Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Defined Benefit Plan [Abstract] |
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| Schedule of Benefit Obligations, Assets and Funded Status |
The funded status of our benefit plans, together with the associated balances recognized in our consolidated balance sheets as of December 31, 2019 and 2018, were as follows: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | Projected benefit obligation at January 1 | $ | 15,948 |
| | $ | 3,881 |
| | $ | 13,061 |
| | $ | 14,197 |
| Service cost | 760 |
| | 598 |
| | — |
| | — |
| Interest cost | 588 |
| | 455 |
| | 503 |
| | 448 |
| Benefits paid | (328 | ) | | (370 | ) | | (1,751 | ) | | (1,022 | ) | Actuarial (gain)/loss (1) | 2,784 |
| | (530 | ) | | 1,398 |
| | (562 | ) | Liabilities assumed from the Separation | — |
| | 14,348 |
| | — |
| | — |
| Amendments | 250 |
| | — |
| | — |
| | — |
| Settlements and curtailments | (2,156 | ) | | (1,763 | ) | | — |
| | — |
| Foreign currency translation and other | 503 |
| | (671 | ) | | — |
| | — |
| Projected benefit obligation at December 31 | 18,349 |
| | 15,948 |
| | 13,211 |
| | 13,061 |
| | |
| | |
| | |
| | |
| Fair value of plan assets at January 1 | 15,130 |
| | 3,993 |
| | — |
| | — |
| Actual return on plan assets | 1,888 |
| | (76 | ) | | — |
| | — |
| Company contributions | 1,486 |
| | 4,740 |
| | 1,751 |
| | 1,022 |
| Benefits paid | (328 | ) | | (370 | ) | | (1,751 | ) | | (1,022 | ) | Assets assumed from the Separation | — |
| | 9,227 |
| | — |
| | — |
| Settlements and curtailments | (2,156 | ) | | (1,763 | ) | | — |
| | — |
| Foreign currency translation and other | 467 |
| | (621 | ) | | — |
| | — |
| Fair value of plan assets at December 31 | 16,487 |
| | 15,130 |
| | — |
| | — |
| Funded (unfunded) status at December 31 | $ | (1,862 | ) | | $ | (818 | ) | | $ | (13,211 | ) | | $ | (13,061 | ) | | | | | | | | | Other non-current assets | $ | 18 |
| | $ | 146 |
| | $ | — |
| | $ | — |
| Accrued compensation and employee benefits | — |
| | — |
| | (1,592 | ) | | (1,598 | ) | Other long-term liabilities | (1,880 | ) | | (964 | ) | | (11,619 | ) | | (11,463 | ) | Funded (unfunded) status | $ | (1,862 | ) | | $ | (818 | ) | | $ | (13,211 | ) | | $ | (13,061 | ) | | | | | | | | | Accumulated benefit obligations | $ | 16,235 |
| | $ | 14,076 |
| | $ | 13,211 |
| | $ | 13,061 |
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_______________________ (1) Actuarial losses incurred for year ended December 31, 2019 primarily relate to change in discount rate assumption utilized in estimating the projected benefit obligation.
