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v3.20.1

Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Reconciliation of the Benefit Obligation, Plan Assets, and Funded Status to Benefit Plans | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension and other postretirement benefit plans (in thousands):
| December 31, 2019 |  | December 31, 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 23,922 |  |  | $ | 4,645 |  |  | $ | 28,617 |  |  | $ | 4,726 |
Service cost (adjusted for actual employee contributions) | 336 |  |  | 126 |  |  | 477 |  |  | 108 |
Interest cost | 620 |  |  | 180 |  |  | 686 |  |  | 152 |
Contributions by participants | — |  |  | — |  |  | 21 |  |  | — |
Actuarial (gains) losses | 2,170 |  |  | (131 | ) |  | (1,568 | ) |  | (97 | )
Benefits paid | (856 | ) |  | (187 | ) |  | (1,042 | ) |  | (244 | )
Curtailments and settlements | (25 | ) |  | — |  |  | (3,362 | ) |  | — |
Plan amendments and other | 573 |  |  | — |  |  | 1,107 |  |  | — |
Currency translation | 531 |  |  | — |  |  | (1,014 | ) |  | — |
Benefit obligation at end of year | $ | 27,271 |  |  | $ | 4,633 |  |  | $ | 23,922 |  |  | $ | 4,645 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 14,501 |  |  | $ | — |  |  | $ | 17,454 |  |  | $ | — |
Actual return on plan assets | 1,338 |  |  | — |  |  | (343 | ) |  | — |
Company contributions | 1,032 |  |  | 187 |  |  | 1,495 |  |  | 244 |
Contributions by participants |  |  |  | — |  |  | 21 |  |  | — |
Benefits paid | (856 | ) |  | (187 | ) |  | (1,042 | ) |  | (244 | )
Curtailments and settlements | (25 | ) |  | — |  |  | (2,429 | ) |  | — |
Plan amendments and other |  |  |  | — |  |  | 202 |  |  | — |
Currency translation | 430 |  |  | — |  |  | (857 | ) |  | — |
Fair value of plan assets at end of year | $ | 16,420 |  |  | $ | — |  |  | $ | 14,501 |  |  | $ | — |
Funded status at end of year | $ | (10,851 | ) |  | $ | (4,633 | ) |  | $ | (9,421 | ) |  | $ | (4,645 | )
Amounts Recognized in the Consolidated Balance Sheet Pretax Amounts | Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands):
| December 31, 2019 |  | December 31, 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Accrued pension and other postretirement costs | $ | (10,851 | ) |  | $ | (4,633 | ) |  | $ | (9,421 | ) |  | $ | (4,645 | )
Actuarial Items | Actuarial items consist of the following (in thousands):
| December 31, 2019 |  | December 31, 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Unrecognized net actuarial loss | $ | 6,500 |  |  | $ | 1,808 |  |  | $ | 5,237 |  |  | $ | 2,095 |
Unrecognized prior service cost | 62 |  |  |  |  |  | 9 |  |  | — |
Unamortized transition obligation | 1 |  |  |  |  |  | 2 |  |  | — |
| $ | 6,563 |  |  | $ | 1,808 |  |  | $ | 5,248 |  |  | $ | 2,095 |
Additional Information Regarding Projected and Accumulated Benefit Obligations for the Pension Plans | The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands):
| December 31,
| 2019 |  | 2018
Accumulated benefit obligation, all plans | $ | 26,100 |  |  | $ | 23,040 |
Plans for which the accumulated benefit obligation exceeds plan assets: |  |  |  |  |
Projected benefit obligation | $ | 25,800 |  |  | $ | 22,552 |
Accumulated benefit obligation | 25,158 |  |  | 22,155 |
Fair value of plan assets | 14,983 |  |  | 13,256 |
Components of Net Periodic Costs of Benefit Plans | The following table sets forth the components of net periodic cost of pension and other postretirement benefit plans (in thousands):
| Years ended December 31,
| 2019 |  | 2018 |  | 2017
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Annual service cost | $ | 336 |  |  | $ | 126 |  |  | $ | 498 |  |  | $ | 108 |  |  | $ | 548 |  |  | $ | 96 |
