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Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Change in Benefit Obligation
The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.
 Pension BenefitsOther Benefits
Years Ended December 31,2020201920202019
  (In thousands) 
Change in benefit obligation:
Benefit obligation, beginning of year$(461,352)$(412,880)$(29,470)$(26,143)
Service cost(3,930)(3,668)(33)(35)
Interest cost(9,729)(12,261)(809)(960)
Participant contributions(73)(86)(5)(4)
Actuarial loss(42,284)(39,329)(110)(2,374)
Divestitures and acquisitions(910)— — — 
Settlements26,970 49 — — 
Curtailments236 — 
Plan amendments(226)— — — 
Foreign currency exchange rate changes(15,345)(9,890)(427)(1,260)
Benefits paid13,718 16,713 1,356 1,306 
Benefit obligation, end of year$(492,925)$(461,352)$(29,498)$(29,470)
Change in Plan Assets
 Pension BenefitsOther Benefits
Years Ended December 31,2020201920202019
  (In thousands) 
Change in plan assets:
Fair value of plan assets, beginning of year$355,726 $311,509 $— $— 
Actual return on plan assets32,470 45,896 — — 
Employer contributions6,393 5,673 1,351 1,302 
Plan participant contributions73 86 
Settlements(26,945)— — — 
Foreign currency exchange rate changes7,803 9,275 — — 
Benefits paid(13,718)(16,713)(1,356)(1,306)
Fair value of plan assets, end of year$361,802 $355,726 $— $— 
Amounts Recognized in Balance Sheets
Funded status, end of year$(131,123)$(105,626)$(29,498)$(29,470)
Amounts recognized in the balance sheets:
Prepaid benefit cost$4,780 $5,542 $— $— 
Accrued benefit liability, current(3,558)(3,000)(1,443)(1,411)
Accrued benefit liability, noncurrent(132,345)(108,168)(28,055)(28,059)
Net funded status$(131,123)$(105,626)$(29,498)$(29,470)
Components of Net Periodic Benefit Costs
The following table provides the components of net periodic benefit costs for the plans.

 Pension BenefitsOther Benefits
Years Ended December 31,202020192018202020192018
   (In thousands)  
Components of net periodic benefit cost:
Service cost$3,930 $3,668 $4,579 $33 $35 $47 
Interest cost9,729 12,261 11,480 809 960 945 
Expected return on plan assets(16,357)(15,699)(16,389)— — — 
Amortization of prior service cost (credit)190 169 (42)— — — 
Settlement loss (gain)3,153 (7)1,342 — — — 
Net loss (gain) recognition2,930 1,432 2,775 (59)(133)(12)
Net periodic benefit cost$3,575 $1,824 $3,745 $783 $862 $980 
Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts
The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.
 Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
2020201920202019
Weighted average assumptions for benefit obligations at year end:
Discount rate1.5 %2.2 %2.5 %2.9 %
Salary increase3.3 %3.5 %N/AN/A
Cash balance interest credit rate4.6 %4.0 %N/AN/A
Weighted average assumptions for net periodic cost for the year:
Discount rate2.2 %3.1 %2.9 %3.7 %
Salary increase3.5 %3.6 %N/AN/A
Cash balance interest credit rate4.0 %4.7 %N/AN/A
Expected return on assets4.9 %5.0 %N/AN/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next yearN/AN/A5.5 %5.6 %
Rate that the cost trend rate gradually declines toN/AN/A5.0 %5.0 %
Year that the rate reaches the rate it is assumed to remain atN/AN/A20262023
Fair Values of Pension Plan Assets by Asset Category
The following table presents the fair values of the pension plan assets by asset category. 
 December 31, 2020December 31, 2019
 Fair Market Value at December 31, 2020Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Investments Measured at NAVFair Market Value at December 31, 2019Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Investments Measured at NAV
 (In thousands)(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund$86,059 $3,012 $— $83,047 $131,563 $2,793 $— $128,770 
Non-U.S. equities fund61,630 5,602 — 56,028 54,496 5,949 — 48,547 
Debt securities(b)
Government bond fund98,418 — 772 97,646 74,219 — 745 73,474 
Corporate bond fund82,434 — 12,150 70,284 40,940 — 9,854 31,086 
Fixed income fund(c)7,320 — — 7,320 35,895 — 33,701 2,194 
Other investments(d)17,367 — — 17,367 9,462 — — 9,462 
Cash & equivalents8,574 3,230 — 5,344 9,151 167 — 8,984 
Total$361,802 $11,844 $12,922 $337,036 $355,726 $8,909 $44,300 $302,517 
 
(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. Funds which are valued using the net asset value method are not included in the fair value hierarchy.

(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Funds valued using the net asset value method are not included in the fair value hierarchy.
(c)This category includes guaranteed insurance contracts and annuity policies.

(d)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds. Funds valued using the net asset method are not included in the fair value hierarchy.
Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts
The following table reflects the benefits as of December 31, 2020 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 
Pension
Plans
Other
Plans
 (In thousands)
2021$19,497 $1,460 
202219,044 1,457 
202320,320 1,458 
202421,247 1,463 
202519,417 1,466 
2026-203099,881 7,413 
Total$199,406 $14,717 
Summary of Accumulated Other Comprehensive Loss and Changes in these Amounts
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2020 and the changes in these amounts during the year ended December 31, 2020 are as follows. 
Pension
Benefits
Other
Benefits
 (In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)$80,671 $(436)
Net prior service cost2,798 — 
$83,469 $(436)
Pension
Benefits
Other
Benefits
 (In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year$56,746 $(600)
Amortization of actuarial gain (loss)(2,930)59 
Actuarial loss42,048 110 
Asset gain(16,113)— 
Settlement loss recognized(3,153)— 
Divestitures and acquisitions335 — 
Currency impact3,738 (5)
Net actuarial loss (gain), end of year$80,671 $(436)
Prior service cost, beginning of year$2,661 $— 
Amortization of prior service cost(190)— 
Prior service cost occurring during the year226 — 
Currency impact101 — 
Prior service cost, end of year$2,798 $—