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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Plan Assets and Benefit Obligations of Defined Benefit Pension Plans

The plan assets and benefit obligations of the defined benefit pension plans are measured at December 31 of each year. 

			U.S. Plans																		Non-U.S. Plans
(DOLLARS IN THOUSANDS)			2020						2019						2018						2020						2019						2018
Components of net periodic benefit cost
Service cost for benefits earned(1)			$	1,283					$	1,378					$	1,971					$	23,952					$	19,319					$	18,738
Interest cost on projected benefit obligation(2)			17,261						21,954						19,393						12,767						17,775						17,704
Expected return on plan assets(2)			(28,322)						(27,927)						(30,994)						(45,919)						(43,480)						(50,546)
Net amortization of deferrals(2)			7,939						5,464						6,592						15,322						11,654						11,798
Settlements and curtailments(2)			—						—						—						4,473						189						—
Net periodic benefit cost			(1,839)						869						(3,038)						10,595						5,457						(2,306)
Defined contribution and other retirement plans			12,428						9,363						10,527						7,344						9,001						6,859
Total expense			$	10,589					$	10,232					$	7,489					$	17,939					$	14,458					$	4,553
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial (gain) loss			$	(1,204)					$	(3,140)											$	69,945					$	61,865
Recognized actuarial loss			(7,883)						(5,421)												(20,437)						(12,479)
Prior service cost			102						—												367						—
Recognized prior service (cost) credit			(56)						(43)												642						636
Currency translation adjustment			—						—												27,605						6,584
Total (gain) loss recognized in OCI (before tax effects)			$	(9,041)					$	(8,604)											$	78,122					$	56,606

 _______________________ 

(1)Included as a component of Operating Profit.

(2)Included as a component of Other Income (Expense), net.

Amounts Expected to be Recognized in Net Periodic Cost

			Postretirement Benefits
(DOLLARS IN THOUSANDS)			2020						2019						2018
Components of net periodic benefit cost
Service cost for benefits earned			$	603					$	568					$	755
Interest cost on projected benefit obligation			1,781						2,265						2,460
Net amortization and deferrals			(4,655)						(4,919)						(5,497)
Total credit			$	(2,271)					$	(2,086)					$	(2,282)
Changes in plan assets and benefit obligations recognized in OCI
Net actuarial loss			$	4,944					$	3,941
Recognized actuarial loss			(1,309)						(1,132)
Recognized prior service credit			5,964						6,051
Total recognized in OCI (before tax effects)			$	9,599					$	8,860

Weighted-Average Actuarial Assumption Used to Determine Expense

The weighted-average actuarial assumptions used to determine expense at December 31 of each year are: 

			U.S. Plans																		Non-U.S. Plans
			2020						2019						2018						2020						2019						2018
Discount rate			3.26		%				4.31		%				3.69		%				1.49		%				2.22		%				2.15		%
Expected return on plan assets			5.60		%				5.60		%				6.20		%				4.62		%				4.87		%				5.19		%
Rate of compensation increase			3.25		%				3.25		%				3.25		%				2.46		%				1.93		%				1.98		%

Changes in Postretirement Benefit Obligation and Plan Assets

Changes in the postretirement benefit obligation and plan assets, as applicable, are detailed in the following table:

			U.S. Plans												Non-U.S. Plans												Postretirement Benefits
(DOLLARS IN THOUSANDS)			2020						2019						2020						2019						2020						2019
Benefit obligation at beginning of year			$	620,654					$	562,043					$	1,099,084					$	957,935					$	64,174					$	59,625
Service cost for benefits earned			1,283						1,378						23,952						19,319						603						568
Interest cost on projected benefit obligation			17,261						21,954						12,767						17,775						1,781						2,265
Actuarial (gain) loss			76,749						68,839						108,945						119,891						4,944						3,941
Plan amendments			102						—						367						—						—						—
Adjustments for expense/tax contained in service cost			—						—						(1,293)						(1,333)						—						—
Plan participants’ contributions			—						—						2,848						2,803						374						437
Benefits paid			(34,402)						(33,560)						(27,822)						(28,977)						(3,241)						(2,662)
Curtailments / settlements			—						—						(11,125)						(3,455)						—						—
Translation adjustments			—						—						85,774						13,935						—						—
Other			(24)						—						747						1,191						—						—
Benefit obligation at end of year			$	681,623					$	620,654					$	1,294,244					$	1,099,084					$	68,635					$	64,174
Fair value of plan assets at beginning of year			$	602,408					$	532,381					$	1,005,283					$	896,782
Actual return on plan assets			106,255						99,904						83,625						100,163
Employer contributions			3,710						3,683						21,123						20,031
Participants’ contributions			—						—						2,848						2,803
Benefits paid			(34,402)						(33,560)						(27,822)						(28,977)
Settlements			—						—						(11,125)						(3,455)
Translation adjustments			—						—						70,282						16,982
Other			58						—						748						954
Fair value of plan assets at end of year			$	678,029					$	602,408					$	1,144,962					$	1,005,283
Funded status at end of year			$	(3,594)					$	(18,246)					$	(149,282)					$	(93,801)

