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Pension Plans and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of Net Periodic Benefit Cost (Income) | The components of net periodic pension and postretirement benefit cost (income), as well as other amounts recognized in other comprehensive income (loss), are shown below.
|  | Years Ended December 31,
|  | Pension Benefits |  | Postretirement Benefits
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Net periodic benefit cost (income) |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 16,544 |  |  | $ | 13,471 |  |  | $ | 15,391 |  |  | $ | 912 |  |  | $ | 718 |  |  | $ | 896 |
Interest cost |  | 13,771 |  |  | 14,509 |  |  | 13,256 |  |  | 1,340 |  |  | 1,514 |  |  | 1,458 |
Expected return on plan assets |  | (37,226) |  |  | (34,632) |  |  | (29,883) |  |  | (938) |  |  | (947) |  |  | (969) |
Amortization of prior service cost (credit) |  | 271 |  |  | 178 |  |  | 25 |  |  | (3,028) |  |  | (3,028) |  |  | (3,028) |
Amortization of actuarial net (gain) loss |  | 4,674 |  |  | 2,951 |  |  | 5,139 |  |  | 0 |  |  | 0 |  |  | 0 |
Net periodic benefit cost (income) |  | (1,966) |  |  | (3,523) |  |  | 3,928 |  |  | (1,714) |  |  | (1,743) |  |  | (1,643) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Actuarial net (gain) loss |  | (4,933) |  |  | (36,814) |  |  | 29,215 |  |  | 2,410 |  |  | 3,049 |  |  | (2,190) |
Prior service cost (credit) |  | 65 |  |  | 1,013 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Amortization of actuarial net gain (loss) |  | (4,674) |  |  | (2,951) |  |  | (5,139) |  |  | 0 |  |  | 0 |  |  | 0 |
Amortization of prior service (cost) credit |  | (271) |  |  | (178) |  |  | (25) |  |  | 3,028 |  |  | 3,028 |  |  | 3,028 |
Total recognized in other comprehensive income (loss) |  | (9,813) |  |  | (38,930) |  |  | 24,051 |  |  | 5,438 |  |  | 6,077 |  |  | 838 |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) |  | $ | (11,779) |  |  | $ | (42,453) |  |  | $ | 27,979 |  |  | $ | 3,724 |  |  | $ | 4,334 |  |  | $ | (805) |
The components of net periodic pension cost (income), as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net periodic benefit cost (income) |  |  |  |  |  |
Service cost |  | $ | 8,544 |  |  | $ | 6,430 |  |  | $ | 7,271 |
Interest cost |  | 3,866 |  |  | 4,768 |  |  | 4,514 |
Expected return on plan assets |  | (9,729) |  |  | (9,084) |  |  | (9,918) |
Amortization of prior service cost (credit) |  | (43) |  |  | (42) |  |  | (81) |
Amortization of actuarial net (gain) loss |  | 1,420 |  |  | 938 |  |  | 597 |
Net periodic benefit cost (income) |  | 4,058 |  |  | 3,010 |  |  | 2,383 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) |  |  |  |  |  |
Actuarial net (gain) loss |  | 33,816 |  |  | 11,074 |  |  | 4,532 |
Prior service cost (credit) |  | 0 |  |  | 0 |  |  | 537 |
Amortization of actuarial net gain (loss) |  | (1,420) |  |  | (938) |  |  | (597) |
Amortization of prior service (cost) credit |  | 43 |  |  | 42 |  |  | 81 |
Total recognized in other comprehensive income (loss) |  | 32,439 |  |  | 10,178 |  |  | 4,553 |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) |  | $ | 36,497 |  |  | $ | 13,188 |  |  | $ | 6,936 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The components of net periodic pension and postretirement benefit cost (income), as well as other amounts recognized in other comprehensive income (loss), are shown below.
