Employee Retirement Plans and Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2019

Employee Retirement Plans and Postretirement Benefits

Changes in projected benefit obligations and plan assets

The Company’s projected benefit obligation and plan assets for defined benefit pension plans at December 31, 2019 and 2018 and the related assumptions used to determine the related liabilities are as follows:

	Years Ended December 31,
	2019		2018
Projected benefit obligation, beginning of year	$	33,178	$	34,498
Acquisition		48,350		1,063
Service cost		272		841
Interest cost		1,211		802
Actuarial loss		(193)		(988)
Benefits paid		(1,779)		(1,113)
Translation adjustment		2,223		(1,925)
Projected benefit obligation, end of year	$	83,262	$	33,178
Fair value of plan assets, beginning of year	$	13,433	$	14,181
Acquisitions		102		981
Actual return on plan assets		380		675
Contributions		644		828
Benefits paid		(1,176)		(1,086)
Actuarial gain		1,064		(1,357)
Translation adjustment		456		(789)
Fair value of plan assets, end of year	$	14,903	$	13,433
Funded status of plan	$	(68,359)	$	(19,745)

Schedule of net periodic pension benefit costs

	Years Ended December 31,
	2019		2018		2017
Service cost	$	272	$	841	$	—
Interest cost		1,211		802		809
Expected return on plan assets		(615)		(665)		(597)
Amortization of actuarial gains and losses		411		478		503
Net periodic pension cost	$	1,279	$	1,456	$	715

Schedule of assumptions used in determination of net period pension cost

Assumptions used in the determination of the net periodic pension cost are:

	Years Ended December 31,
	2019		2018		2017
Discount rate	2.7	%	2.8	%	2.6	%
Expected long-term return on plan assets	4.6	%	4.8	%	4.8	%

The fair value of the Company’s qualified pension plan assets by category for the years ended December 31, are as follows:

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Multi-Asset Fund	$	—	$	4,825	$	—	$	4,825
Diversified Growth Fund		—		4,855		—		4,855
Index-Linked Gilts		—		1,934		—		1,934
Corporate Bonds		—		2,090		—		2,090
Insurance Contracts		—		—		1,045		1,045
Cash		154		—		—		154
Total	$	154	$	13,704	$	1,045	$	14,903

	December 31, 2018
	Level 1		Level 2		Level 3		Total
Multi-Asset Fund	$	—	$	4,570	$	—	$	4,570
Diversified Growth Fund		—		4,650		—		4,650
Index-Linked Gilts		—		2,044		—		2,044
Corporate Bonds		—		2,044		—		2,044
Insurance Contracts		—		—		72		72
Cash		53		—		—		53
Total	$	53	$	13,308	$	72	$	13,433

Schedule of fair value qualified pension plan assets

	Years Ended December 31,
	2019		2018		2017
Discount rate	2.7	%	2.8	%	2.6	%
Expected long-term return on plan assets	4.6	%	4.8	%	4.8	%

Schedule of expected future benefit payments under defined benefit pension plans

Expected future payments under defined benefit pension plans, based on foreign exchange rates as of December 31, 2019, are as follows:

Expected Future Benefit Payments
2020	$	6,113
2021		7,039
2022		5,673
2023		5,716
2024		14,487
Thereafter		134,802