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Post-retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
Changes in Projected Benefit Obligations - PCLI
The following table sets forth the changes in the benefit obligation and plan assets of our PCLI pension plans for the year ended December 31, 2018 and the eleven months ended December 31, 2017:
 
 
Year Ended
December 31, 2018
 
February 1, 2017 to December 31, 2017
 
 
(In thousands)
Change in plans' benefit obligations
 
 
 
 
Pension plans' benefit obligation - beginning of period
 
$
63,582

 
$
52,155

Service cost
 
4,420

 
3,598

Interest cost
 
2,249

 
1,979

Actuarial loss
 
1,058

 
4,503

Benefits paid
 
(1,429
)
 
(966
)
Foreign currency exchange rate changes
 
(5,445
)
 
2,313

Pension plans' benefit obligation - end of year
 
$
64,435

 
$
63,582

 
 
 
 
 
Change in pension plans assets
 
 
 
 
Fair value of plans assets - beginning of period
 
$
59,261

 
$
51,870

Actual return on plans assets
 
3,599

 
6,182

Employer contributions
 
6,239

 
—

Benefits paid
 
(1,429
)
 
(966
)
Foreign currency exchange rate changes
 
(5,208
)
 
2,175

Fair value of plans assets - end of year
 
$
62,462

 
$
59,261

 
 
 
 
 
Funded status
 
 
 
 
Under-funded balance
 
$
(1,973
)
 
$
(4,321
)
 
 
 
 
 
Amounts recognized in consolidated balance sheets
 
 
 
 
Accrued pension liability
 
$
(1,973
)
 
$
(4,321
)
 
 
 
 
 
Amounts recognized in accumulated other comprehensive income
 
 
 
 
Cumulative actuarial loss
 
$
1,977

 
$
1,162



The accumulated benefit obligation was $52.5 million and $52.8 million at December 31, 2018 and 2017, respectively, which are also the measurement dates used for our pension plans.

The following table provides information regarding pension plans with a projected benefit obligation in excess of the fair value of plan assets:
 
 
December 31,
 
 
2018
 
2017
 
 
(In thousands)
Projected benefit obligation
 
$
36,144

 
$
63,582

Plan assets
 
$
34,145

 
$
59,261
Wighted Average Assumptions Used for End of Period Benefits - PCLI
The weighted average assumptions used to determine end of period benefit obligations:
 
 
December 31,
 
 
2018
 
2017
 
 
 
 
 
Discount rate
 
3.70
%
 
3.40
%
Rate of future compensation increases
 
3.00
%
 
3.00
%
Net Periodic Pension Expense Components - PCLI
Net periodic pension expense consisted of the following components:
 
 
Year Ended December 31, 2018
 
February 1, 2017 to December 31, 2017
 
 
(In thousands)
Service cost - benefit earned during the period
 
$
4,420

 
$
3,598

Interest cost on projected benefit obligations
 
2,249

 
1,979

Expected return on plans assets
 
(3,464
)
 
(2,841
)
Net periodic pension expense
 
$
3,205

 
$
2,736
Weighted Average Assumptions Used for Periodic Pension Expense - PCLI
The weighted average assumptions used to determine net periodic pension expense:
 
 
Year Ended
December 31, 2018
 
February 1, 2017 to December 31, 2017
 
 
 
 
 
Discount rate
 
3.40
%
 
3.80
%
Rate of future compensation increases
 
3.00
%
 
3.00
%
Expected long-term rate of return on assets
 
5.75
%
 
5.75
%
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the years ended December 31, 2018 and 2017:
 
 
Years Ended December 31,
 
 
2018
 
2017
 
 
(In thousands)
Change in plans' benefit obligation
 
 
 
 
Post-retirement plans' benefit obligation - beginning of year
 
$
29,499

 
$
18,992

PCLI acquisition
 
—

 
8,212

Service cost
 
1,648

 
1,511

Interest cost
 
938

 
987

Participant contributions
 
178

 
181

Benefits paid
 
(1,931
)
 
(1,800
)
Actuarial loss (gain)
 
(2,643
)
 
1,058

Foreign currency exchange rate changes
 
(809
)
 
358

Post-retirement plans' benefit obligation - end of year
 
$
26,880

 
$
29,499

 
 
 
 
 
Change in plan assets
 
 
 
 
Fair value of plan assets - beginning of year
 
$
—

 
$
—

Employer contributions
 
1,676

 
1,542

Participant contributions
 
255

 
258

Benefits paid
 
(1,931
)
 
(1,800
)
Fair value of plan assets - end of year
 
$
—

 
$
—

 
 
 
 
 
Funded status
 
 
 
 
Under-funded balance
 
$
(26,880
)
 
$
(29,499
)
 
 
 
 
 
Amounts recognized in consolidated balance sheets
 
 
 
 
Accrued post-retirement liability
 
$
(26,880
)
 
$
(29,499
)
 
 
 
 
 
Amounts recognized in accumulated other comprehensive income
 
 
 
 
Cumulative actuarial (loss) gain
 
$
2,379

 
$
(287
)
Prior service credit
 
25,473

 
28,953

Total
 
$
27,852

 
$
28,666
Weighted Average Assumptions Used

The weighted average assumptions used to determine end of period benefit obligations:
 
 
December 31, 2018
 
December 31, 2017
 
 
HFC
 
PCLI
 
HFC
 
PCLI
 
 
 
 
 
 
 
 
 
Discount rate
 
3.95
%
 
3.70
%
 
3.35
%
 
3.40
%
Current health care trend rate
 
6.50
%
 
6.50
%
 
7.00
%
 
6.50
%
Ultimate health care trend rate
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
 
2028

 
2022

 
2028

 
2022
Net Periodic Pension Expense
Net periodic post-retirement credit consisted of the following components:
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 
(In thousands)
Service cost – benefit earned during the year
 
$
1,648

 
$
1,511

 
$
1,294

Interest cost on projected benefit obligations
 
938

 
987

 
787

Amortization of prior service credit
 
(3,481
)
 
(3,481
)
 
(3,482
)
Net periodic post-retirement credit
 
$
(895
)
 
$
(983
)
 
$
(1,401
)
Weighted Average Assumptions Used to Health Care Cost Trend Rates
Assumed health care cost trend rates have an effect on the amounts reported for the post-retirement health care benefit plan. The weighted average assumptions used to determine net periodic benefit expense follow:
 
 
Years Ended December 31,
 
 
2018
 
2017
 
2016
 
 
HFC
 
PCLI
 
HFC
 
PCLI
 
HFC
 
 
 
 
 
 
 
 
 
 
 
Discount rate
 
3.35
%
 
3.40
%
 
3.75
%
 
3.80
%
 
3.90
%
Current health care trend rate
 
7.00
%
 
6.50
%
 
7.00
%
 
6.50
%
 
8.00
%
Ultimate health care trend rate
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
 
5.00
%
Year rate reaches ultimate trend rate
 
2028

 
2022

 
2030

 
2022

 
2041
Effect of One Percent Change in Health Care Cost Trend Rates
The effect of a 1% change in health care cost trend rates is as follows:
 
 
1% Point Increase
 
1% Point Decrease
 
 
(In thousands)
Service cost
 
$
185

 
$
(154
)
Interest cost
 
$
65

 
$
(55
)
Year-end accumulated post-retirement benefit obligation
 
$
1,719

 
$
(1,462
)