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Retirement And Other Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets | The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the year ended December 31, 2021 and the period from the acquisition of Polyplastic through December 30, 2020:
(In thousands) | 2021 |  | 2020 |  |
Projected Benefit Obligation |  |  |  |  |
Projected benefit obligation at beginning of period | $ | 96,712 |  |  | $ | 78,579 |  |  |
Interest cost | 652 |  |  | 1,007 |  |  |
Net service cost | 4,352 |  |  | 3,357 |  |  |
Employee contributions | 626 |  |  | 571 |  |  |
Benefits paid | (1,097) |  |  | (925) |  |  |
Actuarial (gain) loss, net | (8,390) |  |  | 5,453 |  |  |
Unrealized (gain) loss on foreign exchange | (7,262) |  |  | 8,670 |  |  |
Projected benefit obligation at end of period | 85,593 |  |  | 96,712 |  |  |
Fair Value of Plan Assets |  |  |  |  |
Fair value of plan assets at beginning of period | $ | 61,936 |  |  | $ | 49,914 |  |  |
(Decrease) increase in plan asset value | (5,768) |  |  | 5,887 |  |  |
Employer contributions | 1,419 |  |  | 1,222 |  |  |
Employee contributions | 626 |  |  | 571 |  |  |
Benefits and administrative expenses paid | (1,377) |  |  | (1,201) |  |  |
Unrealized (loss) gain on foreign exchange | (4,540) |  |  | 5,543 |  |  |
Fair value of plan assets at end of period | 52,296 |  |  | 61,936 |  |  |
Underfunded status of the plans at end of the period | $ | 33,297 |  |  | $ | 34,776 |  |  |
Accumulated benefit obligation | $ | 85,593 |  |  | $ | 96,712 |  |  |
Defined Benefit Plan, Assumptions | The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31:
| 2021 |  | 2020 |  |
Discount rate | 1.30 | % |  | 0.70 | % |  |
Expected return on plan assets | 1.30 | % |  | 0.70 | % |  |
Wage inflation | 2.00 | % |  | 2.00 | % |  |
Schedule of Defined Benefit Plans Disclosures | Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheets consisted of the following at December 31:
(In thousands) | 2021 |  | 2020 |  |
Deferred taxes | $ | 8,594 |  |  | $ | 8,694 |  |  |
Other long-term liabilities | 33,297 |  |  | 34,776 |  |  |
Accumulated other comprehensive income (loss) | 2,107 |  |  | (207) |  |  |
Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands):
2022 | $ | 1,049 |
2023 | 1,181 |
2024 | 1,246 |
2025 | 1,345 |
2026 | 1,480 |
2027 - 2031 | 9,426 |
Schedule of Net Benefit Costs | The components of net periodic pension cost for the Dutch pension plans included the following for the years ended December 31:
(In thousands) | 2021 |  | 2020 |  |
Net service cost | $ | (4,352) |  |  | $ | (3,357) |  |  |
Interest cost | (652) |  |  | (1,007) |  |  |
Expected return on plan assets | 424 |  |  | 626 |  |  |
Administrative charges | (280) |  |  | (276) |  |  |
Net periodic pension cost | $ | (4,860) |  |  | $ | (4,014) |  |  |

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