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EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Benefit Cost (Credit)
Net pension cost (credit) included the following components (in thousands):
 
Twelve Months Ended
December 31,
 
2019
 
2018
 
2017
Service cost
$
—

 
$
77

 
$
90

Interest cost
2,323

 
2,303

 
2,438

Settlement cost
221

 
—

 
—

Expected return on plan assets
(2,378
)
 
(3,720
)
 
(3,110
)
Amortization of prior service cost
32

 
—

 
—

Amortization of net actuarial (gain) loss
—

 
(78
)
 
71

Net pension cost (credit)
$
198

 
$
(1,418
)
 
(511
)
Schedule of Assumptions Used
The weighted-average assumptions used to determine benefit obligations at December 31, 2019 and 2018 are as follows:

 
December 31,
 
2019
 
2018
Discount rate
2.0
%
 
2.8
%
Rate of compensation increase1
Not applicable
 
Not applicable
Inflation
3.0
%
 
3.2
%
______________
1    Not applicable due to plan curtailment.
The weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2019 and 2018 are as follows:
 
Twelve Months Ended
December 31,
 
2019
 
2018
Discount rate
2.8
%
 
2.5
%
Expected long-term return on plan assets
3.3
%
 
4.7
%
Rate of compensation increase1
Not applicable
 
Not applicable
Inflation
3.2
%
 
3.1
%
_______________
1    Not applicable due to plan curtailment.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, 2019 and 2018 (in thousands):
 
Twelve Months Ended December 31,
 
2019
 
2018
Projected benefit obligation:
 
 
 
Beginning of year
$
84,559

 
$
96,875

Service cost
—

 
77

Interest cost
2,323

 
2,303

Actuarial (gain) loss
8,425

 
(4,347
)
Benefits paid
(6,050
)
 
(4,539
)
Prior service cost
—

 
669

Disposal of Norwegian Plan
—

 
(1,075
)
Foreign currency translation adjustment and other
3,150

 
(5,404
)
End of year
92,407

 
84,559

Fair value of plan assets:
 
 
 
Beginning of year
73,619

 
81,899

Actual gain (loss) on plan assets
10,393

 
(462
)
Employer contributions
2,295

 
2,404

Benefits paid
(6,050
)
 
(4,539
)
Disposal of Norwegian Plan
—

 
(983
)
Foreign currency translation adjustment and other
2,829

 
(4,700
)
End of year
83,086

 
73,619

Excess projected obligation under (over) fair value of plan assets at end of year
$
(9,321
)
 
$
(10,940
)
Amounts recognized in accumulated other comprehensive loss:
 
 
 
Net actuarial loss
$
(7,365
)
 
$
(7,190
)
Prior service cost
(656
)
 
(669
)
Total
$
(8,021
)
 
$
(7,859
)
Schedule of Expected Benefit Payments
At December 31, 2019, expected future benefit payments are as follows for the years ended December 31, (in thousands):
2020
$
3,661

2021
3,884

2022
4,065

2023
3,946

2024
4,335

2025-2029
23,636

Total
$
43,527
Schedule of Allocation of Plan Assets
The following tables summarize the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, 2019 and 2018 (in thousands):
December 31, 2019
Asset Category
 
Total
 
Quoted Prices in
Active Markets 
for
Identical Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2) (a)
 
Significant
Unobservable
Inputs
(Level 3)
Cash
 
$
10,579

 
$
10,579

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
Diversified growth fund (b)
 
20,102

 
—

 
20,102

 
—

Global equity fund (c)
 
3,207

 
—

 
3,207

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.K. government fixed income securities (d)
 
16,166

 
—

 
16,166

 
—

U.K. government index-linked securities (e)
 
13,012

 
—

 
13,012

 
—

Global absolute return bond fund (f)
 
11,871

 
—

 
11,871

 
—

Corporate bonds (g)
 
8,149

 
—

 
8,149

 
—

Total
 
$
83,086

 
$
10,579

 
$
72,507

 
$
—


December 31, 2018
Asset Category
 
Total
 
Quoted Prices in
Active Markets 
for
Identical Assets
(Level 1)
 
Significant
Observable
Inputs
(Level 2) (a)
 
Significant
Unobservable
Inputs
(Level 3)
Cash
 
$
1,119

 
$
1,119

 
$
—

 
$
—

Equity securities:
 
 
 
 
 
 
 
 
Diversified growth fund (b)
 
12,330

 
—

 
12,330

 
—

Global equity fund (c)
 
1,835

 
—

 
1,835

 
—

Fixed income securities:
 
 
 
 
 
 
 
 
U.K. government fixed income securities (d)
 
18,048

 
—

 
18,048

 
—

U.K. government index-linked securities (e)
 
14,245

 
—

 
14,245

 
—

Global absolute return bond fund (f)
 
18,570

 
—

 
18,570

 
—

Corporate bonds (g)
 
7,472

 
—

 
7,472

 
—

Total
 
$
73,619

 
$
1,119

 
$
72,500

 
$
—

______________________________
a)
The net asset value of the commingled equity and fixed income funds are determined by prices of the underlying securities, less the funds’ liabilities, and then divided by the number of shares outstanding. As the funds are not traded in active markets, the commingled funds are classified as Level 2 assets. The net asset value is corroborated by observable market data (e.g., purchase or sale activities).
b)
This category includes investments in a diversified portfolio of equity, bonds, alternatives and cash markets that aims to achieve capital growth returns.
c)
This category includes investments in a diversified portfolio of equity, bonds, money markets, alternatives and credit markets to achieve a return with downside protection through monthly put options.
d)
This category includes investments in funds with the objective to provide a leveraged return to U.K. government fixed income securities (gilts) that have maturity periods ranging from 2030 to 2060.
e)
This category includes investments in funds with the objective to provide a leveraged return to various U.K. government indexed-linked securities (gilts), with maturity periods ranging from 2022 to 2062. The funds invest in U.K. government bonds and derivatives.
f)
This category includes investments in funds predominantly in a wide range of fixed and floating rate investment grade and below investment grade debt instruments traded on regulated markets worldwide with the objective to achieve a return of 3% above 1 month LIBOR over a 3-year basis.
g)
This category includes investments in a diversified pool of debt and debt like assets to generate capital and income returns.
The following table sets forth the weighted-average asset allocation and target asset allocations as of December 31, 2019 and 2018 by asset category:
 
Asset Allocations
 
Target Asset Allocations
 
2019
 
2018
 
2019
 
2018
Equity securities and diversified growth funds1
28.1
%
 
19.2
%
 
27.5
%
 
27.5
%
Debt securities2
59.2
%
 
79.2
%
 
72.5
%
 
72.5
%
Other
12.7
%
 
1.5
%
 
—
%
 
—
%
Total
100
%
 
100
%
 
100
%
 
100
%
______________________________
1
Diversified growth funds refer to actively managed absolute return funds that hold a combination of equity and debt securities.
2
Includes investments in funds with the objective to provide leveraged returns to U.K. government fixed income securities, U.K. government indexed-linked securities, global bonds, and corporate bonds.