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Pensions and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019
 
December 31, 2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Change in benefit obligation:
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
23,922

 
$
4,645

 
$
28,617

 
$
4,726

Service cost (adjusted for actual employee contributions)
336

 
126

 
477

 
108

Interest cost
620

 
180

 
686

 
152

Contributions by participants

 

 
21

 

Actuarial (gains) losses
2,170

 
(131
)
 
(1,568
)
 
(97
)
Benefits paid
(856
)
 
(187
)
 
(1,042
)
 
(244
)
Curtailments and settlements
(25
)
 

 
(3,362
)
 

Plan amendments and other
573

 

 
1,107

 

Currency translation
531

 

 
(1,014
)
 

Benefit obligation at end of year
$
27,271

 
$
4,633

 
$
23,922

 
$
4,645

 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
14,501

 
$

 
$
17,454

 
$

Actual return on plan assets
1,338

 

 
(343
)
 

Company contributions
1,032

 
187

 
1,495

 
244

Contributions by participants


 

 
21

 

Benefits paid
(856
)
 
(187
)
 
(1,042
)
 
(244
)
Curtailments and settlements
(25
)
 

 
(2,429
)
 

Plan amendments and other


 

 
202

 

Currency translation
430

 

 
(857
)
 

Fair value of plan assets at end of year
$
16,420

 
$

 
$
14,501

 
$

 
 
 
 
 
 
 
 
Funded status at end of year
$
(10,851
)
 
$
(4,633
)
 
$
(9,421
)
 
$
(4,645
)
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, 2019
 
December 31, 2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Accrued pension and other postretirement costs
$
(10,851
)
 
$
(4,633
)
 
$
(9,421
)
 
$
(4,645
)
Actuarial Items
Actuarial items consist of the following (in thousands):
 
December 31, 2019
 
December 31, 2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Unrecognized net actuarial loss
$
6,500

 
$
1,808

 
$
5,237

 
$
2,095

Unrecognized prior service cost
62

 


 
9

 

Unamortized transition obligation
1

 


 
2

 

 
$
6,563

 
$
1,808

 
$
5,248

 
$
2,095

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,
 
2019
 
2018
Accumulated benefit obligation, all plans
$
26,100

 
$
23,040

Plans for which the accumulated benefit obligation exceeds plan assets:


 


Projected benefit obligation
$
25,800

 
$
22,552

Accumulated benefit obligation
25,158

 
22,155

Fair value of plan assets
14,983

 
13,256

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,
 
2019
 
2018
 
2017
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Annual service cost
$
336

 
$
126

 
$
498

 
$
108

 
$
548

 
$
96

Less: employee contributions

 

 
21

 

 
35

 

Net service cost
336

 
126

 
477

 
108

 
513

 
96

Interest cost
620

 
180

 
686

 
152

 
674

 
142

Expected return on plan assets
(517
)
 

 
(549
)
 

 
(536
)
 

Amortization of actuarial losses
202

 
156

 
507

 
177

 
463

 
119

Amortization of transition obligation
1

 

 
1

 

 
1

 

Curtailment and settlement losses

 

 
708

 

 

 

Net periodic benefit cost
$
642

 
$
462

 
$
1,830

 
$
437

 
$
1,115

 
$
357

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:
 
2019
 
2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Discount rate
1.96
%
 
2.97
%
 
2.61
%
 
3.99
%
Rate of compensation increase
1.20
%
 
N/A

 
3.08
%
 
N/A

Expected return on plan assets
3.56
%
 
N/A

 
2.70
%
 
N/A


The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2019 and 2018:
 
2019
 
2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Discount rate
2.61
%
 
3.99
%
 
2.42
%
 
3.33
%
Rate of compensation increase
3.08
%
 
N/A

 
2.66
%
 
N/A

Expected return on plan assets
2.70
%
 
N/A

 
3.46
%
 
N/A

Health care trend rate
N/A

 
5.27
%
 
N/A

 
17.25
%
Composition of Plan Assets
Plan assets are comprised of:
 
December 31, 2019
 
December 31, 2018
 
Pension
Plans
 
OPEB
Plans
 
Pension
Plans
 
OPEB
Plans
Equity securities
48
%
 
 
50
%
 
Fixed income securities
42
%
 
 
37
%
 
Cash and cash equivalents
10
%
 
 
13
%
 
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 16 for further description of the levels within the fair value hierarchy (in thousands)):

As of December 31, 2019
 
 
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
$
7,796

 
$
7,796

 
$

 
$

Fixed income securities
6,975

 
6,975

 

 

Cash and cash equivalents
1,649

 
1,649

 

 

 
$
16,420

 
$
16,420

 
$

 
$


As of December 31, 2018
 
 
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
$
7,221

 
$
7,221

 
$

 
$

Fixed income securities
5,309

 
5,309

 

 

Cash and cash equivalents
1,971

 
1,971

 

 

 
$
14,501

 
$
14,501

 
$

 
$

Estimated future Benefit Payments
Estimated future benefit payments are as follows (in thousands):
 
Pension
Plans
 
OPEB
Plans
2020
$
921

 
$
294

2021
1,038

 
338

2022
1,005

 
353

2023
1,569

 
292

2024
1,052

 
328

2024 - 2027
7,205

 
1,412