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Pension and Other Postretirement Benefits | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2022 and 2021:
| Pension Benefits |  | Other Post- Retirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total |  | U.S. |  | U.S.
Change in benefit obligation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross benefit obligation at beginning of year | $ | 228,752 |  |  | $ | 103,420 |  |  | $ | 332,172 |  |  | $ | 247,675 |  |  | $ | 109,969 |  |  | $ | 357,644 |  |  | $ | 2,010 |  |  | $ | 3,234 |
Service cost | 465 |  |  | 47 |  |  | 512 |  |  | 698 |  |  | 547 |  |  | 1,245 |  |  | — |  |  | 1 |
Interest cost | 3,079 |  |  | 2,145 |  |  | 5,224 |  |  | 2,594 |  |  | 1,737 |  |  | 4,331 |  |  | 37 |  |  | 27 |
Employee contributions | 20 |  |  | — |  |  | 20 |  |  | 71 |  |  | — |  |  | 71 |  |  | — |  |  | — |
Effect of plan amendments | 303 |  |  | — |  |  | 303 |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | (78) |
Curtailment gain | 207 |  |  | — |  |  | 207 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Plan settlements | (1,726) |  |  | — |  |  | (1,726) |  |  | (541) |  |  | — |  |  | (541) |  |  | — |  |  | — |
Benefits paid | (5,343) |  |  | (5,838) |  |  | (11,181) |  |  | (6,869) |  |  | (5,064) |  |  | (11,933) |  |  | (176) |  |  | (182) |
Plan expenses and premiums paid | (66) |  |  | — |  |  | (66) |  |  | (74) |  |  | — |  |  | (74) |  |  | — |  |  | — |
Transfer in of business acquisition | — |  |  | — |  |  | — |  |  | 231 |  |  | — |  |  | 231 |  |  | — |  |  | — |
Actuarial (gain) loss | (77,244) |  |  | (20,688) |  |  | (97,932) |  |  | (4,160) |  |  | (3,769) |  |  | (7,929) |  |  | (263) |  |  | (992) |
Translation differences and other | (17,893) |  |  | — |  |  | (17,893) |  |  | (10,873) |  |  | — |  |  | (10,873) |  |  | — |  |  | — |
Gross benefit obligation at end of year | $ | 130,554 |  |  | $ | 79,086 |  |  | $ | 209,640 |  |  | $ | 228,752 |  |  | $ | 103,420 |  |  | $ | 332,172 |  |  | $ | 1,606 |  |  | $ | 2,010 |
| Pension Benefits |  | Other Post- Retirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total |  | U.S. |  | U.S.
Change in plan assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | 216,886 |  |  | $ | 77,680 |  |  | $ | 294,566 |  |  | $ | 228,789 |  |  | $ | 73,481 |  |  | $ | 302,270 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (65,396) |  |  | (14,871) |  |  | (80,267) |  |  | 915 |  |  | 7,201 |  |  | 8,116 |  |  | — |  |  | — |
Employer contributions | 3,241 |  |  | 2,620 |  |  | 5,861 |  |  | 4,289 |  |  | 2,063 |  |  | 6,352 |  |  | 176 |  |  | 182 |
Employee contributions | 20 |  |  | — |  |  | 20 |  |  | 71 |  |  | — |  |  | 71 |  |  | — |  |  | — |
Plan settlements | (1,726) |  |  | — |  |  | (1,726) |  |  | (541) |  |  | — |  |  | (541) |  |  | — |  |  | — |
Benefits paid | (5,343) |  |  | (5,838) |  |  | (11,181) |  |  | (6,869) |  |  | (5,065) |  |  | (11,934) |  |  | (176) |  |  | (182) |
Plan expenses and premiums paid | (66) |  |  | — |  |  | (66) |  |  | (74) |  |  | — |  |  | (74) |  |  | — |  |  | — |
Translation differences | (17,672) |  |  | — |  |  | (17,672) |  |  | (9,694) |  |  | — |  |  | (9,694) |  |  | — |  |  | — |
Fair value of plan assets at end of year | $ | 129,944 |  |  | $ | 59,591 |  |  | $ | 189,535 |  |  | $ | 216,886 |  |  | $ | 77,680 |  |  | $ | 294,566 |  |  | $ | — |  |  | $ | — |
Net benefit obligation recognized | $ | (610) |  |  | $ | (19,495) |  |  | $ | (20,105) |  |  | $ | (11,866) |  |  | $ | (25,740) |  |  | $ | (37,606) |  |  | $ | (1,606) |  |  | $ | (2,010) |
Amounts recognized in the balance sheet consist of: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-current assets | $ | 8,639 |  |  | $ | — |  |  | $ | 8,639 |  |  | $ | 7,916 |  |  | $ | — |  |  | $ | 7,916 |  |  | $ | — |  |  | $ | — |
