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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Components of Defined Benefit Pension Expense
The following are the components of defined benefit pension plan expense for the years ended December 31 (in thousands):
 
2018
 
2017
 
2016
Service cost
$
3,145

 
$
2,820

 
$
2,780

Interest cost
840

 
765

 
850

Expected return on plan assets
(475
)
 
(360
)
 
(375
)
Recognition of actuarial loss
340

 
350

 
200

Total defined benefit pension plan expense
$
3,850

 
$
3,575

 
$
3,455
Schedule of Assumptions Used in the Computation of Pension Expense
The following are the key assumptions used in the computation of pension expense for the years ended December 31:
 
2018
 
2017
 
2016
Weighted average discount rate (1)
1.81
%
 
1.78
%
 
1.78
%
Average compensation increase
2.58
%
 
2.66
%
 
2.67
%
 
(1)
Discount rates are typically determined by utilizing the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.
Schedule of Changes in the Projected Benefit Obligation
The following table provides information related to changes in the projected benefit obligation for the years ended December 31 (in thousands):  
 
2018
 
2017
 
2016
Projected benefit obligation at beginning of year
$
45,450

 
$
38,400

 
$
35,870

Service cost
3,145

 
2,820

 
2,780

Interest cost
840

 
765

 
850

Actuarial loss (gain) due to assumption changes and plan experience
(430
)
 
690

 
1,480

Additions and contractual termination benefits
(950
)
 
(860
)
 
—

Benefits paid (1)
(1,400
)
 
(920
)
 
(1,640
)
Foreign currency impact
(1,765
)
 
4,555

 
(940
)
Projected benefit obligation at end of year (2)
$
44,890

 
$
45,450

 
$
38,400

 
(1)
The Company projects the following benefit payments will be made in future years directly to plan participants: $1.2 million in 2019; $1.5 million in 2020; $1.6 million in 2021; $1.7 million in 2022; $2.1 million in 2023; and $12.1 million in total in the five years thereafter.
(2)
Measured as of December 31.
Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet
The following table provides information regarding the funded status of the plans and related amounts recorded in the Company’s Consolidated Balance Sheets as of December 31 (in thousands):  
Funded status of the plans:
2018
 
2017
 
2016
Projected benefit obligation
$
44,890

 
$
45,450

 
$
38,400

Pension plan assets at fair value (1)
(19,460
)
 
(18,475
)
 
(14,465
)
Funded status – shortfall (2)
$
25,430

 
$
26,975

 
$
23,935

Amounts recorded in the Consolidated Balance Sheets for the plans:
 
 
 
 
 
Other liabilities — accrued pension obligation (2)
$
25,430

 
$
26,975

 
$
23,935

Stockholders’ equity — deferred actuarial loss (3)
$
(5,738
)
 
$
(5,861
)
 
$
(5,797
)
 
(1)
The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 2.45%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. For the year ended December 31, 2018, the Company contributed $3.0 million to these plans, and benefits paid directly by the Company to participants were $1.4 million.
(2)
The Funded status - shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. This amount is a liability of the Company and is recorded in Other liabilities on the Company’s Consolidated Balance Sheets.
(3)
The deferred actuarial loss as of December 31, 2018 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 13 years, subject to certain limitations set forth in FASB ASC Topic 715. The impact of this amortization on pension expense in 2019 is projected to result in approximately $0.2 million of additional expense. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the three years ended December 31, 2018 was immaterial.