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Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):

			Year Ended December 31, 2020												Year Ended December 31, 2019
			U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1			$	678,720					$	258,374					$	635,866					$	240,303
Service cost			849						4,000						730						3,680
Interest cost			23,402						3,357						28,199						4,998
Plan amendments			—						593						—						—
Actuarial loss			79,780						19,571						56,108						21,588
Benefits paid			(41,800)						(9,905)						(42,183)						(10,088)
Employee contributions			—						101						—						133
Foreign exchange loss (gain)			—						19,858						—						(1,772)
Settlements/curtailments			—						(5,866)						—						(398)
Other			—						302						—						(70)
Benefit obligation at December 31			$	740,951					$	290,385					$	678,720					$	258,374
Change in plan assets:
Fair value of plan assets at January 1			$	556,683					$	81,466					$	513,075					$	70,584
Actual return on plan assets			75,715						8,173						82,926						9,417
Employer contributions			3,630						9,653						2,865						10,572
Benefits paid			(41,800)						(9,905)						(42,183)						(10,088)
Employee contributions			—						101						—						133
Foreign exchange gain			—						4,110						—						1,316
Settlements/curtailments			—						(4,279)						—						(398)
Other			—						(78)						—						(70)
Fair value of plan assets at December 31			$	594,228					$	89,241					$	556,683					$	81,466
Funded status at December 31			$	(146,723)					$	(201,144)					$	(122,037)					$	(176,908)

			December 31, 2020												December 31, 2019
			U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)			$	(1,217)					$	(5,832)					$	(1,224)					$	(5,648)
Noncurrent liabilities (pension benefits)			(145,506)						(195,312)						(120,813)						(171,260)
Net pension liability			$	(146,723)					$	(201,144)					$	(122,037)					$	(176,908)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit			$	—					$	(433)					$	—					$	224
Net amount recognized			$	—					$	(433)					$	—					$	224
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate			2.50		%				0.86		%				3.56		%				1.33		%
Rate of compensation increase			—		%				3.82		%				—		%				3.72		%

The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):

			Year Ended December 31,
			2020						2019
			Other Postretirement Benefits						Other Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1			$	55,089					$	50,390
Service cost			105						98
Interest cost			1,871						2,197
Actuarial (gain) loss			(2,571)						5,445
Benefits paid			(3,151)						(3,041)
Benefit obligation at December 31			$	51,343					$	55,089
Change in plan assets:
Fair value of plan assets at January 1			$	—					$	—
Employer contributions			3,151						3,041
Benefits paid			(3,151)						(3,041)
Fair value of plan assets at December 31			$	—					$	—
Funded status at December 31			$	(51,343)					$	(55,089)

			December 31,
			2020						2019
			Other Postretirement Benefits						Other Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)			$	(3,268)					$	(4,190)
Noncurrent liabilities (postretirement benefits)			(48,075)						(50,899)
Net postretirement liability			$	(51,343)					$	(55,089)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate			2.49		%				3.53		%
Rate of compensation increase			3.50		%				3.50		%

Schedule of Net Benefit Costs

The components of pension benefits cost (credit) are as follows (in thousands):

			Year Ended												Year Ended												Year Ended
			December 31, 2020												December 31, 2019												December 31, 2018
			U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans
Service cost			$	849					$	4,000					$	730					$	3,680					$	1,043					$	3,919
Interest cost			23,402						3,357						28,199						4,998						26,804						5,144
Expected return on assets			(36,957)						(3,274)						(33,926)						(3,837)						(38,621)						(4,204)
Actuarial loss (gain)			40,653						14,189						7,106						16,784						30,234						(10,833)
Amortization of prior service benefit			—						36						—						37						60						34
Total net pension benefits cost (credit)			$	27,947					$	18,308					$	2,109					$	21,662					$	19,520					$	(5,940)
Weighted-average assumption percentages:
Discount rate			3.56		%				1.33		%				4.59		%				2.15		%				4.03		%				1.94		%
Expected return on plan assets			6.88		%				4.07		%				6.89		%				5.51		%				6.89		%				5.52		%
Rate of compensation increase			—		%				3.72		%				—		%				3.63		%				—		%				3.18		%

