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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs
NPPC for U.S. and international plans for 2020, 2019 and 2018 is as follows:
 U.S. PlansInternational Plans
(In thousands)202020192018202020192018
Net Periodic Pension Cost:
Defined benefit pension plans:     
Service cost$ $39 $42 $1,838 $1,447 $1,669 
Interest cost7,381 10,551 9,562 17,720 22,280 21,589 
 U.S. PlansInternational Plans
(In thousands)202020192018202020192018
Expected return on plan assets(11,368)(10,297)(12,068)(41,252)(37,430)(42,685)
Recognized prior service costs — 511 326 (140)
Recognized losses5,100 5,585 5,207 14,723 14,345 14,807 
Settlement/curtailment loss (gain) 129 285 (92)19 (36)
Defined benefit pension plan cost (income)1,113 6,007 3,029 (6,552)987 (4,796)
Multiemployer pension plans620 727 686 969 1,167 1,313 
Defined contribution plans5,025 4,178 3,466 4,708 6,031 5,608 
Net periodic pension cost (income)$6,758 $10,912 $7,181 $(875)$8,185 $2,125 
Schedule of Net Funded Status
The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2020 and 2019 are as follows:
 U.S. PlansInternational Plans
(In thousands)2020201920202019
Change in benefit obligation:    
Benefit obligation at beginning of year$294,693 $286,027 $988,288 $874,679 
Service cost 39 1,838 1,447 
Interest cost7,381 10,551 17,720 22,280 
Plan participants' contributions — 35 36 
Amendments — 1,088 1,254 
Actuarial (gain) loss25,212 20,064 129,495 93,330 
Settlements/curtailments — (256)(343)
Benefits paid(17,675)(15,842)(45,293)(37,396)
Effect of foreign currency — 29,526 33,010 
Acquisitions/divestitures(12,951)(6,146)(41)(9)
Benefit obligation at end of year$296,660 $294,693 $1,122,400 $988,288 
Change in plan assets:    
Fair value of plan assets at beginning of year$226,268 $205,388 $864,636 $744,538 
Actual return on plan assets24,975 37,665 95,219 108,235 
Employer contributions3,528 8,306 21,962 21,121 
Plan participants' contributions — 35 36 
Settlements/curtailments — (256)(343)
Benefits paid(17,675)(15,842)(44,869)(37,217)
Effect of foreign currency — 23,831 28,275 
Acquisitions/divestitures(10,971)(9,249) (9)
Fair value of plan assets at end of year$226,125 $226,268 $960,558 $864,636 
Funded status at end of year$(70,535)$(68,425)$(161,842)$(123,652)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2020 and 2019:
 U.S. PlansInternational Plans
December 31December 31
(In thousands)2020201920202019
Noncurrent assets$ $— $533 $987 
Current liabilities1,970 1,980 907 697 
Noncurrent liabilities68,565 64,465 161,468 123,942 
Liabilities of assets held-for-sale 1,980   
AOCI135,281 133,806 487,697 415,781 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI for defined benefit pension plans consist of the following at December 31, 2020 and 2019:
 U.S. PlansInternational Plans
(In thousands)2020201920202019
Net actuarial loss$135,281 $133,806 $477,253 $408,709 
Prior service cost  — 10,444 7,072 
Total$135,281 $133,806 $487,697 $415,781 
Schedule of Expected Benefit Payments xpected benefit payments for defined benefit pension plans over the next ten years are as follows:
(In millions)202120222023202420252026-2030
U.S. Plans$25.6 $17.1 $17.0 $16.8 $16.7 $80.6 
International Plans45.1 46.0 47.4 48.3 49.8 264.2 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2020, 2019 and 2018 were as follows:
 U.S. Plans
December 31
International Plans
December 31
Global Weighted-Average
December 31
 202020192018202020192018202020192018
Discount rates3.2 %4.2 %3.5 %2.1 %2.9 %2.6 %2.4 %3.2 %2.8 %
Expected long-term rates of return on plan assets7.0 %7.3 %7.3 %5.2 %5.5 %5.6 %5.6 %5.9 %6.0 %
The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at
December 31, 2020 and 2019 were as follows:
U.S. PlansInternational PlansGlobal Weighted-Average
 December 31December 31December 31
 202020192020201920202019
Discount rates2.4 %3.2 %1.4 %2.1 %1.6 %2.4 %
Schedule of Accumulated Benefit Obligations
The accumulated benefit obligation for all defined benefit pension plans at December 31, 2020 and 2019 was as follows:
U.S. PlansInternational Plans
 December 31December 31
(In millions)2020201920202019
Accumulated benefit obligation$296.7 $294.7 $1,116.1 $982.7 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2020 and 2019 were as follows:
 U.S. PlansInternational Plans
December 31December 31
(In millions)2020201920202019
Projected benefit obligation$296.7 $294.7 $1,115.7 $966.3 
Accumulated benefit obligation296.7 294.7 1,109.8 961.1 
Fair value of plan assets226.1 226.3 953.5 841.9 
U.S. Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2020 and 2019, and the long-term target allocation of plan assets, by asset category, are as follows:
Target  Long-Term
Allocation
Percentage of Plan Assets
December 31
U.S. Plans Asset Category20202019
Domestic equity securities
25%-35%
30.8 %30.8 %
International equity securities
20%-30%
26.5 %25.3 %
Fixed income securities
31%-41%
33.4 %34.8 %
Cash and cash equivalents
Less than 5%
0.7 %0.8 %
Other (a)
4%-14%
8.6 %8.3 %
(a)    Investments within this caption include diversified global asset allocation funds and credit collection funds.
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2020 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value (c)
Domestic equities:  
Common stocks$5,934 $5,934 $ 
Mutual funds—equities63,651 63,651  
International equities:
Mutual funds—equities59,933 59,933  
Fixed income investments: 
Mutual funds—bonds75,441 75,441  
Other—mutual funds8,944 8,944  
Cash and money market accounts1,691 1,691  
Other—partnerships/joint ventures10,531  10,531 
Total$226,125 $215,594 $10,531 
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2019 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value
Domestic equities:  
Common stocks$8,285 $8,285 $— 
Mutual funds—equities61,346 61,346 — 
International equities:
Mutual funds—equities57,188 57,188 — 
Fixed income investments: 
Mutual funds—bonds78,685 78,685 — 
Other—mutual funds8,764 8,764 — 
Cash and money market accounts1,816 1,816 — 
Other - partnerships/joint ventures10,184 — 10,184 
Total$226,268 $216,084 $10,184 
International Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2020 and 2019 and the long-term target allocation of plan assets, by asset category, are as follows:
International Plans Asset CategoryTarget Long-Term
Allocation
Percentage of Plan Assets
December 31
20202019
Equity securities29.0 %32.1 %31.6 %
Fixed income securities50.0 %49.3 %48.5 %
Cash and cash equivalents— 0.2 %0.3 %
Other (b)
21.0 %18.4 %19.6 %
(b)     Investments within this caption include diversified growth funds and real estate funds.
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2020 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$308,002 $ $308,002 
Fixed income investments:  
Mutual funds—bonds467,864  467,864 
Insurance contracts6,282  6,282 
Other:  
Other mutual funds176,679  176,679 
Cash and money market accounts1,731 1,731  
Total$960,558 $1,731 $958,827 
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2019 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$273,568 $— $273,568 
Fixed income investments:   
Mutual funds—bonds413,249 — 413,249 
Insurance contracts5,705 5,705 
Other:  
Other mutual funds169,886 — 169,886 
Cash and money market accounts2,228 2,228 — 
Total$864,636 $2,228 $862,408