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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2021
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

Our projected benefit obligation and plan assets for defined benefit pension plans and the related assumptions used to determine the related liabilities are as follows:

Years Ended December 31, 

    

2021

    

2020

Projected benefit obligation, beginning of year

$

97,740

$

83,262

Service cost

 

1,282

 

1,068

Interest cost

 

1,452

 

1,716

Actuarial (gain) loss

 

(8,682)

 

7,591

Benefits paid

 

(2,010)

 

(1,199)

Translation adjustment

 

(4,006)

 

5,302

Projected benefit obligation, end of year

$

85,776

$

97,740

Fair value of plan assets, beginning of year

$

17,293

$

14,903

Actual return on plan assets

 

641

 

682

Contributions

 

1,775

 

1,827

Benefits paid

 

(1,112)

 

(993)

Actuarial gain

 

71

 

180

Translation adjustment

 

(147)

 

694

Fair value of plan assets, end of year

$

18,521

$

17,293

Funded status of plan

$

(67,255)

$

(80,447)

Schedule of net periodic pension benefit costs

Years Ended December 31, 

    

2021

    

2020

    

2019

Service cost

$

1,282

$

1,068

$

272

Interest cost

1,452

1,716

1,211

Expected return on plan assets

 

(642)

 

(683)

 

(615)

Amortization of actuarial gains and losses

 

820

 

459

 

411

Net periodic pension cost

$

2,912

$

2,560

$

1,279

Schedule of assumptions used in determination of net period pension cost

Years Ended December 31, 

 

    

2021

    

2020

    

2019

 

Discount rate

 

1.6

%  

1.8

%  

2.7

%

Expected long-term return on plan assets

 

3.2

%  

3.7

%  

4.6

%

Schedule of fair value qualified pension plan assets

December 31, 2021

    

Level 1

    

Level 2

    

Level 3

    

Total

Diversified Growth Fund

$

$

12,249

$

$

12,249

Corporate Bonds

 

4,640

4,640

Insurance Contracts

984

984

Cash

 

648

648

Total

$

648

$

16,889

$

984

$

18,521

December 31, 2020

    

Level 1

    

Level 2

    

Level 3

    

Total

Multi-Asset Fund

$

$

5,149

$

$

5,149

Diversified Growth Fund

 

 

5,134

 

 

5,134

Corporate Bonds

 

 

4,906

 

 

4,906

Insurance Contracts

 

 

1,109

 

1,109

Cash

 

995

 

 

 

995

Total

$

995

$

15,189

$

1,109

$

17,293

Schedule of expected future benefit payments under defined benefit pension plans

Year Ending December 31,

    

2022

$

1,778

2023

2,068

2024

2,847

2025

2,299

2026

5,395

2027 to 2031

18,739