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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Plans [Abstract]  
Funded Status of Defined Benefit Plan
The funded status of the defined benefit plans was as follows at December 31:

(in thousands)
 
2018
  
2017
 
       
Benefit obligation at beginning of year
 
$
37,757
  
$
41,691
 
Service cost
  
1,465
   
1,939
 
Interest cost
  
1,137
   
1,222
 
Foreign currency exchange rate changes
  
(761
)
  
1,607
 
Benefits paid
  
(2,480
)
  
(9,633
)
Amendments
  
145
   
-
 
Actuarial (gain) loss
  
(3,111
)
  
931
 
Benefit obligation at end of year
  
34,152
   
37,757
 
Plan assets at beginning of year
  
31,768
   
36,141
 
Company contributions
  
886
   
1,195
 
Foreign currency exchange rate changes
  
(1,315
)
  
2,318
 
Benefits paid
  
(2,480
)
  
(9,633
)
Actual (loss) gain on plan assets
  
(560
)
  
1,747
 
Plan assets at end of year
  
28,299
   
31,768
 
Funded status
 
$
(5,853
)
 
$
(5,989
)
Accumulated benefit obligation
 
$
33,562
  
$
36,951
 
Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)
 
2018
  
2017
 
       
Accrued employee and retiree benefits
 
$
(15,245
)
 
$
(13,304
)
Other accrued expenses
  
(779
)
  
(2,731
)
Other assets
  
10,171
   
10,046
 
Net liability
 
$
(5,853
)
 
$
(5,989
)
Annual Benefit Cost
Components of annual benefit cost:

(In thousands)
 
2018
  
2017
  
2016
 
          
Service cost
 
$
1,465
  
$
1,939
  
$
2,091
 
Interest cost
  
1,137
   
1,222
   
1,669
 
Expected return on plan assets
  
(896
)
  
(892
)
  
(1,141
)
Recognized actuarial (gain) loss
  
(141
)
  
(187
)
  
193
 
Settlement (income) expense
  
(179
)
  
3,796
   
543
 
Defined benefit expense
 
$
1,386
  
$
5,878
  
$
3,355
 
Weighted Average Assumptions
Weighted average liability assumptions as of December 31:

  
2018
  
2017
 
Discount rate
  
3.80
%
  
3.16
%
Expected return on plan assets
  
3.21
%
  
3.03
%
Rate of compensation increase
  
0.31
%
  
0.33
%

Weighted average cost assumptions for the year ended December 31:

  
2018
  
2017
 
Discount rate
  
3.16
%
  
3.48
%
Expected return on plan assets
  
3.03
%
  
2.85
%
Rate of compensation increase
  
0.33
%
  
0.43
%
Amounts Recognized in Accumulated Other Comprehensive Income
Amounts in accumulated other comprehensive income at December 31 were as follows:

(In thousands)
 
2018
  
2017
 
Unrecognized net actuarial (gain) loss
 
$
(901
)
 
$
1,112
 
Prior service cost
  
145
   
-
 
Total before tax effects
 
$
(756
)
 
$
1,112
 
Pension Adjustments Recognized in Accumulated Other Comprehensive Income
The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)
 
2018
  
2017
  
2016
 
          
Net actuarial gain arising during the period
 
$
1,257
  
$
921
  
$
1,312
 
Prior service cost
  
(127
)
  
-
   
-
 
Amortization of actuarial (gain) loss, included in defined benefit expense
  
(103
)
  
1,307
   
544
 
Pension adjustment, net of tax
 
$
1,027
  
$
2,228
  
$
1,856
 
Pension Plan Assets by Asset Category
The following table presents the Company’s pension plan assets by asset category as of December 31, 2018 and 2017:

  
Fair Value
as of
December 31,
  
Fair Value Measurements at
December 31, 2018
Using Fair Value Hierarchy
  
Fair Value
as of
December 31,
  
Fair Value Measurements at
December 31, 2017
Using Fair Value Hierarchy
 
(in thousands)
 
2018
  
Level 1
  
Level 2
  
Level 3
  
2017
  
Level 1
  
Level 2
  
Level 3
 
Equity Funds
                        
Domestic
 
$
5,385
  
$
5,385
  
$
—
  
$
—
  
$
6,226
  
$
6,226
  
$
—
  
$
—
 
International
  
83
   
—
   
83
   
—
   
101
   
—
   
101
   
—
 
International Fixed Income Funds
  
22,703
   
1,111
   
21,592
   
—
   
25,340
   
934
   
24,406
   
—
 
Other investments
  
128
   
47
   
81
   
—
   
101
   
44
   
57
   
—
 
Total assets at fair value
 
$
28,299
  
$
6,543
  
$
21,756
  
$
—
  
$
31,768
  
$
7,204
  
$
24,564
  
$
—