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Retirement Plans and Other Post-Retirement Benefits | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Retirement Plans and Other Post-Retirement Benefits | RETIREMENT PLANS AND OTHER POST-RETIREMENT BENEFITS Prior to May 2019, we provided non-contributory retirement benefits under both funded and unfunded plans to all U.S. employees and to certain non-U.S. employees in Germany. As discussed in more detail below, we terminated our U.S. qualified pension plan effective June 30, 2019 and replaced the benefits with an enhanced 401(k) defined contribution plan. Participation and benefits under the plans were based upon the employees’ date of hire. U.S. benefits accrued under the terminated pension plan was based on a final average pay formula or cash balance formula for salaried employees. In December 2019, our Board of Directors approved the freezing of benefit accruals in the non-qualified pension plan for active participants effective December 31, 2019. As of January 1, 2020, each active participant’s frozen non-qualified pension benefit was transferred to a newly approved Deferred Compensation Plan non-qualified benefit plan and will earn interest credits going forward. The Deferred Compensation Plan also provides for employer contributions and, beginning in 2022, the Plan may provide for elective employee deferrals. Under the Deferred Compensation Plan, participants are eligible to receive annual Company contributions that such participants would have received under our 401(k) Savings Plan, but for certain limitations imposed by the Internal Revenue Code on 401(k) plan contributions (“Company Contributions”). Unless otherwise determined by the Compensation Committee, Company Contributions under the Deferred Compensation Plan will not exceed 7% of a participant’s annual eligible compensation that is in excess of the Internal Revenue Code compensation limit for 401(k) plans. As of December 31, 2022 and 2021, the remaining non-contributory pension plans are unfunded non-qualified plans. Non-U.S. benefits were based on average salary and years of service. We use a December 31-measurement date for all of our defined benefit plans. We also provide certain health care benefits to eligible U.S.-based retired employees. Participation in the plan is closed to any salaried employees hired after December 31, 2006. For retirees prior to age 65, these benefits consists of either a Company provided fixed contribution, as determined on an annual basis, to the participant’s health reimbursement account or providing group medical insurance coverage with a subsidy cap of $10,000 per year, as determined by date of retirement. For certain retirees over age 65, these benefits consists of a fixed payment to defray the costs of Medicare. All information presented in the following tables represents amounts attributable to continuing operations.
| Pension Benefits |  | Other Benefits
In thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Change in Benefit Obligation |  |  |  |  |  |  |
Balance at beginning of year | $ | 44,885 |  |  | $ | 47,333 |  |  | $ | 5,130 |  |  | $ | 5,967 |
Service cost | — |  |  | — |  |  | 15 |  |  | 29 |
Interest cost | 1,054 |  |  | 974 |  |  | 131 |  |  | 127 |
Benefits paid | (2,065) |  |  | (2,247) |  |  | (529) |  |  | (1,078) |
Plan amendments | — |  |  | — |  |  | — |  |  | 6 |
Actuarial (gain)/loss | (8,436) |  |  | (203) |  |  | (1,367) |  |  | 79 |
Effect of currency rate changes | (709) |  |  | (972) |  |  | — |  |  | — |
Balance at end of year | $ | 34,729 |  |  | $ | 44,885 |  |  | $ | 3,380 |  |  | $ | 5,130 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total contributions | 2,065 |  |  | 2,247 |  |  | 529 |  |  | 1,078 |
Benefits paid | (2,065) |  |  | (2,247) |  |  | (529) |  |  | (1,078) |
Fair value of plan assets at end of year | — |  |  | — |  |  | — |  |  | — |
Funded status at end of year | $ | (34,729) |  |  | $ | (44,885) |  |  | $ | (3,380) |  |  | $ | (5,130) |
As of December 31, 2022, the non-qualified plans have an unfunded projected benefit obligation of $34.7 million. Amounts recognized in the consolidated balance sheets consist of the following as of December 31:
| Pension Benefits |  | Other Benefits
In thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Current liabilities | $ | (8,415) |  |  | $ | (2,096) |  |  | $ | (513) |  |  | $ | (852) |
Other long-term liabilities | (26,314) |  |  | (42,789) |  |  | (2,886) |  |  | (4,278) |
Net amount recognized | $ | (34,729) |  |  | $ | (44,885) |  |  | $ | (3,399) |  |  | $ | (5,130) |
The components of amounts recognized as “Accumulated other comprehensive income” consist of the following on a pre-tax basis:
| Pension Benefits |  | Other Benefits
In thousands | 2022 |  | 2021 |  | 2022 |  | 2021
Prior service credit (cost) | $ | (127) |  |  | $ | (172) |  |  | $ | (21) |  |  | $ | (125) |
Net actuarial gain (loss) | (4,762) |  |  | (14,189) |  |  | 984 |  |  | (382) |
The weighted-average assumptions used in computing the benefit obligations above were as follows:
| Pension Benefits |  | Other Benefits
| 2022 |  | 2021 |  | 2022 |  | 2021
Discount rate – benefit obligation | 5.19 | % |  | 2.42 | % |  | 5.42 | % |  | 2.70 | %
The discount rates set forth above were estimated based on the modeling of expected cash flows for each of our benefit plans and selecting a portfolio of high-quality debt instruments with maturities matching the respective cash flows of each plan. The resulting discount rates as of December 31, 2022 ranged from 1.10% to 2.88% for pension plans and was 2.70% for the other benefit plans. Information for pension plans with an accumulated benefit obligation in excess of plan assets was as follows:
In thousands | 2022 |  | 2021
Projected benefit obligation | $ | 34,729 |  |  | $ | 44,885 |
Accumulated benefit obligation | 34,729 |  |  | 44,885 |
Fair value of plan assets | — |  |  | — |
Net periodic benefit (income) expense includes the following components:
| Year ended December 31,
In thousands | 2022 |  | 2021 |  | 2020
Pension Benefits |  |  |  |  |
Interest cost | $ | 1,054 |  |  | $ | 974 |  |  | $ | 1,210 |
Amortization of prior service cost | 43 |  |  | 48 |  |  | 48 |
Amortization of actuarial loss | 653 |  |  | 790 |  |  | 655 |
Total net periodic benefit expense | $ | 1,750 |  |  | $ | 1,812 |  |  | $ | 1,913 |
Other Benefits |  |  |  |  |
Service cost | $ | 15 |  |  | $ | 29 |  |  | $ | — |
Interest cost | 131 |  |  | 127 |  |  | 184 |
Amortization of prior service credit | 104 |  |  | (233) |  |  | (458) |
Amortization of actuarial loss (gain) | — |  |  | 47 |  |  | (834) |
Total net periodic benefit income | $ | 250 |  |  | $ | (30) |  |  | $ | (1,108) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
| Year ended December 31,
In thousands | 2022 |  | 2021
Pension Benefits |  |  |
Actuarial gains | $ | (8,436) |  |  | $ | (203) |
Recognized prior service costs | (43) |  |  | (48) |
Recognized actuarial losses | (653) |  |  | (790) |
Total recognized in other comprehensive (income) loss | (9,132) |  |  | (1,041) |
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (7,382) |  |  | $ | 771 |
Other Benefits |  |  |
Actuarial (gain) loss | $ | (1,367) |  |  | $ | 79 |
Amortization of actuarial loss | — |  |  | (47) |
Total recognized in other comprehensive loss | (1,367) |  |  | 32 |
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (1,117) |  |  | $ | 2 |
The weighted-average assumptions used in computing the net periodic benefit expense information above were as follows:
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Pension Benefits |  |  |  |  |
Discount rate – benefit expense | 2.42 | % |  | 2.17 | % |  | 2.70 | %
Other Benefits |  |  |  |  |
Discount rate – benefit expense | 2.70 | % |  | 2.30 | % |  | 3.11 | %
Assumed health care cost trend rates used to determine benefit obligations were no longer applicable to our plans at December 31, 2022. At December 31, 2021, they were as follows:
| 2022 |  | 2021
Health care cost trend rate assumed for next year | — |  |  | 5.30 | %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) | — |  |  | 4.50 | %
Year that the rate reaches the ultimate rate | — |  |  | 2037
Cash Flow Benefit payments expected to be made under our non-qualified pension plans and other benefit plans are summarized below:
In thousands | Pension Benefits |  | Other Benefits
2023 | $ | 8,402 |  |  | $ | 513 |
2024 | 2,379 |  |  | 465 |
2025 | 2,332 |  |  | 420 |
2026 | 2,270 |  |  | 405 |
2027 | 2,208 |  |  | 340 |
2028 through 2032 | 10,100 |  |  | 1,213 |
The 2023 expected payments include the expected distribution to the former CEO under the Final Average Compensation Pension plan in connection with their separation from the Company in 2022. Defined Contribution Plans We maintain 401(k) plans for substantially all U.S.-based employees. Employees may contribute up to 50% of their earnings, subject to certain restrictions. We currently provide a minimum company contribution equal to 7% of eligible compensation. In addition, we have provided discretionary contributions resulting in total contributions equal to 7.5%, 10% and 11% of compensation in 2022, 2021 and 2020, respectively. The expense associated with our 401(k) plan was $2.7 million, $2.4 million and $2.0 million in 2022, 2021 and 2020, respectively.

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