Amounts Recognized in Balance Sheet

			U.S. Plans												Non-U.S. Plans
(DOLLARS IN THOUSANDS)			2020						2019						2020						2019
Other assets			$	54,330					$	35,239					$	46,913					$	50,418
Other current liabilities			(4,260)						(4,193)						(1,357)						(1,179)
Retirement liabilities			(53,664)						(49,292)						(194,838)						(143,040)
Net amount recognized			$	(3,594)					$	(18,246)					$	(149,282)					$	(93,801)

Amounts Recognized in Accumulated Other Comprehensive Income

			U.S. Plans												Non-U.S. Plans												Postretirement Benefits
(DOLLARS IN THOUSANDS)			2020						2019						2020						2019						2020						2019
Net actuarial loss			$	133,741					$	142,828					$	454,420					$	376,991					$	19,071					$	15,436
Prior service cost (credit)			154						108						(2,474)						(3,087)						(21,174)						(27,138)
Total AOCI (before tax effects)			$	133,895					$	142,936					$	451,946					$	373,904					$	(2,103)					$	(11,702)

Accumulated Benefit Obligation

			U.S. Plans												Non-U.S. Plans
(DOLLARS IN THOUSANDS)			2020						2019						2020						2019
Accumulated Benefit Obligation — end of year			$	679,957					$	618,486					$	1,243,461					$	1,062,515
Information for Pension Plans with an ABO in excess of Plan Assets:
Projected benefit obligation			$	60,313					$	55,714					$	813,026					$	656,574
Accumulated benefit obligation			60,012						55,671						762,308						620,087
Fair value of plan assets			2,389						2,229						616,830						512,356
Weighted-average assumptions used to determine obligations at December 31
Discount rate			2.51		%				3.26		%				0.85		%				1.50		%
Rate of compensation increase			3.25		%				3.25		%				2.55		%				2.48		%

Estimated Future Benefit Payments

(DOLLARS IN THOUSANDS)			U.S. Plans						Non-U.S. Plans						Postretirement Benefits
Estimated Future Benefit Payments
2021			$	38,308					$	29,364					$	3,737
2022			38,888						29,406						3,748
2023			39,373						30,150						3,735
2024			39,761						31,243						3,840
2025			39,552						32,774						3,900
2026 - 2030			192,040						180,230						19,351
Contributions
Required Company Contributions in Following Year (2021)			$	4,364					$	24,964					$	3,737

Percentage of Assets Invested

The percentage of assets in the Company's pension plans, by type, is as follows:

			U.S. Plans												Non-U.S. Plans
			2020						2019						2020						2019
Cash and cash equivalents			1		%				1		%				3		%				1		%
Equities			29		%				13		%				10		%				14		%
Fixed income			70		%				86		%				38		%				37		%
Property			—		%				—		%				8		%				8		%
Alternative and other investments			—		%				—		%				41		%				40		%

Fair Value Hierarchy of Plan Assets

The following tables present the Company's plan assets for the U.S. and non-U.S. plans using the fair value hierarchy as of December 31, 2020 and 2019. The plans’ assets were accounted for at fair value and are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company's assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and their placement within the fair value hierarchy levels. For more information on a description of the fair value hierarchy, see Note 17.

			U.S. Plans for the Year Ended
			December 31, 2020
(DOLLARS IN THOUSANDS)			Level 1						Level 2						Level 3						Total
Cash Equivalents			$	—					$	3,799					$	—					$	3,799
Fixed Income Securities
Government & Government Agency Bonds			—						19,002						—						19,002
Corporate Bonds			—						104,064						—						104,064
Municipal Bonds			—						6,480						—						6,480
Assets measured at net asset value(1)			—						—						—						543,687
Total			$	—					$	133,345					$	—					$	677,032
Receivables																					$	997
Total																					$	678,029

			U.S. Plans for the Year Ended
			December 31, 2019
(DOLLARS IN THOUSANDS)			Level 1						Level 2						Level 3						Total
Cash Equivalents			$	—					$	4,431					$	—					$	4,431
Fixed Income Securities
Government & Government Agency Bonds			—						19,427						—						19,427
Corporate Bonds			—						112,137						—						112,137
Municipal Bonds			—						8,460						—						8,460
Assets measured at net asset value(1)			—						—						—						456,606
Total			$	—					$	144,455					$	—					$	601,061
Receivables																					$	1,347
Total																					$	602,408

_______________________ 

(1)Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in the table above are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Consolidated Balance Sheet. The total amount

measured at net asset value includes approximately $200.8 million and $80.4 million in pooled equity funds and $342.9 million and $376.0 million in fixed income mutual funds for the years ended December 31, 2020 and 2019, respectively.

