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Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of components of net periodic pension expense | Net periodic pension expense for our DB Plans included the following components:
| Year Ended December 31,
(in thousands) | 2021 |  | 2020 |  | 2019
Service cost | $ | 17,490 |  |  | $ | 18,129 |  |  | $ | 15,750 |
Interest cost | 7,333 |  |  | 9,899 |  |  | 19,617 |
Expected return on assets | (28,577) |  |  | (26,304) |  |  | (32,645) |
Amortization of prior service credit | (856) |  |  | (903) |  |  | (886) |
Recognized net actuarial loss | 5,875 |  |  | 5,806 |  |  | 10,303 |
Curtailments | 15 |  |  | — |  |  | — |
(Gain) loss on settlements | 198,132 |  |  | (406) |  |  | 137,898 |
Net periodic pension expense(1) | $ | 199,412 |  |  | $ | 6,221 |  |  | $ | 150,037 |
(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.
Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year |
| December 31,
| 2021 | 2020 | 2019
For determining PBO at year-end: |  |  |
Discount rates | 1.20-4.75% | 0.80-3.50% | 1.20-4.75%
Rates of increase in compensation levels | 2.25-5.00% | 2.25-6.00% | 2.25-6.00%
For determining net periodic cost for the year: |  |  |
Discount rates | 0.80-3.50% | 1.20-4.75% | 1.80-7.25%
Rates of increase in compensation levels | 2.25-6.00% | 2.25-6.00% | 2.25-7.00%
Expected long-term rates of return on assets | 0.80-5.70% | 1.20-5.60% | 1.80-8.20%
Schedule of target allocations and weighted average actual allocations of plan assets | The following table sets forth the target and actual allocations of plan assets:
|  | December 31,
| 2021 Target Allocation | 2021 | 2020
Asset category: |  |  |
Debt securities | 25% - 35% | 28 | % | 63 | %
Equity securities | 10% - 20% | 17 | % | 28 | %
Other | 50% - 60% | 55 | % | 9 | %
Total |  | 100 | % | 100 | %
Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value on a recurring basis | The following table delineates the fair value of the plan assets and liabilities of our DB Plans:
| December 31, 2021 |  | December 31, 2020
(in thousands) | Total | Level 1 | Level 2 | Level 3 |  | Total | Level 1 | Level 2 | Level 3
Assets: |  |  |  |  |  |  |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Common stock | $ | 4,798 |  | $ | 4,798 |  | $ | — |  | $ | — |  |  | $ | 5,252 |  | $ | 5,252 |  | $ | — |  | $ | — |
CCTs | 758 |  | — |  | 758 |  | — |  |  | 230,135 |  | — |  | 230,135 |  | — |
Debt securities: |  |  |  |  |  |  |  |  |
Corporate bonds | 45 |  | — |  | 45 |  | — |  |  | 532 |  | — |  | 532 |  | — |
Government securities | 9,287 |  | — |  | 9,287 |  | — |  |  | 12,036 |  | — |  | 12,036 |  | — |
CCTs | — |  | — |  | — |  | — |  |  | 507,691 |  | — |  | 507,691 |  | — |
Other: |  |  |  |  |  |  |  |  |
Guaranteed investment contracts | 17,931 |  | — |  | — |  | 17,931 |  |  | 20,588 |  | — |  | — |  | 20,588 |
CCTs | — |  | — |  | — |  | — |  |  | 51,679 |  | — |  | 51,679 |  | — |
Plan assets measured at fair value, net | $ | 32,819 |  | $ | 4,798 |  | $ | 10,090 |  | $ | 17,931 |  |  | $ | 827,913 |  | $ | 5,252 |  | $ | 802,073 |  | $ | 20,588 |
Plan assets not measured at fair value, net | 55 |  |  |  |  |  | 1,507 |  |  |  |
Total plan assets, net | $ | 32,874 |  |  |  |  |  | $ | 829,420 |  |  |  |
Reconciliation of beginning and ending balances of fair value measurements using significant unobservable inputs (Level 3) | The following table presents information about Level 3 fair value measurements:
(in thousands) | 2021 | 2020
Balance at beginning of year | $ | 20,588 |  | $ | 19,650 |
Actual return on plan assets: |  |
Assets still held at reporting date | (1,565) |  | 2,092 |
Assets sold during the period | — |  | — |
Purchases | 224 |  | 343 |
Settlements | (1,316) |  | (1,497) |
Balance at end of year | $ | 17,931 |  | $ | 20,588 |
Schedule of expected benefit payments for defined benefit pension plans | The following table presents expected future benefit payments related to our DB Plans:
Year Ended December 31, | (in thousands)
2022 | $ | 4,383 |
2023 | 4,186 |
2024 | 4,141 |
2025 | 4,116 |
2026 | 3,987 |
2027 — 2031 | 25,810 |
Schedule of change in projected benefit obligation, plan assets and funded status | The following table sets forth the change in PBO, plan assets and funded status of the plans:
| December 31,
(in thousands) | 2021 | 2020
Change in PBO: |  |
Benefit obligation at beginning of year | $ | 869,835 |  | $ | 748,784 |
Service cost | 17,490 |  | 18,129 |
Interest cost | 7,333 |  | 9,899 |
Employee contributions | 2,643 |  | 2,860 |
Currency translation | (32,064) |  | 72,178 |
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020) | 52,190 |  | 58,258 |
Benefits paid | (15,582) |  | (17,224) |
Curtailments | (415) |  | (6,574) |
Settlements | (798,679) |  | (16,475) |
PBO at end of year | 102,751 |  | 869,835 |
Change in plan assets: |  |
Plan assets at beginning of year | 829,420 |  | 710,663 |
Actual return on plan assets | 30,326 |  | 55,819 |
Company contributions | 12,886 |  | 24,752 |
Employee contributions | 2,643 |  | 2,860 |
Currency translation | (28,140) |  | 69,025 |
Benefits paid | (15,582) |  | (17,224) |
Settlements | (798,679) |  | (16,475) |
Plan assets at end of year | 32,874 |  | 829,420 |
Funded status — (Under)/overfunded | $ | (69,877) |  | $ | (40,415) |
Amounts recognized in the Consolidated Balance Sheet: |  |
Pension assets included in other assets | $ | — |  | $ | — |
Pension liabilities included in other accrued liabilities | — |  | — |
Pension liabilities included in current liabilities related to assets held for sale | (22,248) |  | (25,617) |
Pension liabilities included in noncurrent liabilities | (47,629) |  | (14,798) |
AOCI (pre-tax) | $ | 3,042 |  | $ | 161,534 |
Plans with PBO in excess of plan assets: |  |
PBO | $ | 102,751 |  | $ | 869,835 |
Plan assets | 32,874 |  | 829,420 |
Plans with ABO in excess of plan assets: |  |
ABO | $ | 40,374 |  | $ | 45,757 |
Plan assets | 17,931 |  | 20,588 |

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