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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Change in the projected benefit obligation, plan assets at fair value and funded status
The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans.
Domestic PlansForeign Plans
2020201920202019
Change in benefit obligation:
Benefit obligation at beginning of year$227,275 $180,803 $120,490 $104,911 
Service cost14,278 11,093 7,311 5,921 
Interest cost7,046 7,381 1,410 2,023 
Special termination benefit charge —  64 
Plan Amendment —  18 
Curtailment/Settlement —  (271)
Transfer —  939 
Prior service cost — (2,701)(451)
Actuarial loss (gain)38,175 39,209 1,809 13,575 
Benefits paid(14,303)(11,211)(5,145)(4,130)
Foreign currency translation adjustment — 11,252 (2,109)
Benefit obligation at end of year$272,471 $227,275 $134,426 $120,490 
Domestic PlansForeign Plans
2020201920202019
Change in plan assets:
Fair value of plan assets at beginning of year$188,801 $169,958 $74,189 $68,992 
Actual return on plan assets17,088 29,618 2,008 3,851 
Employer contribution448 436 7,527 6,542 
Benefits paid(14,303)(11,211)(5,145)(4,130)
Transfer —  359 
Foreign currency translation adjustment — 6,508 (1,425)
Fair value of plan assets at end of year$192,034 $188,801 $85,087 $74,189 
Funded status at end of year$(80,437)$(38,474)$(49,339)$(46,301)
Schedule of funded status amounts recognized in the Consolidated Balance Sheet
The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2020 and 2019.
Domestic PlansForeign Plans
2020201920202019
Non-current assets$ $— $81 $938 
Current liabilities(461)(449)(37)(44)
Non-current liabilities(79,976)(38,025)(49,383)(47,195)
$(80,437)$(38,474)$(49,339)$(46,301)
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss
The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss as of December 31, 2020 and 2019.
Domestic PlansForeign Plans
2020201920202019
Net actuarial loss$96,440 $68,789 $40,851 $40,442 
Net prior service cost — 675 3,774 
Tax effects(22,181)(15,821)(13,466)(14,040)
$74,259 $52,968 $28,060 $30,176 
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income
Changes in benefit obligations and plan assets recognized in other comprehensive income in 2020, 2019 and 2018 are as follows:
Domestic Plans
202020192018
Current year actuarial (loss) gain$(33,335)$(21,970)$4,611 
Amortization of net loss5,684 1,957 4,873 
$(27,651)$(20,013)$9,484 
Foreign Plans
202020192018
Current year actuarial (loss) gain$(2,530)$(11,999)$534 
Current year prior service cost2,701 451 (35)
Transfer Prior service Cost (18)— 
Transfer Actuarial (loss) gain (126)— 
Recognition due to curtailment — 1,692 
Amortization of net loss2,121 1,444 1,716 
Amortization of prior service cost398 449 720 
$2,690 $(9,799)$4,627 
Components of net periodic benefit cost
Components of net periodic benefit cost:
Domestic Plans
202020192018
Service cost$14,278 $11,093 $11,396 
Interest cost7,046 7,381 6,878 
Expected return on plan assets(12,248)(12,379)(11,257)
Amortization of net loss5,684 1,957 4,873 
Net periodic benefit cost$14,760 $8,052 $11,890 
Foreign Plans
202020192018
Service cost$7,311 $5,921 $5,954 
Interest cost1,410 2,023 1,828 
Expected return on plan assets(2,620)(2,366)(2,610)
Amortization of net loss2,121 1,444 1,716 
Amortization of prior service cost398 449 720 
Net periodic benefit cost$8,620 $7,471 $7,608 
Curtailment(8)(246)(59)
Special termination benefit charge 65 62 
Total Net periodic benefit cost$8,612 $7,290 $7,611 
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets
The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2020 and 2019.
Domestic PlansForeign Plans
2020201920202019
Projected benefit obligation$272,471 $227,275 $120,795 $92,561 
Accumulated benefit obligation249,831 205,326 89,702 65,062 
Fair value of plan assets192,034 188,801 71,457 46,371 
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets
The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2020 and 2019.
