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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Projected benefit obligation, January 1
   $ 25,369     $ 119,590     $ 21,186     $ 103,366  
Service cost
     884       4,577       665       4,519  
Employee contributions
     1,176       561       1,149       514  
Interest cost
     559       1,247       711       1,413  
Actuarial (gains) losses
     (852     (5,803     2,788       2,624  
Benefits paid
     (1,178     (5,334     (1,130     (1,474
Plan amendments
     —         69       —         —    
Plan settlements
     —         (341     —         (1,449
Currency impact
     —         (7,642     —         10,077  
    
 
 
   
 
 
   
 
 
   
 
 
 
Projected benefit obligation, December 31
   $ 25,958     $ 106,924     $ 25,369     $ 119,590  
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
The reconciliation of the fair value of the plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Fair value of plan assets, January 1
   $ 16,168     $ 93,890     $ 13,773     $ 83,011  
Actual return on plan assets
     1,682       2,739       1,967       1,395  
Company contributions
     466       5,529       409       3,581  
Employee contributions
     1,176       561       1,149       514  
Plan settlements
     —         (341     —         (1,449
Benefits paid
     (1,178     (5,334     (1,130     (1,474
Currency impact
     —         (5,875     —         8,312  
    
 
 
   
 
 
   
 
 
   
 
 
 
Fair value of plan assets, December 31
   $ 18,314     $ 91,169     $ 16,168     $ 93,890  
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Projected benefit obligation
   $ (25,958   $ (106,924   $ (25,369   $ (119,590
Fair value of plan assets
     18,314       91,169       16,168       93,890  
    
 
 
   
 
 
   
 
 
   
 
 
 
Funded status
   $ (7,644   $ (15,755   $ (9,201   $ (25,700
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
The summary of the amount
s
 recognized in the consolidated balance sheets for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Long-term assets
   $ —       $ 1,992     $ —       $ 971  
Current liabilities
     (466     —         (409     (1,999
Long-term liabilities
     (7,178     (17,747     (8,792     (24,672
    
 
 
   
 
 
   
 
 
   
 
 
 
Net amount recognized at December 31
   $ (7,644   $ (15,755   $ (9,201   $ (25,700
    
 
 
   
 
 
   
 
 
   
 
 
 
Summary of the Non-U.S. Pension Plans
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
 
Accumulated benefit obligations
   $ 75,178      $ 84,940  
Fair value of plan assets
   $ 66,414      $ 68,334  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
    
2020
 
Projected benefit obligations
   $ 96,010      $ 107,093  
Fair value of plan assets
   $ 78,264      $ 80,422  
Defined Benefit Plan, Net Periodic Benefit Cost
The summary of the components of net periodic pension costs for the plans for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
   
2020
   
2019
 
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Service cost
  $ —       $ 884     $ 4,577     $ —       $ 665     $ 4,519     $ —       $ 499     $ 4,339  
Interest cost
    —         559       1,247       —         711       1,413       29       777       1,735  
Expected return on plan assets
    —         (1,011     (1,835     —         (871     (1,874     —         (706     (2,154
Settlement loss
    —         —         77       —         —         235       27       —         1,548  
Net amortization:
                                                                       
Prior service credit
    —         (19     (87     —         (19     (163     —         (19     (108
Net actuarial loss
    —         10       1,186       —         —         1,571       —         —         531  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net periodic pension cost
  $ —       $ 423     $ 5,165     $ —       $ 486     $ 5,701     $ 56     $ 551     $ 5,891  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Defined Beneift Plan, Amounts Recognized in Other Comprehensive Income (Loss)
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):
 
   
2021
   
2020
   
2019
 
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Prior service credit
  $ —       $ —       $ (69   $ —       $ —       $ —       $ —       $ —       $ —    
Net gain (loss) arising during the year
    —         1,524       6,708       —         (1,692     (3,104     32       (648     (8,940
Amortization:
                                                                       
Prior service credit
    —         (19     (87     —         (19     (163     —         (19     (108
Net loss
    —         10       1,263       —         —         1,806       27       —         2,079  
Other Plans
    —         —         —         —         —         —         —         —         18  
Currency impact
    —         —         1,179       —         —         (2,225     —         —         178  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total recognized in other comprehensive income (loss)
  $ —       $ 1,515     $ 8,994     $ —       $ (1,711   $ (3,686   $ 59     $ (667   $ (6,773
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Accumulated Other Comprehensive Income
The summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2021 and 2020 is as follows (in thousands):
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Net actuarial loss
   $ (889   $ (14,938   $ (2,423   $ (24,138
Prior service credit
     55       152       74       358  
    
 
 
   
 
 
   
 
 
   
 
 
 
Total
   $ (834   $ (14,786   $ (2,349   $ (23,780
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Actual Plan Asset Allocations
The plans’ investment asset mix is as follows at December 31, 2021 and 2020:
 
    
2021
   
2020
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Equity securities
     77     8     67     5
Debt securities
     23     18     33     20
Cash and cash equivalents
     0     1     0     1
Insurance contracts and other
     0     73     0     74
    
 
 
   
 
 
   
 
 
   
 
 
 
Total
     100     100     100     100
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Target Asset Allocations
The plans’ investment policies include th
e
 following asset allocation guidelines:
 
    
U.S. Retiree Healthcare Plan
    
Non-U.S.

