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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2017
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, 2017 and 2016, are as follows:

 

(In thousands)

 

2017

 

 

2016

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

30,011

 

 

$

26,851

 

Service cost

 

 

1,260

 

 

 

1,211

 

Interest cost

 

 

607

 

 

 

720

 

Actuarial (gain) loss - experience

 

 

47

 

 

 

(431

)

Actuarial (gain) loss - assumptions

 

 

(1,294

)

 

 

2,628

 

Benefit payments

 

 

(80

)

 

 

(52

)

Effects of foreign currency exchange rate changes

 

 

4,342

 

 

 

(916

)

Projected benefit obligation at end of period

 

 

34,893

 

 

 

30,011

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

20,045

 

 

 

19,213

 

Actual return on plan assets

 

 

709

 

 

 

1,494

 

Contributions

 

 

3,001

 

 

 

 

Effects of foreign currency exchange rate changes

 

 

2,869

 

 

 

(662

)

Fair value of plan assets at end of period

 

 

26,624

 

 

 

20,045

 

Funded (unfunded) status at end of period

 

$

(8,269

)

 

$

(9,966

)

 

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, 2017 and 2016 are as follows:

 

(In thousands)

 

2017

 

 

2016

 

Current liability

 

$

 

 

$

 

Non-current liability

 

 

8,269

 

 

 

9,966

 

Total

 

$

8,269

 

 

$

9,966

 

 

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, 2017, 2016 and 2015 are as follows:

 

(In thousands)

 

2017

 

 

2016

 

 

2015

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,260

 

 

$

1,211

 

 

$

1,314

 

Interest cost

 

 

607

 

 

 

720

 

 

 

615

 

Expected return on plan assets

 

 

(1,267

)

 

 

(1,057

)

 

 

(1,011

)

Amortization of actuarial losses

 

 

309

 

 

 

175

 

 

 

407

 

Net periodic benefit cost

 

 

909

 

 

 

1,049

 

 

 

1,325

 

Other changes in plan assets and benefit obligations

   recognized in other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

 

(654

)

 

 

1,782

 

 

 

(2,303

)

Amortization of actuarial losses

 

 

(406

)

 

 

(156

)

 

 

(396

)

Amount recognized in other comprehensive income

 

 

(1,060

)

 

 

1,626

 

 

 

(2,699

)

Total recognized in net periodic benefit cost and other

   comprehensive income

 

$

(151

)

 

$

2,675

 

 

$

(1,374

)

 

Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income as of December 31, 2017 and 2016 are as follows:

 

(In thousands)

 

2017

 

 

2016

 

Net actuarial loss

 

$

(5,812

)

 

$

(6,871

)

 

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, 2017, 2016 and 2015 are as follows:

 

 

 

2017

 

 

2016

 

 

2015

 

Discount rates

 

 

1.90

%

 

 

2.64

%

 

 

2.20

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

 

 

2.25

%

Expected long-term rates of return

 

 

5.90

%

 

 

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, 2017 and 2016:

 

 

 

2017

 

 

2016

 

Discount rates

 

 

2.13

%

 

 

1.90

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

 

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)

 

 

 

 

2018

 

$

549

 

2019

 

 

772

 

2020

 

 

1,090

 

2021

 

 

1,225

 

2022

 

 

1,315

 

2023 – 2027

 

 

6,301

 

Total

 

$

11,252

 

 

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, 2017 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

 

$

3,005

 

 

$

3,005

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

14,349

 

 

 

14,349

 

 

 

 

 

 

 

Government bonds

 

 

2,305

 

 

 

2,305

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Large cap blend

 

 

5,758

 

 

 

5,758

 

 

 

 

 

 

 

Large cap value

 

 

309

 

 

 

309

 

 

 

 

 

 

 

Balanced fund

 

 

898

 

 

 

898

 

 

 

 

 

 

 

Available-for-sale securities

 

 

23,619

 

 

 

23,619

 

 

 

 

 

 

 

Total

 

$

26,624

 

 

$

26,624

 

 

$

 

 

$

 

 

 

 

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 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, 2017 and 2016 are as follows:

 

(In thousands)

 

2017

 

 

2016

 

Fair Value of Plan Assets

 

 

 

 

 

 

 

 

Long-term Investments

 

$

19,883

 

 

$

14,596

 

Total Fair Value of Plan Assets

 

$

19,883

 

 

$

14,596

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

 

 

Non-current Liabilities

 

$

19,883

 

 

$

14,596

 

Total Amounts Payable to Plan Participants

 

$

19,883

 

 

$

14,596