International Retirement Plan

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

International Retirement Plan

(16) International Retirement Plan

We sponsor a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. We maintain insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2019 and 2018:

(in thousands)	2019		2018
Reconciliation of benefit obligations:
Obligations as of January 1	$	8,658	$	8,434
Service cost	166		155
Interest cost	151		148
Actuarial loss (gain)	1,815		453
Benefit payments	(139)		(145)
Effect of foreign currency exchange rate changes	(154)		(387)
Benefit obligations as of December 31	10,497		8,658
Fair value of assets as of December 31 a	3,343		3,224
Funded status as of December 31, net of tax benefit	$	(7,154)	$	(5,434)

a.No change in underlying asset value for the periods.

We recognized the following amounts in the consolidated balance sheets at December 31, 2019 and 2018:

(in thousands)	2019		2018
Other assets	$	3,343	$	3,224
Accrued liabilities	(140)		(140)
Other liabilities	(10,357)		(8,518)
Net liability	$	(7,154)	$	(5,434)

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2019 and 2018:

(in thousands)	2019		2018
Projected benefit obligation	$	10,497	$	8,658
Accumulated benefit obligation	$	9,351	$	7,587

The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2019, 2018 and 2017:

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(in thousands)	2019		2018		2017
Net periodic benefit cost:
Service cost	$	166	$	155	$	184
Interest cost	151		148		131
Amortization of actuarial loss	200		177		244
Total net periodic pension cost	517		480		559
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)	1,815		453		(558)
Amortization of prior years' unrecognized loss	(200)		(177)		(244)
Tax (benefit) provision	(555)		(88)		247
Total recognized as accumulated other comprehensive income (loss)	1,060		188		(555)
Total expense recognized in net periodic benefit cost and other comprehensive income	$	1,577	$	668	$	4

The following assumptions are used to determine benefit obligations as of as of December 31, 2019 and 2018:

	2019	2018
Discount rate	0.8%	1.8%
Rate of compensation	3.0%	3.5%

The following benefit payments, including expected future service cost, are expected to be paid:

(in thousands)
Estimated future benefit payments:
2020	$	168
2021	175
2022	181
2023	185
2024	187
2025-2029	1,277