Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Reconciliation of Changes in Benefit Obligations and Fair Value of Plan Assets

The following table provides a reconciliation of the changes in the benefit obligations and fair value of plan assets over the two-year period ended December 31, 2019 and a statement of the funded status at December 31 for both years.



	Pension Benefits												Other Benefits
	2019						2018						2019			2018
	U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)
CHANGE IN BENEFIT OBLIGATION
Obligation at January 1	$	85,175		$	89,789		$	91,335		$	97,451		$	22,593		$	26,068
Service cost	653			1,844			886			2,105			561			668
Interest cost	2,796			1,440			2,634			1,389			849			810
Plan amendments	—			(156		)	—			52			—			—
Benefits paid	(3,520		)	(1,507		)	(5,171		)	(2,791		)	(676		)	(847		)
Actuarial loss (gain)	16,931			9,903			(4,497		)	(3,378		)	(161		)	(3,930		)
Currency translation	—			66			—			(3,335		)	91			(176		)
Settlements	(4,826		)	—			(12		)	(2,313		)	—			—
Curtailments	(1,538		)	—			—			—			—			—
Acquisition/Divestiture	—			—			—			—			—			—
Other	276			637			—			609			—			—
Obligation at December 31	$	95,947		$	102,016		$	85,175		$	89,789		$	23,257		$	22,593
CHANGE IN PLAN ASSETS
Fair value of plan assets at January 1	$	83,580		$	33,532		$	76,041		$	36,316		$	—		$	—
Actual return on plan assets	17,446			3,406			2,070			496			—			—
Employer contributions	733			2,320			10,652			2,345			676			847
Benefits paid	(3,520		)	(1,507		)	(5,171		)	(2,791		)	(676		)	(847		)
Currency translation	—			916			—			(1,130		)	—			—
Settlements	(4,826		)	—			—			(2,313		)	—			—
Acquisition/Divestiture	—			—			—			—			—			—
Other	—			637			(12		)	609			—			—
Fair value of plan assets at December 31	$	93,413		$	39,304		$	83,580		$	33,532		$	—		$	—
Funded status at December 31	$	(2,534	)	$	(62,712	)	$	(1,595	)	$	(56,257	)	$	(23,257	)	$	(22,593	)
COMPONENTS ON THE CONSOLIDATED BALANCE SHEETS
Other noncurrent assets	$	1,921		$	14		$	3,058		$	—		$	—		$	—
Current liabilities	$	(564	)	$	(1,270	)	$	(556	)	$	(1,174	)	$	(1,127	)	$	(1,116	)
Other noncurrent liabilities	(3,891		)	(61,456		)	(4,097		)	(55,083		)	(22,130		)	(21,477		)
Net liability at December 31	$	(2,534	)	$	(62,712	)	$	(1,595	)	$	(56,257	)	$	(23,257	)	$	(22,593	)

Weighted Average Assumptions Used in Measurement of Benefit Obligation



	U.S. Plans						Non-U.S. Plans
	2019		2018		2017		2019		2018		2017
Discount rate	4.11%/2.99%*		3.46	%	3.91	%	2.07	%	1.82	%	1.76	%
Expected return on plan assets	4.00	%	5.50	%	5.50	%	3.12	%	3.09	%	3.20	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%	2.13	%	2.37	%	2.29	%

* A discount rate of 4.11% was used to determine the net periodic benefit cost for the period January 1, 2019 through August 31, 2019 and a discount rate of 2.99% was used to determine the net periodic benefit cost for the period September 1, 2019 through December 31, 2019 as a result of the remeasurement that occurred in conjunction with the decision to freeze the Plan.



	Other Benefits
	2019		2018		2017
Discount rate	4.11	%	3.50	%	3.94	%
Expected return on plan assets	—	%	—	%	—	%
Rate of compensation increase	4.00	%	4.00	%	4.00	%

The weighted average assumptions used in the measurement of the Company’s benefit obligation at December 31, 2019 and 2018 were as follows:



	U.S. Plans				Non-U.S. Plans				Other Benefits
	2019		2018		2019		2018		2019		2018
Discount rate	3.06	%	4.10	%	1.33	%	2.07	%	3.09	%	4.11	%
Rate of compensation increase	—	%	4.00	%	2.29	%	2.13	%	4.00	%	4.00	%

Pretax Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The pretax amounts recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets as of December 31, 2019 and 2018 were as follows:



	Pension Benefits									Other Benefits
	2019					2018				2019			2018
	U.S.		Non-U.S.			U.S.		Non-U.S.
	(In thousands)
Prior service cost (credit)	$	46	$	(100	)	$	62	$	64	$	(46	)	$	(117	)
Net loss (gain)	21,432		19,304			22,478		12,955		(6,009		)	(6,386		)
Total	$	21,478	$	19,204		$	22,540	$	13,019	$	(6,055	)	$	(6,503	)

The pretax change recognized in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet in 2019 is as follows:



	Pension Benefits						Other Benefits
	U.S.			Non-U.S.
	(In thousands)
Net gain (loss) in current year	$	(1,265	)	$	(7,544	)	$	161
Prior service cost	—			156			—
Amortization of prior service cost (credit)	15			6			(70		)
Amortization of net loss (gain)	2,312			1,111			(565		)
Exchange rate effect on amounts in OCI	—			86			26
Total	$	1,062		$	(6,185	)	$	(448	)

Amounts in Accumulated Other Comprehensive Income (Loss) Expected to Be Recognized as Components of Net Periodic Benefit Cost During 2012

The amounts in Accumulated other comprehensive income (loss) on the Consolidated Balance Sheet as of December 31, 2019 that are expected to be recognized as components of net periodic benefit cost during 2020 are as follows:



	U.S. Pension Benefit Plans		Non-U.S. Pension Benefit Plans			Other Benefit Plans			Total
	(In thousands)
Prior service cost (credit)	$	13	$	(21	)	$	(37	)	$	(45	)
Net loss (gain)	1,755		1,726			(506		)	2,975
Total	$	1,768	$	1,705		$	(543	)	$	2,930

Components of Net Periodic Benefit Cost for Defined Benefit Plans and Other Postretirement Plans



	Other Benefits
	2019			2018			2017
	(In thousands)
Service cost	$	561		$	668		$	610
Interest cost	849			810			818
Net amortization	(635		)	(737		)	(795		)
Net periodic benefit cost	$	775		$	741		$	633

The components of, and the weighted average assumptions used to determine, the net periodic benefit cost for the plans in 2019, 2018 and 2017 are as follows:



	Pension Benefits
	2019						2018						2017
	U.S.			Non-U.S.			U.S.			Non-U.S.			U.S.			Non-U.S.
	(In thousands)
Service cost	$	653		$	1,844		$	886		$	2,105		$	976		$	1,975
Interest cost	2,796			1,440			2,634			1,389			2,677			1,283
Expected return on plan assets	(3,319		)	(1,047		)	(3,943		)	(1,120		)	(3,832		)	(1,088		)
Settlement loss recognized	713			—			(1		)	(307		)	—			234
Special termination benefit recognized	276			—			—			—			—			—
Net amortization	1,614			1,117			2,712			1,271			2,566			1,809
Net periodic benefit cost	$	2,733		$	3,354		$	2,288		$	3,338		$	2,387		$	4,213

Summary of Basis Used to Measure Defined Benefit Plans' Assets at Fair Value

The basis used to measure the defined benefit plans’ assets at fair value at December 31, 2019 and 2018 is summarized as follows:



	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2019	(In thousands)
Equity
U.S. Large Cap	$	4,734	$	4,734	$	—	$	—
U.S. Small / Mid Cap	455		—		455		—
International	10,845		5,258		5,587		—
Fixed Income
U.S. Intermediate	640		—		640		—
U.S. Long Term	83,628		—		83,628		—
U.S. High Yield	1,346		—		1,346		—
International	7,516		296		7,220		—
Other Commingled Funds (1)	19,438		—		—		19,438
Cash and Equivalents	1,094		517		577		—
Other	3,021		—		3,021		—
	$	132,717	$	10,805	$	102,474	$	19,438


(1)	Other commingled funds represent pooled institutional investments in non-U.S. plans.



	Basis of Fair Value Measurement
	Outstanding Balances		Level 1		Level 2		Level 3
As of December 31, 2018	(In thousands)
Equity
U.S. Large Cap	$	3,759	$	3,759	$	—	$	—
U.S. Small / Mid Cap	770		—		770		—
International	7,532		4,445		3,087		—
Fixed Income
U.S. Intermediate	581		—		581		—
U.S. Long Term	75,096		—		75,096		—
U.S. High Yield	1,098		—		1,098		—
International	8,604		244		8,360		—
Other Commingled Funds (1)	15,555		—		—		15,555
Cash and Equivalents	1,944		1,074		870		—
Other	2,173		—		2,173		—
	$	117,112	$	9,522	$	92,035	$	15,555

(1)

Other commingled funds represent pooled institutional investments in non-U.S. plans.

The Company’s pension plan weighted average asset allocations at December 31, 2019 and 2018, by asset category, were as follows:



	U.S. Plans				Non-U.S. Plans
	2019		2018		2019		2018
Equity securities	10	%	9	%	17	%	13	%
Fixed income securities	90	%	90	%	24	%	31	%
Cash/Commingled Funds/Other (1)	—	%	1	%	59	%	56	%
Total	100	%	100	%	100	%	100	%