Current liabilities | (210) |  |  | (1,128) |  |  | (1,338) |  |  | (191) |  |  | (1,137) |  |  | (1,328) |  |  | (222) |  |  | (220) |
Non-current liabilities | (9,039) |  |  | (18,367) |  |  | (27,406) |  |  | (19,591) |  |  | (24,603) |  |  | (44,194) |  |  | (1,384) |  |  | (1,790) |
Net benefit obligation recognized | $ | (610) |  |  | $ | (19,495) |  |  | $ | (20,105) |  |  | $ | (11,866) |  |  | $ | (25,740) |  |  | $ | (37,606) |  |  | $ | (1,606) |  |  | $ | (2,010) |
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service (cost) credit | (333) |  |  | (36) |  |  | (369) |  |  | (22) |  |  | 43 |  |  | 21 |  |  | 16 |  |  | 46 |
Accumulated (loss) gain | (10,387) |  |  | 2,532 |  |  | (7,855) |  |  | (19,163) |  |  | (9,763) |  |  | (28,926) |  |  | 1,218 |  |  | 1,034 |
AOCI | (10,720) |  |  | 2,496 |  |  | (8,224) |  |  | (19,185) |  |  | (9,720) |  |  | (28,905) |  |  | 1,234 |  |  | 1,080 |
Cumulative employer contributions in excess of or (below) net periodic benefit cost | 10,110 |  |  | (21,991) |  |  | (11,881) |  |  | 7,319 |  |  | (16,020) |  |  | (8,701) |  |  | (2,840) |  |  | (3,090) |
Net benefit obligation recognized | $ | (610) |  |  | $ | (19,495) |  |  | $ | (20,105) |  |  | $ | (11,866) |  |  | $ | (25,740) |  |  | $ | (37,606) |  |  | $ | (1,606) |  |  | $ | (2,010) |
The accumulated benefit obligation for all defined benefit pension plans was $204.5 million ($79.1 million U.S. and $125.4 million Foreign) and $321.5 million ($103.4 million U.S. and approximately $218.1 million Foreign) as of December 31, 2022 and 2021, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets:
| 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total
Accumulated benefit obligation | 5,983 |  |  | 79,086 |  |  | 85,069 |  |  | 128,268 |  |  | 103,420 |  |  | 231,688 |
Fair value of plan assets | 1,842 |  |  | 59,591 |  |  | 61,433 |  |  | 119,181 |  |  | 77,680 |  |  | 196,861 |
Information for pension plans with a projected benefit obligation in excess of plan assets:
| 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total
Projected benefit obligation | $ | 71,318 |  |  | $ | 79,086 |  |  | $ | 150,404 |  |  | $ | 138,963 |  |  | $ | 103,420 |  |  | $ | 242,383 |
Fair value of plan assets | 61,805 |  |  | 59,591 |  |  | 121,396 |  |  | 119,181 |  |  | 77,680 |  |  | 196,861 |
Components of net periodic benefit costs – pension plans:
| 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total
Service cost | $ | 465 |  |  | $ | 47 |  |  | $ | 512 |  |  | $ | 698 |  |  | $ | 547 |  |  | $ | 1,245 |
Interest cost | 3,079 |  |  | 2,145 |  |  | 5,224 |  |  | 2,594 |  |  | 1,737 |  |  | 4,331 |
Expected return on plan assets | (4,472) |  |  | (3,509) |  |  | (7,981) |  |  | (4,686) |  |  | (3,611) |  |  | (8,297) |
Settlement loss (gain) | (71) |  |  | — |  |  | (71) |  |  | 35 |  |  | — |  |  | 35 |
Curtailment charge | 207 |  |  | — |  |  | 207 |  |  | — |  |  | — |  |  | — |
Actuarial loss amortization | 658 |  |  | 323 |  |  | 981 |  |  | 996 |  |  | 2,252 |  |  | 3,248 |
Prior service cost (credit) amortization | 3 |  |  | 7 |  |  | 10 |  |  | 3 |  |  | 7 |  |  | 10 |
Net periodic benefit (income) cost | $ | (131) |  |  | $ | (987) |  |  | $ | (1,118) |  |  | $ | (360) |  |  | $ | 932 |  |  | $ | 572 |
| 2020
| Foreign |  | U.S. |  | Total
Service cost | $ | 4,340 |  |  | $ | 491 |  |  | $ | 4,831 |
Interest cost | 3,416 |  |  | 2,923 |  |  | 6,339 |
Expected return on plan assets | (4,262) |  |  | (4,810) |  |  | (9,072) |
Settlement (gain) loss | (88) |  |  | 22,667 |  |  | 22,579 |
Curtailment charge | (1,155) |  |  | — |  |  | (1,155) |
Actuarial loss amortization | 886 |  |  | 2,110 |  |  | 2,996 |
Prior service credit amortization | (167) |  |  | — |  |  | (167) |
Net periodic benefit cost | $ | 2,970 |  |  | $ | 23,381 |  |  | $ | 26,351 |
Other changes recognized in other comprehensive income – pension plans:
