XML 49 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]  
Schedule of Pension Benefit Plan Obligations and Funded Status

The pension benefit plan obligations and funded status at December 31, 2016 and 2015, are as follows:

 

(In thousands)

 

2016

 

 

2015

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

(26,851

)

 

$

(30,507

)

Service cost

 

 

(1,211

)

 

 

(1,314

)

Interest cost

 

 

(720

)

 

 

(615

)

Actuarial gain (loss) - experience

 

 

431

 

 

 

247

 

Actuarial gain (loss) - assumptions

 

 

(2,628

)

 

 

2,078

 

Benefit payments

 

 

52

 

 

 

81

 

Effects of foreign currency exchange rate changes

 

 

916

 

 

 

3,179

 

Projected benefit obligation at end of period

 

 

(30,011

)

 

 

(26,851

)

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

19,213

 

 

 

20,338

 

Actual return on plan assets

 

 

1,494

 

 

 

988

 

Effects of foreign currency exchange rate changes

 

 

(662

)

 

 

(2,113

)

Fair value of plan assets at end of period

 

 

20,045

 

 

 

19,213

 

Funded (unfunded) status at end of period

 

$

(9,966

)

 

$

(7,638

)

 

Summary of Net Amounts Recognized Balance Sheet for the Unfunded Pension Liability

The net amounts recognized in the balance sheet for the unfunded pension liability as of December 31, 2016 and 2015 are as follows:

 

(In thousands)

 

2016

 

 

2015

 

Current liability

 

$

 

 

$

 

Non-current liability

 

 

(9,966

)

 

 

(7,638

)

Total

 

$

(9,966

)

 

$

(7,638

)

 

Components of Net Periodic Pension Cost and Amounts Recognized Other Comprehensive Income

The components of net periodic pension cost and amounts recognized in other comprehensive income for the years ended December 31, 2016, 2015 and 2014 are as follows:

 

(In thousands)

 

2016

 

 

2015

 

 

2014

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,211

 

 

$

1,314

 

 

$

1,189

 

Interest cost

 

 

720

 

 

 

615

 

 

 

836

 

Expected return on plan assets

 

 

(1,057

)

 

 

(1,011

)

 

 

(1,086

)

Amortization of actuarial losses

 

 

175

 

 

 

407

 

 

 

 

Net periodic benefit cost

 

 

1,049

 

 

 

1,325

 

 

 

939

 

Other changes in plan assets and benefit obligations

   recognized in other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

 

1,782

 

 

 

(2,303

)

 

 

7,052

 

Amortization of actuarial losses

 

 

(156

)

 

 

(396

)

 

 

 

Amount recognized in other comprehensive income

 

 

1,626

 

 

 

(2,699

)

 

 

7,052

 

Total recognized in net periodic benefit cost and other

   comprehensive income

 

$

2,675

 

 

$

(1,374

)

 

$

7,991

 

 

Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income as of December 31, 2016 and 2015 are as follows:

 

(In thousands)

 

2016

 

 

2015

 

Net actuarial loss

 

$

6,871

 

 

$

5,245

 

 

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted-average assumptions that were used to determine the net periodic benefit cost for the years ended December 31, 2016, 2015 and 2014 are as follows:

 

 

 

2016

 

 

2015

 

 

2014

 

Discount rates

 

 

2.64

%

 

 

2.20

%

 

 

3.70

%

Rate of compensation increase

 

 

2.00

%

 

 

2.25

%

 

 

2.25

%

Expected long-term rates of return

 

 

5.40

%

 

 

5.40

%

 

 

5.40

%

 

Weighted-Average Assumptions Used to Determine Benefit Obligation

The weighted-average assumptions that were used to determine the benefit obligation at December 31, 2016 and 2015:

 

 

 

2016

 

 

2015

 

Discount rates

 

 

1.90

%

 

 

2.64

%

Rate of compensation increase

 

 

2.00

%

 

 

2.25

%

 

Schedule of Pension Benefit Payments Expected Future Service

The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid to participants:

 

(In thousands)

 

 

 

 

2017

 

$

348

 

2018

 

 

515

 

2019

 

 

699

 

2020

 

 

964

 

2021

 

 

1,079

 

2022 – 2026

 

 

5,156

 

Total

 

$

8,761

 

 

Schedule of Cash Equivalents and Investments Held at Fair Value

We have categorized our cash equivalents and our investments held at fair value into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique for the cash equivalents and investments as follows: Level 1 - Values based on unadjusted quoted prices for identical assets or liabilities in an active market; Level 2 - Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly; Level 3 - Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. These inputs include information supplied by investees.

 

 

 

Fair Value Measurements at December 31, 2016 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 

$

6

 

 

$

6

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

12,546

 

 

 

12,546

 

 

 

 

 

 

 

Government bonds

 

 

2,037

 

 

 

2,037

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large cap blend

 

 

4,462

 

 

 

4,462

 

 

 

 

 

 

 

Large cap value

 

 

249

 

 

 

249

 

 

 

 

 

 

 

Balanced fund

 

 

745

 

 

 

745

 

 

 

 

 

 

 

Available-for-sale securities

 

 

20,039

 

 

 

20,039

 

 

 

 

 

 

 

Total

 

$

20,045

 

 

$

20,045

 

 

$

 

 

$

 

 

 

 

Fair Value Measurements at December 31, 2015 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 

$

3

 

 

$

3

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

11,633

 

 

 

11,633

 

 

 

 

 

 

 

Government bonds

 

 

1,960

 

 

 

1,960

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large cap blend

 

 

4,604

 

 

 

4,604

 

 

 

 

 

 

 

Large cap value

 

 

258

 

 

 

258

 

 

 

 

 

 

 

Balanced fund

 

 

755

 

 

 

755

 

 

 

 

 

 

 

Available-for-sale securities

 

 

19,210

 

 

 

19,210

 

 

 

 

 

 

 

Total

 

$

19,213

 

 

$

19,213

 

 

$

 

 

$

 

 

Fair Value of Assets Held by Trust and Amounts Payable to Plan Participants

The fair value of the assets held by the Trust and the amounts payable to the plan participants at December 31, 2016 and 2015 are as follows:

 

(In thousands)

 

2016

 

 

2015

 

Fair Value of Plan Assets

 

 

 

 

 

 

 

 

Long-term Investments

 

$

14,596

 

 

$

12,834

 

Total Fair Value of Plan Assets

 

$

14,596

 

 

$

12,834

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

 

 

Non-current Liabilities

 

$

14,596

 

 

$

12,834

 

Total Amounts Payable to Plan Participants

 

$

14,596

 

 

$

12,834