Annual report pursuant to Section 13 and 15(d)

Benefit Plans (Tables)

v3.20.4
Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020 2019 2020 2019
Change in benefit obligation:
Benefit obligation at beginning of period $ 267,392  $ 246,311  $ 101,192  $ 84,435 
Service cost 769  978  3,895  3,210 
Interest cost 8,595  10,281  2,193  2,627 
Participant contributions —  —  574  550 
Plan curtailments —  (2,795) (1,603) — 
Plan settlements (1,455) (1,669) (105) (102)
Benefits paid (12,713) (10,862) (1,759) (1,833)
Expenses paid —  —  (353) (328)
Actuarial (gains) losses 25,894  25,148  4,664  13,459 
Translation adjustment —  —  6,191  (826)
Benefit obligation at end of the period $ 288,482  $ 267,392  $ 114,889  $ 101,192 
Change in plan assets:
Fair value of plan assets at beginning of period $ 231,413  $ 195,755  $ 85,308  $ 74,050 
Actual return on plan assets 41,405  43,116  6,646  10,564 
Employer contributions 5,187  5,073  3,348  3,084 
Employee contributions —  —  574  550 
Plan settlements (1,455) (1,669) (105) (102)
Benefits paid (12,713) (10,862) (1,759) (1,833)
Expenses paid —  —  (353) (328)
Translation adjustment —  —  5,209  (677)
Fair value of plan assets at end of the period $ 263,837  $ 231,413  $ 98,868  $ 85,308 
Funded status of the plans (underfunded) $ (24,645) $ (35,979) $ (16,021) $ (15,884)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
U.S. Foreign
December 31, December 31,
2020 2019 2020 2019
Current liability —  —  (46) (6)
Noncurrent liability (24,645) (35,979) (15,975) (15,878)
Accumulated other comprehensive income (loss) (4,463) 8,687  1,075  (4,988)
Net amount recognized $ (29,108) $ (27,292) $ (14,946) $ (20,872)
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,
2020 2019 2020 2019
Net gain (loss) 13,964  10,922  (6,550) (7,634)
Gross amount recognized 13,964  10,922  (6,550) (7,634)
Deferred income taxes (18,427) (2,235) 7,625  2,646 
Net amount recognized $ (4,463) $ 8,687  $ 1,075  $ (4,988)
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
U.S. Foreign
Years ended
December 31,		 Years ended
December 31,
2020 2019 2018 2020 2019 2018
Service cost $ 769  $ 978  $ 1,019  $ 3,895  $ 3,210  $ 3,104 
Interest cost 8,595  10,281  9,599  2,193  2,627  2,637 
Expected return on plan assets (12,547) (11,508) (12,851) (2,270) (2,427) (2,490)
Amortization of prior service cost
 —  —  —  —  24  — 
Amortization of net (gain) loss —  —  —  148  (29) 49 
Curtailment gain recognized —  —  (576) —  —  — 
Settlement (gain) loss recognized 78  49  —  (14) (1) — 
Net periodic expense (benefit) $ (3,105) $ (200) $ (2,809) $ 3,952  $ 3,404  $ 3,300 
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,
2020 2019 2020 2019
Projected benefit obligation $ 288,482  $ 267,392  $ 92,679  82,662 
Accumulated benefit obligation 288,482  266,992  88,394  80,021 
Fair value of plan assets 263,837  231,413  76,658  68,104 
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,
2020 2019 2020 2019
Projected benefit obligation $ 288,482  $ 267,392  $ 92,679  101,192 
Fair value of plan assets 263,837  231,413  76,658  85,308 
Schedule of Assumptions Used
Significant weighted average assumptions used in determining the pension obligations include the following:
U.S. Foreign
December 31, December 31,
2020 2019 2020 2019
Discount rate 2.42  % 3.32  % 1.78  % 2.34  %
Rate of compensation increase(1)
N/A 3.00  % 2.05  % 2.07  %
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,
2020 2019 2018 2020 2019 2018
Discount rate 3.32  % 4.32  % 3.74  % 2.34  % 3.19  % 3.11  %
Rate of compensation increase(1)
3.00  % 3.00  % 3.00  % 2.07  % 2.08  % 2.22  %
Expected return on assets 5.55  % 6.00  % 6.00  % 2.82  % 3.30  % 3.37  %

