Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2019

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)	2019			2018
Benefit obligation at beginning of year	$	34,152		$	37,757
Service cost		1,432			1,465
Interest cost		1,273			1,137
Foreign currency exchange rate changes		558			(761	)
Benefits paid		(1,899	)		(2,480	)
Amendments		-			145
Actuarial loss (gain)		3,905			(3,111	)
Benefit obligation at end of year		39,421			34,152
Plan assets at beginning of year		28,299			31,768
Company contributions		1,086			886
Foreign currency exchange rate changes		968			(1,315	)
Benefits paid		(1,899	)		(2,480	)
Actual gain (loss) on plan assets		3,322			(560	)
Plan assets at end of year		31,776			28,299
Funded status	$	(7,645	)	$	(5,853	)
Accumulated benefit obligation	$	38,596		$	33,562

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)	2019			2018
Accrued employee and retiree benefits	$	(17,143	)	$	(15,245	)
Other accrued expenses		(710	)		(779	)
Other assets		10,208			10,171
Net liability	$	(7,645	)	$	(5,853	)

Annual Benefit Cost

Components of annual benefit cost:

(In thousands)	2019			2018			2017
Service cost	$	1,432		$	1,465		$	1,939
Interest cost		1,273			1,137			1,222
Expected return on plan assets		(896	)		(896	)		(892	)
Recognized actuarial gain		(176	)		(141	)		(187	)
Settlement (income) expense		-			(179	)		3,796
Defined benefit expense	$	1,633		$	1,386		$	5,878

Weighted Average Assumptions

Weighted average liability assumptions as of December 31:

	2019			2018
Discount rate		2.69	%		3.80	%
Expected return on plan assets		2.68	%		3.21	%
Rate of compensation increase		0.34	%		0.31	%

Weighted average cost assumptions for the year ended December 31:

	2019			2018
Discount rate		3.80	%		3.16	%
Expected return on plan assets		3.21	%		3.03	%
Rate of compensation increase		0.31	%		0.33	%

Amounts Recognized in Accumulated Other Comprehensive Loss

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

(In thousands)	2019		2018
Unrecognized net actuarial loss (gain)	$	683	$	(901	)
Prior service cost		146		145
Total before tax effects	$	829	$	(756	)

Pension Adjustments Recognized in Accumulated Other Comprehensive Income

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

(In thousands)	2019			2018			2017
Net actuarial (loss) gain arising during the period	$	(1,091	)	$	1,257		$	921
Prior service cost		-			(127	)		-
Amortization of actuarial (gain) loss, included in defined benefit expense		(130	)		(103	)		1,307
Pension adjustment, net of tax	$	(1,221	)	$	1,027		$	2,228

Pension Plan Assets by Asset Category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2019 and 2018:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2019 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2018 Using Fair Value Hierarchy
(in thousands)	2019		Level 1		Level 2		Level 3		2018		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	6,003	$	6,003	$	-	$	-	$	5,385	$	5,385	$	-	$	-
International		104		-		104		-		83		-		83		-
International Fixed Income Funds		25,556		1,269		24,287		-		22,703		1,111		21,592		-
Other investments		113		79		34		-		128		47		81		-
Total assets at fair value	$	31,776	$	7,351	$	24,425	$	-	$	28,299	$	6,543	$	21,756	$	-