| 2022 |  | 2021
| Foreign |  | U.S. |  | Total |  | Foreign |  | U.S. |  | Total
Net (gain) loss arising during the period | $ | (7,008) |  |  | $ | (3,555) |  |  | $ | (10,563) |  |  | $ | (388) |  |  | $ | (448) |  |  | $ | (836) |
Settlement loss | — |  |  | (323) |  |  | (323) |  |  | (83) |  |  | (2,252) |  |  | (2,335) |
Prior service (cost) credit | 303 |  |  | (7) |  |  | 296 |  |  | — |  |  | (7) |  |  | (7) |
Actuarial (loss) gain | (587) |  |  | 1,247 |  |  | 660 |  |  | (954) |  |  | (6,925) |  |  | (7,879) |
Curtailment Recognition | (3) |  |  | — |  |  | (3) |  |  | (3) |  |  | — |  |  | (3) |
Effect of exchange rates on amounts included in AOCI | (1,169) |  |  | — |  |  | (1,169) |  |  | (1,390) |  |  | — |  |  | (1,390) |
Total recognized in other comprehensive (income) loss | (8,464) |  |  | (2,638) |  |  | (11,102) |  |  | (2,818) |  |  | (9,632) |  |  | (12,450) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (8,595) |  |  | $ | (3,625) |  |  | $ | (12,220) |  |  | $ | (3,178) |  |  | $ | (8,700) |  |  | $ | (11,878) |
| 2020
| Foreign |  | U.S. |  | Total
Net (gain) loss arising during period | $ | (1,594) |  |  | $ | 1,536 |  |  | $ | (58) |
Recognition of amortization in net periodic benefit cost |  |  |  |  |
Settlement loss | (39) |  |  | (22,667) |  |  | (22,706) |
Prior service credit | 1,325 |  |  | 50 |  |  | 1,375 |
Actuarial (loss) gain | (758) |  |  | 3,967 |  |  | 3,209 |
Curtailment Recognition | (3) |  |  | — |  |  | (3) |
Effect of exchange rates on amounts included in AOCI | 1,535 |  |  | — |  |  | 1,535 |
Total recognized in other comprehensive loss | 466 |  |  | (17,114) |  |  | (16,648) |
Total recognized in net periodic benefit cost and other comprehensive loss | $ | 3,436 |  |  | $ | 6,267 |  |  | $ | 9,703 |
Components of net periodic benefit costs – other postretirement plan:
| 2022 |  | 2021 |  | 2020
Service cost | $ | — |  |  | $ | 1 |  |  | $ | 5 |
Interest cost | 37 |  |  | 27 |  |  | 77 |
Actuarial loss amortization | (79) |  |  | (82) |  |  | (5) |
Prior service credit amortization | (32) |  |  | (31) |  |  | — |
Net periodic benefit costs | $ | (74) |  |  | $ | (85) |  |  | $ | 77 |
Other changes recognized in other comprehensive income – other postretirement benefit plans:
| 2022 |  | 2021 |  | 2020
Net (gain) loss arising during period | $ | (263) |  |  | $ | (992) |  |  | $ | (864) |
Recognition of amortizations in net periodic benefit cost | (2) |  |  | (78) |  |  | — |
Prior service credit | 32 |  |  | 31 |  |  | — |
Actuarial gain amortization | 79 |  |  | 82 |  |  | 5 |
Total recognized in other comprehensive (income) loss | (154) |  |  | (957) |  |  | (859) |
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (228) |  |  | $ | (1,042) |  |  | $ | (782) |
Weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021:
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
U.S. Plans: |  |  |  |  |  |  |
Discount rate | 5.21% |  | 2.58% |  | 5.14% |  | 2.45%
Rate of compensation increase | N/A |  | N/A |  | N/A |  | N/A
Foreign Plans: |  |  |  |  |  |  |
Discount rate | 6.29% |  | 1.71% |  | N/A |  | N/A
Rate of compensation increase | 3.93% |  | 2.21% |  | N/A |  | N/A
Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020:
| Pension Benefits |  | Other Postretirement Benefits
| 2022 |  | 2021 |  | 2020 |  | 2022 |  | 2021 |  | 2020
U.S. Plans: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 2.67 | % |  | 2.67 | % |  | 3.11 | % |  | 2.45 | % |  | 1.90 | % |  | 2.99 | %
Expected long-term return on plan assets | 5.75 | % |  | 5.75 | % |  | 6.50 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase | N/A |  | 6.00 | % |  | 6.00 | % |  | N/A |  | N/A |  | N/A
Foreign Plans: |  |  |  |  |  |  |  |  |  |  |
Discount rate | 3.97 | % |  | 1.38 | % |  | 2.30 | % |  | N/A |  | N/A |  | N/A