Less: employee contributions | — |  |  | — |  |  | 21 |  |  | — |  |  | 35 |  |  | — |
Net service cost | 336 |  |  | 126 |  |  | 477 |  |  | 108 |  |  | 513 |  |  | 96 |
Interest cost | 620 |  |  | 180 |  |  | 686 |  |  | 152 |  |  | 674 |  |  | 142 |
Expected return on plan assets | (517 | ) |  | — |  |  | (549 | ) |  | — |  |  | (536 | ) |  | — |
Amortization of actuarial losses | 202 |  |  | 156 |  |  | 507 |  |  | 177 |  |  | 463 |  |  | 119 |
Amortization of transition obligation | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |
Curtailment and settlement losses | — |  |  | — |  |  | 708 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 642 |  |  | $ | 462 |  |  | $ | 1,830 |  |  | $ | 437 |  |  | $ | 1,115 |  |  | $ | 357 |
Weighted-average Assumptions Used for Benefit Obligations and Net Periodic Pension Costs | The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years:
| 2019 |  | 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Discount rate | 1.96 | % |  | 2.97 | % |  | 2.61 | % |  | 3.99 | %
Rate of compensation increase | 1.20 | % |  | N/A |  |  | 3.08 | % |  | N/A |
Expected return on plan assets | 3.56 | % |  | N/A |  |  | 2.70 | % |  | N/A |
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2019 and 2018:
| 2019 |  | 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Discount rate | 2.61 | % |  | 3.99 | % |  | 2.42 | % |  | 3.33 | %
Rate of compensation increase | 3.08 | % |  | N/A |  |  | 2.66 | % |  | N/A |
Expected return on plan assets | 2.70 | % |  | N/A |  |  | 3.46 | % |  | N/A |
Health care trend rate | N/A |  |  | 5.27 | % |  | N/A |  |  | 17.25 | %
Composition of Plan Assets | Plan assets are comprised of:
| December 31, 2019 |  | December 31, 2018
| Pension Plans |  | OPEB Plans |  | Pension Plans |  | OPEB Plans
Equity securities | 48 | % |  | — |  | 50 | % |  | —
Fixed income securities | 42 | % |  | — |  | 37 | % |  | —
Cash and cash equivalents | 10 | % |  | — |  | 13 | % |  | —
Total | 100 | % |  | — |  | 100 | % |  | —
Changes in Fair Value of Plan Assets for Each Hierarchy Level | A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 16 for further description of the levels within the fair value hierarchy (in thousands)):
As of December 31, 2019 |  |  | Fair value measurements at reporting date using:
| Total Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Defined benefit pension plan assets |  |  |  |  |  |  |
Equity securities | $ | 7,796 |  |  | $ | 7,796 |  |  | $ | — |  |  | $ | — |
Fixed income securities | 6,975 |  |  | 6,975 |  |  | — |  |  | — |
Cash and cash equivalents | 1,649 |  |  | 1,649 |  |  | — |  |  | — |
| $ | 16,420 |  |  | $ | 16,420 |  |  | $ | — |  |  | $ | — |
As of December 31, 2018 |  |  | Fair value measurements at reporting date using:
| Total Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Defined benefit pension plan assets |  |  |  |  |  |  |
Equity securities | $ | 7,221 |  |  | $ | 7,221 |  |  | $ | — |  |  | $ | — |
Fixed income securities | 5,309 |  |  | 5,309 |  |  | — |  |  | — |
Cash and cash equivalents | 1,971 |  |  | 1,971 |  |  | — |  |  | — |
| $ | 14,501 |  |  | $ | 14,501 |  |  | $ | — |  |  | $ | — |
Estimated future Benefit Payments | Estimated future benefit payments are as follows (in thousands):
| Pension Plans |  | OPEB Plans
2020 | $ | 921 |  |  | $ | 294 |
2021 | 1,038 |  |  | 338 |
2022 | 1,005 |  |  | 353 |
2023 | 1,569 |  |  | 292 |
2024 | 1,052 |  |  | 328 |
2024 - 2027 | 7,205 |  |  | 1,412 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=118255775&loc=d3e2417-114920 + Details
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