Pension Plans

Policy Target
 
    
Policy Target
   
Range
 
Equity securities
     60     30% -  90%        13
Debt securities
     35     20% -  50%        19
Cash and cash equivalents
     0     0% -  10%        8
Insurance contracts and other
     5     0% -  10%        60
Defined Benefit Plan, Fair Value Measurement of Plan Assets The fair value of the Company’s retirement plan assets are as follows at December 31, 2021 (in thousands):
 
    
Total at
December 31,
2021
    
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs (Level
 
3)
 
U.S. Retiree Healthcare Plan:
                                   
Mutual funds
(a)
     18,314        18,314        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. Retiree Healthcare Plan
     18,314        18,314        —          —    
Non-U.S.
Pension Plans:
                                   
Cash equivalents
(b)
     1,333        1,333        —          —    
Mutual funds
(c)
     23,891        23,891        —          —    
Bank and insurance investment contracts
(d)
     65,945        —          —          65,945  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
Non-U.S.
Pension Plans
     91,169        25,224        —          65,945  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value of retirement plan assets
   $ 109,483      $ 43,538      $ —        $ 65,945  
    
 
 
    
 
 
    
 
 
    
 
 
 
The fair value of the Company’s retirement plan assets are as follows at December 31, 2020 (in thousands):
 
    
Total at
December 31,
2020
    
Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs

(Level 3)
 
U.S. Retiree Healthcare Plan:
                                   
Mutual funds
(e)
     16,168        16,168        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. Retiree Healthcare Plan
     16,168        16,168        —          —    
Non-U.S.
Pension Plans:
                                   
Cash equivalents
(b)
     1,188        1,188        —          —    
Mutual funds
(f)
     23,582        23,582        —          —    
Bank and insurance investment contracts
(d)
     69,120        —          —          69,120  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
Non-U.S.
Pension Plans
     93,890        24,770        —          69,120  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value of retirement plan assets
   $ 110,058      $ 40,938      $ —        $ 69,120  
    
 
 
    
 
 
    
 
 
    
 
 
 
(a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 48% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 23% in fixed income bonds of U.S. companies and the U.S. government.
(b)
Primarily represents deposit account funds held with various financial institutions.
(c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 58% in international bonds, 31% in the common stock of international companies and 11% in various other global investments.
(d)
Amount represents bank and insurance guaranteed investment contracts.
(e)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 36% in the common stock of
large-cap
U.S. companies, 31% in the common stock of international growth companies and 33% in fixed income bonds of U.S. companies and the U.S. government.
(f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 64% in international bonds, 19% in the common stock of international companies and 17% in various other global investments.
Defined Benefit Plan, Fair Value of Plan Assets, Unobservable Input Reconciliation
The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2021 and 2020 (in thousands):
 
    
Insurance
Guaranteed
Investment
Contracts
 
Fair value of assets, December 31, 2019
   $ 60,119  
Net purchases (sales) and appreciation (depreciation)
     9,001  
    
 
 
 
Fair value of assets, December 31, 2020
     69,120  
Net purchases (sales) and appreciation (depreciation)
     (3,175
    
 
 
 
Fair value of assets, December 31, 2021
   $ 65,945  
    
 
 
 
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2021, 2020 and 2019 are as follows:
 
 
  
2021
 
 
2020
 
 
2019
 
 
  
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
Discount rate
  
 
2.70
 
 
1.40
 
 
2.25
 
 
1.12
 
 
3.42
 
 
1.38
Increases in compensation levels
  
 
*
 
 
2.74
 
 
*
 
 
2.69
 
 
*
 
 
2.83
Interest crediting rate
  
 
5.25
 
 
0.99
 
 
5.25
 
 
0.85
 
 
5.25
 
 
0.79
 
**
Not applicable
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2021, 2020 and 2019 are as follows:
 
    
2021
   
2020
   
2019
 
    
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
 
Discount rate
     2.25     1.40     3.42     1.98     4.41     2.25
Return on plan assets
     6.25     2.58     6.25     2.99     6.25     3.11
Increases in compensation levels
     *     3.11     *     3.62     *     3.20
Interest crediting rate
     5.25     0.77     5.25     0.63     5.25     0.58
 
**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During fiscal year 2022, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2021 are as follows (in thousands):
 
    
U.S.
Retiree Healthcare
Plans
    
Non-U.S.

Pension
Plans
    
Total
 
2022
   $ 1,452      $ 4,090      $ 5,542  
2023
     1,554        2,285        3,839  
2024
     1,643        2,635        4,278  
2025
     1,703        3,815        5,518  
2026
     1,726        3,093        4,819  
2027 - 2031

     8,358        23,408        31,766