Retirement And Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the year ended December 31, 2020 (in thousands):

Projected Benefit Obligation
Projected benefit obligation at Polyplastic acquisition date	$	78,579
Interest cost	1,007
Net service cost	3,357
Employee contributions	571
Benefits paid	(925)
Actuarial loss, net	5,453
Unrealized loss on foreign exchange	8,670
Projected benefit obligation at end of year	96,712
Fair Value of Plan Assets
Fair value of plan assets at Polyplastic acquisition date	$	49,914
Increase in plan asset value	5,887
Employer contributions	1,222
Employee contributions	571
Benefits and administrative expenses paid	(1,201)
Unrealized gain on foreign exchange	5,543
Fair value of plan assets at end of year	61,936
Underfunded status of the plans at end of the year	$	34,776
Accumulated benefit obligation	$	96,712

Defined Benefit Plan, Assumptions

The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31, 2020:

Discount rate	0.70	%
Expected return on plan assets	0.70	%
Wage inflation	2.00	%

Schedule of Defined Benefit Plans Disclosures

Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheet at December 31, 2020 consist of the following (in thousands):

Deferred taxes	$	8,694
Other long-term liabilities	34,776
Accumulated other comprehensive income (loss)	(207)

Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands):

2021	$	1,139
2022	1,245
2023	1,301
2024	1,390
2025	1,515
2026 - 2030	9,501

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Dutch pension plans for the year ended December 31, 2020 included the following (in thousands):

Net service cost	$	(3,357)
Interest cost	(1,007)
Expected return on plan assets	626
Administrative charges	(276)
Net periodic pension cost	$	(4,014)