|  | Years Ended December 31,
|  | Pension Benefits |  | Postretirement Benefits
(in thousands) |  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Net periodic benefit cost (income) |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | 16,544 |  |  | $ | 13,471 |  |  | $ | 15,391 |  |  | $ | 912 |  |  | $ | 718 |  |  | $ | 896 |
Interest cost |  | 13,771 |  |  | 14,509 |  |  | 13,256 |  |  | 1,340 |  |  | 1,514 |  |  | 1,458 |
Expected return on plan assets |  | (37,226) |  |  | (34,632) |  |  | (29,883) |  |  | (938) |  |  | (947) |  |  | (969) |
Amortization of prior service cost (credit) |  | 271 |  |  | 178 |  |  | 25 |  |  | (3,028) |  |  | (3,028) |  |  | (3,028) |
Amortization of actuarial net (gain) loss |  | 4,674 |  |  | 2,951 |  |  | 5,139 |  |  | 0 |  |  | 0 |  |  | 0 |
Net periodic benefit cost (income) |  | (1,966) |  |  | (3,523) |  |  | 3,928 |  |  | (1,714) |  |  | (1,743) |  |  | (1,643) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |
Actuarial net (gain) loss |  | (4,933) |  |  | (36,814) |  |  | 29,215 |  |  | 2,410 |  |  | 3,049 |  |  | (2,190) |
Prior service cost (credit) |  | 65 |  |  | 1,013 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Amortization of actuarial net gain (loss) |  | (4,674) |  |  | (2,951) |  |  | (5,139) |  |  | 0 |  |  | 0 |  |  | 0 |
Amortization of prior service (cost) credit |  | (271) |  |  | (178) |  |  | (25) |  |  | 3,028 |  |  | 3,028 |  |  | 3,028 |
Total recognized in other comprehensive income (loss) |  | (9,813) |  |  | (38,930) |  |  | 24,051 |  |  | 5,438 |  |  | 6,077 |  |  | 838 |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) |  | $ | (11,779) |  |  | $ | (42,453) |  |  | $ | 27,979 |  |  | $ | 3,724 |  |  | $ | 4,334 |  |  | $ | (805) |
The components of net periodic pension cost (income), as well as other amounts recognized in other comprehensive income (loss), for these foreign defined benefit pension plans are shown below.
|  | Years Ended December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Net periodic benefit cost (income) |  |  |  |  |  |
Service cost |  | $ | 8,544 |  |  | $ | 6,430 |  |  | $ | 7,271 |
Interest cost |  | 3,866 |  |  | 4,768 |  |  | 4,514 |
Expected return on plan assets |  | (9,729) |  |  | (9,084) |  |  | (9,918) |
Amortization of prior service cost (credit) |  | (43) |  |  | (42) |  |  | (81) |
Amortization of actuarial net (gain) loss |  | 1,420 |  |  | 938 |  |  | 597 |
Net periodic benefit cost (income) |  | 4,058 |  |  | 3,010 |  |  | 2,383 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) |  |  |  |  |  |
Actuarial net (gain) loss |  | 33,816 |  |  | 11,074 |  |  | 4,532 |
Prior service cost (credit) |  | 0 |  |  | 0 |  |  | 537 |
Amortization of actuarial net gain (loss) |  | (1,420) |  |  | (938) |  |  | (597) |
Amortization of prior service (cost) credit |  | 43 |  |  | 42 |  |  | 81 |
Total recognized in other comprehensive income (loss) |  | 32,439 |  |  | 10,178 |  |  | 4,553 |
Total recognized in net periodic benefit cost (income) and other comprehensive income (loss) |  | $ | 36,497 |  |  | $ | 13,188 |  |  | $ | 6,936 |
Schedule of Changes in the Plans' Benefit Obligations and Assets | Changes in the plans’ benefit obligations and assets follow.
