Pensions and Other Postretirement Benefits (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Retirement Benefits [Abstract] |
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Reconciliation of the Benefit Obligation, Plan Assets, and Funded Status to Benefit Plans |
The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension and other postretirement benefit plans (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Change in benefit obligation: | | | | | | | | Benefit obligation at beginning of year | $ | 25,187 |
| | $ | 3,833 |
| | $ | 23,348 |
| | $ | 3,373 |
| Service cost (adjusted for actual employee contributions) | 513 |
| | 96 |
| | 403 |
| | 100 |
| Interest cost | 674 |
| | 142 |
| | 784 |
| | 130 |
| Contributions by participants | 35 |
| | — |
| | 42 |
| | — |
| Actuarial (gains) losses | 673 |
| | 900 |
| | 4,809 |
| | 525 |
| Benefits paid | (564 | ) | | (245 | ) | | (732 | ) | | (295 | ) | Curtailments and settlements | — |
| | — |
| | (20 | ) | | — |
| Currency translation | 2,099 |
| | — |
| | (3,447 | ) | | — |
| Benefit obligation at end of year | $ | 28,617 |
| | $ | 4,726 |
| | $ | 25,187 |
| | $ | 3,833 |
| | | | | | | | | Change in plan assets: | | | | | | | | Fair value of plan assets at beginning of year | $ | 14,553 |
| | $ | — |
| | $ | 15,122 |
| | $ | — |
| Actual return on plan assets | 957 |
| | — |
| | 1,441 |
| | — |
| Company contributions | 1,013 |
| | 245 |
| | 1,240 |
| | 295 |
| Contributions by participants | 35 |
| | — |
| | 42 |
| | — |
| Benefits paid | (564 | ) | | (245 | ) | | (732 | ) | | (295 | ) | Currency translation | 1,460 |
| | — |
| | (2,560 | ) | | — |
| Fair value of plan assets at end of year | $ | 17,454 |
| | $ | — |
| | $ | 14,553 |
| | $ | — |
| | | | | | | | | Funded status at end of year | $ | (11,163 | ) | | $ | (4,726 | ) | | $ | (10,634 | ) | | $ | (3,833 | ) |
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Amounts Recognized in the Consolidated Balance Sheet Pretax Amounts |
Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Accrued pension and other postretirement costs | $ | (11,163 | ) | | $ | (4,726 | ) | | $ | (10,634 | ) | | $ | (3,833 | ) |
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Actuarial Items |
Actuarial items consist of the following (in thousands): | | | | | | | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Unrecognized net actuarial loss | $ | 8,169 |
| | $ | 2,370 |
| | $ | 7,763 |
| | $ | 1,588 |
| Unrecognized prior service cost | 2 |
| | — |
| | 2 |
| | — |
| Unamortized transition obligation | 3 |
| | — |
| | 3 |
| | — |
| | $ | 8,174 |
| | $ | 2,370 |
| | $ | 7,768 |
| | $ | 1,588 |
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Additional Information Regarding Projected and Accumulated Benefit Obligations for the Pension Plans |
The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands): | | | | | | | | | | December 31, | | 2017 | | 2016 | Accumulated benefit obligation, all plans | $ | 26,907 |
| | $ | 23,633 |
| Plans for which the accumulated benefit obligation exceeds plan assets: |
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| Projected benefit obligation | $ | 27,317 |
| | $ | 24,102 |
| Accumulated benefit obligation | 26,074 |
| | 22,963 |
| Fair value of plan assets | 16,274 |
| | 13,491 |
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Components of Net Periodic Costs of Benefit Plans |
The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | Years ended December 31, | | 2017 | | 2016 | | 2015 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Annual service cost | $ | 548 |
| | $ | 96 |
| | $ | 445 |
| | $ | 100 |
| | $ | 457 |
| | $ | 88 |
| Less: employee contributions | 35 |
| | — |
| | 42 |
| | — |
| | 44 |
| | — |
| Net service cost | 513 |
| | 96 |
| | 403 |
