Employer Sponsored Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Plan assets and benefit obligations of the former U.S. Lydall Pension Plan and the Interface Pension Plans were as follows:



	December 31,
In thousands	2019			2018
Change in benefit obligation:
Net benefit obligation at beginning of year	$	102,679		$	51,882
Benefit obligation assumed through acquisition	—			52,392
Service Cost	136			46
Interest cost	2,132			2,595
Actuarial loss/(gain)	5,149			(876		)
Gross benefits paid	(2,932		)	(3,360		)
Net effect of remeasurement	(3,290		)	—
Settlement	(48,773		)	—
Net benefit obligation at end of year	$	55,101		$	102,679
Change in plan assets:
Fair value of plan assets at beginning of year	$	87,452		$	44,174
Fair value of plan assets through acquisition	—			43,230
Actual return/(loss) on plan assets	6,987			(4,092		)
Contributions	1,415			7,500
Gross benefits paid	(2,932		)	(3,360		)
Net effect of remeasurement	(211		)	—
Settlement	(48,773		)	—
Fair value of plan assets at end of year	$	43,938		$	87,452
Net benefit obligation in excess of plan assets	$	(11,163	)	$	(15,227	)
Balance sheet amounts:
Current liabilities	$	(787	)	$	(3,078	)
Noncurrent liabilities	$	(10,376	)	$	(12,149	)
Total liabilities	$	(11,163	)	$	(15,227	)
Amounts recognized in accumulated other comprehensive income, net of tax consist of:
Net actuarial loss	$	2,579		$	21,850
Net amount recognized	$	2,579		$	21,850

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

Aggregated information for the domestic defined benefit pension plans with an accumulated benefit obligation in excess of plan assets is provided in the tables below:



	December 31,
In thousands	2019		2018
Projected benefit obligation	$	55,101	$	102,679
Accumulated benefit obligation	$	55,101	$	104,188
Fair value of plan assets	$	43,938	$	87,452

Schedule of Components of Net Periodic Benefit Cost for Domestic Pension Plan

Components of net periodic benefit cost for the domestic defined benefit pension plans:



	December 31,
In thousands	2019			2018			2017
Service cost	$	136		$	46		$	—
Interest cost	2,886			2,595			2,058
Expected return on plan assets	(2,601		)	(3,339		)	(2,376		)
Amortization of actuarial net loss	464			1,024			1,092
Total net periodic benefit cost	$	885		$	326		$	774
Settlement loss	25,247			$	—		$	—
Total employer pension plan cost	$	26,132		$	326		$	774

Schedule of Net Periodic Benefit Cost Not yet Recognized

The major assumptions used in determining the year-end benefit obligation and annual net cost for the domestic defined benefit pension plans are presented in the following table:



	Benefit Obligation				Net Cost
For the years ended December 31,	2019		2018		2019		2018		2017
Discount rate	3.37	%	3.99	%	3.88	%	3.75	%	4.21	%
Expected return on plan assets	5.06	%	4.08	%	4.65	%	5.79	%	6.30	%

Schedule of Allocation of Plan Assets

The following table presents the target allocation of the IPM Pension Plan assets for 2020 and the actual allocation of all domestic defined benefit pension plan assets as of December 31, 2019 and 2018 by major asset category:



	Target Allocation	Actual Allocation of Plan Assets December 31,
Asset Category	2020 (1)	2019		2018 (2)
Domestic equities	20% - 40%	38	%	16	%
International equities	15% - 35%	25	%	11	%
Fixed income	20%-45%	18	%	49	%
Real assets	0% - 10%	7	%	3	%
Hedge fund of funds	5% - 15%	9	%	5	%
Cash and cash equivalents	0% - 10%	3	%	16	%

(1) Target allocation percentages reflect the IPM Pension Plan only, as the terminated ISS Pension Plan assets, which comprise 5% of the total domestic defined benefit pension balances at December 31, 2019, has an investment target of primarily fixed income investments in anticipation of 2020 settlement.
(2) Plan Assets as of December 31, 2018 included values associated with the U.S. Lydall Plan, which was settled during 2019.

Schedule of Changes in Fair Value of Plan Assets

The following tables set forth the fair value of the assets by major asset category as of December 31, 2019 and December 31, 2018:



December 31, 2019
In thousands	Level 1		Level 2		Level 3		Measured at NAV		Total

Domestic equity	$	16,729	$	—	$	—	$	—	$	16,729
International equity	10,903		—		—		—		10,903
Fixed income	3,724		—		—		—		3,724
U.S. government securities	—		2,686		—		—		2,686
Corporate and foreign bonds	—		1,701		—		—		1,701
Real assets	3,010		—		—		—		3,010
Hedge fund of funds	4,009		—		—		—		4,009
Cash and cash equivalents	145		1,031		—		—		1,176
Total Assets at Fair Value	$	38,520	$	5,418	$	—	$	—	$	43,938



December 31, 2018
In thousands	Level 1		Level 2		Level 3		Measured at NAV		Total

Domestic equity	$	13,941	$	—	$	—	$	—	$	13,941
International equity	9,547		—		—		—		9,547
Fixed income	10,977		—		—		27,727		38,704
U.S. government securities	—		2,466		—		—		2,466
Corporate and foreign bonds	—		1,448		—		—		1,448
Real assets	2,808		—		—		—		2,808
Hedge fund of funds	4,129		—		—		312		4,441
Cash and cash equivalents	12,027		2,070		—		—		14,097
Total Assets at Fair Value	$	53,429	$	5,984	$	—	$	28,039	$	87,452

Schedule of Expected Benefit Payments

Estimated future benefit payments for the next 10 years for the Interface Pension Plans are as follows:



In thousands	2020		2021		2022		2023		2024		2025-2028
Benefit payments	$	5,903	$	3,026	$	3,065	$	3,082	$	3,138	$	15,957