|  | December 31,
|  | Pension Benefits |  | Postretirement Benefits
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 403,056 |  |  | $ | 349,212 |  |  | $ | 40,320 |  |  | $ | 37,512 |
Service cost |  | 16,544 |  |  | 13,471 |  |  | 912 |  |  | 718 |
Interest cost |  | 13,771 |  |  | 14,509 |  |  | 1,340 |  |  | 1,514 |
Actuarial net (gain) loss |  | 37,978 |  |  | 38,045 |  |  | 2,221 |  |  | 3,165 |
Plan amendment |  | 65 |  |  | 1,014 |  |  | 0 |  |  | 0 |
Benefits paid |  | (13,693) |  |  | (13,195) |  |  | (3,086) |  |  | (2,589) |
Benefit obligation at end of year |  | 457,721 |  |  | 403,056 |  |  | 41,707 |  |  | 40,320 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 483,823 |  |  | 384,552 |  |  | 22,092 |  |  | 22,378 |
Actual return on plan assets |  | 80,137 |  |  | 109,493 |  |  | 750 |  |  | 1,063 |
Employer contributions |  | 2,904 |  |  | 2,973 |  |  | 1,616 |  |  | 1,240 |
Benefits paid |  | (13,693) |  |  | (13,195) |  |  | (3,086) |  |  | (2,589) |
Fair value of plan assets at end of year |  | 553,171 |  |  | 483,823 |  |  | 21,372 |  |  | 22,092 |
Funded status |  | $ | 95,450 |  |  | $ | 80,767 |  |  | $ | (20,335) |  |  | $ | (18,228) |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 136,530 |  |  | $ | 121,968 |  |  | $ | 0 |  |  | $ | 0 |
Current liabilities |  | (2,849) |  |  | (2,920) |  |  | (1,074) |  |  | (1,164) |
Noncurrent liabilities |  | (38,231) |  |  | (38,281) |  |  | (19,261) |  |  | (17,064) |
|  | $ | 95,450 |  |  | $ | 80,767 |  |  | $ | (20,335) |  |  | $ | (18,228) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |
Actuarial net (gain) loss |  | $ | 63,654 |  |  | $ | 73,261 |  |  | $ | 4,979 |  |  | $ | 2,569 |
Prior service cost (credit) |  | 636 |  |  | 842 |  |  | (19,619) |  |  | (22,647) |
|  | $ | 64,290 |  |  | $ | 74,103 |  |  | $ | (14,640) |  |  | $ | (20,078) |
Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 206,058 |  |  | $ | 173,620 |
Service cost |  | 8,544 |  |  | 6,430 |
Interest cost |  | 3,866 |  |  | 4,768 |
Employee contributions |  | 714 |  |  | 680 |
Actuarial net (gain) loss |  | 36,463 |  |  | 21,558 |
Benefits paid |  | (5,059) |  |  | (5,977) |
Foreign currency translation |  | 12,003 |  |  | 4,979 |
Benefit obligation at end of year |  | 262,589 |  |  | 206,058 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 189,455 |  |  | 163,746 |
Actual return on plan assets |  | 13,590 |  |  | 19,591 |
Employer contributions |  | 5,913 |  |  | 5,586 |
Employee contributions |  | 714 |  |  | 680 |
Benefits paid |  | (5,059) |  |  | (5,977) |
Foreign currency translation |  | 8,004 |  |  | 5,829 |
Fair value of plan assets at end of year |  | 212,617 |  |  | 189,455 |
Funded status |  | $ | (49,972) |  |  | $ | (16,603) |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |
Noncurrent assets |  | $ | 539 |  |  | $ | 11,880 |
Current liabilities |  | (407) |  |  | (297) |
Noncurrent liabilities |  | (50,104) |  |  | (28,186) |
|  | $ | (49,972) |  |  | $ | (16,603) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |
Actuarial net (gain) loss |  | $ | 85,298 |  |  | $ | 52,902 |
Prior service cost (credit) |  | 821 |  |  | 778 |
|  | $ | 86,119 |  |  | $ | 53,680 |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | Changes in the plans’ benefit obligations and assets follow.
