CLB 2018 Annual Report

F-20 and current salary, and (2) for the changes in the benefit obligation for prior years of service due to changes in participants' salary. We determine the fair value of these plan assets with the assistance of an actuary using observable inputs (Level 2), which approximates the contract value of the investments. During the year, there was a curtailment of the Dutch Plan for our Dutch employees hired between 2000 and 2007 whose pension benefit was based on years of service and career average pay. These employees have been moved into the Dutch defined contribution plan. However, the unconditional indexation for this group of participants remains as long as they stay in active service for the company. This event resulted in a curtailment gain of $1.2 million as of December 31, 2018. The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan for the years ended December 31, 2018 and 2017 (in thousands): 2018 2017 Projected Benefit Obligation: Projected benefit obligation at beginning of year $ 63,398 $ 56,082 Service cost 1,453 1,494 Prior service cost (157) — Interest cost 1,244 1,121 Amendments/curtailments (1,219) — Benefits paid (1,349) (1,212) Administrative expenses — (35) Actuarial (gain) loss, net (383) (1,005) Unrealized (gain) loss on foreign exchange (2,316) 6,953 Projected benefit obligation at end of year $ 60,671 $ 63,398 Fair Value of Plan Assets: Fair value of plan assets at beginning of year $ 53,145 $ 46,134 Increase in plan asset value 2,251 919 Employer contributions 1,282 1,595 Benefits paid (1,349) (1,212) Administrative expenses (37) (35) Unrealized gain (loss) on foreign exchange (2,019) 5,744 Fair value of plan assets at end of year $ 53,273 $ 53,145 Under-funded status of the plan at end of the year $ (7,398) $ (10,253) Accumulated Benefit Obligation $ 55,863 $ 56,035 The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension costs for the Dutch Plan at December 31, 2018 and 2017: 2018 2017 Weighted average assumed discount rate 1.75% 2.00% Expected long-term rate of return on plan assets 1.75% 2.00% Weighted average rate of compensation increase 2.80% 2.90% The discount rate used to determine our projected benefit obligation at December 31, 2018 was decreased from 2.00% to 1.75%, consistent with a general decrease in interest rates in Europe for AAA-rated long-term Euro government bonds. Amounts recognized for the Dutch Plan in the Consolidated Balance Sheets at December 31, 2018 and 2017 consist of (in thousands):