XML 51 R37.htm IDEA: XBRL DOCUMENT v3.22.0.1

EMPLOYEE BENEFIT PLANS - (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Net Funded Status [Table Text Block]

The following table presents the changes in benefit obligations, plan assets and funded status for the defined benefit plans:

			Domestic Plans												Foreign Plans												Total
(In thousands)			2021						2020						2021						2020						2021						2020
Change in Projected Benefit Obligation
Beginning balance			$	332,484					$	—					$	486,855					$	134,852					$	819,339					$	134,852
Impact of acquisition(1)			—						317,893						—						301,206						—						619,099
Service cost			3,033						1,763						12,140						9,029						15,173						10,792
Interest cost			8,219						4,787						9,801						7,162						18,020						11,949
Participant contributions			—						—						846						728						846						728
Actuarial (gain) loss, including assumption changes			(10,649)						12,911						(35,483)						14,044						(46,132)						26,955
Benefits paid from plan assets			(8,988)						(4,222)						(11,343)						(9,008)						(20,331)						(13,230)
Benefits paid from Company assets			(527)						(547)						(461)						(448)						(988)						(995)
Curtailment			(3,900)						(101)						(32,680)						—						(36,580)						(101)
Plan amendment			—						—						(104)						(37)						(104)						(37)
Settlement			(17,889)						—						(219)						(1,235)						(18,108)						(1,235)
Foreign currency exchange rate changes			—						—						(5,256)						30,562						(5,256)						30,562
Ending balance			$	301,783					$	332,484					$	424,096					$	486,855					$	725,879					$	819,339
Change in Plan Assets at Fair Value
Beginning balance			$	355,287					$	—					$	365,718					$	103,385					$	721,005					$	103,385
Impact of acquisition(1)			—						324,292						—						218,644						—						542,936
Actual return on plan assets			24,432						35,217						19,661						23,947						44,093						59,164
Participant contributions			—						—						846						728						846						728
Employer contributions			17,889						—						10,240						6,838						28,129						6,838
Benefits paid			(8,988)						(4,222)						(11,343)						(9,008)						(20,331)						(13,230)
Settlement			(17,889)						—						(218)						(1,235)						(18,107)						(1,235)
Foreign currency exchange rate changes			—						—						(3,123)						22,419						(3,123)						22,419
Ending balance			$	370,731					$	355,287					$	381,781					$	365,718					$	752,512					$	721,005
Funded Status			$	68,948					$	22,803					$	(42,315)					$	(121,137)					$	26,633					$	(98,334)
Amounts Recognized in the Consolidated Balance Sheets
Other assets			$	68,948					$	40,921					$	4,818					$	179					$	73,766					$	41,100
Other current liabilities			—						(18,118)						(437)						(471)						(437)						(18,589)
Other noncurrent liabilities			—						—						(46,696)						(120,845)						(46,696)						(120,845)
Net amount recognized			$	68,948					$	22,803					$	(42,315)					$	(121,137)					$	26,633					$	(98,334)
Weighted Average Assumptions Used to Determine Benefit Obligations
Discount rate			2.9		%				2.6		%				2.4		%				2.0		%				2.6		%				2.2		%
Rate of compensation increase			—		%				3.8		%				3.4		%				3.2		%				3.4		%				3.4		%

(1)    The Company assumed the Domestic Plans and certain foreign plans in connection with the acquisition of Anixter on June 22, 2020, as disclosed in Note 6, "Acquisitions and Disposals". For all defined benefit plans assumed as part of the merger with Anixter, the projected benefit obligation and fair value of plan assets were remeasured as of the acquisition date.

Schedule of Net Benefit Costs [Table Text Block]

The following tables set forth the components of net periodic pension (benefit) cost for the Company's defined benefit plans:

			Domestic Plans(1)																		Foreign Plans(1)																		Total
(In thousands)			2021						2020						2019						2021						2020						2019						2021						2020						2019
Components of Net Periodic Pension (Benefit) Cost
Service cost			$	3,033					$	1,763					$	—					$	12,140					$	9,029					$	4,602					$	15,173					$	10,792					$	4,602
Interest cost			8,219						4,787						—						9,801						7,162						4,362						18,020						11,949						4,362
Expected return on plan assets			(17,097)						(8,395)						—						(17,834)						(11,659)						(5,695)						(34,931)						(20,054)						(5,695)
Recognized actuarial gain			—						—						—						90						—						(63)						90						—						(63)
Curtailment			(3,900)						—						—						(32,680)						—						—						(36,580)						—						—
Settlement			290						—						—						(59)						(144)						—						231						(144)						—
Net periodic pension (benefit) cost			$	(9,455)					$	(1,845)					$	—					$	(28,542)					$	4,388					$	3,206					$	(37,997)					$	2,543					$	3,206

