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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Pension Benefit Plan Obligations and Funded Status

The pension benefit plan obligations and funded status as of December 31, 2019 and 2018, were as follows:

 

(In thousands)

 

2019

 

 

2018

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

37,245

 

 

$

34,893

 

Service cost

 

 

1,471

 

 

 

1,193

 

Interest cost

 

 

634

 

 

 

727

 

Actuarial loss - experience

 

 

453

 

 

 

38

 

Actuarial loss - assumptions

 

 

5,091

 

 

 

2,139

 

Benefit payments

 

 

(166

)

 

 

(138

)

Effects of foreign currency exchange rate changes

 

 

(826

)

 

 

(1,607

)

Projected benefit obligation at end of period

 

 

43,902

 

 

 

37,245

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

24,159

 

 

 

26,624

 

Actual gain (loss) on plan assets

 

 

4,392

 

 

 

(2,024

)

Contributions

 

 

 

 

 

688

 

Effects of foreign currency exchange rate changes

 

 

(535

)

 

 

(1,129

)

Fair value of plan assets at end of period

 

 

28,016

 

 

 

24,159

 

Unfunded status at end of period

 

$

(15,886

)

 

$

(13,086

)

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, 2019 and 2018 were as follows:

 

(In thousands)

 

2019

 

 

2018

 

Current liability

 

$

 

 

$

 

Pension liability

 

 

15,886

 

 

 

13,086

 

Total

 

$

15,886

 

 

$

13,086

 

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, 2019, 2018 and 2017 were as follows:

 

(In thousands)

 

2019

 

 

2018

 

 

2017

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,471

 

 

$

1,193

 

 

$

1,260

 

Interest cost

 

 

634

 

 

 

727

 

 

 

607

 

Expected return on plan assets

 

 

(1,392

)

 

 

(1,548

)

 

 

(1,267

)

Amortization of actuarial losses

 

 

795

 

 

 

247

 

 

 

309

 

Net periodic benefit cost

 

 

1,508

 

 

 

619

 

 

 

909

 

Other changes in plan assets and benefit obligations

   recognized in other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

 

2,488

 

 

 

5,638

 

 

 

(654

)

Amortization of actuarial losses

 

 

(771

)

 

 

(196

)

 

 

(406

)

Amount recognized in other comprehensive income (loss)

 

 

1,717

 

 

 

5,442

 

 

 

(1,060

)

Total recognized in net periodic benefit cost and other

   comprehensive income (loss)

 

$

3,225

 

 

$

6,061

 

 

$

(151

)

Accumulated Other Comprehensive Income (Loss)

The amounts recognized in accumulated other comprehensive income (loss) as of December 31, 2019 and 2018 were as follows:

 

(In thousands)

 

2019

 

 

2018

 

Net actuarial loss

 

$

(12,973

)

 

$

(11,256

)

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, 2019, 2018 and 2017 were as follows:

 

 

 

2019

 

 

2018

 

 

2017

 

Discount rate

 

 

1.75

%

 

 

2.13

%

 

 

1.90

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

 

 

2.00

%

Expected long-term rates of return

 

 

5.90

%

 

 

5.90

%

 

 

5.90

%

Weighted-Average Assumptions Used to Determine Benefit Obligation

 

The weighted-average assumptions that were used to determine the benefit obligation as of December 31, 2019 and 2018:

 

 

 

2019

 

 

2018

 

Discount rate

 

 

1.00

%

 

 

1.75

%

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)

 

 

 

 

2020

 

$

515

 

2021

 

 

582

 

2022

 

 

619

 

2023

 

 

706

 

2024

 

 

789

 

Thereafter

 

 

4,872

 

Total

 

$

8,083

 

 

Schedule of Cash Equivalents and Investments Held at Fair Value

We have categorized our cash equivalents and our investments held at fair value into this hierarchy as follows:

 

 

 

Fair Value Measurements at December 31, 2019 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

 

$

691

 

 

$

691

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

 

6,645

 

 

 

6,645

 

 

 

 

 

 

 

Corporate bonds

 

 

5,514

 

 

 

5,514

 

 

 

 

 

 

 

Emerging markets bonds

 

 

531

 

 

 

531

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global equity

 

 

11,071

 

 

 

11,071

 

 

 

 

 

 

 

Emerging markets

 

 

956

 

 

 

956

 

 

 

 

 

 

 

Balanced fund

 

 

863

 

 

 

863

 

 

 

 

 

 

 

Large cap value

 

 

312

 

 

 

312

 

 

 

 

 

 

 

Global real estate fund

 

 

902

 

 

 

902

 

 

 

 

 

 

 

Managed futures fund

 

 

531

 

 

 

531

 

 

 

 

 

 

 

Available-for-sale securities

 

 

27,325

 

 

 

27,325

 

 

 

 

 

 

 

Total

 

$

28,016

 

 

$

28,016

 

 

$

 

 

$

 

 

 

 

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 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 as of December 31, 2019 and 2018 were as follows:

 

(In thousands)

 

2019

 

 

2018

 

Fair Value of Plan Assets

 

 

 

 

 

 

 

 

Long-term investments

 

$

21,698

 

 

$

18,256

 

Total Fair Value of Plan Assets

 

$

21,698

 

 

$

18,256

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

 

 

Deferred compensation liability

 

$

21,698

 

 

$

18,256

 

Total Amounts Payable to Plan Participants

 

$

21,698

 

 

$

18,256