|  | December 31,
|  | Pension Benefits |  | Postretirement Benefits
(in thousands) |  | 2020 |  | 2019 |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 403,056 |  |  | $ | 349,212 |  |  | $ | 40,320 |  |  | $ | 37,512 |
Service cost |  | 16,544 |  |  | 13,471 |  |  | 912 |  |  | 718 |
Interest cost |  | 13,771 |  |  | 14,509 |  |  | 1,340 |  |  | 1,514 |
Actuarial net (gain) loss |  | 37,978 |  |  | 38,045 |  |  | 2,221 |  |  | 3,165 |
Plan amendment |  | 65 |  |  | 1,014 |  |  | 0 |  |  | 0 |
Benefits paid |  | (13,693) |  |  | (13,195) |  |  | (3,086) |  |  | (2,589) |
Benefit obligation at end of year |  | 457,721 |  |  | 403,056 |  |  | 41,707 |  |  | 40,320 |
Change in plan assets |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | 483,823 |  |  | 384,552 |  |  | 22,092 |  |  | 22,378 |
Actual return on plan assets |  | 80,137 |  |  | 109,493 |  |  | 750 |  |  | 1,063 |
Employer contributions |  | 2,904 |  |  | 2,973 |  |  | 1,616 |  |  | 1,240 |
Benefits paid |  | (13,693) |  |  | (13,195) |  |  | (3,086) |  |  | (2,589) |
Fair value of plan assets at end of year |  | 553,171 |  |  | 483,823 |  |  | 21,372 |  |  | 22,092 |
Funded status |  | $ | 95,450 |  |  | $ | 80,767 |  |  | $ | (20,335) |  |  | $ | (18,228) |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |  |  |  |  |
Noncurrent assets |  | $ | 136,530 |  |  | $ | 121,968 |  |  | $ | 0 |  |  | $ | 0 |
Current liabilities |  | (2,849) |  |  | (2,920) |  |  | (1,074) |  |  | (1,164) |
Noncurrent liabilities |  | (38,231) |  |  | (38,281) |  |  | (19,261) |  |  | (17,064) |
|  | $ | 95,450 |  |  | $ | 80,767 |  |  | $ | (20,335) |  |  | $ | (18,228) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |  |  |  |  |
Actuarial net (gain) loss |  | $ | 63,654 |  |  | $ | 73,261 |  |  | $ | 4,979 |  |  | $ | 2,569 |
Prior service cost (credit) |  | 636 |  |  | 842 |  |  | (19,619) |  |  | (22,647) |
|  | $ | 64,290 |  |  | $ | 74,103 |  |  | $ | (14,640) |  |  | $ | (20,078) |
Changes in the benefit obligations and assets of the foreign defined benefit pension plans follow.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Change in benefit obligation |  |  |  |
Benefit obligation at beginning of year |  | $ | 206,058 |  |  | $ | 173,620 |
Service cost |  | 8,544 |  |  | 6,430 |
Interest cost |  | 3,866 |  |  | 4,768 |
Employee contributions |  | 714 |  |  | 680 |
Actuarial net (gain) loss |  | 36,463 |  |  | 21,558 |
Benefits paid |  | (5,059) |  |  | (5,977) |
Foreign currency translation |  | 12,003 |  |  | 4,979 |
Benefit obligation at end of year |  | 262,589 |  |  | 206,058 |
Change in plan assets |  |  |  |
Fair value of plan assets at beginning of year |  | 189,455 |  |  | 163,746 |
Actual return on plan assets |  | 13,590 |  |  | 19,591 |
Employer contributions |  | 5,913 |  |  | 5,586 |
Employee contributions |  | 714 |  |  | 680 |
Benefits paid |  | (5,059) |  |  | (5,977) |
Foreign currency translation |  | 8,004 |  |  | 5,829 |
Fair value of plan assets at end of year |  | 212,617 |  |  | 189,455 |
Funded status |  | $ | (49,972) |  |  | $ | (16,603) |
Amounts recognized in the Consolidated Balance Sheets |  |  |  |
Noncurrent assets |  | $ | 539 |  |  | $ | 11,880 |
Current liabilities |  | (407) |  |  | (297) |
Noncurrent liabilities |  | (50,104) |  |  | (28,186) |
|  | $ | (49,972) |  |  | $ | (16,603) |
Amounts recognized in accumulated other comprehensive loss |  |  |  |
Actuarial net (gain) loss |  | $ | 85,298 |  |  | $ | 52,902 |
Prior service cost (credit) |  | 821 |  |  | 778 |
|  | $ | 86,119 |  |  | $ | 53,680 |
Schedule of Plans With the Benefit Obligation in Excess of the Fair Market Value of Plan Assets | The table below shows selected information on domestic pension and postretirement benefit plans.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Pension plans with the accumulated benefit obligation in excess of the fair market value of plan assets |  |  |  |
Accumulated benefit obligation |  | $ | 39,016 |  |  | $ | 38,167 |
Fair market value of plan assets |  | 0 |  |  | 0 |
Pension plans with the projected benefit obligation in excess of the fair market value of plan assets |  |  |  |
Projected benefit obligation |  | 41,081 |  |  | 41,201 |
Fair market value of plan assets |  | 0 |  |  | 0 |
Postretirement benefit plans with the accumulated postretirement benefit obligation in excess of the fair market value of plan assets |  |  |  |
Accumulated postretirement benefit obligation |  | 25,584 |  |  | 24,651 |
Fair market value of plan assets |  | 0 |  |  | 0 |
The table below shows selected information on foreign pension plans.