(1)     As described above, the Company assumed the Domestic Plans and certain foreign plans in connection with the acquisition of Anixter on June 22, 2020. The Company began recognizing the associated net periodic pension (benefit) cost as of the acquisition date.

Defined Benefit Plan, Assumptions [Table Text Block]

The following weighted-average actuarial assumptions were used to determine net periodic pension (benefit) cost:

			Domestic Plans(1)																		Foreign Plans(1)																		Total
			2021						2020						2019						2021						2020						2019						2021						2020						2019
Discount rate			2.6		%				2.9		%				—		%				2.0		%				2.2		%				4.0		%				2.3		%				2.5		%				4.0		%
Expected return on plan assets			5.3		%				5.5		%				—		%				4.9		%				5.2		%				6.4		%				5.1		%				5.3		%				6.4		%
Rate of compensation increase			3.8		%				3.8		%				—		%				3.2		%				3.4		%				3.8		%				3.4		%				3.5		%				3.8		%

(1)     As described above, the Company assumed the Domestic Plans and certain foreign plans in connection with the acquisition of Anixter on June 22, 2020. The Company began using the related assumptions as of the acquisition date.

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following table sets forth the changes and the end of year components of accumulated other comprehensive (income) loss for the defined benefit plans:

			Year Ended December 31,
(In thousands)			2021						2020
Changes to Balance:
Beginning balance, before tax effect			$	(3,062)					$	8,890
Prior service credit arising in current year			(100)						(37)
Net actuarial gain arising in current year			(93,064)						(12,154)
Recognized actuarial gain			(90)						—
Curtailment			36,580						(101)
Settlement			(231)						144
Foreign currency exchange rate changes			1,179						196
Ending balance, before tax effect			$	(58,788)					$	(3,062)
			As of December 31,
(In thousands)			2021						2020
Components of Balance:
Prior service credit			$	(137)					$	(37)
Net actuarial gain			(58,651)						(3,025)
Ending balance, before tax effect			(58,788)						(3,062)
Tax effect			13,605						562
Ending balance, after tax effect			$	(45,183)					$	(2,500)

Schedule of Expected Benefit Payments [Table Text Block]

The following benefit payments, which reflect expected future service, are expected to be paid as follows:

(In thousands)			Domestic Plans						Foreign Plans						Total
2022			$	11,215					$	9,430					$	20,645
2023			11,743						9,654						21,397
2024			12,385						10,294						22,679
2025			12,890						11,065						23,955
2026			13,508						11,525						25,033
2027 to 2031			73,410						84,171						157,581

Defined Benefit Plan, Plan Assets, Allocation [Table Text Block]

The asset mixes and the asset allocation guidelines for the Domestic Plans and Foreign Plans are summarized as follows:

			Domestic Plans
									Allocation Guidelines
			December 31, 2021						Min						Target						Max
Equities			10.8		%				5		%				10		%				15		%
Debt securities:
Domestic treasuries			36.1						—						34						—
Corporate bonds			25.7						—						40						—
Other			7.6						3						7						13
Total debt securities			69.4												81
Property/real estate			19.0						3						8						13
Other			0.8						—						1						—
			100.0		%										100		%

			Foreign Plans
									Allocation Guidelines
			December 31, 2021						Min						Target						Max
Equities			39.2		%				25		%				39		%				48		%
Debt securities:
Corporate bonds			4.5						—						—						37
Other			43.5						26						48						65
Total debt securities			48.0												48
Property/real estate			4.4						2						5						8
Insurance products			4.9						5						5						5
Other			3.5						3						3						13
			100.0		%										100		%

			Domestic Plans
									Allocation Guidelines
			December 31, 2020						Min						Target						Max
Equities			38.6		%				30		%				37		%				45		%
Debt securities:
Domestic treasuries			22.2						—						24						40
Corporate bonds			6.7						—						8						40
Other			15.6						9						14						19
Total debt securities			44.5												46
Property/real estate			14.8						9						16						23
Other			2.1						—						1						5
			100.0		%										100		%

