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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of components of net periodic pension expense | Net periodic pension expense for our DB Plans included the following components:
| Year Ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Service cost | $ | 18,129 |  |  | $ | 15,750 |  |  | $ | 17,999 |
Interest cost | 9,899 |  |  | 19,617 |  |  | 21,820 |
Expected return on assets | (26,304) |  |  | (32,645) |  |  | (38,064) |
Amortization of prior service credit | (903) |  |  | (886) |  |  | (935) |
Recognized net actuarial loss | 5,806 |  |  | 10,303 |  |  | 8,368 |
(Gain) loss on settlement | (406) |  |  | 137,898 |  |  | 21,900 |
Net periodic pension expense | $ | 6,221 |  |  | $ | 150,037 |  |  | $ | 31,088 |
Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year |
| December 31,
| 2020 | 2019 | 2018
For determining projected benefit obligation ("PBO") at year-end: |  |  |
Discount rates | 0.80-3.50% | 1.20-4.75% | 1.80-7.25%
Rates of increase in compensation levels | 2.25-6.00% | 2.25-6.00% | 2.25-7.00%
For determining net periodic cost for the year: |  |  |
Discount rates | 1.20-4.75% | 1.80-7.25% | 1.90-5.50%
Rates of increase in compensation levels | 2.25-6.00% | 2.25-7.00% | 2.25-7.00%
Expected long-term rates of return on assets | 1.20-5.60% | 1.80-8.20% | 1.90-7.00%
Schedule of target allocations and weighted average actual allocations of plan assets | The following table sets forth the target and actual allocations of plan assets:
|  | December 31,
| 2020 Target Allocation | 2020 | 2019
Asset category: |  |  |
Debt securities | 55% - 65% | 63 | % | 60 | %
Equity securities | 25% - 35% | 28 | % | 31 | %
Other | 0% - 10% | 9 | % | 9 | %
Total |  | 100 | % | 100 | %
Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value on a recurring basis | The following table delineates the fair value of the plan assets and liabilities of our DB Plans:
| December 31, 2020 |  | December 31, 2019
(in thousands) | Total | Level 1 | Level 2 | Level 3 |  | Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Common stock | $ | 5,252 |  | $ | 5,252 |  | $ | — |  | $ | — |  |  | $ | 5,346 |  | $ | 5,346 |  | $ | — |  | $ | — |
CCTs | 230,135 |  | — |  | 230,135 |  | — |  |  | 215,904 |  | — |  | 215,904 |  | — |
Debt securities: |  |  |  |  |  |  |  |  |
Corporate bonds | 532 |  | — |  | 532 |  | — |  |  | 493 |  | — |  | 493 |  | — |
Government securities | 12,036 |  | — |  | 12,036 |  | — |  |  | 12,962 |  | — |  | 12,962 |  | — |
CCTs | 507,691 |  | — |  | 507,691 |  | — |  |  | 412,416 |  | — |  | 412,416 |  | — |
Other: |  |  |  |  |  |  |  |  |
Guaranteed investment contracts | 20,588 |  | — |  | — |  | 20,588 |  |  | 19,650 |  | — |  | — |  | 19,650 |
CCTs | 51,679 |  | — |  | 51,679 |  | — |  |  | 43,302 |  | — |  | 43,302 |  | — |
Plan assets measured at fair value, net | $ | 827,913 |  | $ | 5,252 |  | $ | 802,073 |  | $ | 20,588 |  |  | $ | 710,073 |  | $ | 5,346 |  | $ | 685,077 |  | $ | 19,650 |
Plan assets not measured at fair value, net | 1,507 |  |  |  |  |  | 590 |  |  |  |
Total plan assets, net | $ | 829,420 |  |  |  |  |  | $ | 710,663 |  |  |  |
Reconciliation of beginning and ending balances of fair value measurements using significant unobservable inputs (Level 3) | The following table presents information about Level 3 fair value measurements:
(in thousands) | 2020 | 2019
Balance at beginning of year | $ | 19,650 |  | $ | 374,724 |
Actual return on plan assets: |  |
Assets still held at reporting date | 2,092 |  | 1,609 |
Assets sold during the period | — |  | 49,524 |
Purchases | 343 |  | 187 |
Settlements | (1,497) |  | (406,394) |
Balance at end of year | $ | 20,588 |  | $ | 19,650 |
Schedule of expected benefit payments for defined benefit pension plans | The following table presents expected future benefit payments related to our DB Plans:
Year Ended December 31, | (in thousands)
2021 | $ | 21,387 |
2022 | 21,461 |
2023 | 21,677 |
2024 | 22,347 |
2025 | 23,065 |
2026 — 2030 | 125,302 |
Schedule of change in projected benefit obligation, plan assets and funded status | The following table sets forth the change in PBO, plan assets and funded status of the plans:
| December 31,
(in thousands) | 2020 | 2019
Change in PBO: |  |
Benefit obligation at beginning of year | $ | 748,784 |  | $ | 1,020,633 |
Service cost | 18,129 |  | 15,750 |
Interest cost | 9,899 |  | 19,617 |
Employee contributions | 2,860 |  | 3,382 |
Currency translation | 72,178 |  | (2,794) |
Actuarial (gain) loss (1) | 58,258 |  | 117,549 |
Benefits paid | (17,224) |  | (27,362) |
Divestitures | — |  | (1,669) |
Curtailments | (6,574) |  | — |
Settlements | (16,475) |  | (396,322) |
PBO at end of year | 869,835 |  | 748,784 |
Change in plan assets: |  |
Plan assets at beginning of year | 710,663 |  | 964,289 |
Actual return on plan assets | 55,819 |  | 153,033 |
Company contributions | 24,752 |  | 14,591 |
Employee contributions | 2,860 |  | 3,382 |
Currency translation | 69,025 |  | (948) |
Benefits paid | (17,224) |  | (27,362) |
Settlements | (16,475) |  | (396,322) |
Plan assets at end of year | 829,420 |  | 710,663 |
Funded status — (Under)/overfunded | $ | (40,415) |  | $ | (38,121) |
Amounts recognized in the Consolidated Balance Sheet: |  |
Pension assets included in other assets | $ | — |  | $ | 1,349 |
Pension liabilities included in other accrued liabilities | (647) |  | (2,041) |
Pension liabilities included in noncurrent liabilities | (39,768) |  | (37,429) |
AOCI (pre-tax) | $ | 161,534 |  | $ | 130,619 |
Plans with PBO in excess of plan assets: |  |
PBO | $ | 869,835 |  | $ | 78,961 |
Plan assets | 829,420 |  | 39,491 |
Plans with ABO in excess of plan assets: |  |
ABO | $ | 45,757 |  | $ | 73,865 |
Plan assets | 20,588 |  | 39,491 |
(1) Actuarial losses are primarily due to assumption changes.

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