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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2018
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, 2018 and 2017, are as follows:

 

(In thousands)

 

2018

 

 

2017

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

34,893

 

 

$

30,011

 

Service cost

 

 

1,193

 

 

 

1,260

 

Interest cost

 

 

727

 

 

 

607

 

Actuarial loss - experience

 

 

38

 

 

 

47

 

Actuarial (gain) loss - assumptions

 

 

2,139

 

 

 

(1,294

)

Benefit payments

 

 

(138

)

 

 

(80

)

Effects of foreign currency exchange rate changes

 

 

(1,615

)

 

 

4,342

 

Projected benefit obligation at end of period

 

 

37,237

 

 

 

34,893

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

26,624

 

 

 

20,045

 

Actual return (loss) on plan assets

 

 

(2,024

)

 

 

709

 

Contributions

 

 

688

 

 

 

3,001

 

Effects of foreign currency exchange rate changes

 

 

(1,129

)

 

 

2,869

 

Fair value of plan assets at end of period

 

 

24,159

 

 

 

26,624

 

Unfunded status at end of period

 

$

(13,078

)

 

$

(8,269

)

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, 2018 and 2017 are as follows:

 

(In thousands)

 

2018

 

 

2017

 

Current liability

 

$

 

 

$

 

Non-current liability

 

 

13,078

 

 

 

8,269

 

Total

 

$

13,078

 

 

$

8,269

 

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

The components of net periodic pension cost, other than the service cost component, are included in other income (expense), net in the consolidated statements of income (loss). The components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2018, 2017 and 2016 are as follows:

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,193

 

 

$

1,260

 

 

$

1,211

 

Interest cost

 

 

727

 

 

 

607

 

 

 

720

 

Expected return on plan assets

 

 

(1,548

)

 

 

(1,267

)

 

 

(1,057

)

Amortization of actuarial losses

 

 

247

 

 

 

309

 

 

 

175

 

Net periodic benefit cost

 

 

619

 

 

 

909

 

 

 

1,049

 

Other changes in plan assets and benefit obligations

   recognized in other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

 

5,638

 

 

 

(654

)

 

 

1,782

 

Amortization of actuarial losses

 

 

(196

)

 

 

(406

)

 

 

(156

)

Amount recognized in other comprehensive income (loss)

 

 

5,442

 

 

 

(1,060

)

 

 

1,626

 

Total recognized in net periodic benefit cost and other

   comprehensive income (loss)

 

$

6,061

 

 

$

(151

)

 

$

2,675

 

Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income as of December 31, 2018 and 2017 are as follows:

 

(In thousands)

 

2018

 

 

2017

 

Net actuarial loss

 

$

(11,256

)

 

$

(5,812

)

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, 2018, 2017 and 2016 are as follows:

 

 

 

2018

 

 

2017

 

 

2016

 

Discount rates

 

 

2.13

%

 

 

1.90

%

 

 

2.64

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

 

 

2.00

%

Expected long-term rates of return

 

 

5.90

%

 

 

5.90

%

 

 

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, 2018 and 2017:

 

 

 

2018

 

 

2017

 

Discount rates

 

 

1.75

%

 

 

2.13

%

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)

 

 

 

 

2019

 

$

400

 

2020

 

 

555

 

2021

 

 

646

 

2022

 

 

704

 

2023

 

 

808

 

2024 – 2028

 

 

5,430

 

Total

 

$

8,543

 

 

Schedule of Cash Equivalents and Investments Held at Fair Value

We have categorized our cash equivalents and our investments held at fair value that are included in the pension plan 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, 2018 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

 

$

1,010

 

 

$

1,010

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

 

6,268

 

 

 

6,268

 

 

 

 

 

 

 

Corporate bonds

 

 

4,840

 

 

 

4,840

 

 

 

 

 

 

 

Emerging markets bonds

 

 

443

 

 

 

443

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global equity

 

 

7,743

 

 

 

7,743

 

 

 

 

 

 

 

Emerging markets

 

 

1,188

 

 

 

1,188

 

 

 

 

 

 

 

Balanced fund

 

 

815

 

 

 

815

 

 

 

 

 

 

 

Large-cap value

 

 

262

 

 

 

262

 

 

 

 

 

 

 

Global real estate fund

 

 

926

 

 

 

926

 

 

 

 

 

 

 

Managed futures fund

 

 

664

 

 

 

664

 

 

 

 

 

 

 

Available-for-sale securities

 

 

23,149

 

 

 

23,149

 

 

 

 

 

 

 

Total

 

$

24,159

 

 

$

24,159

 

 

$

 

 

$

 

 

 

 

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

 

 

 

 

 

 

 

Balanced fund

 

 

898

 

 

 

898

 

 

 

 

 

 

 

Large cap value

 

 

309

 

 

 

309

 

 

 

 

 

 

 

Available-for-sale securities

 

 

23,619

 

 

 

23,619

 

 

 

 

 

 

 

Total

 

$

26,624

 

 

$

26,624

 

 

$

 

 

$

 

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, 2018 and 2017 are as follows:

 

(In thousands)

 

2018

 

 

2017

 

Fair Value of Plan Assets

 

 

 

 

 

 

 

 

Long-term investments

 

$

18,256

 

 

$

19,883

 

Total Fair Value of Plan Assets

 

$

18,256

 

 

$

19,883

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

 

 

Non-current liabilities

 

$

18,256

 

 

$

19,883

 

Total Amounts Payable to Plan Participants

 

$

18,256

 

 

$

19,883