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Pensions and Other Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Plan Benefit Obligations
The following table sets forth the plan benefit obligations:
As of December 31, 2020As of December 31, 2019
(in thousands)
Pension plans
Other
postretirement benefits
Pension plans
Other postretirement benefits
Benefit obligation, beginning of year
$227,211 $54,384 $201,450 $51,127 
Service cost
2,279 200 2,543 189 
Interest cost
6,172 1,712 7,216 2,115 
Plan participants' contributions
198  243 — 
Actuarial (gain)/loss
13,309 (4,794)22,645 4,686 
Benefits paid
(8,123)(3,555)(8,404)(3,782)
Settlements and curtailments
(474) (1,768)— 
Plan amendments and other
(204) 152 — 
Foreign currency changes
5,432 30 3,134 49 
Benefit obligation, end of year
$245,800 $47,977 $227,211 $54,384 
Accumulated benefit obligation
$236,321 $ $218,006 $— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
2.65 %2.38 %3.40 %3.27 %
Discount rate — non-U.S. plans
1.91 %2.75 %2.31 %3.05 %
Cash balance interest crediting rate - Switzerland pension plan0.05 % 0.25 %— 
Compensation increase — U.S. plan
 N/A— 3.00 %
Compensation increase — non-U.S. plans
2.71 %2.75 %2.81 %3.00 %
Schedule of Plan Assets
The following sets forth information about plan assets:
As of December 31, 2020As of December 31, 2019
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets, beginning of year
$211,755 $ $178,942 $— 
Actual return on plan assets, net of expenses
28,477  32,367 — 
Employer contributions
3,219 3,555 4,670 3,782 
Plan participants' contributions
198  243 — 
Benefits paid
(8,123)(3,555)(8,404)(3,782)
Settlements
(737) (260)— 
Foreign currency changes
4,262  4,197 — 
Fair value of plan assets, end of year
$239,051 $ $211,755 $— 
Schedule of Funded Status of Plans
The funded status of the plans was as follows:
As of December 31, 2020As of December 31, 2019
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets
$239,051 $ $211,755 $— 
Benefit obligation
245,800 47,977 227,211 54,384 
Funded status
$(6,749)$(47,977)$(15,456)$(54,384)
Accrued benefit cost, end of year
$(6,749)$(47,977)$(15,456)$(54,384)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset
$31,139 $ $21,337 $— 
Current liability
(2,281)(3,660)(2,155)(3,808)
Noncurrent liability
(35,607)(44,317)(34,638)(50,576)
Net amount recognized
$(6,749)$(47,977)$(15,456)$(54,384)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss
$53,065 $20,736 $63,240 $28,119 
Prior service cost/(credit)
393 (12,946)639 (17,434)
Net amount recognized
$53,458 $7,790 $63,879 $10,685 
Schedule of Composition of Accrued Pension Cost
The composition of the net pension plan funded status as of December 31, 2020 was as follows:
(in thousands)
U.S. plan
Non-U.S. plans
Total
Pension plans with pension assets
$1,551 $25,160 $26,711 
Pension plans without pension assets
(6,022)(27,438)(33,460)
Total
$(4,471)$(2,278)$(6,749)
Schedule of Net Periodic Benefit Plan Cost
The composition of the net periodic benefit plan cost for the years ended December 31, 2020, 2019, and 2018, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
202020192018202020192018
Components of net periodic benefit cost:
Service cost
$2,279 $2,543 $2,723 $200 $189 $232 
Interest cost
6,172 7,216 7,217 1,712 2,114 2,024 
Expected return on assets
(6,853)(8,285)(8,873) — — 
Amortization of prior service cost/(credit)
14 68 34 (4,488)(4,488)(4,488)
Amortization of net actuarial loss
2,412 2,253 2,219 2,592 2,227 2,956 
Settlement
148 (16)2,246  — — 
Curtailment (gain)/loss
263 466 (752) — — 
Net periodic benefit cost
$4,435 $4,245 $4,814 $16 $42 $724 
Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan
3.40 %4.41 %3.70 %3.27 %4.31 %3.59 %
Discount rate — non-U.S. plans
2.31 %2.98 %2.83 %3.05 %3.65 %3.40 %
Cash balance interest crediting rate - Switzerland pension plan0.25 %0.85 %0.65 % — — 
Expected return on plan assets — U.S. plan
3.54 %4.57 %3.87 % — — 
Expected return on plan assets — non-U.S. plans
