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Retirement Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plan Disclosure [Line Items]

Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans

The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31:

U.S. Defined Benefit Pension Plans:

			2020						2019
			(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year			$	510,514					$	471,506
Service cost			3,015						3,248
Interest cost			17,235						20,287
Actuarial losses (gains)			32,963						46,269
Gross benefits paid			(31,370)						(30,796)
Net projected benefit obligation at the end of the year			$	532,357					$	510,514
Change in plan assets:
Fair value of plan assets at the beginning of the year			$	621,632					$	552,187
Actual return on plan assets			71,281						99,573
Employer contributions			755						668
Gross benefits paid			(31,370)						(30,796)
Fair value of plan assets at the end of the year			$	662,298					$	621,632

Foreign Defined Benefit Pension Plans:

			2020						2019
			(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year			$	311,783					$	268,763
Service cost			4,246						3,307
Interest cost			5,376						6,692
Foreign currency translation adjustments			13,955						9,042
Employee contributions			92						110
Actuarial losses (gains)			27,055						35,021
Expenses paid from assets			(838)						(747)
Gross benefits paid			(10,615)						(8,421)
Settlements			—						(1,984)
Plan amendments			530						—
Net projected benefit obligation at the end of the year			$	351,584					$	311,783
Change in plan assets:
Fair value of plan assets at the beginning of the year			$	224,347					$	196,801
Actual return on plan assets			20,966						25,391
Employer contributions			8,772						4,941
Employee contributions			92						110
Foreign currency translation adjustments			8,011						8,256
Expenses paid from assets			(838)						(747)
Settlements			—						(1,984)
Gross benefits paid			(10,615)						(8,421)
Fair value of plan assets at the end of the year			$	250,735					$	224,347

Accumulated Benefit Obligation ("ABO")

The accumulated benefit obligation consisted of the following at December 31:

U.S. Defined Benefit Pension Plans:

			2020						2019
			(In thousands)
Funded plans			$	515,667					$	493,756
Unfunded plans			4,494						5,213
Total			$	520,161					$	498,969

Foreign Defined Benefit Pension Plans:

			2020						2019
			(In thousands)
Funded plans			$	295,998					$	264,675
Unfunded plans			53,090						45,315
Total			$	349,088					$	309,990

Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31:

U.S. Defined Benefit Pension Plans:

			Projected Benefit Obligation Exceeds Fair Value of Assets												Accumulated Benefit Obligation Exceeds Fair Value of Assets
			2020						2019						2020						2019
			(In thousands)
Benefit obligation			$	6,842					$	7,119					$	6,842					$	7,119
Fair value of plan assets			1,155						958						1,155						958

Foreign Defined Benefit Pension Plans:

			Projected Benefit Obligation Exceeds Fair Value of Assets												Accumulated Benefit Obligation Exceeds Fair Value of Assets
			2020						2019						2020						2019
			(In thousands)
Benefit obligation			$	349,762					$	311,783					$	347,267					$	309,990
Fair value of plan assets			248,914						224,347						248,914						224,347

Funded Status of Plan and Amounts Recognized in Balance Sheet

The following table provides the amounts recognized in the consolidated balance sheet at December 31:

			2020						2019
			(In thousands)
Funded status asset (liability):
Fair value of plan assets			$	913,034					$	845,979
Projected benefit obligation			(883,940)						(822,297)
Funded status at the end of the year			$	29,094					$	23,682
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)			$	135,628					$	117,278
Current liabilities for pension benefits			(2,174)						(1,954)
Non-current liability for pension benefits			(104,360)						(91,642)
Net amount recognized at the end of the year			$	29,094					$	23,682

Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes

The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31:

Net amounts recognized:			2020						2019
			(In thousands)
Net actuarial loss			$	249,468					$	242,696
Prior service costs			4,247						4,189
Transition asset			5						6
Total recognized			$	253,720					$	246,891

Components of Net Periodic Pension Benefit Expense (Income)

The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31

			2020						2019						2018
			(In thousands)
Defined benefit plans:
Service cost			$	7,261					$	6,556					$	6,879
Interest cost			22,611						26,979						25,678
Expected return on plan assets			(54,629)						(52,402)						(59,325)
Settlement			—						739						—
Amortization of:
Net actuarial loss			15,479						15,685						12,092
Prior service costs			486						484						(49)
Transition asset			1						1						1
Total net periodic benefit income			(8,791)						(1,958)						(14,724)
Other plans:
Defined contribution plans			30,829						32,508						28,829
Foreign plans and other			7,902						9,406						6,185
Total other plans			38,731						41,914						35,014
Total net pension expense			$	29,940					$	39,956					$	20,290

U.S. Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31:

			2020						2019
U.S. Defined Benefit Pension Plans:
Discount rate			2.69		%				3.45		%
Rate of compensation increase (where applicable)			3.75		%				3.75		%
Foreign Defined Benefit Pension Plans:
Discount rate			1.27		%				1.83		%
Rate of compensation increase (where applicable)			2.50		%				2.50		%

Fair Value of Plan Assets

The following is a summary of the fair value of plan assets for U.S. plans at December 31:

			2020																		2019
Asset Class			Total						Level 1						Level 2						Total						Level 1						Level 2
			(In thousands)
Corporate debt instruments			$	3,442					$	—					$	3,442					$	3,152					$	—					$	3,152
Corporate debt instruments – Preferred			12,196						—						12,196						10,781						—						10,781
Corporate stocks – Common			62,897						62,897						—						127,221						127,221						—
Municipal bonds			876												876						574						—						574
Registered investment companies			236,530						236,530						—						288,076						288,076						—
U.S. Government securities			526						—						526						240						—						240
Total investments			316,467						299,427						17,040						430,044						415,297						14,747
Investments measured at net asset value			345,831						—						—						191,588						—						—
Total investments			$	662,298					$	299,427					$	17,040					$	621,632					$	415,297					$	14,747

Foreign Defined Benefit Pension Plans

Defined Benefit Plan Disclosure [Line Items]

Fair Value of Plan Assets

The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:

			2020												2019
Asset Class			Total						Level 3						Total						Level 3
			(In thousands)
Life insurance			$	20,908					$	20,908					$	19,298					$	19,298
Total investments			20,908						20,908						19,298						19,298
Investments measured at net asset value			229,827						—						205,049						—
Total investments			$	250,735					$	20,908					$	224,347					$	19,298

Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs

The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs):

			Life Insurance
			(In thousands)
Balance, December 31, 2018			$	18,685
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year			$	613
Realized gains (losses) relating to assets sold during the year			$	—
Purchases, sales, issuances and settlements, net			$	—
Balance, December 31, 2019			$	19,298
Actual return on assets:
Unrealized gains (losses) relating to instruments still held at the end of the year			$	1,610
Realized gains (losses) relating to assets sold during the year			$	—
Purchases, sales, issuances and settlements, net			$	—
Balance, December 31, 2020			$	20,908

Net Periodic Pension Benefit Expense

Defined Benefit Plan Disclosure [Line Items]

Weighted Average Assumptions Used to Determine Benefit Obligations

The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:

			2020						2019						2018
U.S. Defined Benefit Pension Plans:
Discount rate			3.45		%				4.40		%				4.40		%
Expected return on plan assets			7.00		%				7.50		%				7.50		%
Rate of compensation increase (where applicable)			3.75		%				3.75		%				3.75		%
Foreign Defined Benefit Pension Plans:
Discount rate			1.83		%				2.59		%				2.59		%
Expected return on plan assets			5.97		%				6.52		%				6.52		%
Rate of compensation increase (where applicable)			2.50		%				2.50		%				2.50		%

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