Employee Benefit Plans - (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Defined Benefit Plan [Abstract] |
|
| Schedule of Benefit Obligations, Assets and Funded Status |
as of December 31, 2018 and 2017, were as follows: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2018 | | 2017 | | 2018 | | 2017 | Projected benefit obligation at January 1 | $ | 3,881 |
| | $ | 3,512 |
| | $ | 14,197 |
| | $ | 18,600 |
| Service cost | 598 |
| | 106 |
| | — |
| | — |
| Interest cost | 455 |
| | 137 |
| | 448 |
| | 621 |
| Benefits paid | (370 | ) | | (99 | ) | | (1,022 | ) | | (1,710 | ) | Actuarial gain | (530 | ) | | (22 | ) | | (562 | ) | | (3,314 | ) | Liabilities assumed from the Separation | 14,348 |
| | — |
| | — |
| | — |
| Settlements and curtailments | (1,763 | ) | | — |
| | — |
| | — |
| Foreign currency translation and other | (671 | ) | | 247 |
| | — |
| | — |
| Projected benefit obligation at December 31 | 15,948 |
| | 3,881 |
| | 13,061 |
| | 14,197 |
| | |
| | |
| | |
| | |
| Fair value of plan assets at January 1 | 3,993 |
| | 3,391 |
| | — |
| | — |
| Actual return on plan assets | (76 | ) | | 290 |
| | — |
| | — |
| Company contributions | 4,740 |
| | 166 |
| | 1,022 |
| | 1,710 |
| Benefits paid | (370 | ) | | (99 | ) | | (1,022 | ) | | (1,710 | ) | Assets assumed from the Separation | 9,227 |
| | — |
| | — |
| | — |
| Settlements and curtailments | (1,763 | ) | | — |
| | — |
| | — |
| Foreign currency translation and other | (621 | ) | | 245 |
| | — |
| | — |
| Fair value of plan assets at December 31 | 15,130 |
| | 3,993 |
| | — |
| | — |
| Funded (unfunded) status at December 31 | $ | (818 | ) | | $ | 112 |
| | $ | (13,061 | ) | | $ | (14,197 | ) | | | | | | | | | Other non-current assets | $ | 146 |
| | $ | 112 |
| | $ | — |
| | $ | — |
| Accrued compensation and employee benefits | — |
| | — |
| | (1,598 | ) | | (1,547 | ) | Other long-term liabilities | (964 | ) | | — |
| | (11,463 | ) | | (12,650 | ) | Funded (unfunded) status | $ | (818 | ) | | $ | 112 |
| | $ | (13,061 | ) | | $ | (14,197 | ) | | | | | | | | | Accumulated benefit obligations | $ | 14,076 |
| | $ | 3,881 |
| | $ | 13,061 |
| | $ | 14,197 |
|
|
| Summary of the pre-tax amounts in accumulated other comprehensive (income) loss of net periodic benefit cost not yet recognized |
The following table summarizes the pre-tax amounts in accumulated other comprehensive (income) loss as of December 31, 2018 and 2017 that have not been recognized as components of net periodic benefit cost: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2018 | | 2017 | | 2018 | | 2017 | Pre-tax amounts recognized in accumulated other comprehensive loss (income): | | | | | | | | Unrecognized net actuarial loss | $ | 3,586 |
| | $ | 1,449 |
| | $ | 5,685 |
| | $ | 6,078 |
| Unrecognized prior service cost | 25 |
| | 40 |
| | — |
| | — |
| Unrecognized net transition asset | (8 | ) | | (20 | ) | | — |
| | — |
| Accumulated other comprehensive loss | $ | 3,603 |
| | $ | 1,469 |
| | $ | 5,685 |
| | $ | 6,078 |
|
|
| Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
accumulated benefit obligations and fair values of plan assets where the accumulated benefit obligation exceeds the fair value of plan assets as of December 31, 2018 and 2017: | | | | | | | | | (in thousands) | 2018 | | 2017 | Aggregate accumulated benefit obligation | $ | 16,783 |
| | $ | — |
| Aggregate fair value of plan assets | 3,672 |
| | — |
|
|
| Schedule of Net Benefit Costs |
Components of the net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | | 2016 | Service cost | $ | 598 |
| | $ | 106 |
| | $ | 102 |
| | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | 455 |
| | 137 |
| | 129 |
| | 448 |
| | 621 |
| | 719 |
| Expected return on plan assets | (593 | ) | | (198 | ) | | (186 | ) | | — |
| | — |
| | — |
| Amortization of prior service cost | 1 |
| | 2 |
| | 2 |
| | — |
| | — |
| | — |
| Amortization of actuarial loss | 127 |
| | 68 |
| | 58 |
| | 202 |
| | 330 |
| | 305 |
| Amortization of transition obligation | 1 |
| | (1 | ) | | (1 | ) | | — |
| | — |
| | — |
| Settlement loss | 479 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Other | — |
| | — |
| | — |
| | — |
| | (1 | ) | | — |
| Net periodic benefit cost | $ | 1,068 |
| | $ | 114 |
| | $ | 104 |
| | $ | 650 |
| | $ | 950 |
| | $ | 1,024 |
|
|
| Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year |
The estimated amounts expected to be amortized from the portion of each component of accumulated other comprehensive loss as a component of net periodic benefit cost, during the next fiscal year are as follows: | | | | | | | | | (in thousands) | Pensions | | Other post-retirement benefits | Net actuarial loss | $ | 158 |
| | $ | 200 |
| Prior service cost | 1 |
| | — |
| Transition obligation | 3 |
| | — |
|
|
| Schedule of Assumptions Used in determining the Benefit Obligation |
The following weighted-average assumptions were used to determine the benefit obligations: | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | | 2018 | | 2017 | | 2018 | | 2017 | Discount rate | 3.90 | % | | 3.50 | % | | 4.10 | % | | 3.35 | % |
The following weighted-average assumptions were used to determine the net periodic benefit cost: | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | | 2018 | | 2017 | | 2016 | | 2018 | | 2017 | Discount rate | 3.68 | % | | 3.75 | % | | 4.00 | % | | 3.35 | % | | 3.55 | % | Expected return on plan assets | 4.80 | % | | 5.50 | % | | 5.75 | % | | | | |
|
| Schedule of Allocation of Plan Assets |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | December 31, 2018 | | December 31, 2017 | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | $ | 4,775 |
| | $ | 6,683 |
| | $ | — |
| | $ | 11,458 |
| | $ | 2,399 |
| | $ | 1,594 |
| | $ | — |
| | $ | 3,993 |
| Cash and cash equivalents | 3,672 |
| | — |
| | — |
| | 3,672 |
| | — |
| | — |
| | — |
| | — |
| Total | $ | 8,447 |
| | $ | 6,683 |
| | $ | — |
| | $ | 15,130 |
| | $ | 2,399 |
| | $ | 1,594 |
| | $ | — |
| | $ | 3,993 |
|
|
| Schedule of Estimated Future Benefit Payments |
| | | | | | | | | (in thousands) | Pensions | | Other Post-retirement benefits | 2019 | $ | 507 |
| | $ | 1,598 |
| 2020 | 555 |
| | 1,488 |
| 2021 | 757 |
| | 1,333 |
| 2022 | 1,050 |
| | 1,222 |
| 2023 | 586 |
| | 1,123 |
| 2024-2028 | 3,889 |
| | 3,997 |
|
|