XML 65 R45.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Retirement Benefit Arrangements (Tables)
 12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Funded status
At December 31, 2019 and 2018, the funded status of the Zurich Plan was as follows (in thousands of U.S. dollars):
 
 
2019
 
2018
Underfunded pension obligation at beginning of year
 
$
37,105

 
$
64,342

Change in pension obligation
 
 
 
 
Service cost
 
$
8,619

 
$
7,203

Interest cost
 
1,584

 
1,366

Plan participants’ contributions
 
3,604

 
2,938

Actuarial loss (gain)
 
18,286

 
(9,439
)
Plan amendments
 
3,551

 
(19,945
)
Benefits paid
 
(2,352
)
 
(4,901
)
Foreign currency adjustments
 
2,828

 
(584
)
Change in pension obligation
 
$
36,120

 
$
(23,362
)
Change in fair value of plan assets
 
 
 
 
Actual return on plan assets
 
18,140

 
958

Employer contributions
 
7,193

 
5,245

Plan participants’ contributions
 
3,604

 
2,938

Benefits paid
 
(2,352
)
 
(4,901
)
Foreign currency adjustments
 
2,198

 
(365
)
Change in fair value of plan assets
 
$
28,783

 
$
3,875

Underfunded pension obligation at end of year
 
$
44,442

 
$
37,105

Additional information:
 
 
 
 
Projected benefit obligation at end of year(1)
 
$
197,912

 
$
161,792

Fair value of plan assets at end of year
 
$
153,470

 
$
124,687

Underfunded pension obligation at end of year
 
$
44,442

 
$
37,105

Accumulated pension obligation at end of year(2)
 
$
189,089

 
$
152,681


 
(1) Represents the actuarial present value of all benefits attributed to employee service rendered to December 31, measured using assumptions as to future compensation levels
(2) Represents the actuarial present value of benefits (whether vested or non-vested) attributed to employee service rendered and compensation to December 31, with no assumption about future compensation levels
Assumptions used
The assumptions used to determine the Zurich Plan’s pension obligation and net periodic benefit cost for the years ended December 31, 2019, 2018 and 2017 were as follows:
 
 
2019
 
2018
 
2017
 
 
Pension
obligation
 
Net periodic
benefit cost
 
Pension
obligation
 
Net periodic
benefit cost
 
Pension
obligation
 
Net periodic
benefit cost
Discount rate
 
0.25
%
 
1.00
%
 
1.00
%
 
0.75
%
 
0.75
%
 
0.75
%
Expected long-term return on plan assets
 
—

 
3.50
%
 
—

 
0.75
%
 
—

 
0.75
%
Rate of compensation increase
 
2.00
%
 
2.00
%
 
2.25
%
 
2.25
%
 
2.25
%
 
2.00
%
Expected future benefit payments
At December 31, 2019, estimated employer contributions to be paid in 2020 related to the Zurich Plan were $7 million and future benefit payments were estimated to be paid as follows (in thousands of U.S. dollars):
Year
 
Amount
2020
 
$
5,175

2021
 
$
6,841

2022
 
$
6,547

2023
 
$
7,073

2024
 
$
7,631

2025 to 2029
 
$
45,389