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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2020
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

The Company’s projected benefit obligation and plan assets for defined benefit pension plans and the related assumptions used to determine the related liabilities are as follows:

Years Ended December 31, 

    

2020

    

2019

Projected benefit obligation, beginning of year

$

83,262

$

33,178

Acquisition

 

 

48,350

Service cost

 

1,068

 

272

Interest cost

 

1,716

 

1,211

Actuarial (gain) loss

 

7,591

 

(193)

Benefits paid

 

(1,199)

 

(1,779)

Translation adjustment

 

5,302

 

2,223

Projected benefit obligation, end of year

97,740

83,262

Fair value of plan assets, beginning of year

14,903

13,433

Acquisitions

 

 

102

Actual return on plan assets

 

682

 

380

Contributions

 

1,827

 

644

Benefits paid

 

(993)

 

(1,176)

Actuarial gain

 

180

 

1,064

Translation adjustment

 

694

 

456

Fair value of plan assets, end of year

17,293

14,903

Funded status of plan

$

(80,447)

$

(68,359)

Schedule of net periodic pension benefit costs

Years Ended December 31, 

    

2020

    

2019

    

2018

Service cost

$

1,068

$

272

$

841

Interest cost

1,716

1,211

802

Expected return on plan assets

 

(683)

 

(615)

 

(665)

Amortization of actuarial gains and losses

 

459

 

411

 

478

Net periodic pension cost

$

2,560

$

1,279

$

1,456

Schedule of assumptions used in determination of net period pension cost

Years Ended December 31, 

 

    

2020

    

2019

    

2018

 

Discount rate

 

1.8

%  

2.7

%  

2.8

%

Expected long-term return on plan assets

 

3.7

%  

4.6

%  

4.8

%

Schedule of fair value qualified pension plan assets

December 31, 2020

    

Level 1

    

Level 2

    

Level 3

    

Total

Multi-Asset Fund

$

$

5,149

$

$

5,149

Diversified Growth Fund

 

 

5,134

 

 

5,134

Corporate Bonds

 

 

4,906

 

 

4,906

Insurance Contracts

 

 

1,109

 

1,109

Cash

 

995

 

 

 

995

Total

$

995

$

15,189

$

1,109

$

17,293

December 31, 2019

    

Level 1

    

Level 2

    

Level 3

    

Total

Multi-Asset Fund

$

$

4,825

$

$

4,825

Diversified Growth Fund

 

 

4,855

 

 

4,855

Index-Linked Gilts

 

 

1,934

 

 

1,934

Corporate Bonds

 

 

2,090

 

 

2,090

Insurance Contracts

1,045

1,045

Cash

 

154

 

 

 

154

Total

$

154

$

13,704

$

1,045

$

14,903

Schedule of expected future benefit payments under defined benefit pension plans

Expected future payments under defined benefit pension plans, based on foreign exchange rates as of December 31, 2020, are as follows:

Expected Future Benefit Payments

2021

    

$

2,255

2022

1,972

2023

2,184

2024

2,891

2025

2,301

2026 - 2030

49,098