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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Defined Benefit Plans Disclosures [Table Text Block]
The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2020 and 2019:
 
Qualified Defined Benefits
Non-Qualified Supplemental Benefits
 
U.S. Plan
Non-U.S. Plans
 202020192020201920202019
Change in benefit obligation:      
Benefit obligation at beginning of year$490,228 $447,173 $296,534 $270,329 $60,183 $66,836 
Service cost
6,824 7,016 5,345 5,665 1,272 1,942 
Interest cost16,272 19,026 3,697 5,101 1,765 2,670 
Plan participants' contributions— — 1,707 1,681 — — 
Benefits paid(36,303)(38,093)(8,613)(9,298)(12,324)(13,617)
Actuarial loss(1)
47,160 55,105 19,558 24,791 298 2,352 
Amendments— — (1,401)— — — 
Settlements and curtailments— — (294)(5,412)— — 
Currency translation and other— 1 24,296 3,677 — — 
Benefit obligation at end of year524,181 490,228 340,829 296,534 51,194 60,183 
Change in plan assets:      
Fair value of plan assets at beginning of year550,238 488,900 185,590 162,589 — — 
Actual return on plan assets92,961 99,431 13,560 23,812 — — 
Company contributions— — 7,315 7,247 12,324 13,617 
Plan participants' contributions— — 1,707 1,681 — — 
Benefits paid(36,303)(38,093)(8,613)(9,298)(12,324)(13,617)
Settlements and curtailments— — (294)(4,350)— — 
Currency translation and other— — 13,483 3,909 — — 
Fair value of plan assets at end of year606,896 550,238 212,748 185,590 — — 
Funded (Unfunded) status
$82,715 $60,010 $(128,081)$(110,944)$(51,194)$(60,183)
Amounts recognized in the consolidated balance sheets consist of:
    
Assets and Liabilities:      
Other assets and deferred charges$82,715 $60,010 $653 $671 $— $— 
Accrued compensation and employee benefits— — (1,691)(1,526)(4,899)(12,500)
Other liabilities (deferred compensation)— — (127,043)(110,089)(46,295)(47,683)
Total assets and liabilities
82,715 60,010 (128,081)(110,944)(51,194)(60,183)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)49,386 71,247 80,472 70,694 (18,400)(20,556)
Prior service cost (credit)322 549 (3,632)(2,724)4,593 6,288 
Deferred taxes(10,272)(15,263)(17,144)(15,492)2,961 3,066 
Total accumulated other comprehensive loss (earnings), net of tax
39,436 56,533 59,696 52,478 (10,846)(11,202)
Net amount recognized at December 31,$122,151 $116,543 $(68,385)$(58,466)$(62,040)$(71,385)
Accumulated benefit obligations$511,292 $476,357 $326,317 $282,883 $47,358 $56,017 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] Pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2020 and 2019:
 20202019
Projected benefit obligation (PBO)$383,244 $348,137 
Accumulated benefit obligation (ABO)364,895 331,126 
Fair value of plan assets203,314 177,057 
Schedule of Net Benefit Costs [Table Text Block]
Net Periodic Benefit Cost

The operating expense component of net periodic benefit cost (service cost) is reported with similar compensation costs in the Company's Consolidated Statement of Earnings. The non-operating components (all other components of net periodic benefit expense, including interest cost, amortization of prior service cost, curtailments and settlements, etc.) are reported outside of operating income in other income, net in the Consolidated Statement of Earnings.

Components of the net periodic benefit cost were as follows: 

