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Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2020 and 2019. Reconciliations of the obligations and funded status of the plans follow:
 
 20202019
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Benefit obligation, January 1$430,625 $87,031 $517,656 $388,334 $79,307 $467,641 
Service cost4,134 2,135 6,269 3,715 1,710 5,425 
Interest cost14,015 1,069 15,084 16,628 1,611 18,239 
Amendments 1,014 1,014 240 (934)(694)
Actuarial loss37,709 2,812 40,521 46,662 11,843 58,505 
Benefits paid(25,049)(3,422)(28,471)(24,954)(4,026)(28,980)
Transfers in 767 767 — 2,165 2,165 
Plan curtailments(138) (138)— — — 
Plan settlements (2,165)(2,165)— (1,582)(1,582)
Participant contributions 1,127 1,127 — 1,131 1,131 
Foreign exchange rate changes 6,140 6,140 — 1,975 1,975 
Reclassified to liabilities held for sale (see Note 3)   — (6,169)(6,169)
Benefit obligation, December 31461,296 96,508 557,804 430,625 87,031 517,656 
Fair value of plan assets, January 1380,242 82,265 462,507 322,615 73,607 396,222 
Actual return on plan assets55,813 3,849 59,662 64,681 6,992 71,673 
Company contributions2,892 1,545 4,437 17,900 1,808 19,708 
Participant contributions 1,127 1,127 — 1,131 1,131 
Benefits paid(25,049)(3,422)(28,471)(24,954)(4,026)(28,980)
Plan settlements (2,165)(2,165)— (1,582)(1,582)
Transfers in 767 767 — 2,165 2,165 
Foreign exchange rate changes 4,914 4,914 — 2,170 2,170 
Fair value of plan assets, December 31413,898 88,880 502,778 380,242 82,265 462,507 
Underfunded status, December 31$(47,398)$(7,628)$(55,026)$(50,383)$(4,766)$(55,149)
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2020 and 2019. Reconciliations of the obligations and underfunded status of the plans follow:
 
