Employee Benefit Plans (Tables) - Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2019

We expect to contribute approximately $2.0 million to our defined benefit pension plans during 2020. Benefit payments to all plan participants out of plan assets are expected to be the equivalent of:

Years ending December 31,	Amount
	(In thousands)
2020	$	3,551
2021		3,576
2022		3,583
2023		3,545
2024		3,465
Next 5 years		16,150

Funded Status of Defined Benefit Plans

The funded status of our defined benefit pension plans is presented in the table below.

	December 31,
	2018			2019
	(In thousands)
Change in projected benefit obligations (PBO):
Benefit obligations at beginning of the year	$	53,978		$	49,249
Interest cost		1,808			1,884
Participant contributions		5			1
Actuarial losses (gains)		(2,511	)		2,582
Change in currency exchange rates		(545	)		260
Benefits paid		(3,486	)		(3,626	)
Benefit obligations at end of the year		49,249			50,350

Change in plan assets:
Fair value of plan assets at beginning of the year		44,222			40,626
Actual return on plan assets		(2,237	)		5,752
Employer contributions		2,792			3,173
Participant contributions		5			1
Change in currency exchange rates		(670	)		387
Benefits paid		(3,486	)		(3,626	)
Fair value of plan assets at end of year		40,626			46,313
Funded status	$	(8,623	)	$	(4,037	)

Amounts recognized in the balance sheet:
Noncurrent pension asset	$	1,898		$	4,294
Accrued pension costs:
Current		(132	)		(101	)
Noncurrent		(10,389	)		(8,230	)
Total		(8,623	)		(4,037	)

Accumulated other comprehensive loss - actuarial losses, net		31,601			28,687
Total	$	22,978		$	24,650

Accumulated benefit obligations (ABO)	$	49,249		$	50,350

Changes in Other Comprehensive Income

The amounts shown in the table above for actuarial losses (gains) at December 31, 2018 and 2019 have not been recognized as components of our periodic defined benefit pension cost as of those dates. These amounts will be recognized as components of our periodic defined benefit cost in future years. These amounts, net of deferred income taxes, are recognized in our accumulated other comprehensive income (loss) at December 31, 2018 and 2019. We expect that $1.5 million of the unrecognized actuarial losses will be recognized as a component of our periodic defined benefit pension cost in 2020.

The table below details the changes in other comprehensive income during 2017, 2018 and 2019.

	Years ended December 31,
	2017		2018			2019
	(In thousands)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial gain (loss) arising during the year	$	498	$	(2,709	)	$	1,330
Amortization of unrecognized net actuarial loss		1,704		1,937			1,584
Total	$	2,202	$	(772	)	$	2,914

Components of Net Periodic Defined Benefit Cost (Income)

The components of our net periodic defined benefit pension cost are presented in the table below. The amount shown below for the amortization of unrecognized actuarial losses in 2017, 2018 and 2019, net of deferred income taxes, was recognized as a component of our accumulated other comprehensive income (loss) at December 31, 2016, 2017 and 2018, respectively.

	Years ended December 31,
	2017			2018			2019
	(In thousands)
Net periodic pension cost:
Interest cost on PBO	$	2,072		$	1,808		$	1,884
Expected return on plan assets		(2,770	)		(3,043	)		(1,899	)
Recognized actuarial losses		1,704			1,937			1,584
Settlement cost		87			-			-
Total	$	1,093		$	702		$	1,569

Information Concerning Defined Benefit Pension Plans (Including Certain Plans for Which ABO Exceeds Fair Value of Plan Assets)

Certain information concerning our defined benefit pension plans (including information concerning certain plans for which ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

	December 31,
	2018		2019
	(In thousands)
PBO at end of the year
U.S. plan	$	40,643	$	42,198
U.K. plan		8,606		8,152
Total	$	49,249	$	50,350
Fair value of plan assets at end of the year
U.S. plan	$	30,122	$	33,867
U.K. plan		10,504		12,446
Total	$	40,626	$	46,313
Plans for which the ABO exceeds plan assets (only our U.S. plan):
PBO	$	40,643	$	42,198
ABO		40,643		42,198
Fair value of plan assets		30,122		33,867

Summary of Assumptions Used to Determine Net Benefit Obligation

The weighted-average rate assumptions used in determining the net periodic pension cost for 2017, 2018 and 2019 are presented in the table below. Such weighted-average discount rates were determined using the projected benefit obligations as of the beginning of each year and the weighted-average long-term return on plan assets was determined using the fair value of plan assets as of the beginning of each year.

	Years ended December 31,
Rate	2017			2018			2019

Discount rate		3.7	%		3.4	%		3.9	%
Long-term rate of return on plan assets		6.9	%		7.2	%		4.7	%

Schedule of composition of our pension plan assets by fair value level

The composition of our pension plan assets by fair value level at December 31, 2018 and 2019 is shown in the table below.

	Fair Value Measurements
	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
	(In thousands)
December 31, 2018:
U.S.
Equities	$	11,353	$	3,423	$	-	$	-	$	7,930
Fixed income		13,856		13,856		-		-		-
Cash and other		3,250		2,347		-		-		903
CMRT		1,663		-		-		1,663		-
Other		10,504		10,504		-		-		-
Total	$	40,626	$	30,130	$	-	$	1,663	$	8,833

	Fair Value Measurements
	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Assets measured at NAV
	(In thousands)
December 31, 2019:
U.S.
Equities	$	13,439	$	3,789	$	-	$	439	$	9,211
Fixed income		16,290		16,290		-		-		-
Cash and other		4,138		3,197		-		-		941
Other		12,446		12,446		-		-		-
Total	$	46,313	$	35,722	$	-	$	439	$	10,152