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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2022 and 2021 is as follows (in thousands):
 
 
  
2022
 
 
2021
 
 
  
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
   $ 25,958      $ 106,924      $ 25,369      $ 119,590  
Service cost
     775        4,018        884        4,577  
Employee contributions
     1,139        536        1,176        561  
Interest cost
     706        1,360        559        1,247  
Actuarial gains
     (4,657      (27,494      (852      (5,803
Benefits paid
     (1,338      (3,567      (1,178      (5,334
Plan amendments
     —                 —          69  
Plan settlements
     —          (812      —          (341
Currency impact
     —          (6,940      —          (7,642
    
 
 
    
 
 
    
 
 
    
 
 
 
Projected benefit obligation, December 31
   $ 22,583      $ 74,025      $ 25,958      $ 106,924  
    
 
 
    
 
 
    
 
 
    
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
The reconciliation of the fair value of the plan assets at December 31, 2022 and 2021 is as follows (in thousands):
 
 
  
2022
 
 
2021
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Fair value of plan assets, January 1
   $ 18,314      $ 91,169      $ 16,168      $ 93,890  
Actual return on plan assets
     (2,895 )      (6,497 )      1,682        2,739  
Company contributions
     504        2,500        466        5,529  
Employee contributions
     1,139        536        1,176        561  
Plan settlements
     —          (812      —          (341
Benefits paid
     (1,338      (3,567      (1,178      (5,334
Currency impact
     —          (5,632      —          (5,875
    
 
 
    
 
 
    
 
 
    
 
 
 
Fair value of plan assets, December 31
   $ 15,724      $ 77,697      $ 18,314      $ 91,169  
    
 
 
    
 
 
    
 
 
    
 
 
 
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2022 and 2021 is as follows (in
thousands):
 
 
  
2022
 
 
2021
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Projected benefit obligation
   $ (22,583    $ (74,025    $ (25,958    $ (106,924
Fair value of plan assets
     15,724        77,697        18,314        91,169  
    
 
 
    
 
 
    
 
 
    
 
 
 
Funded status
   $ (6,859    $ 3,672      $ (7,644    $ (15,755
    
 
 
    
 
 
    
 
 
    
 
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2022 and 2021 is as follows (in
thousands):
 
 
  
2022
 
 
2021
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Long-term assets
   $ —        $ 9,554      $ —        $ 1,992  
Current liabilities
     —          —          (466      —    
Long-term liabilities
     (6,859      (5,882      (7,178      (17,747
    
 
 
    
 
 
    
 
 
    
 
 
 
Net amount recognized at December 31
   $ (6,859    $ 3,672      $ (7,644    $ (15,755
    
 
 
    
 
 
    
 
 
    
 
 
 
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, 2022 and 2021 is as follows (in thousands):
 
 
  
2022
 
  
2021
 
Accumulated benefit obligations
   $ 16,962      $ 75,178  
Fair value of plan assets
   $ 13,616      $ 66,414  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2022 and 2021 is as follows (in thousands):

 
 
  
2022
 
  
2021
 
Projected benefit obligations
   $ 19,498      $ 96,010  
Fair value of plan assets
   $ 13,616      $ 78,264  
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, 2022, 2021 and 2020 is as follows (in
thousands):
 
 
  
2022
 
 
2021
 
 
2020
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

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

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

Pension
Plans
 
Service cost
 
$
775
 
 
$
4,018
 
 
$
884
 
 
$
4,577
 
 
$
665
 
 
$
4,519
 
Interest cost
 
 
706
 
 
 
1,360
 
 
 
559
 
 
 
1,247
 
 
 
711
 
 
 
1,413
 
Expected return on plan assets
 
 
(1,138
 
 
(1,972
 
 
(1,011
 
 
(1,835
 
 
(871
 
 
(1,874
Settlement loss
 
 
—  
 
 
 
73
 
 
 
—  
 
 
 
77
 
 
 
—  
 
 
 
235
 
Net amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service credit
 
 
(19
 
 
(129
 
 
(19
 
 
(87
 
 
(19
 
 
(163
Net actuarial loss
 
 
—  
 
 
 
649
 
 
 
10
 
 
 
1,186
 
 
 
—  
 
 
 
1,571
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net periodic pension cost
 
$
324
 
 
$
3,999
 
 
$
423
 
 
$
5,165
 
 
$
486
 
 
$
5,701
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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, 2022, 2021 and 2020 is as follows (in thousands):

