EMPLOYER SPONSORED BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Schedule of Net Funded Status

The plan assets and benefit obligations for the period ended December 31, 2020 were composed of the IPM Pension Plan and the plan assets and benefit obligations for the period ended December 31, 2019 were composed of the IPM Pension Plan, the former U.S. Lydall Pension Plan and the former ISS Pension Plan as follows:

	For the Year Ended December 31,
In thousands	2020		2019
Change in benefit obligation:
Net benefit obligation at beginning of year	$	55,101	$	102,679
Service cost	134		136
Interest cost	1,706		2,132
Actuarial loss (1)	7,257		5,149
Gross benefits paid	(2,835)		(2,932)
Net effect of remeasurement	—		(3,290)
Settlement	(2,920)		(48,773)
Net benefit obligation at end of year	$	58,443	$	55,101
Change in plan assets:
Fair value of plan assets at beginning of year	$	43,938	$	87,452
Actual return/(loss) on plan assets	6,430		6,987
Contributions	1,949		1,415
Gross benefits paid	(2,835)		(2,932)
Net effect of remeasurement	—		(211)
Settlement	(2,920)		(48,773)
Fair value of plan assets at end of year	$	46,562	$	43,938

(1) The Actuarial loss for both the years ended December 31, 2020 and 2019 was a function of a reduction in the discount rate, which serves to increase the benefit obligation.

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. The domestic defined benefit plans were approximately 80% funded at December 31, 2020 and 2019.

	For the Year Ended December 31,
In thousands	2020		2019
Funded Status
Fair value of plan assets	$	46,562	$	43,938
Accumulated Benefit obligations	58,443		55,101
Funded status of plans	$	(11,881)	$	(11,163)

In addition to the amounts disclosed in the tables above for the Company’s domestic defined benefit pension plans, the Company had both foreign pension plans, and post-retirement benefit plans with life insurance and medical benefits for certain domestic and foreign employees. The accrued benefit liabilities and amounts recognized in other comprehensive income for these other plans are as follows:

	For the Year Ended December 31,
In thousands	2020		2019
Foreign Plans:
Net benefit obligation in excess of plan assets	$	5,981	$	5,274
Loss recognized in accumulated other comprehensive loss, net of tax	$	940	$	861
Domestic Post-retirement Plans
Net benefit obligation in excess of plan assets	$	4,215	$	3,621
Loss (gain) recognized in accumulated other comprehensive loss, net of tax	$	165	$	(360)

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The Company has recorded liabilities and amounts recognized in accumulated other comprehensive income related to the domestic defined benefit pension plans as follows:

	For the Year Ended December 31,
In thousands	2020		2019
Amounts recognized in the Consolidated Balance Sheets consist of:
Current liabilities	$	—	$	787
Noncurrent liabilities	11,881		10,376
Total liabilities	$	11,881	$	11,163
Loss recognized in Accumulated Other Comprehensive Loss, net of tax, consist of:
Net actuarial loss	$	4,503	$	2,579

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

The components of net periodic benefit cost for the domestic defined benefit pension plans is as follows:

	For the Year Ended December 31,
In thousands	2020		2019		2018
Service cost	$	134	$	136	$	46
Interest cost	1,706		2,886		2,595
Expected return on plan assets	(2,119)		(2,601)		(3,339)
Amortization of actuarial net loss	2		464		1,024
Total net periodic (benefit) cost	$	(277)	$	885	$	326
Settlement loss	385		25,247		—
Total employer pension plan cost	$	108	$	26,132	$	326

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 Year Ended December 31,	2020		2019		2020		2019		2018
Discount rate	2.14	%	3.37	%	3.39	%	3.88	%	3.75	%
Expected return on plan assets	5.20	%	5.06	%	5.20	%	4.65	%	5.79	%

Schedule of Allocation of Plan Assets

The following table presents the target allocation of the IPM Pension Plan assets for 2021 and the actual allocation of all domestic defined benefit pension plan assets as of December 31, 2020 and 2019 by major asset category:

	Target Allocation	Actual Allocation of Plan Assets At December 31,
Asset Category	2021	2020		2019
Domestic equities	20% - 40%	32	%	38	%
International equities	15% - 35%	27	%	25	%
Fixed income	20% - 45%	26	%	18	%
Real assets	0% - 10%	5	%	7	%
Hedge fund of funds	5% - 15%	9	%	9	%
Cash and cash equivalents	0% - 10%	1	%	3	%

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, 2020 and December 31, 2019:

At December 31, 2020
In thousands	Level 1		Level 2		Measured at NAV		Total Carrying Value
Domestic equity	$	15,004	$	—	$	—	$	15,004
International equity	12,473		—		—		12,473
Fixed income	12,293		—		—		12,293
Real assets	2,219		—		—		2,219
Hedge fund of funds	—		—		4,280		4,280
Cash and cash equivalents	293		—		—		293
Total assets at fair value	$	42,282	$	—	$	4,280	$	46,562

At December 31, 2019
In thousands	Level 1		Level 2		Measured at NAV		Total Carrying Value
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

Schedule of Expected Benefit Payments

Estimated future benefit payments for the IPM Pension Plan are as follows:

In thousands	2021		2022		2023		2024		2025		Thereafter
Benefit payments	$	3,011	$	3,054	$	3,072	$	3,132	$	3,183	$	15,867