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Employee Benefit Plans (Tables) - Defined Benefit Pension Plans | 12 Months Ended
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Dec. 31, 2019
Expected Benefit Payments | We expect to contribute approximately $2.0 million to our defined benefit pension plans during 2020. Benefit payments to all plan participants out of plan assets are expected to be the equivalent of:
Years ending December 31, |  | Amount |
|  | (In thousands) |
2020 |  | $ | 3,551 |
2021 |  |  | 3,576 |
2022 |  |  | 3,583 |
2023 |  |  | 3,545 |
2024 |  |  | 3,465 |
Next 5 years |  |  | 16,150 |
Funded Status of Defined Benefit Plans | The funded status of our defined benefit pension plans is presented in the table below.
|  | December 31, |
|  | 2018 |  |  | 2019 |
|  | (In thousands) |
Change in projected benefit obligations (PBO): |  |  |  |  |  |  |  |
Benefit obligations at beginning of the year |  | $ | 53,978 |  |  | $ | 49,249 |
Interest cost |  |  | 1,808 |  |  |  | 1,884 |
Participant contributions |  |  | 5 |  |  |  | 1 |
Actuarial losses (gains) |  |  | (2,511 | ) |  |  | 2,582 |
Change in currency exchange rates |  |  | (545 | ) |  |  | 260 |
Benefits paid |  |  | (3,486 | ) |  |  | (3,626 | )
Benefit obligations at end of the year |  |  | 49,249 |  |  |  | 50,350 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of the year |  |  | 44,222 |  |  |  | 40,626 |
Actual return on plan assets |  |  | (2,237 | ) |  |  | 5,752 |
Employer contributions |  |  | 2,792 |  |  |  | 3,173 |
Participant contributions |  |  | 5 |  |  |  | 1 |
Change in currency exchange rates |  |  | (670 | ) |  |  | 387 |
Benefits paid |  |  | (3,486 | ) |  |  | (3,626 | )
Fair value of plan assets at end of year |  |  | 40,626 |  |  |  | 46,313 |
Funded status |  | $ | (8,623 | ) |  | $ | (4,037 | )
Amounts recognized in the balance sheet: |  |  |  |  |  |  |  |
Noncurrent pension asset |  | $ | 1,898 |  |  | $ | 4,294 |
Accrued pension costs: |  |  |  |  |  |  |  |
Current |  |  | (132 | ) |  |  | (101 | )
Noncurrent |  |  | (10,389 | ) |  |  | (8,230 | )
Total |  |  | (8,623 | ) |  |  | (4,037 | )
Accumulated other comprehensive loss - actuarial losses, net |  |  | 31,601 |  |  |  | 28,687 |
Total |  | $ | 22,978 |  |  | $ | 24,650 |
Accumulated benefit obligations (ABO) |  | $ | 49,249 |  |  | $ | 50,350 |
Changes in Other Comprehensive Income | The amounts shown in the table above for actuarial losses (gains) at December 31, 2018 and 2019 have not been recognized as components of our periodic defined benefit pension cost as of those dates. These amounts will be recognized as components of our periodic defined benefit cost in future years. These amounts, net of deferred income taxes, are recognized in our accumulated other comprehensive income (loss) at December 31, 2018 and 2019. We expect that $1.5 million of the unrecognized actuarial losses will be recognized as a component of our periodic defined benefit pension cost in 2020. The table below details the changes in other comprehensive income during 2017, 2018 and 2019.
|  | Years ended December 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | (In thousands) |
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |
Net actuarial gain (loss) arising during the year |  | $ | 498 |  |  | $ | (2,709 | ) |  | $ | 1,330 |
Amortization of unrecognized net actuarial loss |  |  | 1,704 |  |  |  | 1,937 |  |  |  | 1,584 |
Total |  | $ | 2,202 |  |  | $ | (772 | ) |  | $ | 2,914 |
Components of Net Periodic Defined Benefit Cost (Income) | The components of our net periodic defined benefit pension cost are presented in the table below. The amount shown below for the amortization of unrecognized actuarial losses in 2017, 2018 and 2019, net of deferred income taxes, was recognized as a component of our accumulated other comprehensive income (loss) at December 31, 2016, 2017 and 2018, respectively.
