Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Plans [Abstract]

Funded Status of Defined Benefit Plan

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(in thousands)	2017			2016
Benefit obligation at beginning of year	$	41,691		$	46,359
Service cost		1,939			2,091
Interest cost		1,222			1,669
Foreign currency exchange rate changes		1,607			(2,306	)
Benefits paid		(9,633	)		(8,280	)
Actuarial loss		931			1,906
Other		-			252
Benefit obligation at end of year		37,757			41,691
Plan assets at beginning of year		36,141			36,236
Company contributions		1,195			6,947
Foreign currency exchange rate changes		2,318			(3,714	)
Benefits paid		(9,633	)		(8,280	)
Actual gain on plan assets		1,747			4,952
Plan assets at end of year		31,768			36,141
Funded status	$	(5,989	)	$	(5,550	)
Accumulated benefit obligation	$	36,951		$	40,743

Amount Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)	2017			2016
Accrued employee and retiree benefits	$	(13,304	)	$	(14,510	)
Other accrued expenses		(2,731	)		(765	)
Other assets		10,046			9,725
Net liability	$	(5,989	)	$	(5,550	)

Components of Annual Benefit Cost

Components of annual benefit cost:

(In thousands)	2017			2016			2015
Service cost	$	1,939		$	2,091		$	2,692
Interest cost		1,222			1,669			1,803
Expected return on plan assets		(892	)		(1,141	)		(1,210	)
Recognized actuarial (gain) loss		(187	)		193			228
Settlement expense		3,796			543			1,119
Curtailment gain		-			-			(104	)
Defined benefit expense	$	5,878		$	3,355		$	4,528

Summary of Weighted Average Assumptions

Weighted average liability assumptions as of December 31:

	2017			2016
Discount rate		3.16	%		3.48	%
Expected return on plan assets		3.03	%		2.85	%
Rate of compensation increase		0.33	%		0.43	%

Weighted average cost assumptions for the year ended December 31:

	2017			2016
Discount rate		3.48	%		3.94	%
Expected return on plan assets		2.85	%		3.40	%
Rate of compensation increase		0.43	%		0.35	%

Amounts Recognized in Accumulated Other Comprehensive Income

Amounts in accumulated other comprehensive income at December 31 were as follows:

(In thousands)	2017		2016
Unrecognized net actuarial loss	$	1,112	$	3,384

Pension Adjustments Recognized in Accumulated Other Comprehensive Income

The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)	2017			2016			2015
Net actuarial gain (loss) arising during the period		$	921		$	1,312		$	(140	)
Amortization of actuarial loss, included in defined benefit expense			1,307			544			917
Pension adjustment, net of tax		$	2,228		$	1,856		$	777

Pension Plan Assets by Asset Category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2017 and 2016:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2017 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2016 Using Fair Value Hierarchy
(in thousands)	2017		Level 1		Level 2		Level 3		2016		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	6,226	$	6,226	$	—	$	—	$	5,830	$	5,830	$	—	$	—
International		101		—		101		—		254		106		148		—
International Fixed Income Funds		25,340		934		24,406		—		23,156		851		22,305		—
Other investments		101		44		57		—		6,901		45		6,856		—
Total assets at fair value	$	31,768	$	7,204	$	24,564	$	—	$	36,141	$	6,832	$	29,309	$	—