Domestic PlansForeign Plans
2020201920202019
Projected benefit obligation$272,471 $227,275 $130,616 $102,310 
Accumulated benefit obligation249,831 205,326 98,360 73,943 
Fair value of plan assets192,034 188,801 79,764 55,260 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Assumptions:
Domestic PlansForeign Plans
202020192018202020192018
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate2.40 %3.20 %4.20 %0.54 %1.04 %1.82 %
Rate of compensation increase3.19 %4.00 %4.00 %3.05 %3.05 %3.01 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate3.20 %4.20 %3.55 %1.12 %1.84 %1.62 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %3.41 %3.69 %3.66 %
Rate of compensation increase4.00 %4.00 %4.00 %3.05 %3.05 %3.02 %
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category
Plan Assets:
Domestic Plans Assets at December 31,Foreign Plans Assets at December 31,
2020201920202019
Equity securities48 %49 %5 %%
Fixed income securities28 %29 %1 %%
Corporate debt securities — 2 %%
Infrastructure7 %% — 
Hedge funds10 %10 % — 
Money market2 %% %%
Investment Funds — 92 %89 %
Real estate5 %% — 
Total100 %100 %100 %100 %
Summary of fair value of pension plan assets
Domestic Fair Value Measurement at December 31, 2020Foreign Fair Value Measurement at December 31, 2020
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$3,207 $3,207 $ $ $415 $415 $ $ 
USD— 3,207 — — — — — — 
EUR— — — — — 404 — — 
Others— — — — — 11 — — 
Equity Securities (a)$83,041 $83,041 $ $ $4,107 $4,107 $ $ 
U.S. Large Cap Equities— 48,138 — — — — — — 
U.S. Small Cap Equities— 10,299 — — — — — — 
International Equities— 24,604 — — — 4,107 — — 
Fixed Income (a&b)$35,691 $35,691 $ $ $834 $834 $ $ 
Corporate debts securities$ $ $ $ $1,555 $1,555 $ $ 
Euro Corporate Bonds (a)— — — — — 1,555 — — 
Investment Funds$ $ $ $ $78,176 $27,500 $50,676 $ 
Mutual Funds in Equities (a)— — — — — 4,022 — — 
Mutual Funds in Bonds (a)— — — — — 22,475 — — 
Mutual Funds Diversified (a&b)— — — — — 1,003 50,676 — 
Total Investments in Fair Value Hierarchy$121,939 $121,939 $ $ $85,087 $34,411 $50,676 $ 
Investments at Net Asset Value per Share70,095 — — — — — — — 
Total Investments$192,034 $121,939 $ $ $85,087 $34,411 $50,676 $ 
Domestic Fair Value Measurement at December 31, 2019Foreign Fair Value Measurement at December 31, 2019
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,988 $1,988 $ $ $2,030 $2,030 $ $ 
USD— 1,988 — — — — — — 
EUR— — — — — 2,012 — — 
Others— — — — — 18 — — 
Equity Securities (a)$81,997 $81,997 $ $ $2,995 $2,995 $ $ 
U.S. Large Cap Equities— 48,580 — — — — — — 
U.S. Small Cap Equities— 9,921 — — — — — — 
International Equities— 23,496 — — — 2,995 — — 
Fixed Income (a&b)$35,898 $35,898 $ $ $820 $820 $ $ 
Corporate debts securities$ $ $ $ $2,115 $2,115 $ $ 
Euro Corporate Bonds (a)— — — — — 2,115 — — 
Investment Funds$ $ $ $ $66,229 $23,797 $42,432 $ 
Mutual Funds in Equities (a)— — — — — 4,025 — — 
Mutual Funds in Bonds (a)— — — — — 18,881 — — 
Mutual Funds Diversified (a&b)— — — — — 891 42,432 — 
Total Investments in Fair Value Hierarchy$119,883 $119,883 $ $ $74,189 $31,757 $42,432 $ 
Investments at Net Asset Value per Share68,918 — — — — — — — 
Total Investments$188,801 $119,883 $ $ $74,189 $31,757 $42,432 $ 
(a)Based on third party quotation from financial institution.
(b)Based on observable market transactions.
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years
As of December 31, 2020, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next ten years:
Domestic PlansForeign Plans
2021$12,464 $5,514 
202212,533 2,505 
202313,297 3,154 
202414,413 4,591 
202514,461 7,772 
2026 - 203078,437 37,211