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Pension and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan for the years ended December 31, 2019 and 2018 (in thousands):

 

 

2019

 

 

2018

 

Projected Benefit Obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of year

 

$

60,671

 

 

$

63,398

 

Service cost

 

 

755

 

 

 

1,453

 

Prior service cost

 

 

 

 

 

(157

)

Interest cost

 

 

1,027

 

 

 

1,244

 

Amendments/curtailments

 

 

(2,621

)

 

 

(1,219

)

Benefits paid and administrative expenses

 

 

(1,229

)

 

 

(1,349

)

Actuarial (gain) loss, net

 

 

7,979

 

 

 

(383

)

Unrealized (gain) loss on foreign exchange

 

 

(1,336

)

 

 

(2,316

)

Projected benefit obligation at end of year

 

$

65,246

 

 

$

60,671

 

 

 

 

 

 

 

 

 

 

Fair Value of Plan Assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

53,273

 

 

$

53,145

 

Increase in plan asset value

 

 

6,905

 

 

 

2,251

 

Employer contributions

 

 

1,558

 

 

 

1,282

 

Benefits paid and administrative expenses

 

 

(1,246

)

 

 

(1,386

)

Unrealized gain (loss) on foreign exchange

 

 

(1,172

)

 

 

(2,019

)

Fair value of plan assets at end of year

 

$

59,318

 

 

$

53,273

 

 

 

 

 

 

 

 

 

 

Under-funded status of the plan at end of the year

 

$

(5,928

)

 

$

(7,398

)

 

 

 

 

 

 

 

 

 

Accumulated Benefit Obligation

 

 

65,246

 

 

$

55,863

 

Schedule of Assumptions Used

 

The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan at December 31, 2019 and 2018:

 

 

2019

 

 

2018

 

Weighted average assumed discount rate

 

 

1.05

%

 

 

1.75

%

Expected long-term rate of return on plan assets

 

 

1.05

%

 

 

1.75

%

Weighted average rate of compensation increase

 

 

1.80

%

 

 

2.80

%

 

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized for the Dutch Plan in the Consolidated Balance Sheets at December 31, 2019 and 2018 consist of (in thousands):

 

 

2019

 

 

2018

 

Deferred tax asset

 

 

1,482

 

 

$

4,369

 

Other long-term liabilities

 

 

5,928

 

 

 

7,398

 

Accumulated other comprehensive loss

 

 

(5,640

)

 

 

(5,650

)

 

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Dutch Plan under this plan for the years ended December 31, 2019, 2018 and 2017 included (in thousands):

 

 

2019

 

 

2018

 

 

2017

 

Service cost

 

$

755

 

 

$

1,453

 

 

$

1,494

 

Interest cost

 

 

1,027

 

 

 

1,244

 

 

 

1,121

 

Expected return on plan assets

 

 

(914

)

 

 

(1,077

)

 

 

(950

)

Administrative charges

 

 

17

 

 

 

37

 

 

 

 

Curtailment

 

 

(2,621

)

 

 

(1,219

)

 

 

 

Prior service cost

 

 

(848

)

 

 

(106

)

 

 

(77

)

Net actuarial loss

 

 

3,171

 

 

 

1,706

 

 

 

440

 

Net periodic pension cost

 

$

587

 

 

$

2,038

 

 

$

2,028

 

 

Schedule of Expected Benefit Payments

Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands):

2020

 

$

1,310

 

2021

 

$

1,394

 

2022

 

$

1,477

 

2023

 

$

1,518

 

2024

 

$

1,634

 

Succeeding five years

 

$

9,988