Expected long-term return on plan assets | 2.26 | % |  | 2.06 | % |  | 2.20 | % |  | N/A |  | N/A |  | N/A
Rate of compensation increase | 3.21 | % |  | 2.52 | % |  | 2.79 | % |  | N/A |  | N/A |  | N/A
The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1 of Notes to Consolidated Financial Statements for further information. Assumed health care cost trend rates as of December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
Health care cost trend rate for next year | 5.60 | % |  | 5.65 | % |  | 5.70 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | 4.00 | % |  | 4.00 | % |  | 4.50 | %
Year that the rate reaches the ultimate trend rate | 2047 |  | 2046 |  | 2037
Plan Assets and Fair Value The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2022 and 2021 by asset category were as follows:
Asset Category | Target |  | 2022 |  | 2021
U.S. Plans |  |  |  |  |
Equity securities | 32 | % |  | 32 | % |  | 46 | %
Debt securities | 60 | % |  | 60 | % |  | 48 | %
Other | 8 | % |  | 8 | % |  | 6 | %
Total | 100 | % |  | 100 | % |  | 100 | %
Foreign Plans |  |  |  |  |
Equity securities | 15 | % |  | 8 | % |  | 36 | %
Debt securities | 79 | % |  | 79 | % |  | 43 | %
Other | 6 | % |  | 13 | % |  | 21 | %
Total | 100 | % |  | 100 | % |  | 100 | %
As of December 31, 2022 and 2021, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds. The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the valuation hierarchy, where applicable: Cash and Cash Equivalents Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments. Commingled Funds Investments in the U.S. pooled separate accounts consist primarily of mutual funds, each of which follows a separate investment strategy, and are valued based on the reported unit value at year end. Foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2022, the foreign pension plan commingled funds included approximately 34 percent of investments in equity securities, 50 percent of investments in fixed income securities, and 16 percent of other non-related investments, primarily real estate. As of December 31, 2021, the foreign pension plan commingled funds included approximately 35 percent of investments in equity securities, 51 percent of investments in fixed income securities, and 14 percent of other non-related investments, primarily real estate. Pooled Separate Accounts Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2022, the U.S. pension plan pooled separate accounts included approximately 35 percent of investments in equity securities and 65 percent of investments in fixed income securities. Fixed Income Government Securities Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments. Insurance Contract Investments in the foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations. The contract is classified as a Level 3 investment. Diversified Equity Securities - Registered Investment Companies Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments. Fixed Income – Foreign Registered Investment Companies Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments. Diversified Investment Fund - Registered Investment Companies Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. As of December 31, 2021, the diversified investment funds included approximately 62 percent of investments in equity securities, 20 percent of investments in fixed income securities, and 18 percent of other alternative investments. There were no such investments as of December 31, 2022. Other – Alternative Investments Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments. Real Estate The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as a Level 3 investment. As of December 31, 2022 and 2021, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:
|  |  |  | Fair Value Measurements at December 31, 2022 |
|  | Total Fair Value |  | Using Fair Value Hierarchy |
U.S. Pension Assets |  |  | Level 1 |  | Level 2 |  | Level 3 |
