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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2020
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Components of Defined Benefit Pension Expense The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other (expense) income, net in the Consolidated Statements of Operations.
 202020192018
Service cost $4,421 $3,659 $3,145 
Interest cost718 851 840 
Expected return on plan assets(493)(517)(475)
Recognition of actuarial loss 474 237 340 
Total defined benefit pension plan expense$5,120 $4,230 $3,850 
Schedule of Assumptions Used in the Computation of Pension Expense The table below presents the key assumptions used in the computation of pension expense for the years ended December 31.
 202020192018
Weighted average discount rate (1)1.28 %1.81 %1.78 %
Expected return on plan assets2.04 %2.54 %2.45 %
Average compensation increase2.58 %2.58 %2.66 %
Cash balance interest credit rate1.20 %1.90 %1.90 %

(1)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.
Schedule of Changes in the Projected Benefit Obligation
The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands).
 202020192018
Projected benefit obligation at beginning of year$52,503 $44,890 $45,450 
Service cost4,421 3,659 3,145 
Interest cost718 851 840 
Actuarial loss (gain) due to assumption changes and plan experience (1)1,516 4,524 (430)
Contractual termination benefits— — (950)
Benefits payments (2)(1,438)(830)(1,400)
Foreign currency impact4,577 (591)(1,765)
Projected benefit obligation at end of year (3)$62,297 $52,503 $44,890 

The table below presents the key assumptions used in determining the projected benefit obligations at December 31.
 202020192018
Weighted average discount rate (4)0.94 %1.28 %1.81 %
Average compensation increase2.58 %2.58 %2.58 %
Cash balance interest credit rate0.80 %1.20 %1.90 %

(1)The actuarial losses in 2020 and 2019 were primarily due to a reduction in our weighted average discount rate assumption.
(2)The Company projects benefit payments will be made in future years directly to plan participants as follows: $1.8 million in 2021; $1.8 million in 2022; $2.3 million in 2023; $2.3 million in 2024; $2.5 million in 2025; and $15.1 million in total in the five years thereafter.
(3)Measured as of December 31.
(4)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.
Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet
The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands).
Funded status of the plans202020192018
Projected benefit obligation$62,297 $52,503 $44,890 
Pension plan assets at fair value (1)(28,636)(23,444)(19,460)
Funded status – shortfall (2)$33,661 $29,059 $25,430 
Accumulated benefit obligation$58,963 $49,485 $42,611 

Amounts recorded in the Consolidated Balance Sheets for the plans
Other liabilities – accrued pension obligation (2)$33,661 $29,059 $25,430 
Stockholders’ equity – deferred actuarial loss (3)$(9,309)$(8,584)$(5,738)
(1)The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 1.19%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below.
(2)Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.
(3)The deferred actuarial loss as of December 31, 2020 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 14 years, subject to certain limitations set forth in FASB ASC Topic 715. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the years ended December 31, 2020, 2019 and 2018 was immaterial
Schedule of Defined Benefit Pension Plans Assets
The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands).
202020192018
Pension plan assets at the beginning of the year$23,444 $19,460 $18,475 
Company contributions3,924 4,405 4,478 
Benefit payments(1,438)(830)(1,400)
Actual return on plan assets684 714 (164)
Contractual termination benefits— — (950)
Foreign currency impact2,022 (305)(979)
Pension plan assets at the end of the year$28,636 $23,444 $19,460