 
 
  
2022
 
 
2021
 
 
2020
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-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
 
 
623
 
 
 
19,025
 
 
 
1,524
 
 
 
6,708
 
 
 
(1,692
 
 
(3,104
Amortization:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Prior service credit
 
 
(19
 
 
(129
 
 
(19
 
 
(87
 
 
(19
 
 
(163
Net loss
 
 
  
 
 
 
722
 
 
 
10
 
 
 
1,263
 
 
 
—  
 
 
 
1,806
 
Currency impact
 
 
—  
 
 
 
1,305
 
 
 
—  
 
 
 
1,179
 
 
 
—  
 
 
 
(2,225
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total recognized in other comprehensive (loss) income
 
$
604
 
 
$
20,923
 
 
$
1,515
 
 
$
8,994
 
 
$
(1,711
 
$
(3,686
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
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, 2022 and 2021 is as follows (in thousands):

 
 
  
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

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

Pension
Plans
 
Net actuarial (loss) gain
   $ (266    $ 6,157      $ (889    $ (14,938
Prior service credit (cost)
     36        (20 )      55        152  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
   $ (230    $ 6,137      $ (834    $ (14,786
    
 
 
    
 
 
    
 
 
    
 
 
 
Defined Benefit Plan, Actual Plan Asset Allocations
The plans’ investment asset mix is as follows at December 31, 2022 and 2021:
 
 
  
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

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

Pension
Plans
 
Equity securities
     77     5     77     8
Debt securities
     23     18     23     18
Cash and cash equivalents
     0     2     0     1
Insurance contracts and other
     0     75     0     73
    
 
 
   
 
 
   
 
 
   
 
 
 
Total
     100     100     100     100
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Target Asset Allocations
The plans’ investment policies include the 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, 2022 (in thousands):
 
 
  
Total at
December 31,
2022
 
  
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)
     15,724        15,724        —          —    
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. Retiree Healthcare Plan
     15,724        15,724        —          —    
Non-U.S.
Pension Plans:
                                   
Cash equivalents
(b)
     1,527        1,527        —          —    
Mutual funds
(c)
     18,176        18,176        —          —    
Bank and insurance investment contracts
(d)
     57,994        —          —          57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
Non-U.S.
Pension Plans
     77,697        19,703        —          57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value of retirement plan assets
   $ 93,421      $ 35,427      $ —        $ 57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
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
(e)
     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
(f)
     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  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 49% in the common stock of
large-cap
U.S. companies, 28% 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: 59% in international bonds, 22% in the common stock of international companies and 19% 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: 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.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 58% in international bonds, 31% in the common stock of international companies and 11% 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, 2022 and 2021 (in thousands):
 
 
  
Insurance
Guaranteed
Investment
Contracts
 
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  
Net purchases (sales) and appreciation (depreciation)
 
 
(7,951
)
 
    
 
 
 
Fair value of assets, December 31, 2022
   $ 57,994  
    
 
 
 
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, 2022, 2021 and 2020 are
as
follows:
 
 
  
2022
 
 
2021
 
 
2020
 
 
  
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
 
U.S.
 
 
Non-U.S.
 
Discount rate
     5.42     3.82     2.70     1.40     2.25     1.12
Increases in compensation levels
     *
*
 
    3.14     *
*
 
    2.74     *
*
 
    2.69
Interest crediting rate
     5.25     1.57     5.25     0.99     5.25     0.85
 
**
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, 2022, 2021 and 2020 are as follows:
 
    
2022
   
2021
   
2020
 
    
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
 
Discount rate
     2.70     2.09     2.25     1.40     3.42     1.98
Return on plan assets
     6.25     3.07     6.25     2.58     6.25     2.99
Increases in compensation levels
     *
*
 
    3.58     *
*
 
    3.11     *
*
 
    3.62
Interest crediting rate
     5.25     1.55     5.25     0.77     5.25     0.63
 
**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During fiscal year 2023, 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, 2022 are as follows (in
thousands):
 
 
  
U.S.
Retiree Healthcare
Plans
 
  
Non-U.S.

Pension
Plans
 
  
Total
 
2023    $ 1,700      $ 3,459      $ 5,159  
2024      1,789        2,479        4,268  
2025      1,855        2,573        4,428  
2026      1,878        3,162        5,040  
2027      1,893        4,253        6,146  
2028 - 2032      9,288        25,285        34,573