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Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Assumptions used in accounting for the defined benefit plan

The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:

	2019			2018
Weighted average discount rates for pension benefit obligation	2.98% - 3.20%			4.10% - 4.20%
Weighted average discount rates for net periodic benefit cost	4.10% - 4.20%			3.40% - 3.55%
Expected long-term rate of return on assets for net periodic benefit cost	7.50	%		7.50	%

The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:

	2019			2018
Weighted average discount rates for benefit obligation	2.65	%		3.80	%
Weighted average discount rates for net periodic benefit cost	3.80	%		3.10	%
Health care cost trend rate assumed for next year	6.50	%		6.75	%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.0	%		5.0	%
Year that the rate reaches the ultimate trend rate	2025			2025

Net periodic benefit income and expense for the defined benefit plan

Set forth below is a detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31:

	2019				2018
Interest cost	$	1,710			$	1,581
Expected return on plan assets	(2,778		)		(2,852		)
Amortization of actuarial loss	422				484
Amortization of prior service cost	58				58
Settlements	873				—
Net periodic pension expense (income)	$	285			$	(729	)

Set forth below is a detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31:

	2019				2018
Service cost	$	24			$	50
Interest cost	77				98
Amortization of actuarial loss	8				96
Amortization of prior service credit	(80		)		(64		)
Net periodic benefit expense	$	29			$	180

Changes in plan assets and benefit obligations recognized in comprehensive income (loss)

Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the years ended December 31:

	2019				2018
Current year actuarial loss (gain)	$	(1,030	)		$	1,397
Amortization of actuarial loss	(422		)		(484		)
Amortization of prior service cost	(58		)		(58		)
Settlements	(873		)		—
Total recognized in other comprehensive loss (income)	$	(2,383	)		$	855

Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31:

	2019				2018
Current year actuarial loss (gain)	$	46			$	(756	)
Amortization of actuarial loss	(8		)		(96		)
Current year prior service credit	—				(325		)
Amortization of prior service credit	80				64
Total recognized in other comprehensive income (loss)	$	118			$	(1,113	)

Changes in benefit obligations during the year and funded status of defined benefit plan

The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:

	2019				2018
Change in benefit obligation
Projected benefit obligation at beginning of year	$	42,026			$	46,065
Interest cost	1,710				1,581
Actuarial loss (gain)	3,121				(3,286		)
Benefits paid	(2,391		)		(2,334		)
Settlements	(2,612		)		—
Projected benefit obligation at end of year	$	41,854			$	42,026
Accumulated benefit obligation at end of year	$	41,854			$	42,026
Change in plan assets
Fair value of plan assets at beginning of year	$	34,954			$	38,527
Actual return (loss) on plan assets	6,930				(1,832		)
Employer contributions	483				593
Benefits paid	(2,391		)		(2,334		)
Settlements	(2,612		)		—
Fair value of plan assets at end of year	$	37,364			$	34,954
Funded status at end of year	$	(4,490	)		$	(7,072	)
Amounts recognized in the balance sheets consist of:
Non-current assets	$	3,079			$	2,047
Current liabilities	(606		)		(588		)
Non-current liabilities	(6,963		)		(8,531		)
	$	(4,490	)		$	(7,072	)
Components of accumulated other comprehensive loss (income) consist of:
Actuarial loss	$	13,951			$	16,277
Prior service cost	819				878
Deferred taxes	(3,305		)		(3,320		)
	$	11,465			$	13,835

The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31:

	2019				2018
Change in benefit obligation
Benefit obligation at beginning of year	$	2,113			$	3,221
Service cost	24				50
Interest cost	77				98
Plan amendments	—				(326		)
Actuarial loss (gain)	46				(756		)
Benefits paid	(211		)		(174		)
Benefit obligation at end of year	$	2,049			$	2,113
Funded status at end of year	$	(2,049	)		$	(2,113	)
Amounts recognized in the balance sheets consist of:
Current liabilities	$	(204	)		$	(215	)
Noncurrent liabilities	(1,845		)		(1,898		)
	$	(2,049	)		$	(2,113	)
Components of accumulated other comprehensive loss (income) consist of:
Actuarial loss	$	227			$	189
Prior service credit	(259		)		(339		)
Deferred taxes	(96		)		(74		)
	$	(128	)		$	(224	)

Future benefit payments

Future pension benefit payments expected to be paid from assets of the pension plans are:

2020	$	2,678
2021	2,576
2022	2,582
2023	2,621
2024	2,642
2025 - 2028	12,827
	$	25,926

Future postretirement health care benefit payments expected to be paid are:

2020	208
2021	228
2022	219
2023	216
2024	199
2025 - 2028	813
	$	1,883

Actual allocation percentage and target allocation percentage for pension plan assets

The following is the actual allocation percentage and target allocation percentage for the pension plan assets at December 31:

	2019 Actual Allocation			2018 Actual Allocation			Target Allocation Range
U.S. equity securities	45.1	%		42.4	%		36.0% - 54.0%
Non-U.S. equity securities	20.0	%		19.4	%		16.0% - 24.0%
Fixed income securities	34.4	%		37.7	%		30.0% - 40.0%
Money market	0.5	%		0.5	%		0.0% - 10.0%

Fair value of pension plan assets

The fair value of each major category of the Company's pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. Following are the values as of December 31:

	Level 1
	2019				2018
U.S. equity securities	$	16,862			$	14,834
Non-U.S. equity securities	7,482				6,790
Fixed income securities	12,854				13,169
Money market	166				161
Total	$	37,364			$	34,954

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