XML 47 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Pensions and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2017
Retirement Benefits [Abstract]  
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
)
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
)
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

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:


 


Projected benefit obligation
$
27,317

 
$
24,102

Accumulated benefit obligation
26,074

 
22,963

Fair value of plan assets
16,274

 
13,491

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

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


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
%
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
%
 
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

 
$

 
$


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

 
$

 
$

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