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Retirement Benefits (Tables)

12 Months Ended

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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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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