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Pensions and Other Postretirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Plan Benefit Obligations | The following table sets forth the plan benefit obligations:
|  | As of December 31, 2019 |  | As of December 31, 2018
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Benefit obligation, beginning of year |  | $201,450 |  | $51,127 |  | $230,911 |  | $58,531
Service cost |  | 2,543 |  | 189 |  | 2,723 |  | 232
Interest cost |  | 7,216 |  | 2,115 |  | 7,217 |  | 2,024
Plan participants' contributions |  | 243 |  | — |  | 228 |  | —
Actuarial (gain)/loss |  | 22,645 |  | 4,686 |  | (10,666) |  | (6,100)
Benefits paid |  | (8,404) |  | (3,782) |  | (7,814) |  | (3,473)
Settlements and curtailments |  | (1,768) |  | — |  | (13,807) |  | —
Plan amendments and other |  | 152 |  | — |  | 534 |  | —
Foreign currency changes |  | 3,134 |  | 49 |  | (7,876) |  | (87)
Benefit obligation, end of year |  | $227,211 |  | $54,384 |  | $201,450 |  | $51,127
Accumulated benefit obligation |  | $218,006 |  | $— |  | $193,870 |  | $—
Weighted average assumptions used to |  |  |  |  |  |  |  |
determine benefit obligations, end of year: |  |  |  |  |  |  |  |
Discount rate — U.S. plan |  | 3.40% |  | 3.27% |  | 4.41% |  | 4.31%
Discount rate — non-U.S. plans |  | 2.31% |  | 3.05% |  | 2.98% |  | 3.65%
Compensation increase — U.S. plan |  | — |  | 3.00% |  | — |  | 3.00%
Compensation increase — non-U.S. plans |  | 2.81% |  | 3.00% |  | 3.02% |  | 3.00%
Schedule of Plan Assets | The following sets forth information about plan assets:
|  | As of December 31, 2019 |  | As of December 31, 2018
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets, beginning of year |  | $178,942 |  | $— |  | $205,586 |  | $—
Actual return on plan assets, net of expenses |  | 32,367 |  | — |  | (8,449) |  | —
Employer contributions |  | 4,670 |  | 3,782 |  | 10,071 |  | 3,474
Plan participants' contributions |  | 243 |  | — |  | 228 |  | 14
Benefits paid |  | (8,404) |  | (3,782) |  | (7,813) |  | (3,488)
Settlements |  | (260) |  | — |  | (13,029) |  | —
Foreign currency changes |  | 4,197 |  | — |  | (7,652) |  | —
Fair value of plan assets, end of year |  | $211,755 |  | $— |  | $178,942 |  | $—
Schedule of Funded Status of Plans | The funded status of the plans was as follows:
|  | As of December 31, 2019 |  | As of December 31, 2018
(in thousands) |  | Pension plans |  | Other postretirement benefits |  | Pension plans |  | Other postretirement benefits
Fair value of plan assets |  | $211,755 |  | $— |  | $178,942 |  | $—
Benefit obligation |  | 227,211 |  | 54,384 |  | 201,450 |  | 51,127
Funded status |  | $(15,456) |  | $(54,384) |  | $(22,508) |  | $(51,127)
Accrued benefit cost, end of year |  | $(15,456) |  | $(54,384) |  | $(22,508) |  | $(51,127)
Amounts recognized in the consolidated balance sheet consist of the following: |  |  |  |  |  |  |  |
Noncurrent asset |  | $21,337 |  | $— |  | $14,206 |  | $—
Current liability |  | (2,155) |  | (3,808) |  | (2,124) |  | (3,890)
Noncurrent liability |  | (34,638) |  | (50,576) |  | (34,590) |  | (47,237)
Net amount recognized |  | $(15,456) |  | $(54,384) |  | $(22,508) |  | $(51,127)
Amounts recognized in accumulated other comprehensive income consist of: |  |  |  |  |  |  |  |
Net actuarial loss |  | $63,240 |  | $28,119 |  | $68,110 |  | $25,660
Prior service cost/(credit) |  | 639 |  | (17,434) |  | 1,020 |  | (21,922)
Net amount recognized |  | $63,879 |  | $10,685 |  | $69,130 |  | $3,738
Schedule of composition of the net pension plan funded status | The composition of the net pension plan funded status as of December 31, 2019 was as follows:
(in thousands) |  | U.S. plan |  | Non-U.S. plans |  | Total
Pension plans with pension assets |  | $(660) |  | $17,546 |  | $16,886
Pension plans without pension assets |  | (6,799) |  | (25,543) |  | (32,342)
Total |  | $(7,459) |  | $(7,997) |  | $(15,456)
Schedule of Net Periodic Benefit Plan Cost | The composition of the net periodic benefit plan cost for the years ended December 31, 2019, 2018, and 2017, was as follows:
