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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

Summary of Reconciliation of Benefit Obligation, Plan Assets, and Funded Status

The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates. In connection with the Plan termination process, we remeasured the projected benefit obligation based on the expected Plan termination costs including estimates for the anticipated amount of lump sum payments as well as estimates for insurance company pricing on the portion of the obligation not distributed through lump sum payments. These changes as well as a reduction in the discount rate used to determine the benefit obligation were the primary drivers in the increase to the obligation.

	U.S. Pension Plans				Non-U.S. Pension Plans
	2020		2019		2020		2019
Accumulated benefit obligation	$	230,205	$	220,339	$	1,983	$	1,854
Change in projected benefit obligation:
Projected benefit obligation at January 1	$	220,339	$	205,319	$	2,633	$	2,756
Service cost		—		—		31		37
Interest cost		5,773		7,724		28		31
Benefits paid		(14,590)		(14,834)		(285)		(408)
Actuarial loss		18,683		22,130		95		153
Foreign exchange impact		—		—		184		64
Projected benefit obligation at December 31	$	230,205	$	220,339	$	2,686	$	2,633
Change in plan assets:
Assets at fair value at January 1	$	281,276	$	258,327	$	1,419	$	1,425
Actual return on assets		18,886		37,680		95		73
Company contributions		103		103		268		295
Benefits paid		(14,590)		(14,834)		(285)		(408)
Foreign exchange impact		—		—		98		34
Assets at fair value at December 31	$	285,675	$	281,276	$	1,595	$	1,419
Funded status (plan assets less projected benefit obligations)	$	55,470	$	60,937	$	(1,091)	$	(1,214)

The measurement dates for the post-retirement life insurance plan were December 31, 2020, and 2019. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.

	Post-Retirement Life Insurance Plan
	2020		2019
Accumulated benefit obligation	$	5,376	$	4,766
Change in projected benefit obligation:
Projected benefit obligation at January 1	$	4,766	$	4,595
Service cost		1		1
Interest cost		122		170
Benefits paid		(154)		(145)
Actuarial loss		641		145
Projected benefit obligation at December 31	$	5,376	$	4,766
Change in plan assets:
Assets at fair value at January 1	$	—	$	—
Actual return on assets		—		—
Company contributions		154		145
Benefits paid		(154)		(145)
Other		—		—
Assets at fair value at December 31	$	—	$	—
Funded status (plan assets less projected benefit obligations)	$	(5,376)	$	(4,766)

Components of Prepaid (Accrued) Cost

The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:

	U.S. Pension Plans				Non-U.S. Pension Plans
	2020		2019		2020		2019
Prepaid pension asset	$	56,642	$	62,082	$	—	$	—
Accrued expenses and other liabilities		(100)		(100)		—		—
Long-term pension obligations		(1,072)		(1,045)		(1,091)		(1,214)
Net prepaid (accrued) cost	$	55,470	$	60,937	$	(1,091)	$	(1,214)

The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:

	Post-Retirement Life Insurance Plan
	2020		2019
Accrued expenses and other liabilities	$	(451)	$	(393)
Long-term pension obligations		(4,924)		(4,373)
Total accrued cost	$	(5,375)	$	(4,766)

Summary of Accumulated Other Comprehensive loss

We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:

	U.S. Pension Plans		Non-U.S. Pension Plans
	Unrecognized Loss		Unrecognized Loss
Balance at January 1, 2019	$	95,494	$	1,916
Amortization of retirement benefits, net of tax		(4,060)		(138)
Net actuarial (loss) gain		(2,604)		78
Foreign exchange impact		—		44
Balance at January 1, 2020	$	88,830	$	1,900
Amortization of retirement benefits, net of tax		(4,995)		(146)
Net actuarial gain (loss)		7,402		14
Foreign exchange impact		—		133
Balance at December 31, 2020	$	91,237	$	1,901

We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax:

	Unrecognized Gain
Balance at January 1, 2019	$	(849)
Amortization of retirement benefits, net of tax		129
Net actuarial gain		112
Balance at January 1, 2020	$	(608)
Amortization of retirement benefits, net of tax		64
Net actuarial gain		493
Balance at December 31, 2020	$	(51)

Summary of Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:

	As of December 31,
	2020		2019
Projected benefit obligation	$	3,859	$	3,778
Accumulated benefit obligation	$	3,155	$	2,999
Fair value of plan assets	$	1,595	$	1,419

Summary of Net Pension Income or Postretirement Expense

Net pension expense (income) includes the following components:

	Years Ended December 31,						Years Ended December 31,
	U.S. Pension Plans						Non-U.S. Pension Plans
	2020		2019		2018		2020		2019		2018
Service cost	$	—	$	—	$	—	$	31	$	37	$	43
Interest cost		5,773		7,724		7,123		28		31		42
Expected return on plan assets⁽¹⁾		(9,817)		(12,187)		(12,898)		(16)		(17)		(25)
Amortization of unrecognized loss		6,488		5,246		5,863		174		170		162
Net expense	$	2,444	$	783	$	88	$	217	$	221	$	222
Weighted-average actuarial assumptions⁽²⁾
Benefit obligation assumptions:
Discount rate		2.26%		3.15%		4.30%		0.63%		1.00%		1.13%
Rate of compensation increase	N/A		N/A		N/A			3.00%		3.00%		3.00%
Pension income/expense assumptions:
Discount rate		3.15%		4.30%		3.63%		0.63%		1.13%		1.38%
Expected return on plan assets⁽¹⁾		3.76%		4.61%		4.72%		0.63%		1.13%		1.38%
Rate of compensation increase	N/A		N/A		N/A			3.00%		3.00%		2.00%

(1)	Expected return on plan assets is net of expected investment expenses and certain administrative expenses.