|  | December 31,
(in thousands) |  | 2020 |  | 2019
Pension plans with the accumulated benefit obligation in excess of the fair market value of plan assets |  |  |  |
Accumulated benefit obligation |  | $ | 32,176 |  |  | $ | 27,879 |
Fair market value of plan assets |  | 14,527 |  |  | 12,642 |
Pension plans with the projected benefit obligation in excess of the fair market value of plan assets |  |  |  |
Projected benefit obligation |  | 257,642 |  |  | 41,126 |
Fair market value of plan assets |  | 207,131 |  |  | 12,642 |
Schedule of Assumptions to Calculate the Results of Our Retirement Plans | We used the following assumptions to calculate the results of our retirement plans:
|  | Pension Benefits |  | Postretirement Benefits
|  | 2020 |  | 2019 |  | 2018 |  | 2020 |  | 2019 |  | 2018
Weighted-average assumptions used to determine net periodic benefit cost (income) for years ended December 31, |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 3.50 | % |  | 4.25 | % |  | 3.75 | % |  | 3.50 | % |  | 4.25 | % |  | 3.75 | %
Expected long-term rate of return on plan assets |  | 8.50 | % |  | 8.50 | % |  | 8.50 | % |  | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Rate of projected compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  |  |  |  |  |
Weighted-average assumptions used to determine benefit obligations at December 31, |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 2.875 | % |  | 3.50 | % |  | 4.25 | % |  | 2.875 | % |  | 3.50 | % |  | 4.25 | %
Rate of projected compensation increase |  | 3.50 | % |  | 3.50 | % |  | 3.50 | % |  |  |  |  |  |
The information in the table below provides the weighted-average assumptions used to calculate the results of our foreign defined benefit pension plans.
|  | 2020 |  | 2019 |  | 2018
Weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, |  |  |  |  |  |
Discount rate |  | 1.81 | % |  | 2.67 | % |  | 2.36 | %
Expected long-term rate of return on plan assets |  | 5.23 | % |  | 5.58 | % |  | 5.50 | %
Rate of projected compensation increase |  | 3.96 | % |  | 4.10 | % |  | 4.14 | %
Weighted-average assumptions used to determine benefit obligations at December 31, |  |  |  |  |  |
Discount rate |  | 1.14 | % |  | 1.81 | % |  | 2.67 | %
Rate of projected compensation increase |  | 3.94 | % |  | 3.96 | % |  | 4.10 | %
Schedule of Fair Value of Pension and Postretirement Benefit Plans Assets | The following table provides information on the fair value of our pension and postretirement benefit plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified by level in the fair value hierarchy.
