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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations
Change in Projected Benefit ObligationDecember 31
20192018
(In thousands)
Present value of projected benefit obligation at the beginning of the year$67,623  $72,864  
Actuarial (gain)/ loss11,983  (198) 
Service cost588  604  
Interest cost1,694  1,758  
Benefits paid(1,346) (925) 
Other—  126  
Curtailments, settlements, special and contractual termination benefits—  (2,154) 
Currency translation(1,153) (4,452) 
Present value of projected benefit obligation at the end of the year$79,389  $67,623  
Schedule of Changes in Fair Value of Plan Assets
Change in Plan AssetsDecember 31
20192018
(In thousands)
Fair value of plan assets at the beginning of the year$6,391  $7,474  
Actual return on plan assets119  (79) 
Employer contributions552  609  
Actuarial gain/(loss)—  —  
Benefits paid(277) —  
Settlement—  (1,467) 
Other adjustments—  174  
Currency translation(205) (320) 
Fair value of plan assets at the end of the year$6,580  $6,391  
Schedule of Net Funded Status
Net Funded Status December 31
20192018
(In thousands)
Projected benefit obligation$79,389  $67,623  
Fair value of plan assets6,580  6,391  
Net funded status$72,809  $61,232  
Schedule of Amounts Recognized in Balance Sheet
Amount Recognized in the Consolidated Balance Sheets December 31
20192018
(In thousands)
Non-current assets  $—  $—  
Current liabilities  908  855  
Non-current liabilities  71,901  60,377  
Net liability recognized - pension plans$72,809  $61,232  
Schedule of Assumptions Used
The assumptions in the table below were used in the actuarial valuation of the underlying the obligations:
AssumptionsDecember 31
20192018
Discount rate1.0 %1.9 %
Expected long-term rate of return on plan assets2.0 %2.0 %
Rate of compensation/salary increase3.0 %3.0 %
Future pension increase1.5 %1.5 %
MortalityHeubeck
2018G
Heubeck
2018G
Mortality is based on Heubeck guidelines, the generally accepted biometric calculation bases for the balance sheet valuation of pension obligations in Germany. A 0.5% increase or decrease in the discount rate or in the future pension increase would have impacted the projected benefit obligation as follows:
SensitivitiesDecember 31, 2019
Discount rateFuture pension increase
0.5% decrease0.5% increase0.5% decrease0.5% increase
(In thousands)
Impact on projected benefit obligation  $7,481  $(6,485) $(9,496) $10,526  
Schedule of Net Benefit Costs
Years Ended December 31,
201920182017
(In thousands) 
Service cost$588  $604  $772  
Interest cost1,694  1,758  1,723  
Expected return on plan assets(119) (174) (180) 
Past service cost/(income) and other adjustments—  253  145  
Net periodic pension cost$2,163  $2,441  $2,460  
Schedule of Expected Benefit Payments
The Company expects that the following benefit payments will be made to plan participants in the years from 2019 to 2029:
Benefit payments(In thousands)
2020$1,254  
2021$1,471  
2022$1,707  
2023$1,902  
2024$2,004  
2025 - 2029$13,029  
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) Amounts recognized in AOCI at December 31, 2019 and 2018 related to the Company's defined benefit pension plan were as follows:
Accumulated Other Comprehensive (Income) / LossDecember 31
20192018
(In thousands)
Net actuarial (gain) loss$11,983  $(198) 
Net prior service cost—  —  
Balance in accumulated other comprehensive (income) / loss
$11,983  $(198) 
Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year
The estimated amounts that will be amortized from accumulated other comprehensive loss into net periodic benefit cost in 2020:
2020
(In thousands)
Net actuarial (gain) loss$9,752  
Prior service cost (credit)—  
Net amount recognized$9,752  
Schedule of Allocation of Plan Assets
The fair value (all Level 2) of Orion's pension plan assets at December 31, 2019 and 2018, by asset category, is as follows:
December 31
20192018
(In thousands)
Equity securities$—  $—  
Debt securities
—  —  
Other securities
6,580  6,391  
Total pension plan assets
$6,580  $6,391