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International Retirement Plan (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Reconciliation of Changes in Projected Benefit Obligation

The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2019 and 2018:

(in thousands)						2019						2018
Reconciliation of benefit obligations:
Obligations as of January 1						$	8,658					$	8,434
Service cost						166						155
Interest cost						151						148
Actuarial loss (gain)						1,815						453
Benefit payments						(139)						(145)
Effect of foreign currency exchange rate changes						(154)						(387)
Benefit obligations as of December 31						10,497						8,658
Fair value of assets as of December 31 a						3,343						3,224
Funded status as of December 31, net of tax benefit						$	(7,154)					$	(5,434)

Summary of Amounts Recognized in Consolidated Balance Sheets

We recognized the following amounts in the consolidated balance sheets at December 31, 2019 and 2018:

(in thousands)						2019						2018
Other assets						$	3,343					$	3,224
Accrued liabilities						(140)						(140)
Other liabilities						(10,357)						(8,518)
Net liability						$	(7,154)					$	(5,434)

Schedule of Accumulated and Projected Benefit Obligations

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2019 and 2018:

(in thousands)						2019						2018
Projected benefit obligation						$	10,497					$	8,658
Accumulated benefit obligation						$	9,351					$	7,587

The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2019, 2018 and 2017:

໿

(in thousands)						2019						2018						2017
Net periodic benefit cost:
Service cost						$	166					$	155					$	184
Interest cost						151						148						131
Amortization of actuarial loss						200						177						244
Total net periodic pension cost						517						480						559
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)						1,815						453						(558)
Amortization of prior years' unrecognized loss						(200)						(177)						(244)
Tax (benefit) provision						(555)						(88)						247
Total recognized as accumulated other comprehensive income (loss)						1,060						188						(555)
Total expense recognized in net periodic benefit cost and other comprehensive income						$	1,577					$	668					$	4

Assumptions Used to Determine Benefit Obligations

The following assumptions are used to determine benefit obligations as of as of December 31, 2019 and 2018:

						2019						2018
Discount rate						0.8%						1.8%
Rate of compensation						3.0%						3.5%

Summary of Estimated Future Benefit Payments

The following benefit payments, including expected future service cost, are expected to be paid:

(in thousands)
Estimated future benefit payments:
2020			$	168
2021			175
2022			181
2023			185
2024			187
2025-2029			1,277

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Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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