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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Plans [Abstract] |
Funded Status of Defined Benefit Plan | Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:
(In thousands) |  | 2020 |  |  | 2019 |
Benefit obligation at beginning of year |  | $ | 39,421 |  |  | $ | 34,152 |
Service cost |  |  | 1,601 |  |  |  | 1,432 |
Interest cost |  |  | 1,022 |  |  |  | 1,273 |
Foreign currency exchange rate changes |  |  | 690 |  |  |  | 558 |
Benefits paid |  |  | (1,948 | ) |  |  | (1,899 | )
Amendments |  |  | 42 |  |  |  | - |
Actuarial loss |  |  | 4,803 |  |  |  | 3,905 |
Benefit obligation at end of year |  |  | 45,631 |  |  |  | 39,421 |
Plan assets at beginning of year |  |  | 31,776 |  |  |  | 28,299 |
Company contributions |  |  | 1,117 |  |  |  | 1,086 |
Foreign currency exchange rate changes |  |  | 882 |  |  |  | 968 |
Benefits paid |  |  | (1,948 | ) |  |  | (1,899 | )
Actual gain on plan assets |  |  | 3,849 |  |  |  | 3,322 |
Plan assets at end of year |  |  | 35,676 |  |  |  | 31,776 |
Funded status |  | $ | (9,955 | ) |  | $ | (7,645 | )
Accumulated benefit obligation |  | $ | 44,559 |  |  | $ | 38,596 |
Amounts Recognized in Consolidated Balance Sheets | Amounts recognized in the Consolidated Balance Sheets at December 31:
(In thousands) |  | 2020 |  |  | 2019 |
Accrued employee and retiree benefits |  | $ | (19,349 | ) |  | $ | (17,143 | )
Other accrued expenses |  |  | (722 | ) |  |  | (710 | )
Other assets |  |  | 10,116 |  |  |  | 10,208 |
Net liability |  | $ | (9,955 | ) |  | $ | (7,645 | )
Annual Benefit Cost | Components of annual benefit cost:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Service cost |  | $ | 1,601 |  |  | $ | 1,432 |  |  | $ | 1,465 |
Interest cost |  |  | 1,022 |  |  |  | 1,273 |  |  |  | 1,137 |
Expected return on plan assets |  |  | (813 | ) |  |  | (896 | ) |  |  | (896 | )
Recognized actuarial loss (gain) |  |  | 41 |  |  |  | (176 | ) |  |  | (141 | )
Settlement income |  |  | - |  |  |  | - |  |  |  | (179 | )
Defined benefit expense |  | $ | 1,851 |  |  | $ | 1,633 |  |  | $ | 1,386 |
Weighted Average Assumptions | Weighted average liability assumptions as of December 31:
|  | 2020 |  |  | 2019 |
Discount rate |  |  | 1.87 | % |  |  | 2.69 | %
Expected return on plan assets |  |  | 2.17 | % |  |  | 2.68 | %
Rate of compensation increase |  |  | 0.34 | % |  |  | 0.34 | %
Weighted average cost assumptions for the year ended December 31:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Discount rate |  |  | 2.69 | % |  |  | 3.80 | % |  |  | 3.16 | %
Expected return on plan assets |  |  | 2.68 | % |  |  | 3.21 | % |  |  | 3.03 | %
Rate of compensation increase |  |  | 0.34 | % |  |  | 0.31 | % |  |  | 0.33 | %
Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts in accumulated other comprehensive loss at December 31 were as follows:
(In thousands) |  | 2020 |  |  | 2019 |
Unrecognized net actuarial loss |  | $ | 2,402 |  |  | $ | 683 |
Prior service cost |  |  | 187 |  |  |  | 146 |
Total before tax effects |  | $ | 2,589 |  |  | $ | 829 |
Pension Adjustments Recognized in Accumulated Other Comprehensive Income | The pension adjustments, net of tax, recognized in OCI, were as follows:
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Net actuarial (loss) gain arising during the period |  | $ | (1,293 | ) |  | $ | (1,091 | ) |  | $ | 1,257 |
Prior service cost |  |  | (32 | ) |  |  | - |  |  |  | (127 | )
Amortization of actuarial loss (gain), included in defined benefit expense |  |  | 32 |  |  |  | (130 | ) |  |  | (103 | )
Pension adjustment, net of tax |  | $ | (1,293 | ) |  | $ | (1,221 | ) |  | $ | 1,027 |
Pension Plan Assets by Asset Category | The following table presents the Company’s pension plan assets by asset category as of December 31, 2020 and 2019:
|  | Fair Value as of December 31, |  |  | Fair Value Measurements at December 31, 2020 Using Fair Value Hierarchy |  |  | Fair Value as of December 31, |  |  | Fair Value Measurements at December 31, 2019 Using Fair Value Hierarchy |
(In thousands) |  | 2020 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | 2019 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Equity Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 6,565 |  |  | $ | 6,565 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,003 |  |  | $ | 6,003 |  |  | $ | - |  |  | $ | - |
International |  |  | 97 |  |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 104 |  |  |  | - |  |  |  | 104 |  |  |  | - |
International Fixed Income Funds |  |  | 28,911 |  |  |  | 1,190 |  |  |  | 27,721 |  |  |  | - |  |  |  | 25,556 |  |  |  | 1,269 |  |  |  | 24,287 |  |  |  | - |
Other investments |  |  | 103 |  |  |  | 76 |  |  |  | 27 |  |  |  | - |  |  |  | 113 |  |  |  | 79 |  |  |  | 34 |  |  |  | - |
Total assets at fair value |  | $ | 35,676 |  |  | $ | 7,831 |  |  | $ | 27,845 |  |  | $ | - |  |  | $ | 31,776 |  |  | $ | 7,351 |  |  | $ | 24,425 |  |  | $ | - |

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