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Employee Retirement and Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2019

The components of net periodic benefit cost are summarized as follows for the years ended December 31:



(amounts in thousands)
Components of pension benefit expense - U.S. benefit plan	2019			2018			2017
Service cost	$	4,890		$	4,170		$	3,870
Interest cost	14,861			13,180			13,371
Expected return on plan assets	(18,622		)	(20,769		)	(17,940		)
Amortization of net actuarial pension loss	8,919			9,314			12,680
Pension benefit expense	$	10,048		$	5,895		$	11,981

Discount rate used to determine benefit costs	4.27%			3.47%			3.94%
Expected long-term rate of return on assets	6.25%			6.25%			6.25%
Compensation increase rate	N/A			N/A			N/A



(amounts in thousands)
Change in fair value of plan assets - U.S. benefit plan	2019			2018
Balance as of January 1,	$	302,763		$	339,751
Actual return on plan assets	69,767			(20,466		)
Company contribution	7,760			4,125
Benefits paid	(16,751		)	(15,965		)
Administrative expenses paid	(4,962		)	(4,682		)
Balance at period end	$	358,577		$	302,763

The plan’s investments as of December 31 are summarized below:



	% of Plan Assets
Summary of plan investments - U.S. benefit plan	2019	2018
Equity securities	7.9	7.4
Debt securities	36.1	38.0
Other	56.0	54.6
	100.0	100.0

The plan’s projected benefit obligation is determined by using weighted-average assumptions made on December 31, of each year as summarized below:



(amounts in thousands)
Change in projected benefit obligation - U.S. benefit plan	2019			2018
Balance as of January 1,	$	383,936		$	435,696
Service cost	4,890			4,170
Interest cost	14,861			13,180
Actuarial loss	51,434			(48,463		)
Benefits paid	(16,751		)	(15,965		)
Administrative expenses paid	(4,962		)	(4,682		)
Balance at period end	$	433,408		$	383,936
Discount rate	3.31%			4.27%
Compensation increase rate	N/A			N/A

As of December 31, 2019, the plan’s estimated benefit payments for the next ten years are as follows (amounts in thousands):

The plan’s funded status as of December 31 is as follows:



(amounts in thousands)
Unfunded pension liability - U.S. benefit plan	2019			2018
Projected benefit obligation at end of period	$	433,408		$	383,936
Fair value of plan assets at end of period	(358,577		)	(302,763		)
Unfunded pension liability	$	74,831		$	81,173

Net actuarial pension losses are recorded in consolidated other comprehensive income (loss) for the years ended December 31 are as follows:



(amounts in thousands)
Accumulated other comprehensive (income) loss - U.S. benefit plan	2019			2018			2017
Net actuarial pension loss beginning of period	$	96,090		$	112,632		$	127,982
Amortization of net actuarial loss	(8,919		)	(9,314		)	(12,680		)
Net loss (gain) occurring during year	288			(7,228		)	(2,670		)
Net actuarial pension loss at end of period	87,459			96,090			112,632
Tax benefit	(3,145		)	(5,344		)	(9,583		)
Net actuarial pension loss at end of period, net of tax	$	84,314		$	90,746		$	103,049



(amounts in thousands)
Components of pension benefit expense - Non-U.S. benefit plans	2019			2018			2017
Service cost	$	2,386		$	2,070		$	1,668
Interest cost	1,398			1,417			1,272
Expected return on plan assets	(589		)	(833		)	(700		)
Amortization of net actuarial pension loss	225			189			145
Pension benefit expense	$	3,420		$	2,843		$	2,385

Discount rate	0.6% - 8.5%			0.2% - 9.0%			0.8% - 7.2%
Expected long-term rate of return on assets	0.0% - 5.8%			0.0% - 5.3%			0.0% - 5.7%
Compensation increase rate	0.5% - 7.0%			0.5% - 7.0%			0.5% - 7.0%



(amounts in thousands)
Change in fair value of plan assets - Non-U.S. benefit plans	2019			2018
Balance as of January 1,	$	12,676		$	15,994
Actual return on plan assets	1,398			(33		)
Company contribution	236			250
Benefits paid	(3,272		)	(2,046		)
Administrative expenses paid	(21		)	(25		)
Cumulative translation adjustment	(93		)	(1,464		)
Balance at period end	$	10,924		$	12,676

The investments of the non-U.S. plans as of December 31 are summarized below:



	% of Plan Assets
Summary of plan investments - Non-U.S. benefit plans	2019	2018
Equity securities	45.8	48.4
Debt securities	20.7	20.8
Other	33.5	30.8
	100.0	100.0



(amounts in thousands)
Change in projected benefit obligation - Non-U.S. benefit plans	2019			2018
Balance as of January 1,	$	42,803		$	41,406
Pension obligation acquired	—			4,891
Service cost	2,655			2,242
Interest cost	1,405			956
Actuarial loss	6,084			776
Benefits paid	(5,240		)	(4,481		)
Administrative expenses paid	(21		)	(25		)
Cumulative translation adjustment	21			(2,962		)
Balance at period end	$	47,707		$	42,803

Discount rate	0.6% - 8.5%			0.2% - 9.0%
Compensation increase rate	0.5% - 7.0%			0.5% - 7.0%

As of December 31, 2019, the estimated benefit payments for the non-U.S. plans over the next ten years are as follows (amounts in thousands):

The funded status of these plans as of December 31 are as follows:



(amounts in thousands)
Unfunded pension liability - Non-U.S. benefit plans	2019			2018
Projected benefit obligation at end of period	$	47,707		$	42,803
Fair value of plan assets at end of period	(10,924		)	(12,676		)
Net pension liability	$	36,783		$	30,127

Long-term unfunded pension liability	$	33,106		$	26,349
Current portion	5,605			5,295
Total unfunded pension liability	$	38,711		$	31,644

Total overfunded pension liability	$	1,928		$	1,517

Net actuarial pension losses are recorded in consolidated other comprehensive income (loss) for the years ended December 31 are as follows:



(amounts in thousands)
Accumulated other comprehensive income (loss) - Non-U.S. benefit plans	2019			2018			2017
Net actuarial pension loss beginning of period	$	7,450		$	7,359		$	6,781
Amortization of net actuarial loss	(553		)	(1,442		)	(149		)
Net gain occurring during year	5,232			1,462			742
Cumulative translation adjustment	108			71			(15		)
Net actuarial pension loss at end of period	12,237			7,450			7,359
Tax benefit	(2,958		)	(1,911		)	(1,886		)
Net actuarial pension loss at end of period, net of tax	$	9,279		$	5,539		$	5,473