The components of postretirement benefits cost (credit) are as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
			Other Postretirement Benefits						Other Postretirement Benefits						Other Postretirement Benefits
Service cost			$	105					$	98					$	117
Interest cost			1,871						2,197						2,168
Expected return on assets			—						—						(7)
Actuarial (gain) loss			(2,573)						5,449						(5,400)
Amortization of prior service benefit			—						—						(48)
Total net postretirement benefits (credit) cost			$	(597)					$	7,744					$	(3,170)
Weighted-average assumption percentages:
Discount rate			3.53		%				4.55		%				3.99		%
Expected return on plan assets			—		%				—		%				7.00		%
Rate of compensation increase			3.50		%				3.50		%				3.50		%

Schedule of Assumptions Used

The components of pension benefits cost (credit) are as follows (in thousands):

			Year Ended												Year Ended												Year Ended
			December 31, 2020												December 31, 2019												December 31, 2018
			U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans						U.S. Pension Plans						Foreign Pension Plans
Service cost			$	849					$	4,000					$	730					$	3,680					$	1,043					$	3,919
Interest cost			23,402						3,357						28,199						4,998						26,804						5,144
Expected return on assets			(36,957)						(3,274)						(33,926)						(3,837)						(38,621)						(4,204)
Actuarial loss (gain)			40,653						14,189						7,106						16,784						30,234						(10,833)
Amortization of prior service benefit			—						36						—						37						60						34
Total net pension benefits cost (credit)			$	27,947					$	18,308					$	2,109					$	21,662					$	19,520					$	(5,940)
Weighted-average assumption percentages:
Discount rate			3.56		%				1.33		%				4.59		%				2.15		%				4.03		%				1.94		%
Expected return on plan assets			6.88		%				4.07		%				6.89		%				5.51		%				6.89		%				5.52		%
Rate of compensation increase			—		%				3.72		%				—		%				3.63		%				—		%				3.18		%

The components of postretirement benefits cost (credit) are as follows (in thousands):

			Year Ended December 31,
			2020						2019						2018
			Other Postretirement Benefits						Other Postretirement Benefits						Other Postretirement Benefits
Service cost			$	105					$	98					$	117
Interest cost			1,871						2,197						2,168
Expected return on assets			—						—						(7)
Actuarial (gain) loss			(2,573)						5,449						(5,400)
Amortization of prior service benefit			—						—						(48)
Total net postretirement benefits (credit) cost			$	(597)					$	7,744					$	(3,170)
Weighted-average assumption percentages:
Discount rate			3.53		%				4.55		%				3.99		%
Expected return on plan assets			—		%				—		%				7.00		%
Rate of compensation increase			3.50		%				3.50		%				3.50		%

Financial Assets Accounted for at Fair Value on Recurring Basis

The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2020 and 2019 (in thousands):

			December 31, 2020						Quoted Prices in Active Markets for Identical Items (Level 1)						Quoted Prices in Active Markets for Similar Items (Level 2)						Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)			$	142,280					$	140,548					$	1,732					$	—
International Equity(b)			139,611						113,174						26,437						—
Fixed Income(c)			319,998						270,589						49,409						—
Absolute Return Measured at Net Asset Value(d)			78,787						—						—						—
Cash			2,793						2,793						—						—
Total Pension Assets			$	683,469					$	527,104					$	77,578					$	—

			December 31, 2019						Quoted Prices in Active Markets for Identical Items (Level 1)						Quoted Prices in Active Markets for Similar Items (Level 2)						Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)			$	119,842					$	118,255					$	1,587					$	—
International Equity(b)			126,828						95,246						31,582						—
Fixed Income(c)			317,667						279,731						37,936						—
Absolute Return Measured at Net Asset Value(d)			73,777						—						—						—
Cash			35						35						—						—
Total Pension Assets			$	638,149					$	493,267					$	71,105					$	—

(a)Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.

(b)Consists primarily of international equity funds which invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.

(c)Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.(d)Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $78.8 million and $73.8 million as of December 31, 2020 and 2019, respectively, are included in this table to permit reconciliation to the reconciliation of plan assets table above.

Schedule of Allocation of Plan Assets

The weighted-average target allocations as of the measurement date are as follows:

			Target Allocation
Equity securities			42		%
Fixed income			49		%
Absolute return			9		%

Current Forecast of Benefit Payments, which Reflect Expected Future Service

The current forecast of benefit payments, which reflects expected future service, amounts to (in millions):

			U.S. Pension Plans						Foreign Pension Plans						Other Postretirement Benefits
2021			$	43.0					$	12.2					$	3.3
2022			$	43.4					$	11.5					$	3.2
2023			$	43.8					$	14.2					$	3.2
2024			$	44.1					$	12.5					$	3.2
2025			$	44.6					$	12.2					$	3.1
2026-2030			$	213.2					$	66.4					$	14.7

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