|  | Pension plans |  | Other postretirement benefits
(in thousands) |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $2,543 |  | $2,723 |  | $2,720 |  | $189 |  | $232 |  | $244
Interest cost |  | 7,216 |  | 7,217 |  | 7,476 |  | 2,114 |  | 2,024 |  | 2,214
Expected return on assets |  | (8,285) |  | (8,873) |  | (8,152) |  | — |  | — |  | —
Amortization of prior service cost/(credit) |  | 68 |  | 34 |  | 36 |  | (4,488) |  | (4,488) |  | (4,488)
Amortization of net actuarial loss |  | 2,253 |  | 2,219 |  | 2,628 |  | 2,227 |  | 2,956 |  | 2,811
Settlement |  | (16) |  | 2,246 |  | — |  | — |  | — |  | —
Curtailment (gain)/loss |  | 466 |  | (752) |  | — |  | — |  | — |  | —
Net periodic benefit cost |  | $4,245 |  | $4,814 |  | $4,708 |  | $42 |  | $724 |  | $781
Weighted average assumptions used to determine net cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate — U.S. plan |  | 4.41% |  | 3.70% |  | 4.20% |  | 4.31% |  | 3.59% |  | 4.00%
Discount rate — non-U.S. plans |  | 2.98% |  | 2.83% |  | 2.98% |  | 3.65% |  | 3.40% |  | 3.70%
Expected return on plan assets — U.S. plan |  | 4.57% |  | 3.87% |  | 4.40% |  | — |  | — |  | —
Expected return on plan assets — non-U.S. plans |  | 4.45% |  | 4.83% |  | 4.46% |  | — |  | — |  | —
Rate of compensation increase — U.S. plan |  | — |  | — |  | — |  | 3.00% |  | — |  | —
Rate of compensation increase — non-U.S. plans |  | 3.02% |  | 3.04% |  | 3.29% |  | 3.00% |  | 3.00% |  | 3.00%
Schedule of Pretax (gains)/Losses Recognized in Other Comprehensive Income | Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018, and 2017, was as follows:
|  | Pension plans |  | Other postretirement benefits
(in thousands) |  | 2019 |  | 2018 |  | 2017 |  | 2019 |  | 2018 |  | 2017
Settlements/curtailments |  | $(450) |  | $(1,494) |  | $— |  | $— |  | $— |  | $—
Asset/liability loss/(gain) |  | (2,794) |  | 6,411 |  | (4,408) |  | 4,685 |  | (6,100) |  | 2,743
Amortization of actuarial (loss) |  | (2,253) |  | (2,219) |  | (2,628) |  | (2,227) |  | (2,956) |  | (2,811)
Amortization of prior service cost/(credit) |  | (68) |  | (34) |  | (36) |  | 4,488 |  | 4,488 |  | 4,488
Currency impact |  | 316 |  | (1,389) |  | 1,930 |  | — |  | — |  | 2
Cost/(benefit) in Other comprehensive income |  | $(5,249) |  | $1,275 |  | $(5,142) |  | $6,946 |  | $(4,568) |  | $4,422
Schedule of Amounts That Will Be Amortized from Accumulated Other Comprehensive Income | The estimated amounts that will be amortized from accumulated other comprehensive income into net periodic benefit cost in 2020 are as follows:
(in thousands) |  | Total pension |  | Total postretirement benefits
Actuarial loss |  | $2,409 |  | $2,592
Prior service cost/(benefit) |  | 32 |  | (4,488)
Total |  | $2,441 |  | $(1,896)
Schedule of Fair Value of Plan Assets | The following tables present plan assets as of December 31, 2019, and 2018, using the fair-value hierarchy, which has three levels based on the reliability of inputs used, as described in Note 17. Certain investments that are measured at fair value using net asset value (NAV) as a practical expedient are not required to be categorized in the fair value hierarchy table. The total fair value of these investments is included in the table below to permit reconciliation of the fair value hierarchy to amounts presented in the funded status table above. As of December 31, 2019 and 2018, there were no investments expected to be sold at a value materially different than NAV. 71 Index ALBANY INTERNATIONAL CORP. Notes to Consolidated Financial Statements 4. Pensions and Other Postretirement Benefit Plans — (continued)
|  | Assets at Fair Value as of December 31, 2019 |  |
(in thousands) |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3 |  | Total
Common Stocks and equity funds |  | $216 |  | $— |  | $— |  | $216
Debt securities |  | — |  | 92,721 |  | — |  | 92,721
Insurance contracts |  | — |  | — |  | 3,244 |  | 3,244
Cash and short-term investments |  | 2,793 |  | — |  | — |  | 2,793
