Annual report pursuant to Section 13 and 15(d)

Benefit Plans (Tables)

v3.19.3.a.u2
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Pension Plans  
Defined Benefit Plan Disclosure  
Schedule of Benefit Plans Disclosures
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s significant defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
 
 
 
 
Benefit obligation at beginning of period
 
$
246,311

 
$
261,102

 
$
112,103

 
$
119,710

Service cost
 
978

 
1,019

 
3,382

 
3,566

Interest cost
 
10,281

 
9,599

 
3,290

 
3,340

Participant contributions
 

 

 
555

 
570

Plan amendments
 

 

 

 
179

Plan curtailments
 
(2,795
)
 
(952
)
 

 
(340
)
Plan settlements
 
(1,669
)
 

 
(642
)
 
(1,071
)
Benefits paid
 
(10,862
)
 
(11,453
)
 
(2,478
)
 
(2,569
)
Expenses paid
 

 

 
(328
)
 
(363
)
Net transfer in
 

 

 

 
1,535

Actuarial (gains) losses
 
25,148

 
(13,004
)
 
16,186

 
(5,432
)
Translation adjustment
 

 

 
(589
)
 
(7,022
)
Benefit obligation at end of the period
 
$
267,392

 
$
246,311

 
$
131,479

 
$
112,103

 
 
 
 
 
 
 
 
 
Change in plan assets:
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of period
 
$
195,755

 
$
218,374

 
$
91,787

 
$
96,518

Actual return on plan assets
 
43,116

 
(12,854
)
 
13,421

 
(540
)
Employer contributions
 
5,073

 
1,688

 
3,941

 
4,249

Employee contributions
 

 

 
555

 
570

Plan settlements
 
(1,669
)
 

 
(642
)
 
(1,071
)
Benefits paid
 
(10,862
)
 
(11,453
)
 
(2,478
)
 
(2,569
)
Expenses paid
 

 

 
(328
)
 
(363
)
Acquisitions
 

 

 

 
1,013

Translation adjustment
 

 

 
(70
)
 
(6,020
)
Fair value of plan assets at end of the period
 
$
231,413

 
$
195,755

 
$
106,186

 
$
91,787

 
 
 
 
 
 
 
 
 
Funded status of the plans (underfunded)
 
$
(35,979
)
 
$
(50,556
)
 
$
(25,293
)
 
$
(20,316
)
 
 
 
 
 
 
 
 
 

Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Noncurrent asset
 
$

 
$

 
$
4,877

 
$
4,670

Current liability
 

 

 
(397
)
 
(748
)
Noncurrent liability
 
(35,979
)
 
(50,556
)
 
(29,773
)
 
(24,238
)
Accumulated other comprehensive income (loss)
 
8,687

 
1,218

 
(5,895
)
 
(1,829
)
Net amount recognized
 
$
(27,292
)
 
$
(49,338
)
 
$
(31,188
)
 
$
(22,145
)
 
 
 
 
 
 
 
 
 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Prior service cost
 
$

 
$

 
$
(151
)
 
$
(170
)
Net gain (loss)
 
10,922

 
1,618

 
(7,981
)
 
(2,133
)
Gross amount recognized
 
10,922

 
1,618

 
(8,132
)
 
(2,303
)
Deferred income taxes
 
(2,235
)
 
(400
)
 
2,237

 
474

Net amount recognized
 
$
8,687

 
$
1,218

 
$
(5,895
)
 
$
(1,829
)
 
 
 
 
 
 
 
 
 
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
 
 
U.S.
 
Foreign
 
 
Years ended
December 31,
 
Years ended
December 31,
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Service cost
 
$
978

 
$
1,019

 
$
1,219

 
$
3,382

 
$
3,566

 
$
3,686

Interest cost
 
10,281

 
9,599

 
10,115

 
3,290

 
3,340

 
3,271

Expected return on plan assets
 
(11,508
)
 
(12,851
)
 
(12,277
)
 
(3,153
)
 
(3,311
)
 
(3,208
)
Amortization of prior service cost
 

 

 

 
24

 

 

Amortization of net (gain) loss
 

 

 

 
(5
)
 
49

 
(9
)
Curtailment gain recognized
 

 
(576
)
 

 

 
(340
)
 

Settlement (gain) loss recognized
 
49

 

 
(48
)
 
20

 
(11
)
 

Net periodic expense (benefit)
 
$
(200
)
 
$
(2,809
)
 
$
(991
)
 
$
3,558

 
$
3,293

 
$
3,740

 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents selected information about the Company’s pension plans with accumulated benefit obligations in excess of plan assets:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation
 
$
267,392

 
$
246,311

 
$
97,635

 
82,656

Accumulated benefit obligation
 
266,992

 
244,580

 
94,334

 
78,862

Fair value of plan assets
 
231,413

 
195,755

 
68,790

 
57,670

 
 
 
 
 
 
 
 
 

Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents selected information about the Company’s pension plans with projected benefit obligations in excess of plan assets:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Projected benefit obligation
 
$
267,392

 
$
246,311

 
$
116,165

 
82,656

Fair value of plan assets
 
231,413

 
195,755

 
85,994

 
57,670

 
 
 
 
 
 
 
 
 

Schedule of Assumptions Used
Significant weighted average assumptions used in determining the pension obligations include the following:
 
 
U.S.
 