			Non-U.S. Plans for the Year Ended
			December 31, 2020
(DOLLARS IN THOUSANDS)			Level 1						Level 2						Level 3						Total
Cash			$	12,730					$	18,864					$	—					$	31,594
Equity Securities
U.S. Large Cap			57,461						7,557						—						65,018
U.S. Mid Cap			5						—						—						5
Non-U.S. Large Cap			26,162						—						—						26,162
Non-U.S. Mid Cap			1,213						—						—						1,213
Non-U.S. Small Cap			872						—						—						872
Emerging Markets			25,391						—						—						25,391
Fixed Income Securities
U.S. Treasuries/Government Bonds			97						—						—						97
U.S. Corporate Bonds			—						43,119						—						43,119
Non-U.S. Treasuries/Government Bonds			162,947						—						—						162,947
Non-U.S. Corporate Bonds			33,596						138,920						—						172,516
Non-U.S. Asset-Backed Securities			—						50,717						—						50,717
Non-U.S. Other Fixed Income			2,636						—						—						2,636
Alternative Types of Investments
Insurance Contracts			—						247,426						274						247,700
Derivative Financial Instruments			—						91,225						—						91,225
Absolute Return Funds			4,086						92,785						—						96,871
Other			11,191						2,565						18,837						32,593
Real Estate
Non-U.S. Real Estate			—						—						94,286						94,286
Total			$	338,387					$	693,178					$	113,397					$	1,144,962

			Non-U.S. Plans for the Year Ended
			December 31, 2019
(DOLLARS IN THOUSANDS)			Level 1						Level 2						Level 3						Total
Cash			$	5,921					$	—					$	—					$	5,921
Equity Securities
U.S. Large Cap			58,926						25,616						—						84,542
Non-U.S. Large Cap			24,720						—						—						24,720
Non-U.S. Mid Cap			956						—						—						956
Non-U.S. Small Cap			738						—						—						738
Emerging Markets			27,374						—						—						27,374
Fixed Income Securities
U.S. Treasuries/Government Bonds			108						—						—						108
U.S. Corporate Bonds			—						32,013						—						32,013
Non-U.S. Treasuries/Government Bonds			117,890						—						—						117,890
Non-U.S. Corporate Bonds			33,320						150,034						—						183,354
Non-U.S. Asset-Backed Securities			—						33,654						—						33,654
Non-U.S. Other Fixed Income			2,553						—						—						2,553
Alternative Types of Investments
Insurance Contracts			—						152,025						266						152,291
Derivative Financial Instruments			—						65,016						—						65,016
Absolute Return Funds			3,431						154,463						—						157,894
Other			—						2,330						30,183						32,513
Real Estate
Non-U.S. Real Estate			—						—						83,746						83,746
Total			$	275,937					$	615,151					$	114,195					$	1,005,283

Reconciliation of Level 3 Non-U.S. Plan Assets Held

The following table presents a reconciliation of Level 3 non-U.S. plan assets held during the year ended December 31, 2020:

			Non-U.S. Plans
(DOLLARS IN THOUSANDS)			Real Estate												Hedge Funds						Total
Ending balance as of December 31, 2019			$	84,013											$	30,182					$	114,195
Actual return on plan assets			8,677												1,658						10,335
Purchases, sales and settlements			1,871												(13,004)						(11,133)
Ending balance as of December 31, 2020			$	94,561											$	18,836					$	113,397

Weighted Average Assumptions Used to Determine Postretirement Benefit Expense and Obligation

The following weighted average assumptions were used to determine the postretirement benefit expense and obligation for the years ended December 31:

			Expense												Liability
			2020						2019												2020						2019
Discount rate			3.30		%				4.30		%										2.60		%				3.30		%
Current medical cost trend rate			7.25		%				7.50		%										7.00		%				7.25		%
Ultimate medical cost trend rate			4.75		%				4.75		%										4.75		%				4.75		%
Medical cost trend rate decreases to ultimate rate in year			2030						2030												2030						2030

Sensitivity of Disclosures to Changes in Selected Assumptions

The following table presents the sensitivity of disclosures to changes in selected assumptions for the year ended December 31, 2020: 

(DOLLARS IN THOUSANDS)			U.S. Pension Plans						Non-U.S. Pension Plans						Postretirement Benefit Plan
25 Basis Point Decrease in Discount Rate
Change in PBO			18,716						69,107						N/A
Change in ABO			18,657						66,092						2,180
Change in pension expense			(219)						3,705						265
25 Basis Point Decrease in Long-Term Rate of Return
Change in pension expense			1,266						2,663						N/A

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-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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- Definition

Tabular disclosure of the assumed health care cost trend rates for the next year used to measure the expected cost of benefits covered by the plans, including the ultimate trend rate(s) and when that rate is expected to be achieved.

+ 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 (l)
-URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920

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