Pooled separate accounts |  | $ | 54,596 |  |  | $ | — |  |  | $ | 54,596 |  |  | $ | — |  |
Real estate |  | 4,995 |  |  | — |  |  | — |  |  | 4,995 |  |
Subtotal U.S. pension plan assets in fair value hierarchy |  | $ | 59,591 |  |  | $ | — |  |  | $ | 54,596 |  |  | $ | 4,995 |  |
Total U.S. pension plan assets |  | $ | 59,591 |  |  |  |  |  |  |  |
Foreign Pension Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,923 |  |  | $ | 4,923 |  |  | $ | — |  |  | $ | — |  |
Insurance contract |  | 59,963 |  |  | — |  |  | — |  |  | 59,963 |  |
Diversified equity securities - registered investment companies |  | 5,211 |  |  | — |  |  | 5,211 |  |  | — |  |
Fixed income – foreign registered investment companies |  | 54,098 |  |  | — |  |  | 54,098 |  |  | — |  |
Real estate |  | 3,907 |  |  | — |  |  | — |  |  | 3,907 |  |
Sub-total of foreign pension assets in fair value hierarchy |  | $ | 128,102 |  |  | $ | 4,923 |  |  | $ | 59,309 |  |  | $ | 63,870 |  |
Commingled funds measured at NAV |  | 1,842 |  |  |  |  |  |  |  |
Total foreign pension assets |  | $ | 129,944 |  |  |  |  |  |  |  |
Total pension assets in fair value hierarchy |  | $ | 187,693 |  |  | $ | 4,923 |  |  | $ | 113,905 |  |  | $ | 68,865 |  |
Total pension assets measured at NAV |  | 1,842 |  |  |  |  |  |  |  |
Total pension assets |  | $ | 189,535 |  |  |  |  |  |  |  |
|  |  |  | Fair Value Measurements at December 31, 2021 |
|  | Total Fair Value |  | Using Fair Value Hierarchy |
U.S. Pension Assets |  |  | Level 1 |  | Level 2 |  | Level 3 |
Pooled separate accounts |  | $ | 72,721 |  |  | $ | — |  |  | $ | 72,721 |  |  | $ | — |  |
Real estate |  | 4,959 |  |  | — |  |  | — |  |  | 4,959 |  |
Subtotal U.S. pension plan assets in fair value hierarchy |  | $ | 77,680 |  |  | $ | — |  |  | $ | 72,721 |  |  | $ | 4,959 |  |
Total U.S. pension plan assets |  | $ | 77,680 |  |  |  |  |  |  |  |
Foreign Pension Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,989 |  |  | $ | 1,989 |  |  | $ | — |  |  | $ | — |  |
Insurance contract |  | 99,527 |  |  | — |  |  | — |  |  | 99,527 |  |
Diversified equity securities - registered investment companies |  | 10,999 |  |  | — |  |  | 10,999 |  |  | — |  |
Fixed income – foreign registered investment companies |  | 3,593 |  |  | — |  |  | 3,593 |  |  | — |  |
Fixed income government securities |  | 35,339 |  |  | — |  |  | 35,339 |  |  | — |  |
Real estate |  | 6,588 |  |  | — |  |  | — |  |  | 6,588 |  |
Other - alternative investments |  | 6,979 |  |  | — |  |  | — |  |  | 6,979 |  |
Sub-total of foreign pension assets in fair value hierarchy |  | $ | 165,014 |  |  | $ | 1,989 |  |  | $ | 49,931 |  |  | $ | 113,094 |  |
Commingled funds measured at NAV |  | 2,300 |  |  |  |  |  |  |  |
Diversified investment fund - registered investment companies measured at NAV |  | 49,572 |  |  |  |  |  |  |  |
Total foreign pension assets |  | $ | 216,886 |  |  |  |  |  |  |  |
Total pension assets in fair value hierarchy |  | $ | 242,694 |  |  | $ | 1,989 |  |  | $ | 122,652 |  |  | $ | 118,053 |  |
Total pension assets measured at NAV |  | 51,872 |  |  |  |  |  |  |  |
Total pension assets |  | $ | 294,566 |  |  |  |  |  |  |  |
Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits. Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2022 and 2021 were as follows:
| Insurance Contract |  | Real Estate |  | Alternative Investments |  | Total
Balance as of December 31, 2020 | $ | 112,920 |  |  | $ | 9,775 |  |  | $ | 10,638 |  |  | $ | 133,333 |
Purchases | 1,722 |  |  | (78) |  |  | (334) |  |  | 1,310 |
Settlements | (1,812) |  |  | — |  |  | — |  |  | (1,812) |
Unrealized (losses) gains | (5,031) |  |  | 1,926 |  |  | (3,282) |  |  | (6,387) |
Currency translation adjustment | (8,272) |  |  | (76) |  |  | (43) |  |  | (8,391) |
Balance as of December 31, 2021 | 99,527 |  |  | 11,547 |  |  | 6,979 |  |  | 118,053 |
