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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

158,594

 

 

$

171,358

 

 

$

20,006

 

 

$

24,048

 

Interest cost

 

 

6,616

 

 

 

6,194

 

 

 

554

 

 

 

565

 

Actuarial (gain) loss

 

 

19,251

 

 

 

(11,494

)

 

 

1,045

 

 

 

(2,129

)

Benefits paid

 

 

(7,962

)

 

 

(7,464

)

 

 

(592

)

 

 

(1,255

)

Foreign exchange impact

 

 

 

 

 

 

 

 

837

 

 

 

(1,223

)

Benefit obligation at end of year

 

$

176,499

 

 

$

158,594

 

 

$

21,850

 

 

$

20,006

 

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

134,198

 

 

$

147,908

 

 

$

20,576

 

 

$

24,168

 

Actual return (loss) on plan assets

 

 

33,875

 

 

 

(11,558

)

 

 

2,963

 

 

 

(1,583

)

Employer contributions

 

 

312

 

 

 

5,312

 

 

 

476

 

 

 

494

 

Benefits paid

 

 

(7,962

)

 

 

(7,464

)

 

 

(592

)

 

 

(1,254

)

Foreign exchange impact

 

 

 

 

 

 

 

 

934

 

 

 

(1,249

)

Fair value of plan assets at end of year

 

$

160,423

 

 

$

134,198

 

 

$

24,357

 

 

$

20,576

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over (Under) funded status at end of year

 

$

(16,076

)

 

$

(24,396

)

 

$

2,507

 

 

$

570

 

Schedule of Amounts Recognized in Balance Sheets

The amounts recognized in the consolidated balance sheets at December 31 consisted of:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Non-current asset

 

$

1,479

 

 

$

 

 

$

2,507

 

 

$

570

 

Current liability

 

 

(301

)

 

 

(302

)

 

 

 

 

 

 

Non-current liability

 

 

(17,254

)

 

 

(24,094

)

 

 

 

 

 

 

Net amount recognized

 

$

(16,076

)

 

$

(24,396

)

 

$

2,507

 

 

$

570

 

Amounts Recognized in Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income at December 31 consisted of:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net actuarial loss

 

$

37,671

 

 

$

45,334

 

 

$

4,460

 

 

$

5,849

 

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Below is information for pension plans with projected benefit obligations in excess of plan assets at December 31:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Projected benefit obligation

 

$

141,839

 

 

$

158,594

 

 

$

 

 

$

 

Accumulated benefit obligation

 

 

141,839

 

 

 

158,594

 

 

 

 

 

 

 

Fair value of plan assets

 

 

124,284

 

 

 

134,198

 

 

 

 

 

 

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2019, 2018 and 2017, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Interest cost

 

$

6,616

 

 

$

6,194

 

 

$

6,651

 

 

$

554

 

 

$

565

 

 

$

592

 

Expected return on plan assets

 

 

(9,450

)

 

 

(9,284

)

 

 

(9,288

)

 

 

(787

)

 

 

(885

)

 

 

(797

)

Amortization of net actuarial loss

 

 

2,490

 

 

 

3,814

 

 

 

3,085

 

 

 

244

 

 

 

219

 

 

 

382

 

Net periodic benefit cost

 

$

(344

)

 

$

724

 

 

$

448

 

 

$

11

 

 

$

(101

)

 

$

177

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2019, 2018 and 2017, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Net actuarial (gain) loss

 

$

(5,174

)

 

$

9,348

 

 

$

2,864

 

 

$

(1,144

)

 

$

325

 

 

$

(1,318

)

Amortization of net actuarial loss

 

 

(2,490

)

 

 

(3,814

)

 

 

(3,085

)

 

 

(244

)

 

 

(219

)

 

 

(382

)

Total recognized in other comprehensive

   income

 

$

(7,664

)

 

$

5,534

 

 

$

(221

)

 

$

(1,388

)

 

$

106

 

 

$

(1,700

)

Total recognized in net periodic benefit

   cost and other comprehensive income

 

$

(8,008

)

 

$

6,258

 

 

$

227

 

 

$

(1,377

)

 

$

5

 

 

$

(1,523

)

Estimated Amounts Reclassified from Accumulated Other Comprehensive Income into Net Periodic Benefit Cost

The estimated amounts that will be reclassified from accumulated other comprehensive income into net periodic benefit cost in 2020 are as follows:

 

(In thousands)

 

United

States

 

 

United

Kingdom

 

Net actuarial loss

 

$

4,210

 

 

$

81

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United

States

 

 

United

Kingdom

 

2020

 

$

8,228

 

 

$

507

 

2021

 

 

8,701

 

 

 

530

 

2022

 

 

9,198

 

 

 

575

 

2023

 

 

9,603

 

 

 

616

 

2024

 

 

9,908

 

 

 

653

 

2025-2029

 

 

51,412

 

 

 

3,938

 

 

