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Pension plan and 401(k) Program (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The following table sets forth a summary of the defined benefit pension plan funded status:
Consolidated Financial Statement Position:
($ in thousands)
 
December 31,
 
2019
2018
Fair value of plan assets
$
25,911

$
23,610

Less: Benefit obligation
36,406

30,772

Funded status - Benefit obligation in excess of plan assets
$
(10,495
)
$
(7,162
)


Schedule of Changes in Fair Value of Plan Assets
The following table sets forth the change in plan assets:
Change in plan assets:
($ in thousands)
 
2019
2018
Fair value of plan assets, beginning of year
$
23,610

$
24,281

Actual return on plan assets
(332
)
(409
)
Participant contributions
832

753

Employer contributions
2,055

1,503

Benefits paid
(707
)
(2,446
)
Translation adjustments and other
453

(72
)
Fair value of plan assets, end of year
$
25,911

$
23,610


Schedule of Changes in Projected Benefit Obligations
The following table sets forth the change in benefit obligation:
Change in benefit obligation:
($ in thousands)
 
2019
2018
Benefit obligation, beginning of year
$
30,772

$
30,185

Service cost
2,535

2,166

Interest cost
244

197

Actuarial losses (gains)
2,904

771

Benefits paid
(707
)
(2,446
)
Translation adjustments and other
658

(101
)
Benefit obligation, end of year
$
36,406

$
30,772


Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table sets forth the changes in items not yet recognized as a component of net periodic cost:
Changes in Unrecognized pension cost, pre-tax
($ in thousands)
 
2019
2018
Unrecognized pension cost, pre-tax, beginning of year
$
(4,479
)
$
(2,561
)
Amortization during year
160

(19
)
Actuarial (losses) gains
(2,904
)
(771
)
Asset (losses) gains
(1,034
)
(1,140
)
Translation adjustments and other
$
1

$
12

Unrecognized pension cost, pre-tax, end of year
$
(8,256
)
$
(4,479
)

The following table sets forth the estimated amounts that will be amortized from accumulated other comprehensive (loss) into net periodic benefit cost in 2020:
Estimated amortization from Other Comprehensive Income into net periodic benefit cost in 2020:
($ in thousands)

Amortization of actuarial (losses)
$
573

Amortization of prior service credit
(19
)
Estimated net (loss)
$
554



Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets forth the aggregated information for the pension plan:
 
($ in thousands)
 
December 31,
 
2019
2018
Projected benefit obligation
$
36,406

$
30,772

Accumulated benefit obligation
36,149

30,583

Fair value of plan assets
$
25,911

$
23,610


Schedule of Net Benefit Costs
The following table sets forth the components of net periodic cost for our pension plan:
Components of net periodic benefit cost
($ in thousands)
 
2019
2018
2017
Service cost
$
2,535

$
2,166

$
1,982

Interest cost
244

197

253

Expected return on plan assets
(702
)
(731
)
(773
)
Amortization of:
 
 
 
Prior service cost (benefit)
(19
)
(19
)
(19
)
Net actuarial loss
179


139

Participant contributions
(832
)
(753
)
(625
)
Net periodic benefit cost
$
1,405

$
860

$
957


Schedule of Assumptions Used
The following tables set forth the key assumptions used to determine the net periodic cost for each fiscal year and the benefit obligation at fiscal year-end:
Key assumptions used to determine the net periodic cost:
2019
2018
2017
Discount rate
0.80
%
0.80
%
0.65
%
Expected rate of return on plan assets
3.00
%
3.00
%
3.00
%
Rate of increase in compensation levels
0.75
%
0.75
%
0.75
%
Key assumptions used to determine the benefit obligation:
2019
2018
Discount rate
0.25
%
0.80
%
Rate of increase in compensation levels
0.75
%
0.75
%

Schedule of Allocation of Plan Assets
The following table sets forth the asset allocation of our pension plan assets, by category:
Plan assets by category:
December 31,
 
2019
2018
Debt securities
25.7
%
37.9
%
Equity securities
33.5
%
33.2
%
Real estate
18.8
%
15.4
%
Other
20.4
%
12.9
%
Cash and cash equivalents
1.6
%
0.6
%
Total Plan Assets
100.0
%
100.0
%

Schedule of Expected Benefit Payments
The following table sets forth the Company's estimated future benefit payments:
Year
($ in thousands)

2020
$
1,866

2021
1,487

2022
1,514

2023
1,455

2024
1,563

Years 2025 - 2029
$
8,254