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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Summary of Changes in Plan Assets and Plan Benefit Obligations

The following table summarizes the changes in plan assets and plan benefit obligations:

 

Year Ended December 31,

   2018      2017  
(Dollars in thousands)              

Change in benefit obligation

     

Beginning benefit obligation

   $ 29,759      $ 27,612  

Interest cost

     1,086        1,189  

Actuarial (gain) loss

     (2,486      2,300  

Benefit payments

     (1,406      (1,342
  

 

 

    

 

 

 

Ending benefit obligation

   $ 26,953      $ 29,759  
  

 

 

    

 

 

 
Summary of Defined Benefit Plans

Year Ended December 31,

   2018     2017  
(Dollars in thousands)             

Change in plan assets

    

Fair value of plan assets at beginning of year

   $ —     $ —  

Employer contribution

     1,406       1,342  

Benefit payments

     (1,406     (1,342
  

 

 

   

 

 

 

Fair value of plan assets at end of year

   $ —     $ —  
  

 

 

   

 

 

 

Funded status

   $ (26,953   $ (29,759
  

 

 

   

 

 

 

Amounts recognized in the consolidated balance sheets consist of:

    

Accrued expenses

     (1,392     (1,407

Other non-current liabilities

     (25,561     (28,352
  

 

 

   

 

 

 

Net amount recognized

   $ (26,953   $ (29,759
  

 

 

   

 

 

 

Amounts recognized in accumulated other comprehensive loss consist of:

    

Net actuarial loss

   $ 4,799     $ 7,722  

Prior service cost

     (1     (1
  

 

 

   

 

 

 

Net amount recognized, before tax effect

   $ 4,798     $ 7,721  
  

 

 

   

 

 

 

Weighted average assumptions used to determine benefit obligations:

    

Discount rate

     4.4     3.7

Rate of compensation increase

     3.0     3.0
Summary of Components of Net Periodic Pension Cost

Components of net periodic pension cost are described in the following table:

 

Year Ended December 31,

   2018     2017     2016  
(Dollars in thousands)                   

Components of net periodic pension cost:

      

Interest cost

     1,086       1,189       1,216  

Amortization of actuarial loss

     438       369       335  
  

 

 

   

 

 

   

 

 

 

Net periodic pension cost

     1,524       1,558     $ 1,551  
  

 

 

   

 

 

   

 

 

 

Weighted average assumptions used to determine net periodic pension cost:

 

Discount rate

     3.7     4.4     4.4

Rate of compensation increase

     3.0     3.0     3.0
Summary of Expected Benefit Payments

Benefit payments during the next ten years, which reflect applicable future service, are as follows:

 

Year Ended December 31,

   Amount  
(Dollars in thousands)       

2019

   $ 1,422  

2020

   $ 1,484  

2021

   $ 1,457  

2022

   $ 1,495  

2023

   $ 1,472  

Years 2024 to 2028

   $ 8,448  
Periodic Pension Cost, Next Fiscal Year

The following is an estimate of the components of net periodic pension cost in 2019:

 

Estimated Year Ended December 31,

   2019  
(Dollars in thousands)       

Interest cost

     1,144  

Amortization of actuarial loss

     209  
  

 

 

 

Estimated 2019 net periodic pension cost

   $ 1,353