Defined Benefit Plans
 Qualified Defined Benefits  Non-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202020192018202020192018202020192018
Service cost$6,824 $7,016 $9,019 $5,345 $5,665 $5,359 $1,272 $1,942 $2,624 
Interest cost16,272 19,026 20,756 3,697 5,101 4,962 1,765 2,670 3,204 
Expected return on plan assets(31,475)(34,136)(39,045)(6,837)(6,220)(7,675)— — — 
Amortization of:
Prior service cost (credit)227 303 298 (493)(398)(449)1,695 2,811 3,770 
Recognized actuarial loss (gain)7,536 — 3,102 3,047 3,109 2,952 (1,857)(2,280)(1,132)
Transition obligation— — — — — 1 — — — 
Settlement and curtailment loss (gain)— — 13,939 (1)25 961 7 — — (1,381)
Net periodic (benefit) expense$(616)$(7,791)$8,069 $4,784 $8,218 $5,157 $2,875 $5,143 $7,085 
Less: Discontinued operations
— — 10,109 (1)— — 114 — — 279 
Net periodic (income) expense - Continuing operations$(616)$(7,791)$(2,040)$4,784 $8,218 $5,043 $2,875 $5,143 $6,806 
(1) $9.2 million of the total settlement and curtailment loss on the U.S. Plan is attributable to Apergy participants in the Dover Defined Benefit Plan and has therefore been reflected in the results of discontinued operations.
Weighted-average assumptions used in benefit obligations [Table Text Block] The weighted average assumptions used in determining the benefit obligations were as follows: 
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202020192020201920202019
Discount rate2.65 %3.40 %0.79 %1.18 %2.45 %3.20 %
Average wage increase4.00 %4.00 %1.51 %1.80 %4.50 %4.50 %
Weighted-average assumptions used calculating net periodic cost [Table Text Block]
The weighted average assumptions used in determining the net periodic benefit cost were as follows:
 Qualified Defined BenefitsNon- Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202020192018202020192018202020192018
Discount rate3.40 %4.35 %4.20 %/3.65 %
 (1)
1.18 %1.83 %1.94 %3.20 %4.30 %3.57 %
Average wage increase4.00 %4.00 %4.00 %1.80 %2.10 %2.33 %4.50 %4.50 %4.50 %
Expected return on plan assets6.30 %6.80 %6.80 %/7.25 %
 (1)
3.69 %3.67 %4.66 %
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(1) The separation of Apergy triggered a pension plan curtailment which required a re-measurement of the Plan's benefit obligation in the second quarter 2018, assuming a discount rate of 4.2% and an expected return on assets of 6.8%.
Weighted-average asset allocation actual and target [Table Text Block]
The Company’s actual and target weighted average asset allocation for our U.S. Corporate Pension Plan was as follows:
20202019Current Target
Equity securities22 %34 %22 %
Fixed income77 %64 %78 %
Other1 %2 %— %
Total100 %100 %100 %
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 14 — Financial Instruments) were as follows:
 
U.S. Qualified Defined Benefits Plan
 12/31/202012/31/2019
 
Level 1
Level 2
Total Fair Value
Level 1
Level 2
Total Fair Value
Corporate bonds$— $329,800 $329,800 $— $216,981 $216,981 
Government securities8,533 72,018 80,551 5,846 69,486 75,332
Interest-bearing cash and short-term investments3,117 — 3,117 1,438 — 1,438
Total investments at fair value11,650 401,818 413,468 7,284 286,467 293,751
Investments measured at net asset value*
Collective funds— — 180,103 — — 241,058 
Short-term investment funds— — 13,325 — — 15,429 
Total investments$11,650 $401,818 $606,896 $7,284 $286,467 $550,238 

 
Non-U.S. Plans
 12/31/202012/31/2019
 
Level 1
Level 2
Level 3
Total Fair Value
Level 1
Level 2
Level 3
Total Fair Value
Common stocks$52,865 $— $— $52,865 $44,685 $— $— $44,685 
Fixed income investments— 26,068 — 26,068 — 19,871 — 19,871 
Mutual funds29,413 — — 29,413 26,799 — — 26,799 
Cash and cash equivalents2,822 — — 2,822 3,752 — — 3,752 
Other— 1,181 21,276 22,457 — 3,519 18,597 22,116 
Total investments at fair value85,100 27,249 21,276 133,625 75,236 23,390 18,597 117,223 
Investments measured at net asset value*
Collective funds— — — 74,138 — — — 64,000 
Other— — — 4,985 — — — 4,367 
 Total$85,100 $27,249 $21,276 $212,748 $75,236 $23,390 $18,597 $185,590 
* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2019 and 2020, due to the following:
Level 3
Balance at December 31, 2018$21,283 
Actual return on plan assets:
Relating to assets still held at December 31, 2019319 
Relating to assets sold during the period14 
Purchases1,615 
Sales and settlements(4,971)
Foreign currency translation337 
Balance at December 31, 201918,597 
Actual return on plan assets:
Relating to assets still held at December 31, 2020349 
Relating to assets sold during the period6 
Purchases1,715 
Sales and settlements(1,111)
Foreign currency translation1,720 
Balance at December 31, 2020$21,276 
Schedule of Expected Benefit Payments [Table Text Block]
Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service, are as follows: 
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
2021$36,044 $9,999 $4,958 
202237,184 9,944 5,021 
202334,679 11,333 5,406 
202435,863 13,170 7,090 
202533,816 11,375 1,758 
2026 - 2030146,262 69,768 22,248