3.45 %4.45 %4.83 % — — 
Rate of compensation increase — U.S. plan
 — — N/A3.00 %— 
Rate of compensation increase — non-U.S. plans
2.81 %3.02 %3.04 %3.00 %3.00 %3.00 %
Schedule of (Gains)/Losses Recognized in Other Comprehensive Income
Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2020, 2019, and 2018, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
202020192018202020192018
Settlements/curtailments
$(411)$(450)$(1,494)$ $— $— 
Asset/liability loss/(gain)
(8,053)(2,794)6,411 (4,794)4,685 (6,100)
Amortization of actuarial (loss)
(2,412)(2,253)(2,219)(2,592)(2,227)(2,956)
Amortization of prior service cost/(credit)
(14)(68)(34)4,488 4,488 4,488 
Other(204)— — — — — 
Currency impact
670 316 (1,389)3  — 
Cost/(benefit) in Other comprehensive income
$(10,424)$(5,249)$1,275 $(2,895)$6,946 $(4,568)
Schedule of Fair Value of Plan Assets As of December 31, 2020 and 2019, there were no investments expected to be sold at a value materially different than NAV.
Assets at Fair Value as of December 31, 2020
(in thousands)Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant 
unobservable inputs Level 3
Total
Common Stocks and equity funds$— $— $— $— 
Debt securities— 104,642 — 104,642 
Insurance contracts— — 3,819 3,819 
Cash and short-term investments1,095 — — 1,095 
Total investments in the fair value hierarchy$1,095 $104,642 $3,819 109,556 
Investments at net asset value:
Common Stocks and equity funds20,213 
Fixed income funds107,012 
Limited partnerships2,270 
Total plan assets$239,051 
Assets at Fair Value as of December 31, 2019
(in thousands)
Quoted prices in active markets Level 1
Significant other observable inputs Level 2
Significant unobservable inputs Level 3
Total
Common Stocks and equity funds
$216 $— $— $216 
Debt securities
— 92,721 — 92,721 
Insurance contracts
— — 3,244 3,244 
Cash and short-term investments
2,793 — — 2,793 
Total investments in the fair value hierarchy
$3,009 $92,721 $3,244 98,974 
Investments at net asset value:
Common Stocks and equity funds
56,846 
Fixed income funds
52,751 
Limited partnerships
3,184 
Total plan assets
$211,755 
Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2020 and 2019:
(in thousands)
December 31, 2019
Net realized gains
Net unrealized gains
Net purchases,issuances
and settlements
Net transfers (out of) Level 3
December 31, 2020
Insurance contracts -
total level 3 assets
$3,244 $— $22 $553 $— $3,819 
(in thousands)
December 31, 2018
Net realized gains
Net unrealized gains
Net purchases, issuances
and settlements
Net transfers (out of) Level 3
December 31, 2019
Insurance contracts -
total level 3 assets
$2,890 $— $20 $334 $— $3,244 
Schedule of Asset Allocation
The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2020 and 2019, and the target allocation, by asset category, are as follows:
United States Plan
Non-U.S. Plans
Target
Allocation
Percentage of plan assets at plan measurement date
Target
Allocation
Percentage of plan assets at plan measurement date
Asset category
2020201920202019
Equity securities
 %— %%13 %13 %13 %
Debt securities
100 %98 %96 %82 %81 %80 %
Real estate
 %%%1 %%%
Other(1)
 %— %%4 %%%
100 %100 %100 %100 %100 %100 %
(1)Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets
At the end of 2020 and 2019, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
Plans with projected
benefit obligation in
excess of plan assets
(in thousands)
20202019
Projected benefit obligation
$42,703 $137,123 
Fair value of plan assets
4,815 100,330 

Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)20202019
Accumulated benefit obligation$40,133 $134,737 
Fair value of plan assets4,815 100,330 
Schedule of Expected Cash Flows
Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands)
Pension plans
Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year
$2,527 $3,660 
Expected benefit payments
2021 8,134 3,660 
2022 8,585 3,530 
2023 8,794 3,418 
2024 9,286 3,279 
2025 10,009 3,129 
2026-203054,403 14,027