Foreign
 
 
December 31,
 
December 31,
 
 
2019
 
2018
 
2019
 
2018
Discount rate
 
3.32
%
 
4.32
%
 
2.18
%
 
3.01
%
Rate of compensation increase(1)
 
3.00
%
 
3.00
%
 
2.35
%
 
2.44
%
 
 
 
 
 
 
 
 
 

Significant weighted average assumptions used in determining net periodic benefit cost include the following:
 
 
U.S.
 
Foreign
 
 
Years ended
December 31,
 
Years ended
December 31,
 
 
2019
 
2018
 
2017
 
2019
 
2018
 
2017
Discount rate
 
4.32
%
 
3.74
%
 
4.24
%
 
3.01
%
 
2.91
%
 
2.99
%
Rate of compensation increase(1)
 
3.00
%
 
3.00
%
 
3.00
%
 
2.44
%
 
2.57
%
 
2.97
%
Expected return on assets
 
6.00
%
 
6.00
%
 
6.37
%
 
3.44
%
 
3.52
%
 
3.58
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) 
Includes only plans not frozen to benefit accruals for the respective periods.
Schedule of Allocation of Plan Assets
The following tables set forth by level, within the fair value hierarchy, plan assets at fair value:
 
 
December 31, 2019
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents
 
$
991

 
$
991

 
$

 
$

Equity securities:
 
 
 
 
 
 
 
 
U.S. investment funds
 
67,374

 
67,374

 

 

International investment funds
 
65,136

 
44,905

 
20,231

 

Fixed income securities:
 


 


 


 


Government securities
 
31,040

 
23,500

 
7,540

 

Corporate bonds
 
14,900

 
14,782

 
118

 

Investment fund bonds
 
116,121

 
1,170

 
114,951

 

Other:
 


 


 


 


Insurance contracts
 
42,037

 

 
36,637

 
5,400

Total
 
$
337,599

 
$
152,722

 
$
179,477

 
$
5,400

 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
Total
 
Level 1
 
Level 2
 
Level 3
Cash and cash equivalents(1)
 
$
57,000

 
$
56,925

 
$
75

 
$

Equity securities:
 
 
 
 
 
 
 
 
U.S. investment funds
 
35,103

 
35,103

 

 

International investment funds
 
44,508

 
24,040

 
20,468

 

Fixed income securities:
 
 
 
 
 
 
 
 
Government securities
 
10,121

 

 
10,121

 

Corporate bonds
 
77,229

 
72,216

 
5,013

 

Investment fund bonds
 
25,152

 
7,665

 
17,487

 

Other:
 
 
 
 
 
 
 
 
Insurance contracts
 
38,429

 

 
33,408

 
5,021

Total
 
$
287,542

 
$
195,949

 
$
86,572

 
$
5,021

 
 
 
 
 
 
 
 
 
 
(1) 
Level 1 balance includes $55,905 of cash and cash equivalents held by the Eco Services Pension Equity and Hourly Pension Plans. The investments in equity securities and fixed income securities previously held by these plans were liquidated into cash and cash equivalents in December 2018 in preparation for a transfer of plan assets to a new custodian. This transfer was completed in January 2019.
Defined Benefit Plan Level 3 Assets
The changes in the Level 3 pension plan assets are as follows for the years ended December 31:
 
 
Insurance Contracts
 
 
2019
 
2018
Beginning balance
 
$
5,021

 
$
4,150

Actual return on plan assets
 
185

 
10

Benefits paid
 
(76
)
 
(385
)
Contributions
 
479

 
461

Exchange rate changes and other
 
(209
)
 
785

Ending balance
 
$
5,400

 
$
5,021

 
 
 
 
 

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year
 
U.S.
 