20202019
Benefit obligation, January 1$33,239 $33,076 
Service cost81 70 
Interest cost1,041 1,345 
Actuarial loss950 380 
Benefits paid(3,203)(2,917)
Participant contributions960 1,246 
Foreign exchange rate changes36 39 
Benefit obligation, December 3133,104 33,239 
Fair value of plan assets, January 1 — 
Company contributions2,243 1,671 
Participant contributions960 1,246 
Benefits paid(3,203)(2,917)
Fair value of plan assets, December 31 — 
Underfunded status, December 31$33,104 $33,239 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 20202019
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Projected benefit obligation$352,062 $52,481 $404,543 $334,808 $46,256 $381,064 
Fair value of plan assets298,966 34,947 333,913 282,213 31,248 313,461 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 20202019
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Accumulated benefit obligation$340,158 $52,357 $392,515 $322,999 $52,202 $375,201 
Fair value of plan assets298,966 34,947 333,913 282,213 31,248 313,461 
Schedule of Amounts Recognized in Balance Sheet
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 20202019
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Other assets$5,698 $9,906 $15,604 $2,212 $10,242 $12,454 
Accrued liabilities3,204  3,204 2,977 — 2,977 
Accrued retirement benefits49,892 17,534 67,426 49,618 15,008 64,626 
Accumulated other non-owner changes to equity, net(118,951)(19,132)(138,083)(122,109)(18,859)(140,968)
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
20202019
Accrued liabilities$3,114 $5,067 
Accrued retirement benefits29,990 28,172 
Accumulated other non-owner changes to equity, net(4,036)(3,079)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2020 and 2019, respectively, consist of:
 20202019
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Net actuarial loss$(117,409)$(18,687)$(136,096)$(119,908)$(19,190)$(139,098)
Prior service costs(1,542)(445)(1,987)(2,201)331 (1,870)
$(118,951)$(19,132)$(138,083)$(122,109)$(18,859)$(140,968)
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2020 and 2019 consist of:
20202019
Net actuarial loss$(3,979)$(2,981)
Prior service loss(57)(98)
$(4,036)$(3,079)
The sources of changes in accumulated other non-owner changes to equity, net, during 2020 were: 
PensionOther
Postretirement
Benefits
Prior service cost$(808)$ 
Net loss(7,984)(1,000)
Amortization of prior service costs628 21 
Amortization of actuarial loss10,925 27 
Divestiture (see Note 3)1,347  
Foreign exchange rate changes(1,223)(5)
$2,885 $(957)
Schedule of Assumptions Used, Benefit Obligation
Weighted-average assumptions used to determine benefit obligations as of December 31, are:
20202019
U.S. plans:
Discount rate2.65 %3.40 %
Increase in compensation2.56 %2.56 %
Non-U.S. plans:
Discount rate0.83 %1.26 %
Increase in compensation2.75 %2.72 %
Interest crediting rate1.34 %1.72 %
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2020 and 2019, by asset category are as follows:
  Fair Value Measurements Using
Asset CategoryTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
December 31, 2020
Cash and short-term investments$3,678 $3,678 $ $— 
Equity securities:
U.S. large-cap44,693  44,693 — 
U.S. mid-cap20,346 20,346  — 
U.S. small-cap19,422 19,422  — 
International equities153,315  153,315 — 
Global equity55,552 55,552  — 
Fixed income securities:
U.S. bond funds125,309  125,309 — 
International bonds77,221  77,221 — 
Other3,242   3,242 
$502,778 $98,998 $400,538 $3,242 
December 31, 2019
Cash and short-term investments3,737 3,737 — — 
Equity securities:
U.S. large-cap40,538 — 40,538 — 
U.S. mid-cap17,744 17,744 — — 
U.S. small-cap16,116 16,116 — — 
International equities146,013 — 146,013 — 
Global equity51,037 51,037 — — 
Fixed income securities:
U.S. bond funds124,429 — 124,429 — 
       International bonds60,050 — 60,050 — 
Other2,843 — — 2,843 
$462,507 $88,634 $371,030 $2,843 
Schedule of Expected Benefit Payments
The following are the estimated future net benefit payments, which include future service, over the next 10 years:
PensionsOther
Postretirement
Benefits
2021$29,590 $3,114 
202229,531 2,888 
202329,650 2,681 
202429,505 2,499 
202529,167 2,342 
Years 2026-2030146,049 9,782 
Total$293,492 $23,306 
Schedule of Net Benefit Costs
Pension and other postretirement benefit costs consist of the following:
 PensionsOther
Postretirement Benefits
 202020192018202020192018
Service cost$6,269 $5,425 $5,961 $81 $70 $85 
Interest cost15,084 18,239 17,383 1,041 1,345 1,358 
Expected return on plan assets(29,698)(29,425)(29,900) — — 
Amortization of prior service cost 359 404 560 27 25 20 
Recognized losses13,626 8,889 11,628 35 13 561 
Curtailment loss484 — —  — — 
Settlement loss549 340 —  — — 
Net periodic benefit cost$6,673 $3,872 $5,632 $1,184 $1,453 $2,024 
Schedule of Assumptions Used, Net Benefit Expense
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31, are:
 
202020192018
U.S. plans:
Discount rate3.40 %4.40 %3.90 %
Long-term rate of return7.75 %7.75 %7.75 %
Increase in compensation2.56 %2.56 %2.56 %
Non-U.S. plans:
Discount rate1.28 %2.07 %1.90 %
Long-term rate of return3.02 %3.90 %4.09 %
Increase in compensation2.75 %2.72 %2.17 %
Interest crediting rate1.34 %1.03 %1.03 %
Schedule of Multiemployer Plans
Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:
Contributions by the Company
Pension Fund:202020192018
Swedish Pension Plan 783 $754 $792 
Total Contributions$783 $754 $792