Total investments in the fair value hierarchy |  | $3,009 |  | $92,721 |  | $3,244 |  | 98,974
Investments at net asset value: |  |  |  |  |  |  |  |
Common Stocks and equity funds |  |  |  |  |  |  |  | 56,846
Fixed income funds |  |  |  |  |  |  |  | 52,751
Limited partnerships |  |  |  |  |  |  |  | 3,184
Total plan assets |  |  |  |  |  |  |  | $211,755
|  | Assets at Fair Value as of December 31, 2018 |  |
(in thousands) |  | Quoted prices in active markets Level 1 |  | Significant other observable inputs Level 2 |  | Significant unobservable inputs Level 3 |  | Total
Common Stocks and equity funds |  | $284 |  | $— |  | $— |  | $284
Debt securities |  | — |  | 78,523 |  | — |  | 78,523
Insurance contracts |  | — |  | — |  | 2,890 |  | 2,890
Cash and short-term investments |  | 3,016 |  | — |  | — |  | 3,016
Total investments in the fair value hierarchy |  | $3,300 |  | $78,523 |  | $2,890 |  | 84,713
Investments at net asset value: |  |  |  |  |  |  |  |
Common Stocks and equity funds |  |  |  |  |  |  |  | 42,852
Fixed income funds |  |  |  |  |  |  |  | 47,534
Limited partnerships |  |  |  |  |  |  |  | 3,843
Total plan assets |  |  |  |  |  |  |  | $178,942
Reconciliation of Level 3 Assets | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2019 and 2018:
(in thousands) |  | December 31, 2018 |  | Net realized gains |  | Net unrealized gains |  | Net purchases, issuances and settlements |  | Net transfers (out of) Level 3 |  | December 31, 2019
Insurance contracts - |  |  |  |  |  |  |  |  |  |  |  |
total level 3 assets |  | $2,890 |  | $— |  | $20 |  | $334 |  | $— |  | $3,244
(in thousands) |  | December 31, 2017 |  | Net realized gains |  | Net unrealized gains |  | Net purchases, issuances and settlements |  | Net transfers (out of) Level 3 |  | December 31, 2018
Insurance contracts - |  |  |  |  |  |  |  |  |  |  |  |
total level 3 assets |  | $2,407 |  | $— |  | $(45) |  | $528 |  | $— |  | $2,890
Schedule of Asset Allocation | The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2019 and 2018, and the target allocation, by asset category, are as follows:
| United States Plan |  | Non-U.S. Plans
|  | Target |  | Percentage of plan assets at plan measurement date |  | Target |  | Percentage of plan assets at plan measurement date
Asset category |  | Allocation |  | 2019 |  | 2018 |  | Allocation |  | 2019 |  | 2018
Equity securities |  | —% |  | 1% |  | 1% |  | 13% |  | 13% |  | 19%
Debt securities |  | 100% |  | 96% |  | 94% |  | 82% |  | 80% |  | 74%
Real estate |  | —% |  | 2% |  | 4% |  | 1% |  | 1% |  | 1%
Other(1) |  | —% |  | 1% |  | 1% |  | 4% |  | 6% |  | 6%
|  | 100% |  | 100% |  | 100% |  | 100% |  | 100% |  | 100%
(1) | Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
The targeted plan asset allocation is based on an analysis of the actuarial liabilities, a review of viable asset classes, and an analysis of the expected rate of return, risk, and other investment characteristics of various investment asset classes.
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets and for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | At the end of 2019 and 2018, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
|  | Plans with projected benefit obligation in excess of plan assets
(in thousands) |  | 2019 |  | 2018
Projected benefit obligation |  | $137,123 |  | $123,261
Fair value of plan assets |  | 100,330 |  | 86,547
|  | Plans with accumulated benefit obligation in excess of plan assets
(in thousands) |  | 2019 |  | 2018
Accumulated benefit obligation |  | $134,737 |  | $120,869
Fair value of plan assets |  | 100,330 |  | 86,062
Schedule of Expected Cash Flows | Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands) |  | Pension plans |  | Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year |  | $2,446 |  | $3,808
Expected benefit payments |  |  |  |
2020 |  | 7,905 |  | 3,808
2021 |  | 8,537 |  | 3,738
2022 |  | 8,755 |  | 3,683
2023 |  | 9,068 |  | 3,631
2024 |  | 9,531 |  | 3,555
2025-2029 |  | 53,652 |  | 16,569

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