|  | Years ended December 31, |
|  | 2017 |  |  | 2018 |  |  | 2019 |
|  | (In thousands) |
Net periodic pension cost: |  |  |  |  |  |  |  |  |  |  |  |
Interest cost on PBO |  | $ | 2,072 |  |  | $ | 1,808 |  |  | $ | 1,884 |
Expected return on plan assets |  |  | (2,770 | ) |  |  | (3,043 | ) |  |  | (1,899 | )
Recognized actuarial losses |  |  | 1,704 |  |  |  | 1,937 |  |  |  | 1,584 |
Settlement cost |  |  | 87 |  |  |  | - |  |  |  | - |
Total |  | $ | 1,093 |  |  | $ | 702 |  |  | $ | 1,569 |
Information Concerning Defined Benefit Pension Plans (Including Certain Plans for Which ABO Exceeds Fair Value of Plan Assets) | Certain information concerning our defined benefit pension plans (including information concerning certain plans for which ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.
|  | December 31, |
|  | 2018 |  |  | 2019 |
|  | (In thousands) |
PBO at end of the year |  |  |  |  |  |  |  |
U.S. plan |  | $ | 40,643 |  |  | $ | 42,198 |
U.K. plan |  |  | 8,606 |  |  |  | 8,152 |
Total |  | $ | 49,249 |  |  | $ | 50,350 |
Fair value of plan assets at end of the year |  |  |  |  |  |  |  |
U.S. plan |  | $ | 30,122 |  |  | $ | 33,867 |
U.K. plan |  |  | 10,504 |  |  |  | 12,446 |
Total |  | $ | 40,626 |  |  | $ | 46,313 |
Plans for which the ABO exceeds plan assets (only our U.S. plan): |  |  |  |  |  |  |  |
PBO |  | $ | 40,643 |  |  | $ | 42,198 |
ABO |  |  | 40,643 |  |  |  | 42,198 |
Fair value of plan assets |  |  | 30,122 |  |  |  | 33,867 |
Summary of Assumptions Used to Determine Net Benefit Obligation | The weighted-average rate assumptions used in determining the net periodic pension cost for 2017, 2018 and 2019 are presented in the table below. Such weighted-average discount rates were determined using the projected benefit obligations as of the beginning of each year and the weighted-average long-term return on plan assets was determined using the fair value of plan assets as of the beginning of each year.
|  | Years ended December 31, |
Rate |  | 2017 |  |  | 2018 |  |  | 2019 |
Discount rate |  |  | 3.7 | % |  |  | 3.4 | % |  |  | 3.9 | %
Long-term rate of return on plan assets |  |  | 6.9 | % |  |  | 7.2 | % |  |  | 4.7 | %
Schedule of composition of our pension plan assets by fair value level | The composition of our pension plan assets by fair value level at December 31, 2018 and 2019 is shown in the table below.
|  | Fair Value Measurements |
|  | Total |  |  | Quoted prices in active markets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Assets measured at NAV |
|  | (In thousands) |  |  |  |  |
December 31, 2018: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 11,353 |  |  | $ | 3,423 |  |  | $ | - |  |  | $ | - |  |  | $ | 7,930 |
Fixed income |  |  | 13,856 |  |  |  | 13,856 |  |  |  | - |  |  |  | - |  |  |  | - |
Cash and other |  |  | 3,250 |  |  |  | 2,347 |  |  |  | - |  |  |  | - |  |  |  | 903 |
CMRT |  |  | 1,663 |  |  |  | - |  |  |  | - |  |  |  | 1,663 |  |  |  | - |
Other |  |  | 10,504 |  |  |  | 10,504 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 40,626 |  |  | $ | 30,130 |  |  | $ | - |  |  | $ | 1,663 |  |  | $ | 8,833 |
|  | Fair Value Measurements |
|  | Total |  |  | Quoted prices in active markets (Level 1) |  |  | Significant other observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Assets measured at NAV |
|  | (In thousands) |  |  |  |  |
December 31, 2019: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equities |  | $ | 13,439 |  |  | $ | 3,789 |  |  | $ | - |  |  | $ | 439 |  |  | $ | 9,211 |
Fixed income |  |  | 16,290 |  |  |  | 16,290 |  |  |  | - |  |  |  | - |  |  |  | - |
Cash and other |  |  | 4,138 |  |  |  | 3,197 |  |  |  | - |  |  |  | - |  |  |  | 941 |
Other |  |  | 12,446 |  |  |  | 12,446 |  |  |  | - |  |  |  | - |  |  |  | - |
Total |  | $ | 46,313 |  |  | $ | 35,722 |  |  | $ | - |  |  | $ | 439 |  |  | $ | 10,152 |

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