XML 56 R42.htm IDEA: XBRL DOCUMENT
v3.20.4

Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
Schedule of Components of Defined Benefit Pension Expense | The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other (expense) income, net in the Consolidated Statements of Operations.
| 2020 |  | 2019 |  | 2018
Service cost | $ | 4,421 |  |  | $ | 3,659 |  |  | $ | 3,145 |
Interest cost | 718 |  |  | 851 |  |  | 840 |
Expected return on plan assets | (493) |  |  | (517) |  |  | (475) |
Recognition of actuarial loss | 474 |  |  | 237 |  |  | 340 |
Total defined benefit pension plan expense | $ | 5,120 |  |  | $ | 4,230 |  |  | $ | 3,850 |
Schedule of Assumptions Used in the Computation of Pension Expense | The table below presents the key assumptions used in the computation of pension expense for the years ended December 31.
| 2020 |  | 2019 |  | 2018
Weighted average discount rate (1) | 1.28 | % |  | 1.81 | % |  | 1.78 | %
Expected return on plan assets | 2.04 | % |  | 2.54 | % |  | 2.45 | %
Average compensation increase | 2.58 | % |  | 2.58 | % |  | 2.66 | %
Cash balance interest credit rate | 1.20 | % |  | 1.90 | % |  | 1.90 | %
(1)Discount rates are typically determined by using 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.
Schedule of Changes in the Projected Benefit Obligation | The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands).
| 2020 |  | 2019 |  | 2018
Projected benefit obligation at beginning of year | $ | 52,503 |  |  | $ | 44,890 |  |  | $ | 45,450 |
Service cost | 4,421 |  |  | 3,659 |  |  | 3,145 |
Interest cost | 718 |  |  | 851 |  |  | 840 |
Actuarial loss (gain) due to assumption changes and plan experience (1) | 1,516 |  |  | 4,524 |  |  | (430) |
Contractual termination benefits | — |  |  | — |  |  | (950) |
Benefits payments (2) | (1,438) |  |  | (830) |  |  | (1,400) |
Foreign currency impact | 4,577 |  |  | (591) |  |  | (1,765) |
Projected benefit obligation at end of year (3) | $ | 62,297 |  |  | $ | 52,503 |  |  | $ | 44,890 |
The table below presents the key assumptions used in determining the projected benefit obligations at December 31.
| 2020 |  | 2019 |  | 2018
Weighted average discount rate (4) | 0.94 | % |  | 1.28 | % |  | 1.81 | %
Average compensation increase | 2.58 | % |  | 2.58 | % |  | 2.58 | %
Cash balance interest credit rate | 0.80 | % |  | 1.20 | % |  | 1.90 | %
(1)The actuarial losses in 2020 and 2019 were primarily due to a reduction in our weighted average discount rate assumption. (2)The Company projects benefit payments will be made in future years directly to plan participants as follows: $1.8 million in 2021; $1.8 million in 2022; $2.3 million in 2023; $2.3 million in 2024; $2.5 million in 2025; and $15.1 million in total in the five years thereafter. (3)Measured as of December 31. (4)Discount rates are typically determined by using 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.
Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet | The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands).
Funded status of the plans | 2020 |  | 2019 |  | 2018
Projected benefit obligation | $ | 62,297 |  |  | $ | 52,503 |  |  | $ | 44,890 |
Pension plan assets at fair value (1) | (28,636) |  |  | (23,444) |  |  | (19,460) |
Funded status – shortfall (2) | $ | 33,661 |  |  | $ | 29,059 |  |  | $ | 25,430 |
Accumulated benefit obligation | $ | 58,963 |  |  | $ | 49,485 |  |  | $ | 42,611 |
Amounts recorded in the Consolidated Balance Sheets for the plans |  |  |  |  |
Other liabilities – accrued pension obligation (2) | $ | 33,661 |  |  | $ | 29,059 |  |  | $ | 25,430 |
Stockholders’ equity – deferred actuarial loss (3) | $ | (9,309) |  |  | $ | (8,584) |  |  | $ | (5,738) |
(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 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 1.19%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below. (2)Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation. (3)The deferred actuarial loss as of December 31, 2020 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 14 years, subject to certain limitations set forth in FASB ASC Topic 715. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the years ended December 31, 2020, 2019 and 2018 was immaterial
Schedule of Defined Benefit Pension Plans Assets | The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands).
| 2020 |  | 2019 |  | 2018
Pension plan assets at the beginning of the year | $ | 23,444 |  |  | $ | 19,460 |  |  | $ | 18,475 |
Company contributions | 3,924 |  |  | 4,405 |  |  | 4,478 |
Benefit payments | (1,438) |  |  | (830) |  |  | (1,400) |
Actual return on plan assets | 684 |  |  | 714 |  |  | (164) |
Contractual termination benefits | — |  |  | — |  |  | (950) |
Foreign currency impact | 2,022 |  |  | (305) |  |  | (979) |
Pension plan assets at the end of the year | $ | 28,636 |  |  | $ | 23,444 |  |  | $ | 19,460 |

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPlansAndOtherPostretirementBenefitPlansDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (j) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetPeriodicBenefitCostNotYetRecognizedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration