Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans

Net periodic pension benefit expense recorded in the Company's consolidated statement of income for defined benefit pension plans include the following components (dollars in thousands):

	Pension Benefit
	2019			2018			2017
Service cost	$	1,050		$	1,120		$	1,150
Interest cost	1,070			1,100			1,290
Expected return on plan assets	(1,400		)	(1,520		)	(1,480		)
Settlements and curtailments	—			2,620			—
Amortization of net loss	580			860			1,010
Net periodic benefit expense	$	1,300		$	4,180		$	1,970

Schedule of Assumptions Used

Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:

	Pension Benefit
	2019		2018		2017
Discount rate for obligations	3.41	%	4.50	%	3.76	%
Discount rate for benefit costs	4.50	%	4.37	%	4.35	%
Rate of increase in compensation levels	N/A		N/A		N/A
Expected long-term rate of return on plan assets	7.13	%	7.13	%	7.13	%

The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates.

Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows:

	Pension Benefit
	2019		2018		2017
Discount rate for obligations	2.10	%	3.00	%	2.60	%
Discount rate for benefit costs	3.00	%	2.60	%	2.80	%
Rate of increase in compensation levels	3.00	%	3.30	%	3.30	%
Expected long-term rate of return on plan assets	4.60	%	4.60	%	4.60	%

Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets

	Pension Benefit
	2019			2018
Changes in Projected Benefit Obligations
Benefit obligations at January 1	$	(30,300	)	$	(39,030	)
Service cost	(1,050		)	(1,120		)
Interest cost	(1,070		)	(1,100		)
Participant contributions	(60		)	(60		)
Actuarial gain (loss)	(4,190		)	3,020
Benefit payments	900			1,200
Annuity purchase	—			5,480
Settlements and curtailments	—			210
Change in foreign currency	(810		)	1,100
Projected benefit obligations at December 31	$	(36,580	)	$	(30,300	)
Changes in Plan Assets
Fair value of plan assets at January 1	$	24,650		$	31,760
Actual return on plan assets	3,630			(1,520		)
Employer contributions	1,930			2,440
Participant contributions	60			60
Benefit payments	(900		)	(1,200		)
Annuity purchase	—			(5,480		)
Settlements	—			(210		)
Change in foreign currency	890			(1,200		)
Fair value of plan assets at December 31	$	30,260		$	24,650
Funded status at December 31	$	(6,320	)	$	(5,650	)

Schedule of Amounts Recognized in Balance Sheet

	Pension Benefit
	2019			2018
Amounts Recognized in Balance Sheet
Prepaid benefit cost	$	1,690		$	1,350
Current liabilities	(330		)	(340		)
Noncurrent liabilities	(7,680		)	(6,660		)
Net liability recognized at December 31	$	(6,320	)	$	(5,650	)

Schedule of Accumulated Other Comprehensive Income

	Pension Benefit
	2019		2018
Amounts Recognized in Accumulated Other Comprehensive Loss
Unrecognized prior service cost	$	190	$	190
Unrecognized net loss	13,240		11,610
Total accumulated other comprehensive loss recognized at December 31	$	13,430	$	11,800

Changes in AOCI by component for the year ended December 31, 2018 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans			Derivative Instruments			Foreign Currency Translation			Total
Balance, December 31, 2017	$	(10,450	)	$	(3,170	)	$	(3,710	)	$	(17,330	)
Net unrealized gains (losses) arising during the period (a)	—			4,110			(6,880		)	(2,770		)
Less: Net realized losses reclassified to net income (b)	(3,250		)	—			—			(3,250		)
Net current-period other comprehensive income (loss)	3,250			4,110			(6,880		)	480
Balance, December 31, 2018	$	(7,200	)	$	940		$	(10,590	)	$	(16,850	)

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^(a) Derivative instruments, net of income tax expense of $1.2 million. See Note 12, "Derivative Instruments," for further details.

^(b) Defined benefit plans, net of income tax of $0.9 million. See Note 15, "Employee Benefit Plans," for additional details.

Changes in AOCI by component for the year ended December 31, 2019 are summarized as follows, net of tax (dollars in thousands):

	Defined Benefit Plans			Derivative Instruments			Foreign Currency Translation			Total
Balance, December 31, 2018	$	(7,200	)	$	940		$	(10,590	)	$	(16,850	)
Net unrealized gains (losses) arising during the period (a)	(1,870		)	3,300			(2,060		)	(630		)
Less: Net realized losses reclassified to net income (b)	(400		)	—			(12,350		)	(12,750		)
Net current-period other comprehensive income (loss)	(1,470		)	3,300			10,290			12,120
Reclassification of stranded tax effects	(1,260		)	(10		)	—			(1,270		)
Balance, December 31, 2019	$	(9,930	)	$	4,230		$	(300	)	$	(6,000	)

__________________________

^(a) Defined benefit plans, net of income tax of $0.5 million. See Note 15, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $1.0 million. See Note 12, "Derivative Instruments," for further details.

^(b) Defined benefit plans, net of income tax of $0.1 million. See Note 15, "Employee Benefit Plans," for additional details.

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

	Accumulated Benefit Obligations						Projected Benefit Obligations
	2019			2018			2019			2018
Benefit Obligations at December 31,
Total benefit obligations	$	(34,460	)	$	(28,410	)	$	(36,580	)	$	(30,300	)
Plans with benefit obligations exceeding plan assets
Benefit obligations	$	(14,840	)	$	(12,050	)	$	(14,910	)	$	(12,080	)
Plan assets	$	6,890		$	5,090		$	6,890		$	5,090

Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense

	Pension Benefit
	December 31, 2019 Benefit Obligation			2019 Expense
Discount rate
25 basis point increase	$	(1,400	)	$	(100	)
25 basis point decrease	$	1,510		$	110
Expected return on assets
50 basis point increase	N/A			$	(150	)
50 basis point decrease	N/A			$	150

Schedule of Allocation of Plan Assets

The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2019 and 2018 and target allocations by class, were as follows:

	Domestic Pension						Foreign Pension
			Actual						Actual
	Target		2019		2018		Target		2019		2018
Equity securities	60	%	62	%	58	%	33	%	30	%	29	%
Fixed income	36	%	34	%	39	%	45	%	46	%	47	%
Diversified growth(a)	—	%	—	%	—	%	22	%	23	%	24	%
Cash and other	4	%	4	%	3	%	—		1	%	—	%
Total	100	%	100	%	100	%	100	%	100	%	100	%

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following table summarizes the level under the fair value hierarchy (see Note 3, "Summary of Significant Accounting Policies") that the Company's pension plan assets are measured, on a recurring basis as of December 31, 2019 (dollars in thousands):

	Total		Level 1		Level 2		Level 3
Plan assets subject to leveling
Investment funds
Equity securities	$	4,300	$	4,300	$	—	$	—
Fixed income	2,320		2,320		—		—
Cash and cash equivalents	150		150		—		—
Plan assets measured at net asset value(a)
Investment funds
Equity securities	7,040
Fixed income	10,890
Diversified growth	5,200
Cash and cash equivalents	360
Total	$	30,260	$	6,770	$	—	$	—

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^(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets.

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (dollars in thousands):

	Pension Benefit
2020	$	1,010
2021	1,130
2022	1,110
2023	1,210
2024	1,370
Years 2025-2029	7,770