(2)	During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. 2020 assumptions reflect termination basis accounting.

Net post-retirement expense includes the following components:

	Post-Retirement Life Insurance Plan
	Years Ended December 31,
	2020		2019		2018
Service cost	$	1	$	1	$	2
Interest cost		122		170		156
Amortization of unrecognized gain		(84)		(166)		(46)
Net expense	$	39	$	5	$	112
Weighted-average actuarial assumptions⁽¹⁾
Benefit obligation assumptions:
Discount rate		2.27%		3.09%		4.26%
Rate of compensation increase	N/A		N/A		N/A
Pension income/post-retirement expense assumptions:
Discount rate		3.09%		4.26%		3.59%
Rate of compensation increase	N/A		N/A		N/A

(1)	During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.

Summary of Asset Allocation and Target Allocation Plan

Our pension plan asset allocation at December 31, 2020, and 2019, and target allocation for 2021 by asset category are as follows:

	Target Allocations		Percentage of Plan Assets at December 31,
Asset Category	2021		2020		2019
Equity securities		0%		13%		13%
Fixed income/Debt securities		100%		83%		83%
Other		0%		4%		4%
Total		100%		100%		100%

Summary of Fair Values of Pension Plan

The following table summarizes the fair values of our pension plan assets:

	As of December 31,
	2020		2019
Equity securities - U.S. holdings⁽¹⁾	$	7	$	24,586
Bond funds - government^{(4) (7)}		53,239		33,991
Bond funds - other^{(5) (7)}		173,853		207,901
Real estate^{(6) (7)}		—		2,979
Cash and cash equivalents⁽²⁾		53,379		5,700
Partnerships⁽³⁾		6,792		7,539
Total fair value of plan assets	$	287,270	$	282,696

Summary of Categories in Fair Value Hierarchy

The fair values at December 31, 2020, are classified within the following categories in the fair value hierarchy:

	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Not Leveled		Total
Equity securities - U.S. holdings⁽¹⁾	$	7	$	—	$	—	$	—	$	7
Bond funds - government^{(4) (7)}		—		—		—		53,239		53,239
Bond funds - other^{(5) (7)}		—		—		—		173,853		173,853
Cash and cash equivalents⁽²⁾		53,379		—		—		—		53,379
Partnerships⁽³⁾		—		—		6,792		—		6,792
Total	$	53,386	$	—	$	6,792	$	227,092	$	287,270

The fair values at December 31, 2019, are classified within the following categories in the fair value hierarchy:

	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Not Leveled		Total
Equity securities - U.S. holdings⁽¹⁾	$	24,586	$	—	$	—	$	—	$	24,586
Bond funds - government^{(4) (7)}		—		—		—		33,991		33,991
Bond funds - other^{(5) (7)}		—		—		—		207,901		207,901
Real estate^{(6) (7)}		—		—		—		2,979		2,979
Cash and cash equivalents⁽²⁾		5,700		—		—		—		5,700
Partnerships⁽³⁾		—		—		7,539		—		7,539
Total	$	30,286	$	—	$	7,539	$	244,871	$	282,696

(1)

Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.

(2)	Comprised of investment grade short-term investment and money-market funds.

(3)	Comprised of partnerships that invest in various U.S. and international industries.

(4)	Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years.

(5)

Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.

(6)

Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation.

(7)

Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.

Summary of Reconciliation of Level 3 Partnership Assets Within Fair Value Hierarchy

The table below reconciles the Level 3 partnership assets within the fair value hierarchy:

	Amount
Fair value of Level 3 partnership assets at January 1, 2019	$	9,172
Capital contributions		120
Realized and unrealized gain		(139)
Capital distributions		(1,614)
Fair value of Level 3 partnership assets at December 31, 2019	$	7,539
Capital contributions		44
Realized and unrealized gain		(269)
Capital distributions		(522)
Fair value of Level 3 partnership assets at December 31, 2020	$	6,792

Summary of Estimated Future Benefit Payments

Expected benefit payments under the defined benefit pension plans and the postretirement benefit plan, excluding the impact of the Plan termination process, for the next five years subsequent to 2020 and in the aggregate for the following five years are as follows:

	U.S. Pension Plans		Non-U.S. Pension Plans		Post- Retirement Life Insurance Plan
2021	$	15,514	$	54	$	451
2022		15,397		86		426
2023		15,215		71		402
2024		14,979		87		380
2025		14,703		98		360
2026-2029		68,579		734		1,545
Total	$	144,387	$	1,130	$	3,564

Summary of 401K and Other Plan Expense

Expenses related to defined contribution plans include the following:

	Years Ended December 31,
	2020		2019		2018
401(k) and other defined contribution plan expense	$	1,636	$	3,125	$	3,256