Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |
Schedule of Components of Defined Benefit Pension Expense | The following are the components of defined benefit pension expense for the years ended December 31 (in thousands): | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Service cost | $ | 2,780 |
| | $ | 2,620 |
| | $ | 2,630 |
| Interest cost | 850 |
| | 790 |
| | 1,190 |
| Expected return on plan assets | (375 | ) | | (345 | ) | | (540 | ) | Recognition of actuarial loss | 200 |
| | 300 |
| | 75 |
| Recognition of termination benefits | — |
| | 85 |
| | 30 |
| Total defined benefit pension plan expense (1) | $ | 3,455 |
| | $ | 3,450 |
| | $ | 3,385 |
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| | (1) | Pension expense is classified in SG&A in the Consolidated Statements of Operations. |
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Schedule of Assumptions Used in the Computation of Pension Expense | The following are the key assumptions used in the computation of pension expense for the years ended December 31: | | | | | | | | | | | 2016 | | 2015 | | 2014 | Weighted-average discount rate (1) | 1.78 | % | | 2.19 | % | | 2.15 | % | Average compensation increase | 2.67 | % | | 2.66 | % | | 2.65 | % |
| | (1) | Discount rates are typically determined by utilizing the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations. |
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Schedule of Changes in the Projected Benefit Obligation | The following table provides information related to changes in the projected benefit obligation for the years ended December 31 (in thousands): | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Projected benefit obligation at beginning of year | $ | 35,870 |
| | $ | 38,115 |
| | $ | 34,585 |
| Service cost | 2,780 |
| | 2,620 |
| | 2,630 |
| Interest cost | 850 |
| | 790 |
| | 1,190 |
| Actuarial loss (gain) due to assumption changes and plan experience | 1,480 |
| | (1,190 | ) | | 6,300 |
| Additions and contractual termination benefits | — |
| | 85 |
| | 30 |
| Benefits paid (1) | (1,640 | ) | | (775 | ) | | (1,350 | ) | Foreign currency impact | (940 | ) | | (3,775 | ) | | (5,270 | ) | Projected benefit obligation at end of year (2) | $ | 38,400 |
| | $ | 35,870 |
| | $ | 38,115 |
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| | (1) | The Company projects the following benefit payments will be made in future years to plan participants: $1.4 million in 2017; $2.0 million in 2018; $1.1 million in 2019, $1.5 million in 2020, $1.5 million in 2021; and $9.5 million in total in the five years thereafter. |
| | (2) | Measured as of December 31. |
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Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet | The following table provides information regarding the funded status of the plans and related amounts recorded in the Company’s Consolidated Balance Sheets as of December 31 (in thousands): | | | | | | | | | | | | | Funded status of the plans: | 2016 | | 2015 | | 2014 | Projected benefit obligation | $ | 38,400 |
| | $ | 35,870 |
| | $ | 38,115 |
| Pension plan assets at fair value (1) | (14,465 | ) | | (13,190 | ) | | (13,220 | ) | Funded status – shortfall (2) | $ | 23,935 |
| | $ | 22,680 |
| | $ | 24,895 |
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| | | | | | | | | | | | | Amounts recorded in the Consolidated Balance Sheets for the plans: | | | | | | Other liabilities — accrued pension obligation (2) | $ | 23,935 |
| | $ | 22,680 |
| | $ | 24,895 |
| Stockholders’ equity — deferred actuarial loss (3) | $ | (5,797 | ) | | $ | (4,832 | ) | | $ | (6,028 | ) |
| | (1) | The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic No. 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 2.7%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. For the year-ended December 31, 2016, the Company contributed $2.4 million to these plans, and benefits paid to participants were $1.6 million. |
| | (2) | The Funded status - shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. This amount is a liability of the Company and is recorded in Other liabilities on the Company’s Consolidated Balance Sheets. |
| | (3) | The deferred actuarial loss as of December 31, 2016 is recorded in AOCL/I and will be reclassified out of AOCL/I and recognized as pension expense over approximately 13 years, subject to certain limitations set forth in FASB ASC Topic No. 715. The impact of this amortization on pension expense in 2017 is projected to result in approximately $0.3 million of additional expense. The amortization of deferred actuarial losses from AOCL/I to pension expense in each of the three years ended December 31, 2016 was immaterial. |
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