(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, 2020
Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 787  $ 787  $ —  $ — 
Equity securities:
U.S. investment funds 79,777  79,777  —  — 
International investment funds 64,986  53,792  11,194  — 
Fixed income securities:
Government securities 39,541  33,505  6,036  — 
Corporate bonds 16,771  16,668  103  — 
Investment fund bonds 112,024  —  112,024  — 
Other:
Insurance contracts 48,819  —  42,983  5,836 
Total $ 362,705  $ 184,529  $ 172,340  $ 5,836 
December 31, 2019
Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 950  $ 950  $ —  $ — 
Equity securities:
U.S. investment funds 67,374  67,374  —  — 
International investment funds 54,908  44,905  10,003  — 
Fixed income securities:
Government securities 31,040  23,500  7,540  — 
Corporate bonds 14,900  14,782  118  — 
Investment fund bonds 106,198  1,170  105,028  — 
Other:
Insurance contracts 41,351  —  36,637  4,714 
Total $ 316,721  $ 152,681  $ 159,326  $ 4,714 
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
2020 2019
Beginning balance $ 4,714  $ 4,322 
Actual return on plan assets 113  111 
Benefits paid (78) (69)
Contributions 577  441 
Exchange rate changes and other 510  (91)
Ending balance $ 5,836  $ 4,714 
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
2021 $ 17,138  $ 2,204 
2022 16,200  2,384 
2023 16,278  2,610 
2024 16,254  2,898 
2025 15,968  3,144 
Years 2026-2030 78,910  19,027 
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,
2020 2019
Change in benefit obligation:
Benefit obligation at beginning of period $ 11,652  $ 11,868 
Interest cost 352  465 
Benefits paid (1,001) (1,045)
Actuarial (gains) losses 1,412  364 
Benefit obligation at end of period $ 12,415  $ 11,652 
Change in plan assets:
Fair value of plan assets at beginning of period $ —  $ — 
Employer contributions 1,001  1,045 
Benefits paid (1,001) (1,045)
Fair value of plan assets at end of period $ —  $ — 
Funded status of the plans (underfunded) $ (12,415) $ (11,652)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
December 31,
2020 2019
Current liability $ (1,039) $ (1,019)
Noncurrent liability (11,376) (10,633)
Accumulated other comprehensive income 633  253 
Net amount recognized $ (11,782) $ (11,399)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of:
December 31,
2020 2019
Net gain $ (731) $ 681 
Gross amount recognized (731) 681 
Deferred income taxes 1,364  (428)
Net amount recognized $ 633  $ 253 
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
Years ended
December 31,
2020 2019 2018
Interest cost $ 352  $ 465  $ 450 
Amortization of net (gain) loss —  (10) — 
Net periodic expense $ 352  $ 455  $ 450 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year Amount
2021 $ 1,039 
2022 1,010 
2023 977 
2024 944 
2025 908 
Years 2025-2029 3,944 
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,
2020 2019
Change in benefit obligation:
Benefit obligation at beginning of period $ 3,452  $ 3,814 
Service cost —  10 
Interest cost 99  152 
Employee contributions 241  253 
Plan amendments —  (460)
Benefits paid (658) (751)
Premiums paid (7) (7)
Actuarial (gains) losses 225  412 
Translation adjustment 15  29 
Benefit obligation at end of period $ 3,367  $ 3,452 
Change in plan assets:
Fair value of plan assets at beginning of period —  — 
Employer contributions 424  505 
Employee contributions 241  253 
Benefits paid (658) (751)
Premiums paid (7) (7)
Fair value of plan assets at end of period $ —  $ — 
Funded status of the plans (underfunded) $ (3,367) $ (3,452)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
December 31,
2020 2019
Current liability $ (443) $ (537)
Noncurrent liability (2,924) (2,915)
Accumulated other comprehensive income 680  524 
Net amount recognized $ (2,687) $ (2,928)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of:
December 31,
2020 2019
Prior service credit $ 596  $ 828 
Net gain (182) 67 
Gross amount recognized 414  895 
Deferred income taxes 266  (371)
Net amount recognized $ 680  $ 524 
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
Years ended
December 31,
2020 2019 2018
Service cost $ —  $ 10  $ 16 
Interest cost 99  152  150 
Amortization of prior service credit (232) (157) (112)
Amortization of net gain (29) (33) (26)
Net periodic expense (benefit) $ (162) $ (28) $ 28 
Schedule of Assumptions Used :
December 31,
2020 2019
Immediate trend rate 5.67% 5.91%
Ultimate trend rate 4.38% 4.39%
Year that the rate reaches ultimate trend rate 2038 2038
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year Amount
2021 $ 443 
2022 372 
2023 297 
2024 281 
2025 163 
Years 2025-2029 816