			Foreign Plans
									Allocation Guidelines
			December 31, 2020						Min						Target						Max
Equities			38.1		%				25		%				41		%				48		%
Debt securities:
Corporate bonds			5.9		%				1						1						37
Other			40.6						26						44						65
Total debt securities			46.5												45
Property/real estate			4.8						2						6						8
Insurance products			5.4						5						5						5
Other			5.2						3						3						12
			100.0		%										100		%

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables set forth the fair value of assets by asset category for the Domestic Plans and Foreign Plans:

			December 31, 2021
(In thousands)			Level 1						Level 2						Level 3						NAV (1)						Total
Domestic Plans
Equities			$	—					$	—					$	—					$	40,102					$	40,102
Debt securities:
Domestic treasuries			—						—						—						133,672						133,672
Corporate bonds			—						—						—						95,198						95,198
Other			—						—						—						28,246						28,246
Property/real estate			—						—						—						70,648						70,648
Other			2,865						—						—						—						2,865
Total investments in Domestic Plans			$	2,865					$	—					$	—					$	367,866					$	370,731
Foreign Plans
Equities			$	—					$	—					$	—					$	149,707					$	149,707
Debt securities:
Corporate bonds			—						—						—						17,328						17,328
Other			—						—						—						165,863						165,863
Property/real estate			—						—						—						16,632						16,632
Insurance products			—						18,781						—						—						18,781
Other			1,248						—						—						12,222						13,470
Total investments in Foreign Plans			$	1,248					$	18,781					$	—					$	361,752					$	381,781
Total
Equities			$	—					$	—					$	—					$	189,809					$	189,809
Debt securities:
Domestic treasuries			—						—						—						133,672						133,672
Corporate bonds			—						—						—						112,526						112,526
Other			—						—						—						194,109						194,109
Property/real estate			—						—						—						87,280						87,280
Insurance products			—						18,781						—						—						18,781
Other			4,113						—						—						12,222						16,335
Total investments			$	4,113					$	18,781					$	—					$	729,618					$	752,512

(1)     Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets.

			December 31, 2020
(In thousands)			Level 1						Level 2						Level 3						NAV (1)						Total
Domestic Plans
Equities			$	—					$	—					$	—					$	137,098					$	137,098
Debt securities:
Domestic treasuries			—						—						—						78,808						78,808
Corporate bonds			—						—						—						23,824						23,824
Other			—						—						—						55,547						55,547
Property/real estate			—						—						—						52,708						52,708
Other			7,302						—						—						—						7,302
Total investments in Domestic Plans			$	7,302					$	—					$	—					$	347,985					$	355,287
Foreign Plans
Equities			$	—					$	—					$	—					$	139,537					139,537
Debt securities:
Corporate bonds			—						—						—						21,677						21,677
Other			—						—						—						148,469						148,469
Property/real estate			—						—						—						17,365						17,365
Insurance products			—						19,611						—						—						19,611
Other			747						—						—						18,312						19,059
Total investments in Foreign Plans			$	747					$	19,611					$	—					$	345,360					$	365,718
Total
Equities			$	—					$	—					$	—					$	276,635					$	276,635
Debt securities:
Domestic treasuries			—						—						—						78,808						78,808
Corporate bonds			—						—						—						45,501						45,501
Other			—						—						—						204,016						204,016
Property/real estate			—						—						—						70,073						70,073
Insurance products			—						19,611						—						—						19,611
Other			8,049						—						—						18,312						26,361
Total investments			$	8,049					$	19,611					$	—					$	693,345					$	721,005

(1)     Investments measured at fair value using the NAV per share practical expedient have not been classified in the fair value hierarchy. The amounts presented in the tables above are intended to reconcile the fair value hierarchy to the total fair value of plan assets.

X

- References

No definition available.

+ Details

Name:	us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment allocation of defined benefit plan assets. Includes, but is not limited to, investment allocation percentage or range of percentages.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_DefinedBenefitPlanPlanAssetsAllocationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (k)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of net funded status of pension plans and/or other employee benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Name:	us-gaap_ScheduleOfNetFundedStatusTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration