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Retirement Plans | 12 Months Ended
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Dec. 31, 2021
Retirement Plans [Abstract] |
Retirement Plans | 9. Retirement Plans The Company provides benefits under defined contribution plans including a savings plan and an employee stock ownership plan (ESOP). The savings plan covers substantially all domestic salaried and certain non-union hourly employees and provides for matching contributions up to 4% of each employee’s salary. The ESOP covers substantially all domestic employees and provides for contributions based on a percentage of each employee’s compensation as determined by the Company’s Board of Directors. Total expense for the Company’s defined contribution plans was $6.7 million in 2021, $6.1 million in 2020, and $6.0 million in 2019. Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:
(In thousands) |  | 2021 |  |  | 2020 |
Benefit obligation at beginning of year |  | $ | 45,631 |  |  | $ | 39,421 |
Service cost |  |  | 1,740 |  |  |  | 1,601 |
Interest cost |  |  | 851 |  |  |  | 1,022 |
Foreign currency exchange rate changes |  |  | (291 | ) |  |  | 690 |
Benefits and settlements paid |  |  | (3,298 | ) |  |  | (1,948 | )
Amendments |  |  | - |  |  |  | 42 |
Actuarial (gain) loss |  |  | (2,853 | ) |  |  | 4,803 |
Benefit obligation at end of year |  |  | 41,780 |  |  |  | 45,631 |
Plan assets at beginning of year |  |  | 35,676 |  |  |  | 31,776 |
Company contributions |  |  | 947 |  |  |  | 1,117 |
Foreign currency exchange rate changes |  |  | (297 | ) |  |  | 882 |
Benefits paid |  |  | (1,718 | ) |  |  | (1,948 | )
Settlement payments |  |  | (1,580 | ) |  |  | - |
Actual (loss) gain on plan assets |  |  | (46 | ) |  |  | 3,849 |
Plan assets at end of year |  |  | 32,982 |  |  |  | 35,676 |
Funded status |  | $ | (8,798 | ) |  | $ | (9,955 | )
Accumulated benefit obligation |  | $ | 40,873 |  |  | $ | 44,559 |
Amounts recognized in the Consolidated Balance Sheets at December 31:
(In thousands) |  | 2021 |  |  | 2020 |
Accrued employee and retiree benefits |  | $ | (18,375 | ) |  | $ | (19,349 | )
Other accrued expenses |  |  | (693 | ) |  |  | (722 | )
Other assets |  |  | 10,270 |  |  |  | 10,116 |
Net liability |  | $ | (8,798 | ) |  | $ | (9,955 | )
Components of annual benefit cost:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Service cost |  | $ | 1,740 |  |  | $ | 1,601 |  |  | $ | 1,432 |
Interest cost |  |  | 851 |  |  |  | 1,022 |  |  |  | 1,273 |
Expected return on plan assets |  |  | (728 | ) |  |  | (813 | ) |  |  | (896 | )
Recognized actuarial loss (gain) |  |  | 267 |  |  |  | 41 |  |  |  | (176 | )
Settlement income |  |  | (151 | ) |  |  | - |  |  |  | - |
Defined benefit expense |  | $ | 1,979 |  |  | $ | 1,851 |  |  | $ | 1,633 |
The Company’s non-service cost portion of defined benefit expense is recorded in Interest Expense on the Company’s Consolidated Statements of Earnings. The Company’s service cost portion of defined benefit expense is recorded in Selling and Administrative Expenses on the Company’s Consolidated Statements of Earnings. Weighted average liability assumptions as of December 31:
|  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.35 | % |  |  | 1.87 | %
Expected return on plan assets |  |  | 2.54 | % |  |  | 2.17 | %
Rate of compensation increase |  |  | 0.27 | % |  |  | 0.34 | %
Weighted average cost assumptions for the year ended December 31:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Discount rate |  |  | 1.87 | % |  |  | 2.69 | % |  |  | 3.80 | %
Expected return on plan assets |  |  | 2.17 | % |  |  | 2.68 | % |  |  | 3.21 | %
Rate of compensation increase |  |  | 0.34 | % |  |  | 0.34 | % |  |  | 0.31 | %
The aggregate amounts of benefits expected to be paid from defined benefit plans in each of the next five years subsequent to December 31, 2021, which include employees’ expected future service, are as follows: 2022, $1.7 million; 2023, $3.8 million; 2024, $3.9 million; 2025, $1.7 million; 2026, $4.8 million; and $10.6 million in total for the years 2027 through 2031. The Company expects to contribute $0.7 million to defined benefit plans in 2022. Amounts in accumulated other comprehensive loss at December 31 were as follows:
(In thousands) |  | 2021 |  |  | 2020 |
Unrecognized net actuarial loss |  | $ | 221 |  |  | $ | 2,402 |
Prior service cost |  |  | 179 |  |  |  | 187 |
Total before tax effects |  | $ | 400 |  |  | $ | 2,589 |
The pension adjustments, net of tax, recognized in OCI, were as follows:
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Net actuarial gain (loss) arising during the period |  | $ | 1,528 |  |  | $ | (1,293 | ) |  | $ | (1,091 | )
Prior service cost |  |  | - |  |  |  | (32 | ) |  |  | - |
Amortization of actuarial loss (gain), included in defined benefit expense |  |  | 84 |  |  |  | 32 |  |  |  | (130 | )
Pension adjustment, net of tax |  | $ | 1,612 |  |  | $ | (1,293 | ) |  | $ | (1,221 | )
The investment objectives and target allocations for the Company’s pension plans related to the assets of the plans are reviewed on a regular basis. The investment objectives for the pension assets are to maximize the return on assets while maintaining an overall level of risk appropriate for a retirement fund and ensuring the availability of funds for the payment of retirement benefits. The levels of risk assumed by the pension plans are determined by market conditions, the rate of return expectations, and the liquidity requirements of each pension plan. The actual asset allocations of each pension plan are reviewed on a regular basis to ensure that they are in line with the target allocations. The following table presents the Company’s pension plan assets by asset category as of December 31, 2021 and 2020:
|  | Fair Value as of December 31, |  |  | Fair Value Measurements at December 31, 2021 Using Fair Value Hierarchy |  |  | Fair Value as of December 31, |  |  | Fair Value Measurements at December 31, 2020 Using Fair Value Hierarchy |
(In thousands) |  | 2021 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | 2020 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Equity Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 7,033 |  |  | $ | 7,033 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,565 |  |  | $ | 6,565 |  |  | $ | - |  |  | $ | - |
International |  |  | 79 |  |  |  | - |  |  |  | 79 |  |  |  | - |  |  |  | 97 |  |  |  | - |  |  |  | 97 |  |  |  | - |
International Fixed Income Funds |  |  | 25,732 |  |  |  | 889 |  |  |  | 24,843 |  |  |  | - |  |  |  | 28,911 |  |  |  | 1,190 |  |  |  | 27,721 |  |  |  | - |
Other investments |  |  | 138 |  |  |  | 115 |  |  |  | 23 |  |  |  | - |  |  |  | 103 |  |  |  | 76 |  |  |  | 27 |  |  |  | - |
Total assets at fair value |  | $ | 32,982 |  |  | $ | 8,037 |  |  | $ | 24,945 |  |  | $ | - |  |  | $ | 35,676 |  |  | $ | 7,831 |  |  | $ | 27,845 |  |  | $ | - |
The Company is required to categorize pension plan assets based on the following fair value hierarchy:
| Level 1: | Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.
| Level 2: | Inputs other than quoted prices included in Level 1 that are observable for the asset or liability through corroboration with observable market data.
| Level 3: | Unobservable inputs that reflect the reporting entity’s own assumptions.

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