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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Plan [Abstract]  
Estimated Funded Status
The tables below set forth the Company’s estimated funded status as of December 31, 2019 and 2018:
(In thousands)
2019
 
2018
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
7,308

 
$
7,682

Service cost
26

 
50

Interest cost
54

 
62

Actuarial (gain) loss
471

 
75

Benefits paid
(636
)
 
(560
)
Curtailment
(346
)
 

Other

 
11

Foreign exchange impact
69

 
(12
)
Benefit obligation at end of year
6,946

 
7,308

Change in plan assets:
 
 
 
Fair value of plan assets at beginning of year
835

 
908

Return on plan assets
35

 
31

Employer contributions
93

 
110

Benefits paid
(63
)
 
(185
)
Foreign exchange impact
10

 
(29
)
Fair value of plan assets at end of year
910

 
835

Funded status:
 
 
 
Plan assets less than benefit obligation - Net amount recognized
$
(6,036
)
 
$
(6,473
)

Amounts Recognized in Consolidated Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
(In thousands)
2019
 
2018
Noncurrent liability
$
(6,036
)
 
$
(6,473
)
Accumulated other comprehensive loss, net of taxes
791

 
860


Amounts Recognized in Accumulated Other Comprehensive Loss Net of Tax
Amounts recognized in accumulated other comprehensive loss, net of tax consist of:
(In thousands)
2019
 
2018
Net actuarial loss
$
598

 
$
514

Prior service cost
460

 
616

Gross amount recognized
1,058

 
1,130

Deferred income taxes
(267
)
 
(270
)
Net amount recognized
$
791

 
$
860


Pension Plans Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
(In thousands)
2019
 
2018
Projected benefit obligation
$
6,036

 
$
6,473

Accumulated benefit obligation
6,030

 
6,235

Fair value of plan assets
910

 
835


Components of Net Periodic Benefit Cost
The components of the net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 were as follows:
(In thousands)
2019
 
2018
 
2017
Pension benefits:
 
 
 
 
 
Service cost
$
26

 
$
50

 
$
38

Interest cost
54

 
62

 
46

Expected return on plan assets
(16
)
 
(18
)
 
(11
)
Curtailments
95

 

 

Amortization of prior service cost
67

 
69

 
69

Amortization of net transition obligation

 

 
22

Amortization of plan loss
17

 
20

 

Net periodic pension benefit cost
$
243

 
$
183

 
$
164


Estimated Amount Amortized from Accumulated Other Comprehensive Income Into Net Periodic Benefit Cost
The estimated amount that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2020 is as follows:
(In thousands)
 
Prior service cost
$
36

Net actuarial loss
38

 
$
74


Assumptions Used in Determining Benefit Obligation and Net Periodic Benefit Cost for Pension Plans
Assumptions used in determining the benefit obligation and net periodic benefit cost for the Company’s pension plans for the years ended December 31, 2019, 2018 and 2017 are presented in the following table as weighted-averages:
 
2019
 
2018
 
2017
Benefit obligations:
 
 
 
 
 
Discount rate
0.53
%
 
0.76
%
 
0.82
%
Rate of compensation increase
2.91
%
 
3.08
%
 
3.05
%
Net periodic benefit cost:
 
 
 
 
 
Discount rate
1.29
%
 
1.66
%
 
1.45
%
Rate of compensation increase
3.51
%
 
3.18
%
 
3.00
%
Expected return on plan assets
1.51
%
 
1.89
%
 
1.80
%

Fair Value Measurements of Pension Plan Assets
The fair value measurements of the Company’s pension plan assets at December 31, 2019, by asset category are as follows:
(In thousands)
 
 
Quoted prices
in active
markets for
identical
assets
 
Significant
observable
inputs
 
Significant
unobservable
inputs
Asset category
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Taiwan plan assets (a)
$
729

 
$
729

 

 

Germany plan assets (b)
$
181

 
$
181

 

 

 
$
910

 
$
910

 

 

(a)
This category includes investments in the government of Taiwan’s pension fund. The government of Taiwan is responsible for the strategy and allocation of the investment contributions.
(b)
This category includes investments in an insurer’s balanced asset fund. The insurer is responsible for the strategy and allocation of the investment contributions. The Company selects a pre-packaged portfolio pooled investment fund that is conservative. The majority of the funds are invested broadly in German mortgage bonds, construction loans and government bonds with good credit ratings.
The fair value measurements of the Company’s pension plan assets at December 31, 2018, by asset category are as follows:
(In thousands)
 
 
Quoted prices
in active
markets for
identical
assets
 
Significant
observable
inputs
 
Significant
unobservable
inputs
Asset category
Total
 
(Level 1)
 
(Level 2)
 
(Level 3)
Taiwan plan assets (a)
$
669

 
$
669

 

 

Germany plan assets (b)
$
166

 
$
166

 

 

 
$
835

 
$
835

 

 

Expected Contribution And Benefit Payments
The Company expects to make the following contributions and benefit payments:
(In thousands)
Contributions
 
Payments
2020
$
71

 
$
40

2021

 
225

2022

 
113

2023

 
201

2024

 
399

Years 2025-2029

 
1,707