Defined Contribution Expenses for Company's Qualified Defined Contribution Plans and Statutory Profit Sharing Contributions

Defined contribution expenses for the Company’s qualified defined contribution plans and statutory profit sharing contributions were as follows:

 

(In thousands)

 

2019

 

 

2018

 

 

2017

 

Retirement contributions

 

$

7,328

 

 

$

7,617

 

 

$

4,998

 

Profit sharing contributions

 

 

4,702

 

 

 

4,182

 

 

 

7,002

 

Total

 

$

12,030

 

 

$

11,799

 

 

$

12,000

 

United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.S. pension plans at December 31, 2019 and 2018, by asset category, were as follows:

 

 

 

December 31, 2019

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

7,261

 

 

$

 

 

$

 

 

$

7,261

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

50,319

 

 

 

 

 

 

 

 

 

50,319

 

Non-U.S. Equities

 

 

19,697

 

 

 

 

 

 

 

 

 

19,697

 

Employer Securities

 

 

27,234

 

 

 

 

 

 

 

 

 

27,234

 

Total Equities

 

 

97,250

 

 

 

 

 

 

 

 

 

97,250

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

36,242

 

 

 

 

 

 

36,242

 

U.S. Government and Agency Bonds

 

 

11,080

 

 

 

 

 

 

 

 

 

11,080

 

Other Bonds

 

 

 

 

 

8,590

 

 

 

 

 

 

8,590

 

Total Fixed Income

 

 

11,080

 

 

 

44,832

 

 

 

 

 

 

55,912

 

Total

 

$

115,591

 

 

$

44,832

 

 

$

 

 

$

160,423

 

 

 

 

December 31, 2018

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

4,935

 

 

$

 

 

$

 

 

$

4,935

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

34,751

 

 

 

 

 

 

 

 

 

34,751

 

Non-U.S. Equities

 

 

27,415

 

 

 

 

 

 

 

 

 

27,415

 

Employer Securities

 

 

22,063

 

 

 

 

 

 

 

 

 

22,063

 

Total Equities

 

 

84,229

 

 

 

 

 

 

 

 

 

84,229

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

29,659

 

 

 

 

 

 

29,659

 

U.S. Government and Agency Bonds

 

 

6,314

 

 

 

3,139

 

 

 

 

 

 

9,453

 

Other Bonds

 

 

 

 

 

5,922

 

 

 

 

 

 

5,922

 

Total Fixed Income

 

 

6,314

 

 

 

38,720

 

 

 

 

 

 

45,034

 

Total

 

$

95,478

 

 

$

38,720

 

 

$

 

 

$

134,198

 

 

United Kingdom [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.K. pension plans at December 31, 2019 and 2018, by asset category, were as follows:

 

 

 

December 31, 2019

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

252

 

 

$

1,120

 

 

$

 

 

$

1,372

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

7,533

 

 

 

 

 

 

7,533

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

14,247

 

 

 

 

 

 

14,247

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,205

 

 

 

1,205

 

Total

 

$

252

 

 

$

22,900

 

 

$

1,205

 

 

$

24,357

 

 

 

 

December 31, 2018

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

205

 

 

$

 

 

$

 

 

$

205

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

12,750

 

 

 

 

 

 

12,750

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

6,378

 

 

 

 

 

 

6,378

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,243

 

 

 

1,243

 

Total

 

$

205

 

 

$

19,128

 

 

$

1,243

 

 

$

20,576

 

Fair Value Changes within Asset Categories for which Fair Value Measurements Use Significant Unobservable Inputs (Level 3) Defined Benefit United States Plans and United Kingdom Plans

Fair value changes within asset categories for which fair value measurements use significant unobservable inputs (Level 3) were as follows during 2018 and 2019:

 

(In thousands)

 

Insurance Contracts

 

Fair value, December 31, 2017

 

$

1,698

 

Sale proceeds (benefit payments)

 

 

(129

)

Change in unrealized gain

 

 

(247

)

Foreign exchange impact

 

 

(79

)

Fair value, December 31, 2018

 

$

1,243

 

Sale proceeds (benefit payments)

 

 

(121

)

Change in unrealized gain

 

 

37

 

Foreign exchange impact

 

 

46

 

Fair value, December 31, 2019

 

$

1,205

 

Defined Benefit Plan Periodic Costs [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

 

The weighted-average assumptions used to determine net periodic benefit costs for years ended December 31 were as follows: 

 

 

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2017

 

 

2019

 

 

2018

 

 

2017

 

Discount rate

 

 

4.30

%

 

 

3.67

%

 

 

4.17

%

 

 

2.80

%

 

 

2.40

%

 

 

2.60

%

Expected long-term return on plan assets

 

 

6.75

%

 

 

6.75

%

 

 

7.00

%

 

 

3.82

%

 

 

3.71

%

 

 

3.77

%

Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine benefit obligations at December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Discount rate

 

 

3.30

%

 

 

4.30

%

 

 

2.10

%

 

 

2.80

%