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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2022 and 2021:

 

 

December 31,

 

2022

 

 

2021

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

331,099

 

 

$

448,487

 

Fair value of plans' assets

 

 

302,854

 

 

 

427,670

 

Schedule Of Fair Value Of Plan Assets In Excess Of Benefit Obligations Table Text Block

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2022 and 2021:

 

 

December 31,

 

2022

 

 

2021

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

154,474

 

 

$

281,828

 

Fair value of plans' assets

 

 

174,874

 

 

 

312,119

 

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2022

 

 

2021

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

730,315

 

 

$

761,473

 

Service cost

 

 

1,219

 

 

 

1,208

 

Interest cost

 

 

12,903

 

 

 

11,321

 

Employee contributions

 

 

22

 

 

 

36

 

Actuarial gain

 

 

(160,945

)

 

 

(10,034

)

Plan settlements

 

 

(1,780

)

 

 

(249

)

Plan amendments

 

 

 

 

 

(1,663

)

Benefits paid

 

 

(44,566

)

 

 

(48,465

)

Foreign currency effects

 

 

(51,595

)

 

 

16,688

 

End of measurement period

 

 

485,573

 

 

 

730,315

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

739,789

 

 

 

741,191

 

Actual return on plans' assets

 

 

(161,284

)

 

 

18,490

 

Employer contributions

 

 

1,506

 

 

 

9,892

 

Employee contributions

 

 

22

 

 

 

36

 

Plan settlements

 

 

(1,659

)

 

 

(249

)

Benefits paid

 

 

(44,566

)

 

 

(48,465

)

Foreign currency effects

 

 

(56,080

)

 

 

18,894

 

End of measurement period

 

 

477,728

 

 

 

739,789

 

(Unfunded)/Overfunded Status

 

$

(7,845

)

 

$

9,474

 

Schedule of Net Funded Status

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2022

 

 

2021

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

24,311

 

 

$

15,181

 

Other international plans

 

 

1,602

 

 

 

2,710

 

Subtotal, included in "Accrued pension liabilities"

 

 

25,913

 

 

 

17,891

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(20,401

)

 

 

(30,291

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

233

 

 

 

293

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

2,100

 

 

 

2,633

 

Total underfunded/(overfunded) status

 

$

7,845

 

 

$

(9,474

)

Accumulated other comprehensive loss, before income taxes

 

$

(256,695

)

 

$

(251,629

)

Schedule of Net Unrecognized Actuarial Gain (loss)

The following tables set forth the changes in accumulated other comprehensive loss during 2022 and 2021 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2020

 

$

(264,244

)

Amortization of net loss

 

 

10,455

 

Net gain arising during the year

 

 

4,939

 

Currency translation

 

 

(2,779

)

Net unrecognized actuarial loss, December 31, 2021

 

 

(251,629

)

Amortization of net loss

 

 

10,320

 

Net loss arising during the year

 

 

(24,939

)

Currency translation

 

 

9,553

 

Net unrecognized actuarial loss, December 31, 2022

 

$

(256,695

)

Schedule of Defined Benefit Plans Disclosures

Net periodic benefit (credit) cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2022, 2021, and 2020 included the following components:

 

Year Ended December 31,

 

2022

 

 

2021

 

 

2020

 

 

 

(In thousands)

 

Service cost

 

$

1,219

 

 

$

1,208

 

 

$

1,295

 

Interest cost

 

 

12,903

 

 

 

11,321

 

 

 

16,643

 

Expected return on assets

 

 

(24,600

)

 

 

(25,248

)

 

 

(28,016

)

Amortization of actuarial loss

 

 

10,198

 

 

 

10,455

 

 

 

10,804

 

Net periodic benefit (credit) cost

 

$

(280

)

 

$

(2,264

)

 

$

726

 

Schedule of Expected Benefit Payments

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2023

 

$

36,549

 

2024

 

 

36,537

 

2025

 

 

36,492

 

2026

 

 

36,047

 

2027

 

 

35,717

 

2028-2032

 

 

170,091

 

Schedule of Assumptions Used Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2022

 

 

2021

 

Discount rate used to compute benefit obligations

 

 

5.13

%

 

 

2.76

%

Discount rate used to compute periodic benefit cost

 

 

2.77

%

 

 

2.38

%

Expected long-term rates of return on plans' assets

 

 

4.80

%

 

 

4.70

%

 

U.K. Defined Benefit Plans:

 

2022

 

 

2021

 

Discount rate used to compute benefit obligations

 

 

4.93

%

 

 

1.82

%

Discount rate used to compute periodic benefit cost

 

 

1.82

%

 

 

1.60

%

Expected long-term rates of return on plans' assets

 

 

2.40

%

 

 

2.10

%

Schedule of Allocation of Plan Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Equity securities

 

 

13.2

%

 

 

16.9

%

 

 

 

 

 

 

Fixed income securities

 

 

73.5

%

 

 

65.5

%

 

 

71.9

%

 

 

66.2

%

Alternative strategies

 

 

7.6

%

 

 

5.7

%

 

 

26.7

%

 

 

23.1

%

Cash, cash equivalents and short-term investment funds

 

 

5.7

%

 

 

11.9

%

 

 

1.4

%

 

 

10.7

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%