Foreign
2020
 
$
16,372

 
$
2,759

2021
 
17,327

 
2,908

2022
 
16,048

 
3,289

2023
 
15,963

 
3,544

2024
 
15,943

 
4,023

Years 2025-2029
 
77,891

 
24,028

 
 
 
 
 

Supplemental Retirement Plans  
Defined Benefit Plan Disclosure  
Schedule of Benefit Plans Disclosures
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit supplementary retirement plans, as well as the components of net periodic benefit cost, including key assumptions:
 
 
December 31,
 
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of period
 
$
11,868

 
$
12,781

Interest cost
 
465

 
450

Benefits paid
 
(1,045
)
 
(1,070
)
Actuarial (gains) losses
 
364

 
(293
)
Benefit obligation at end of period
 
$
11,652

 
$
11,868

 
 
 
 
 
Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of period
 
$

 
$

Employer contributions
 
1,045

 
1,070

Benefits paid
 
(1,045
)
 
(1,070
)
Fair value of plan assets at end of period
 
$

 
$

 
 
 
 
 
Funded status of the plans (underfunded)
 
$
(11,652
)
 
$
(11,868
)
 
 
 
 
 

Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
 
 
December 31,
 
 
2019
 
2018
Current liability
 
$
(1,019
)
 
$
(1,105
)
Noncurrent liability
 
(10,633
)
 
(10,763
)
Accumulated other comprehensive income
 
253

 
795

Net amount recognized
 
$
(11,399
)
 
$
(11,073
)
 
 
 
 
 

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of:
 
 
December 31,
 
 
2019
 
2018
Net gain
 
$
681

 
$
1,055

Gross amount recognized
 
681

 
1,055

Deferred income taxes
 
(428
)
 
(260
)
Net amount recognized
 
$
253

 
$
795

 
 
 
 
 

Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
 
 
Years ended
December 31,
 
 
2019
 
2018
 
2017
Interest cost
 
$
465

 
$
450

 
$
489

Amortization of net (gain) loss
 
(10
)
 

 

Net periodic expense
 
$
455

 
$
450

 
$
489

 
 
 
 
 
 
 

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year
 
Amount
2020
 
$
1,019

2021
 
996

2022
 
966

2023
 
933

2024
 
898

Years 2025-2029
 
3,966

 
 
 

Other Postretirement Benefits Plans  
Defined Benefit Plan Disclosure  
Schedule of Benefit Plans Disclosures
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s other postretirement benefit plans as well as the components of net periodic benefit cost, including key assumptions:
 
 
December 31,
 
 
2019
 
2018
Change in benefit obligation:
 
 
 
 
Benefit obligation at beginning of period
 
$
3,814

 
$
4,612

Service cost
 
10

 
16

Interest cost
 
152

 
150

Employee contributions
 
253

 
251

Plan amendments
 
(460
)
 
(271
)
Benefits paid
 
(751
)
 
(1,061
)
Medical subsidies received
 

 
74

Premiums paid
 
(7
)
 
(66
)
Actuarial (gains) losses
 
412

 
172

Translation adjustment
 
29

 
(63
)
Benefit obligation at end of period
 
$
3,452

 
$
3,814

 
 
 
 
 
Change in plan assets:
 
 
 
 
Fair value of plan assets at beginning of period
 

 

Employer contributions
 
505

 
802

Employee contributions
 
253

 
251

Benefits paid
 
(751
)
 
(1,061
)
Medical subsidies received
 

 
74

Premiums paid
 
(7
)
 
(66
)
Fair value of plan assets at end of period
 
$

 
$

 
 
 
 
 
Funded status of the plans (underfunded)
 
$
(3,452
)
 
$
(3,814
)
 
 
 
 
 

Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
 
 
December 31,
 
 
2019
 
2018
Current liability
 
$
(537
)
 
$
(581
)
Noncurrent liability
 
(2,915
)
 
(3,233
)
Accumulated other comprehensive income
 
524

 
830

Net amount recognized
 
$
(2,928
)
 
$
(2,984
)
 
 
 
 
 

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of:
 
 
December 31,
 
 
2019
 
2018
Prior service credit
 
$
828

 
$
525

Net gain
 
67

 
500

Gross amount recognized
 
895

 
1,025

Deferred income taxes
 
(371
)
 
(195
)
Net amount recognized
 
$
524

 
$
830

 
 
 
 
 

Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
 
 
Years ended
December 31,
 
 
2019
 
2018
 
2017
Service cost
 
$
10

 
$
16

 
$
21

Interest cost
 
152

 
150

 
174

Amortization of prior service credit
 
(157
)
 
(112
)
 
(78
)
Amortization of net gain
 
(33
)
 
(26
)
 
(45
)
Net periodic expense (benefit)
 
$
(28
)
 
$
28

 
$
72

 
 
 
 
 
 
 

Schedule of Assumptions Used :
 
 
December 31,
 
 
2019
 
2018
Immediate trend rate
 
5.91%
 
6.59%
Ultimate trend rate
 
4.39%
 
4.50%
Year that the rate reaches ultimate trend rate
 
2038
 
2035
 
 
 
 
 

Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year
 
Amount
2020
 
$
537

2021
 
473

2022
 
343

2023
 
318

2024
 
185

Years 2025-2029
 
820