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Pensions and Other Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Pensions and Other Employee Benefit Plans [Abstract]  
Reconciliation of Changes in Plans' Benefit Obligations and Fair Value of Assets

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for 2018 and 2017, and a statement of the funded status as of December 31, 2018 and 2017. We use a December 31 measurement date for the pension plan and other post-retirement benefits (in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

Year Ended December 31,

 

Year Ended December 31,

 

    

2018

    

2017

    

2018

    

2017

Reconciliation of benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Obligation at beginning of period

 

$

53,976

 

$

49,463

 

$

519

 

$

544

Service cost

 

 

715

 

 

702

 

 

 1

 

 

 1

Interest cost

 

 

1,855

 

 

1,961

 

 

18

 

 

21

Participant contributions

 

 

27

 

 

27

 

 

15

 

 

17

Actuarial (gain) loss

 

 

(5,725)

 

 

3,599

 

 

(36)

 

 

(22)

Benefit payments

 

 

(1,828)

 

 

(1,776)

 

 

(38)

 

 

(42)

Obligation at December 31,

 

 

49,020

 

 

53,976

 

 

479

 

 

519

Reconciliation of fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

35,640

 

 

31,466

 

 

         —

 

 

         —

Actual return on plan assets

 

 

(1,925)

 

 

3,601

 

 

         —

 

 

         —

Employer contributions

 

 

2,349

 

 

2,322

 

 

23

 

 

25

Participant contributions

 

 

27

 

 

27

 

 

15

 

 

17

Benefit payments

 

 

(1,828)

 

 

(1,776)

 

 

(38)

 

 

(42)

Fair value of plan assets at December 31,

 

 

34,263

 

 

35,640

 

 

         —

 

 

         —

Funded status at end of period

 

$

(14,757)

 

$

(18,336)

 

$

(479)

 

$

(519)

 

Pre-Tax Amounts Recognized in Accumulated Other Comprehensive Loss

The pre-tax amounts recognized in accumulated other comprehensive loss as of December 31, 2018 and 2017 consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

December 31,

 

December 31,

 

    

2018

    

2017

    

2018

    

2017

Actuarial loss

 

$

(16,728)

 

$

(18,941)

 

$

(4)

 

$

(48)

Amendments-prior service cost

 

 

         —

 

 

         —

 

 

 —

 

 

(22)

 

 

$

(16,728)

 

$

(18,941)

 

$

(4)

 

$

(70)

 

Amounts Recognized in Other Comprehensive Loss

The amounts recognized in other comprehensive income (loss) during the years ended December 31, 2018 and 2017 consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

2018

 

2017

 

    

Pension
Benefits

    

Other
Benefits

    

Pension
Benefits

    

Other
Benefits

Actuarial gain (loss) during the period

 

$

1,172

 

$

36

 

$

(2,123)

 

$

22

Amortization of actuarial loss

 

 

1,041

 

 

 8

 

 

998

 

 

10

Amortization of prior service cost

 

 

         —

 

 

22

 

 

         —

 

 

25

Total recognized in other comprehensive income (loss)

 

$

2,213

 

$

66

 

$

(1,125)

 

$

57

 

Amounts Recognized in the Balance Sheets

Amounts recognized in the balance sheet consist of (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

December 31,

 

December 31,

 

    

2018

    

2017

    

2018

    

2017

Current Liabilities

 

$

         —

 

$

         —

 

$

69

 

$

69

Long-Term Liabilities

 

 

14,757

 

 

18,336

 

 

410

 

 

450

 

 

$

14,757

 

$

18,336

 

$

479

 

$

519

 

Components of Net Periodic Cost

The following table provides the components of net periodic cost included in income from continuing operations for the plans for the years ended December 31, 2018 and 2017 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension Benefits

 

Other Benefits

 

 

Year Ended December 31,

 

Year Ended December 31,

 

    

2018

    

2017

    

2018

    

2017

Service cost (1) 

 

$

715

 

$

702

 

$

 1

 

$

 1

Interest cost (2) 

 

 

1,855

 

 

1,961

 

 

18

 

 

21

Expected return on plan assets (2)

 

 

(2,628)

 

 

(2,124)

 

 

         —

 

 

         —

Amortization of prior service cost (2)

 

 

         —

 

 

         —

 

 

22

 

 

25

Amortization of net actuarial loss (2)

 

 

1,041

 

 

998

 

 

 8

 

 

10

Net periodic cost

 

$

983

 

$

1,537

 

$

49

 

$

57

 

(1)

Included in general and administrative expenses.

(2)

Included in other expense.
Assumptions Used to Determine Net Periodic Cost

Assumptions used to determine net periodic cost:

 

 

 

 

 

 

 

Year Ended December 31,

 

    

2018

    

2017

Discount rate

 
3.50%

 
4.00%

Expected return on plan assets

 
7.25%

 
6.75%

Rate of compensation increase

 
4.25%

 
4.25%

 

Assumptions Used to Determine Benefit Obligation

Assumptions used to determine the benefit obligation:

 

 

 

 

 

 

 

December 31,

 

    

2018

    

2017

Discount rate

 
4.25%

 
3.50%

Rate of compensation increase

 
4.25%

 
4.25%

 

Pension Plans' Actual and Targeted Asset Allocations

The pension plan’s actual and targeted asset allocations, are as follows:

 

 

 

 

 

 

 

 

 

December 31, 2018

 

Target Allocation

 

    

Actual Allocation

    

Target

    

Target Range

Liquid return-seeking investments

 
59%

 
56.5%

 