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| 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 loss as of December 31, 2019 and 2018 that have not been recognized as components of net periodic benefit cost: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | Pre-tax amounts recognized in accumulated other comprehensive loss (income): | | | | | | | | Unrecognized net actuarial loss | $ | 4,699 |
| | $ | 3,586 |
| | $ | 6,883 |
| | $ | 5,685 |
| Unrecognized prior service cost | 274 |
| | 25 |
| | — |
| | — |
| Unrecognized net transition asset | (10 | ) | | (8 | ) | | — |
| | — |
| Accumulated other comprehensive loss | $ | 4,963 |
| | $ | 3,603 |
| | $ | 6,883 |
| | $ | 5,685 |
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| Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table summarizes the 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, 2019 and 2018: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | Aggregate accumulated benefit obligation | $ | 4,108 |
| | $ | 3,722 |
| | $ | 13,211 |
| | $ | 13,061 |
| Aggregate fair value of plan assets | 3,449 |
| | 3,672 |
| | — |
| | — |
|
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| Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets |
The following table summarizes the projected benefit obligations and fair values of plan assets where the projected benefit obligation exceeds the fair value of plan assets as of December 31, 2019 and 2018: | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2019 | | 2018 | | 2019 | | 2018 | Aggregate projected benefit obligation | $ | 13,834 |
| | $ | 12,334 |
| | $ | 13,211 |
| | $ | 13,061 |
| Aggregate fair value of plan assets | 11,954 |
| | 11,370 |
| | — |
| | — |
|
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| Schedule of Net Benefit Costs |
Components of the net periodic benefit cost were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | (in thousands) | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | Service cost | $ | 760 |
| | $ | 598 |
| | $ | 106 |
| | $ | — |
| | $ | — |
| | $ | — |
| Interest cost | 588 |
| | 455 |
| | 137 |
| | 503 |
| | 448 |
| | 621 |
| Expected return on plan assets | (733 | ) | | (593 | ) | | (198 | ) | | — |
| | — |
| | — |
| Amortization of prior service cost | 2 |
| | 1 |
| | 2 |
| | — |
| | — |
| | — |
| Amortization of actuarial loss | 162 |
| | 127 |
| | 68 |
| | 200 |
| | 202 |
| | 330 |
| Amortization of transition obligation | 2 |
| | 1 |
| | (1 | ) | | — |
| | — |
| | — |
| Settlement loss | 508 |
| | 479 |
| | — |
| | — |
| | — |
| | — |
| Other | — |
| | — |
| | — |
| | — |
| | — |
| | (1 | ) | Net periodic benefit cost | $ | 1,289 |
| | $ | 1,068 |
| | $ | 114 |
| | $ | 703 |
| | $ | 650 |
| | $ | 950 |
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| 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 | | 2019 | | 2018 | | 2019 | | 2018 | Discount rate | 3.11 | % | | 3.90 | % | | 3.00 | % | | 4.10 | % |
The following weighted-average assumptions were used to determine the net periodic benefit cost: | | | | | | | | | | | | | | | | | | | | Pensions | | Other post-retirement benefits | | 2019 | | 2018 | | 2017 | | 2019 | | 2018 | | 2017 | Discount rate | 3.85 | % | | 3.68 | % | | 3.75 | % | | 4.10 | % | | 3.35 | % | | 3.55 | % | Expected return on plan assets | 4.89 | % | | 4.80 | % | | 5.50 | % | | | | | | |
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| Schedule of Allocation of Plan Assets |
Refer to “Fair value measurements” in Note 1 to these consolidated financial statements for a description of the levels. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pensions | | December 31, 2019 | | December 31, 2018 | (in thousands) | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | Mutual funds | $ | 5,170 |
| | $ | 7,868 |
| | $ | — |
| | $ | 13,038 |
| | $ | 4,775 |
| | $ | 6,683 |
| | $ | — |
| | $ | 11,458 |
| Cash and cash equivalents | 3,449 |
| | — |
| | — |
| | 3,449 |
| | 3,672 |
| | — |
| | — |
| | 3,672 |
| Total | $ | 8,619 |
| | $ | 7,868 |
| | $ | — |
| | $ | 16,487 |
| | $ | 8,447 |
| | $ | 6,683 |
| | $ | — |
| | $ | 15,130 |
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| Schedule of Estimated Future Benefit Payments |
Actual benefit payments may differ from these expected payments. | | | | | | | | | (in thousands) | Pensions | | Other Post-retirement benefits | 2020 | $ | 1,139 |
| | $ | 1,592 |
| 2021 | 857 |
| | 1,424 |
| 2022 | 941 |
| | 1,295 |
| 2023 | 785 |
| | 1,167 |
| 2024 | 782 |
| | 1,040 |
| 2025-2029 | 5,427 |
| | 3,557 |
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