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Pension Plans and Other Postretirement Benefits (Tables)

12 Months Ended

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

X

- Definition

Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans.

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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.

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Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets.

+ References

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