Purchases | (1,136) |  |  | (122) |  |  | (6,979) |  |  | (8,237) |
Unrealized losses | (32,305) |  |  | (1,842) |  |  | — |  |  | (34,147) |
Currency translation adjustment | (6,123) |  |  | (681) |  |  | — |  |  | (6,804) |
Balance as of December 31, 2022 | $ | 59,963 |  |  | $ | 8,902 |  |  | $ | — |  |  | $ | 68,865 |
In 2018, the Company began the process of terminating a noncontributory U.S. pension plan. During 2019, the Company received a favorable termination determination letter from the I.R.S. and completed the termination during 2020. In order to terminate the plan in accordance with I.R.S. and Pension Benefit Guaranty Corporation requirements, the Company was required to fully fund the plan on a termination basis and the amount necessary to do so was approximately $1.8 million, subject to final true up adjustments. In 2020, the Company finalized the amount of the liability and related annuity payments and received a refund in premium of approximately $1.6 million. In addition, the Company recorded a non-cash pension settlement charge at plan termination of approximately $22.7 million. This settlement charge included the immediate recognition into expense of the related unrecognized losses within AOCI on the balance sheet as of the plan termination date. The Company contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). The expiration date of the collective bargaining contract is May 1, 2025. As of January 1, 2021, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $583 million. As of December 31, 2021, the multiemployer pension plan had total plan assets of approximately $427 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed $0.1 million during the year ended December 31, 2022. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2022. The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable. Cash Flows Contributions The Company expects to make minimum cash contributions of approximately $5.2 million to its pension plans (approximately $2.6 million U.S. and $2.6 million Foreign) and approximately $0.2 million to its other postretirement benefit plan in 2023. Estimated Future Benefit Payments Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
| Pension Benefits |  | Other Post- Retirement Benefits
| Foreign |  | U.S. |  | Total |
2023 | $ | 6,097 |  |  | $ | 6,868 |  |  | $ | 12,965 |  |  | $ | 222 |
2024 | 5,935 |  |  | 6,290 |  |  | 12,225 |  |  | 203 |
2025 | 6,423 |  |  | 6,271 |  |  | 12,694 |  |  | 190 |
2026 | 7,117 |  |  | 6,272 |  |  | 13,389 |  |  | 174 |
2027 | 6,844 |  |  | 6,254 |  |  | 13,098 |  |  | 151 |
2028 to 2032 | 41,304 |  |  | 29,868 |  |  | 71,172 |  |  | 597 |
The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $0.7 million, $3.0 million and $2.5 million for the years ended December 31, 2022, 2021 and 2020, respectively, representing the annual accrued benefits under this plan. Defined Contribution Plan The Company sponsors various defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which eligible participants may defer a portion of their compensation up to the allowable amount as determined by the plan. All contributions and Company matches are invested at the direction of the participant. The most significant plan is the Company's primary U.S. 401(k) plan with an employer match covering a majority of its U.S. employees. Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shared of the Company’s common stock rather than cash. See Note 8 of Notes to Consolidated Financial Statements. Total Company contributions under this U.S. 401(k) plan were $7.2 million, $4.8 million and $5.7 million for the years ended December 31, 2022, 2021 and 2020, respectively. Annual cash contributions to all other of the Company’s defined contribution plans is approximately $1 million.

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