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Retirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Assumptions used in accounting for the defined benefit plan
The assumptions used in accounting for the postretirement health care plans are set forth below for the years ended December 31:
 
2018
 
2017
Weighted average discount rates for benefit obligation
3.80
%
 
3.10
%
Weighted average discount rates for net periodic benefit cost
3.10
%
 
3.25
%
Health care cost trend rate assumed for next year
6.75
%
 
7.00
%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)
5.0
%
 
5.0
%
Year that the rate reaches the ultimate trend rate
2025

 
2025

The assumptions used in accounting for the defined benefit plans were as follows for the years ended December 31:
 
2018
 
2017
Weighted average discount rates for pension benefit obligation
4.10% - 4.20%

 
3.40% - 3.55%

Weighted average discount rates for net periodic benefit cost
3.40% - 3.55%

 
3.40% - 4.00%

Expected long-term rate of return on assets for net periodic benefit cost
7.50
%
 
7.50
%
Net periodic benefit income and expense for the defined benefit plan
Set forth below is a detail of the net periodic pension expense (income) for the defined benefit plans for the years ended December 31:
 
2018
 
2017
Interest cost
$
1,581

 
$
1,746

Expected return on plan assets
(2,852
)
 
(2,843
)
Amortization of actuarial loss
484

 
363

Amortization of prior service cost
58

 
58

     Settlements
—

 
76

Net periodic pension income
$
(729
)
 
$
(600
)
Set forth below is a detail of the net periodic benefit expense for the postretirement health care plans for the years ended December 31:
 
2018
 
2017
Service cost
$
50

 
$
50

Interest cost
98

 
101

Amortization of actuarial loss
96

 
97

Amortization of prior service credit
(64
)
 
(17
)
Net periodic benefit expense
$
180

 
$
231
Changes in plan assets and benefit obligations recognized in comprehensive income (loss)
Set forth below is detail of other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss for the years ended December 31:
 
2018
 
2017
Current year actuarial loss (gain)
$
1,397

 
$
(1,343
)
Amortization of actuarial loss
(484
)
 
(363
)
Amortization of prior service cost
(58
)
 
(58
)
Settlements
—

 
(76
)
Total recognized in other comprehensive loss (income)
$
855

 
$
(1,840
)
Set forth below is a detail of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31:
 
2018
 
2017
Current year actuarial (gain) loss
$
(756
)
 
$
154

Amortization of actuarial loss
(96
)
 
(97
)
Current year prior service credit
(325
)
 
—

Amortization of prior service credit
64

 
17

Total recognized in other comprehensive (loss) income
$
(1,113
)
 
$
74
Changes in benefit obligations during the year and funded status of defined benefit plan
The following sets forth the changes in benefit obligations during the year and the funded status of the postretirement health care at December 31:
 
2018
 
2017
Change in benefit obligation
 
 
 
Benefit obligation at beginning of year
$
3,221

 
$
3,211

Service cost
50

 
50

Interest cost
98

 
101

Plan amendments
(326
)
 
—

Actuarial (gain) loss
(756
)
 
154

Benefits paid
(174
)
 
(295
)
Benefit obligation at end of year
$
2,113

 
$
3,221

Funded status at end of year
$
(2,113
)
 
$
(3,221
)
Amounts recognized in the balance sheets consist of:
 
 
 
Current liabilities
$
(215
)
 
$
(282
)
Noncurrent liabilities
(1,898
)
 
(2,939
)
 
$
(2,113
)
 
$
(3,221
)
Components of accumulated other comprehensive loss (income) consist of:
 
 
 
Actuarial loss
$
189

 
$
1,040

Prior service credit
(339
)
 
(78
)
Deferred taxes
(74
)
 
287

 
$
(224
)
 
$
1,249

The following table sets forth the changes in the benefit obligation and the plan assets during the year and the funded status of the defined benefit plans at December 31:
 
2018
2017
Change in benefit obligation
 
 
 
Projected benefit obligation at beginning of year
$
46,065

 
$
45,318

Interest cost
1,581

 
1,746

Actuarial (gain) loss
(3,286
)
 
1,275

Benefits paid
(2,334
)
 
(2,019
)
Settlements
—

 
(255
)
Projected benefit obligation at end of year
$
42,026

 
$
46,065

Accumulated benefit obligation at end of year
$
42,026

 
$
46,065

Change in plan assets
 
 
 
Fair value of plan assets at beginning of year
$
38,527

 
$
34,628

Actual (loss) return on plan assets
(1,832
)
 
5,461

Employer contributions
593

 
712

Benefits paid
(2,334
)
 
(2,019
)
Settlements
—

 
(255
)
Fair value of plan assets at end of year
$
34,954

 
$
38,527

Funded status at end of year
$
(7,072
)
 
$
(7,538
)
Amounts recognized in the balance sheets consist of:
 
 
 
Non-current assets
$
2,047

 
$
2,051

Current liabilities
(588
)
 
(700
)
Non-current liabilities
(8,531
)
 
(8,889
)
 
$
(7,072
)
 
$
(7,538
)
Components of accumulated other comprehensive loss (income) consist of:
 
 
 
Actuarial loss
$
16,277

 
$
15,363

Prior service cost
878

 
937

Deferred taxes
(3,320
)
 
(6,481
)
 
$
13,835

 
$
9,819
Future benefit payments
Future pension benefit payments expected to be paid from assets of the pension plans are:
2019
$
2,475

2020
2,560

2021
2,669

2022
2,760

2023
2,819

2024 - 2028
14,232

 
$
27,515

Future postretirement health care benefit payments expected to be paid are:
2019
215

2020
234

2021
250

2022
238

2023
232

2024 - 2028
902

 
$
2,071
Actual allocation percentage and target allocation percentage for pension plan assets
The following is the actual allocation percentage and target allocation percentage for the pension plan assets at December 31:
 
2018
Actual
Allocation
 
2017
Actual
Allocation
 
Target Allocation
Range
U.S. equity securities
42.4
%
 
47.2
%
 
36.0% - 54.0%
Non-U.S. equity securities
19.4
%
 
21.1
%
 
16.0% - 24.0%
Fixed income securities
37.7
%
 
31.4
%
 
30.0% - 40.0%
Money market
0.5
%
 
0.3
%
 
0.0% - 10.0%
Fair value of pension plan assets
The fair value of each major category of the Company's pension plan assets are valued using quoted market prices in active markets for identical assets, or Level 1 in the fair value hierarchy. Following are the values as of December 31:
 
Level 1
 
2018
 
2017
U.S. equity securities
$
14,834

 
$
18,175

Non-U.S. equity securities
6,790

 
8,120

Fixed income securities
13,169

 
12,097

Money market
161

 
135

Total
$
34,954

 
$
38,527