assets | (2,093 | ) |  | 3,360 |
Employer contributions | 1,228 |  |  | 1,920 |
Benefits paid | (3,931 | ) |  | (1,785 | )
Fair value of plan assets, Ending balance | 23,181 |  |  | 27,977 |
Unfunded status | $ | 14,757 |  |  | $ | 15,773 |
Amounts recognized in the balance sheet at December 31 consist of the following:
| Pension Benefits |  | Pension Benefits
| 2018 |  | 2017
Non-current liability | $ | 14,757 |  |  | $ | 15,773 |
Net amount recognized | $ | 14,757 |  |  | $ | 15,773 |
Amounts recognized in Accumulated Other Comprehensive Loss before income taxes consists of the following components for the years ended December 31:
| Pension Benefits |  | Pension Benefits
| 2018 |  | 2017
Accumulated net actuarial losses | $ | 12,878 |  |  | $ | 13,656 |
Amount recognized | $ | 12,878 |  |  | $ | 13,656 |
In 2019, the Company estimates that it will recognize $266 of net actuarial losses from accumulated other comprehensive loss, net into net periodic cost related to the pension plan. The following weighted average assumptions were used to determine benefit obligations as of December 31:
| Pension Benefits |  | Pension Benefits
| 2018 |  | 2017
Discount rate | 4.42 | % |  | 3.83 | %
Rate of compensation increase | N/A |  |  | N/A |
The discount rate assumptions at December 31, 2018 and 2017 were determined independently. A yield curve was produced for a universe containing the majority of U.S.-issued AA-graded corporate bonds, all of which were non-callable (or callable with make-whole provisions). The discount rate was developed as the level equivalent rate that would produce the same present value as that using spot rates aligned with the projected benefit payments. Fair Value of Plan Assets and Investment Strategy The fair value of the plan assets as of December 31 is as follows:
| December 31, 2018 |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |  |  |  |
Money Market Fund – Short Term Investments | $ | 1,736 |  |  | $ | 1,736 |  |  | $ | — |  |  | $ | — |
Mutual Funds | 21,445 |  |  | 21,445 |  |  | — |  |  | — |
Total | $ | 23,181 |  |  | $ | 23,181 |  |  | $ | — |  |  | $ | — |
| December 31, 2017 |  | Level 1 |  | Level 2 |  | Level 3
Asset Category: |  |  |  |  |  |  |  |  |  |  |
Money Market Fund – Short Term Investments | $ | 1,695 |  |  | $ | 1,695 |  |  | $ | — |  |  | $ | — |
Mutual Funds | 26,282 |  |  | 26,282 |  |  | — |  |  | — |
Total | $ | 27,977 |  |  | $ | 27,977 |  |  | $ | — |  |  | $ | — |
The pension plans weighted-average asset allocation for the years ended December 31, 2018, and 2017 are as follows:
| Target Allocation |  | Actual Allocation |  | Actual Allocation
| 2018 |  | 2018 |  | 2017
Asset Category: |  |  |  |  |  |  |  |
Equity Securities | 65.0 | % |  | 67.0 | % |  | 68.9 | %
Debt Securities | 30.0 | % |  | 25.5 | % |  | 25.0 | %
Cash/Cash Equivalents and Short Term Investments | 5.0 | % |  | 7.5 | % |  | 6.1 | %
| 100.0 | % |  | 100.0 | % |  | 100.0 | %
The goals of the pension plan investment program are to fully fund the obligation to pay retirement benefits in accordance with the plan documents and to provide returns that, along with appropriate funding from the Company, maintain an asset/liability ratio that is in compliance with all applicable laws and regulations and assures timely payment of retirement benefits. Equity securities primarily include investments in large-cap and mid-cap companies primarily located in the United States, as well as a smaller percentage invested in large-cap and mid-cap companies located outside of the United States. Debt securities are diversified across different asset types with bonds issued in the United States as well as outside the United States. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the preceding tables. Cash Flows The pension plan contributions are deposited into a trust, and the pension plan benefit payments are made from trust assets. During 2018, the Company contributed $1,228 to the pension plan. The Company estimates that it will make approximately $1,156 in contributions to the pension plan in 2019. Fluctuations in actual market returns as well as changes in general interest rates will result in changes in the market value of plan assets and may result in increased or decreased retirement benefit costs and contributions in future periods. The following estimated benefit payments, which reflect expected future service, as appropriate, are expected to be paid in the years ending December 31:
Period |  | Amount
2019 |  | $ | 1,690 |
2020 |  | 1,857 |
2021 |  | 1,848 |
2022 |  | 1,912 |
2023 |  | 2,139 |
2024 – 2027 |  | 11,047 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI http://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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