|  | December 31, 2020 |  | December 31, 2019
|  |  |  | Fair Value Measurements Using |  |  |  | Fair Value Measurements Using
(in thousands) |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Pension Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. companies |  | $ | 397,981 |  |  | $ | 397,981 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 338,564 |  |  | $ | 338,564 |  |  | $ | 0 |  |  | $ | 0 |
International companies |  | 21,313 |  |  | 21,313 |  |  | 0 |  |  | 0 |  |  | 20,751 |  |  | 20,751 |  |  | 0 |  |  | 0 |
Money market instruments |  | 6,771 |  |  | 6,771 |  |  | 0 |  |  | 0 |  |  | 17,618 |  |  | 17,618 |  |  | 0 |  |  | 0 |
Pooled investment funds: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed income securities—mutual funds |  | 18,420 |  |  | 18,420 |  |  | 0 |  |  | 0 |  |  | 9,576 |  |  | 9,576 |  |  | 0 |  |  | 0 |
International equities—mutual fund |  | 19,341 |  |  | 19,341 |  |  | 0 |  |  | 0 |  |  | 17,378 |  |  | 17,378 |  |  | 0 |  |  | 0 |
Common collective trusts measured at net asset value |  | 89,275 |  |  |  |  |  |  |  |  | 78,256 |  |  |  |  |  |  |
Cash |  | 70 |  |  | 70 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |
Insurance contract |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 1,680 |  |  | 0 |  |  | 1,680 |  |  | 0 |
|  | $ | 553,171 |  |  | $ | 463,896 |  |  | $ | 0 |  |  | $ | 0 |  |  | $ | 483,823 |  |  | $ | 403,887 |  |  | $ | 1,680 |  |  | $ | 0 |
Postretirement Plans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance contract |  | $ | 21,372 |  |  | $ | 0 |  |  | $ | 21,372 |  |  | $ | 0 |  |  | $ | 22,092 |  |  | $ | 0 |  |  | $ | 22,092 |  |  | $ | 0 |
The following table provides information on the fair value of our foreign pension plans assets, as well as the related level within the fair value hierarchy. Investments that are measured at fair value using net asset value per share (or its equivalent) have not been classified by level in the fair value hierarchy.
|  | December 31, 2020 |  | December 31, 2019
|  |  |  | Fair Value Measurements Using |  |  |  | Fair Value Measurements Using
(in thousands) |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3 |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Insurance contract |  | $ | 12,579 |  |  | $ | 0 |  |  | $ | 12,579 |  |  | $ | 0 |  |  | $ | 10,706 |  |  | $ | 0 |  |  | $ | 10,706 |  |  | $ | 0 |
Equity securities—international companies |  | 714 |  |  | 714 |  |  | 0 |  |  | 0 |  |  | 691 |  |  | 691 |  |  | 0 |  |  | 0 |
Debt securities |  | 575 |  |  | 470 |  |  | 105 |  |  | 0 |  |  | 663 |  |  | 646 |  |  | 17 |  |  | 0 |
Pooled investment funds—mutual funds |  | 639 |  |  | 639 |  |  | 0 |  |  | 0 |  |  | 582 |  |  | 582 |  |  | 0 |  |  | 0 |
Cash and cash equivalents |  | 659 |  |  | 659 |  |  | 0 |  |  | 0 |  |  | 131 |  |  | 131 |  |  | 0 |  |  | 0 |
Pooled investment funds (measured at net asset value): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities—U.S. companies |  | 13,062 |  |  |  |  |  |  |  |  | 13,074 |  |  |  |  |  |  |
Equity securities—international companies |  | 67,593 |  |  |  |  |  |  |  |  | 60,945 |  |  |  |  |  |  |
Debt securities |  | 77,766 |  |  |  |  |  |  |  |  | 67,094 |  |  |  |  |  |  |
Diversified growth funds |  | 39,030 |  |  |  |  |  |  |  |  | 35,569 |  |  |  |  |  |  |
|  | $ | 212,617 |  |  | $ | 2,482 |  |  | $ | 12,684 |  |  | $ | 0 |  |  | $ | 189,455 |  |  | $ | 2,050 |  |  | $ | 10,723 |  |  | $ | 0 |
Schedule of Expected Benefit Payments | The expected benefit payments for the next ten years are as follows.
(in thousands) |  | Expected Pension Benefit Payments |  | Expected Postretirement Benefit Payments
2021 |  | $ | 13,671 |  |  | $ | 2,338 |
2022 |  | 14,523 |  |  | 2,203 |
2023 |  | 15,475 |  |  | 2,096 |
2024 |  | 16,527 |  |  | 1,994 |
2025 |  | 17,588 |  |  | 1,940 |
2026 through 2030 |  | 103,131 |  |  | 9,235 |
The expected benefit payments for the next ten years for our foreign pension plans are shown in the table below.
(in thousands) |  | Expected Pension Benefit Payments
2021 |  | $ | 6,461 |
2022 |  | 4,726 |
2023 |  | 6,566 |
2024 |  | 8,517 |
2025 |  | 6,941 |
2026 through 2030 |  | 38,075 |

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