| | 100 |
| | 413 |
| | 88 |
| Interest cost | 674 |
| | 142 |
| | 784 |
| | 130 |
| | 857 |
| | 126 |
| Expected return on plan assets | (536 | ) | | — |
| | (630 | ) | | — |
| | (656 | ) | | — |
| Amortization of actuarial losses | 463 |
| | 119 |
| | 192 |
| | 75 |
| | 232 |
| | 72 |
| Amortization of transition obligation | 1 |
| | — |
| | 5 |
| | — |
| | 1 |
| | — |
| Curtailment and settlement losses | — |
| | — |
| | — |
| | — |
| | 1 |
| | — |
| Net periodic benefit cost | $ | 1,115 |
| | $ | 357 |
| | $ | 754 |
| | $ | 305 |
| | $ | 848 |
| | $ | 286 |
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Weighted-average Assumptions Used for Benefit Obligations and Net Periodic Pension Costs |
The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years: | | | | | | | | | | | | | | 2017 | | 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Discount rate | 2.42 | % | | 3.33 | % | | 2.59 | % | | 3.77 | % | Rate of compensation increase | 2.66 | % | | N/A |
| | 2.63 | % | | N/A |
| Expected return on plan assets | 3.46 | % | | N/A |
| | 4.49 | % | | N/A |
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The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2017 and 2016: | | | | | | | | | | | | | | 2017 | | 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Discount rate | 2.59 | % | | 3.77 | % | | 3.65 | % | | 3.98 | % | Rate of compensation increase | 2.63 | % | | N/A |
| | 2.82 | % | | N/A |
| Expected return on plan assets | 4.49 | % | | N/A |
| | 4.47 | % | | N/A |
| Health care trend rate | N/A |
| | 6.36 | % | | N/A |
| | 4.81 | % |
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Composition of Plan Assets |
Plan assets are comprised of: | | | | | | | | | | | | December 31, 2017 | | December 31, 2016 | | Pension Plans | | OPEB Plans | | Pension Plans | | OPEB Plans | Equity securities | 53 | % | | — | | 55 | % | | — | Fixed income securities | 38 | % | | — | | 36 | % | | — | Cash and cash equivalents | 9 | % | | — | | 9 | % | | — | Total | 100 | % | | — | | 100 | % | | — |
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Changes in Fair Value of Plan Assets for Each Hierarchy Level |
A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 15 for further description of the levels within the fair value hierarchy (in thousands)): | | | | | | | | | | | | | | | | | As of December 31, 2017 | | | Fair value measurements at reporting date using: | | Total Fair Value | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | Defined benefit pension plan assets | | | | | | | | Equity securities | $ | 9,271 |
| | $ | 9,271 |
| | $ | — |
| | $ | — |
| Fixed income securities | 6,629 |
| | 6,629 |
| | — |
| | — |
| Cash and cash equivalents | 1,554 |
| | 1,554 |
| | — |
| | — |
| | $ | 17,454 |
| | $ | 17,454 |
| | $ | — |
| | $ | — |
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| | | | | | | | | | | | | | | | | As of December 31, 2016 | | | Fair value measurements at reporting date using: | | Total Fair Value | | Level 1 Inputs | | Level 2 Inputs | | Level 3 Inputs | Defined benefit pension plan assets | | | | | | | | Equity securities | $ | 8,047 |
| | $ | 8,047 |
| | $ | — |
| | $ | — |
| Fixed income securities | 5,203 |
| | 5,203 |
| | — |
| | — |
| Cash and cash equivalents | 1,303 |
| | 1,303 |
| | — |
| | — |
| | $ | 14,553 |
| | $ | 14,553 |
| | $ | — |
| | $ | — |
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Estimated future Benefit Payments |
Estimated future benefit payments are as follows (in thousands): | | | | | | | | | | Pension Plans | | OPEB Plans | 2018 | $ | 659 |
| | $ | 346 |
| 2019 | 595 |
| | 337 |
| 2020 | 599 |
| | 366 |
| 2021 | 761 |
| | 412 |
| 2022 | 783 |
| | 368 |
| 2023 - 2027 | 4,464 |
| | 1,643 |
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