45-65%

Alternative investments

 
9%

 
14.5%

 

0-20%

Fixed income  investments

 
32%

 
29.0%

 

20-40%

 

 
100%

 
100%

 
100%

 

Fair Values of Pension Plan Assets

The table below provides the fair values of the Company’s pension plan assets, by asset category, at December 31, 2018 and 2017. The Company’s pension plan assets are mainly held in commingled employee benefit fund trusts.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Measured

Asset Category

    

Total

    

Percentage

    

Level 1

    

Level 2

    

Level 3

    

at NAV(1)

 

 

 

(In thousands)

At December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid return-seeking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-asset fund(2)

 

$

20,251

 
59%

 

 

 

 

 

 

 

 

$

20,251

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds(3)

 

 

10,869

 
32%

 

 

 

 

 

 

 

 

 

10,869

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(4)

 

 

1,002

 
3%

 

 

 

 

 

$

1,002

 

 

 

Private equity fund(5)

 

 

76

 
0%

 

 

 

 

 

 

76

 

 

 

Distressed opportunity limited partnership(6)

 

 

463

 
1%

 

 

 

 

 

 

463

 

 

 

Multi-strategy limited partnership(7)

 

 

1,602

 
5%

 

 

 

 

 

 

1,602

 

 

 

 

 

 

3,143

 
9%

 

—

 

—

 

 

3,143

 

 

 —

 

 

$

34,263

 
100%

 

—

 

—

 

$

3,143

 

$

31,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid return-seeking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-asset fund(2)

 

$

21,447

 
60%

 

 

 

 

 

 

 

 

$

21,447

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commingled funds(3)

 

 

10,967

 
31%

 

 

 

 

 

 

 

 

 

10,967

Alternative investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity long/short fund(4)

 

 

1,067

 
3%

 

 

 

 

 

$

1,067

 

 

 

Private equity fund(5)

 

 

83

 
0%

 

 

 

 

 

 

83

 

 

 

Distressed opportunity limited partnership(6)

 

 

504

 
2%

 

 

 

 

 

 

504

 

 

 

Multi-strategy limited partnership(7)

 

 

1,572

 
4%

 

 

 

 

 

 

1,572

 

 

 

 

 

 

3,226

 
9%

 

—

 

—

 

 

3,226

 

 

 —

 

 

$

35,640

 
100%

 

—

 

—

 

$

3,226

 

$

32,414

(1)

Assets measured using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy. The NAV practical expedient is based on the fair value of the underlying assets of the common/collective trust (“CCT”) minus its liabilities, and then divided by the number of units outstanding. The NAV practical expedient of a CCT is calculated based on a compilation of primarily observable market information.

(2)

A single fund that invests in global equities, marketable real assets and fixed income securities. The fund has no limitation on redemptions.

(3)

Investments in bonds representing many sectors of the broad bond market with both short-term and intermediate-term maturities. The fund has no limitation on redemptions.

(4)

Investments primarily in long and short positions in equity securities of U.S. and non-U.S. companies. The fund generally has semi-annual tender offer redemption periods on June 30 and December 31 and is reported on a one month lag.

(5)

Fund invests in portfolios of secondary interest in established venture capital, buyout, mezzanine and special situation funds on a global basis. Fund is valued on a quarterly lag with adjustment for subsequent cash activity. The fund terminates on June 26, 2019, subject to extension for up to three one-year periods. Earlier redemptions are not permitted.

(6)

Investments mainly in discounted debt securities, bank loans, trade claims and other debt and equity securities of financially troubled companies. This partnership has semi-annual withdrawal rights on June 30 and December 31 with notice of 90 days and is reported on a one month lag.

(7)

Investments in a partnership that has a multi-strategy investment program and does not rely on a single investment model. This partnership has quarterly redemption rights with notice of 65 days and is reported on a one month lag.

 

Changes in Fair Value of Pension Plan Assets

Additional information pertaining to the changes in the fair value of the pension plan assets classified as Level 3 for the years ended December 31, 2018 and 2017 is presented below:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements Using Significant

 

 

 

Unobservable Inputs (Level 3)

 

    

Private
Equity
Fund

    

Equity
Long/Short
Fund

    

Distressed
Opportunity
Ltd. Partnership

    

 Multi
Strategy
Fund

    

Total  

 

 

 

(In thousands)

Balance, January 1, 2017

 

$

129

 

$

835

 

$

448

 

$

1,523

 

$

2,935

Unrealized gain

 

 

 7

 

 

232

 

 

56

 

 

49

 

 

344

Sales

 

 

(53)

 

 

—

 

 

—

 

 

—

 

 

(53)

Balance, December 31, 2017

 

 

83

 

 

1,067

 

 

504

 

 

1,572

 

 

3,226

Unrealized gain (loss)

 

 

10

 

 

(65)

 

 

(41)

 

 

30

 

 

(66)

Sales

 

 

(17)

 

 

—

 

 

 —

 

 

 —

 

 

(17)

Balance, December 31, 2018

 

$

76

 

$

1,002

 

$

463

 

$

1,602

 

$

3,143

 

Benefit Payments Expected to be Paid

The following benefit payments, which reflect future services, as appropriate, are expected to be paid (in thousands):

 

 

 

 

 

 

 

 

    

Pension
Benefits

    

Other
Benefits

2019

 

$

1,992

 

$

71

2020

 

 

2,134

 

 

63

2021

 

 

2,258

 

 

56

2022

 

 

2,374

 

 

49

2023

 

 

2,532

 

 

43

2024 to 2028

 

 

14,540

 

 

138