Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

The tables below set forth the Company’s estimated funded status as of December 31, 2018 and 2017:



(In thousands)	2018			2017
Change in benefit obligation:
Benefit obligation at beginning of year	$	7,682		$	7,073
Service cost	50			38
Interest cost	62			46
Actuarial (gain) loss	75			302
Benefits paid	(560		)	(222		)
Other	11			7
Foreign exchange impact	(12		)	438
Benefit obligation at end of year	7,308			7,682
Change in plan assets:
Fair value of plan assets at beginning of year	908			743
Return on plan assets	31			5
Employer contributions	110			88
Benefits paid	(185		)	—
Foreign exchange impact	(29		)	72
Fair value of plan assets at end of year	835			908
Funded status:
Plan assets less than benefit obligation - Net amount recognized	$	(6,473	)	$	(6,774	)

Amounts Recognized in Consolidated Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:



(In thousands)	2018			2017
Noncurrent liability	$	(6,473	)	$	(6,774	)
Accumulated other comprehensive loss, net of taxes	860			919

Amounts Recognized in Accumulated Other Comprehensive Loss Net of Tax

Amounts recognized in accumulated other comprehensive loss, net of tax consist of:



(In thousands)	2018			2017
Net actuarial loss	$	514		$	490
Prior service cost	616			705
Gross amount recognized	1,130			1,195
Deferred income taxes	(270		)	(276		)
Net amount recognized	$	860		$	919

Pension Plans Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets:



(In thousands)	2018		2017
Projected benefit obligation	$	6,473	$	6,774
Accumulated benefit obligation	6,235		6,497
Fair value of plan assets	835		908

Components of Net Periodic Benefit Cost

The components of the net periodic benefit cost for the years ended December 31, 2018, 2017 and 2016 were as follows:



(In thousands)	2018			2017			2016
Pension benefits:
Service cost	$	50		$	38		$	66
Interest cost	62			46			91
Expected return on plan assets	(18		)	(11		)	(10		)
Amortization of prior service cost	69			69			65
Amortization of net transition obligation	—			22			—
Amortization of plan loss	20			—			—
Recognized actuarial net loss	—			—			17
Net periodic pension benefit cost	$	183		$	164		$	229

Estimated Amount Amortized from Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost

The estimated amount that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2019 is as follows:



(In thousands)
Prior service cost	$	68
Net actuarial loss	17
	$	85

Assumptions Used in Determining Benefit Obligation and Net Periodic Benefit Cost for Pension Plans

Assumptions used in determining the benefit obligation and net periodic benefit cost for the Company’s pension plans for the years ended December 31, 2018, 2017 and 2016 are presented in the following table as weighted-averages:



	2018		2017		2016
Benefit obligations:
Discount rate	0.76	%	0.82	%	0.63	%
Rate of compensation increase	3.08	%	3.05	%	2.90	%
Net periodic benefit cost:
Discount rate	1.66	%	1.45	%	1.70	%
Rate of compensation increase	3.18	%	3.00	%	3.43	%
Expected return on plan assets	1.89	%	1.80	%	1.43	%

Fair Value Measurements of Pension Plan Assets

The fair value measurements of the Company’s pension plan assets at December 31, 2018, by asset category are as follows:



(In thousands)			Quoted prices in active markets for identical assets		Significant observable inputs	Significant unobservable inputs
Asset category	Total		(Level 1)		(Level 2)	(Level 3)
Taiwan plan assets (a)	$	669	$	669	—	—
Germany plan assets (b)	$	166	$	166	—	—
	$	835	$	835	—	—


(a)	This category includes investments in the government of Taiwan’s pension fund. The government of Taiwan is responsible for the strategy and allocation of the investment contributions.


(b)	This category includes investments in an insurer’s balanced asset fund. The insurer is responsible for the strategy and allocation of the investment contributions. The Company selects a pre-packaged portfolio pooled investment fund that is conservative. The majority of the funs are invested broadly in German mortgage bonds, construction loans and government bonds with good credit rating.

The fair value measurements of the Company’s pension plan assets at December 31, 2017, by asset category are as follows:



(In thousands)			Quoted prices in active markets for identical assets		Significant observable inputs	Significant unobservable inputs
Asset category	Total		(Level 1)		(Level 2)	(Level 3)
Taiwan plan assets (a)	$	830	$	830	—	—
Germany plan assets (b)	$	78	$	78	—	—
	$	908	$	908	—	—

Expected Contribution And Benefit Payments

The Company expects to make the following contributions and benefit payments:



(In thousands)	Contributions		Payments
2019	$	93	$	36
2020	—		33
2021	—		217
2022	—		201
2023	—		251
Years 2024-2028	—		2,197