Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 11. EMPLOYEE BENEFIT PLANS Defined Contribution Plans The Company and certain of its subsidiaries have defined contribution retirement savings plans, the most significant of which is a 401(k) plan in the U.S. These plans allow employees meeting certain requirements to contribute a portion of their compensation on a pretax and/or after-tax basis in accordance with guidelines established by the plans and the Internal Revenue Service or other tax authorities. The Company matches a percentage of the employee contributions up to certain limits. During the years ended December 31, 2021, 2020 and 2019, the Company made contributions to defined contribution retirement savings plans of $50.4 million, $56.6 million and $41.8 million, respectively. The Company also maintains noncontributory and contributory deferred compensation plans. During the years ended December 31, 2021, 2020 and 2019, the Company recognized pretax costs of $1.3 million, $2.6 million and $3.5 million, respectively, related to these plans. The liability related to these plans was $31.3 million and $43.2 million as of December 31, 2021 and 2020, respectively. Pension Plans The Company sponsors defined benefit pension plans covering certain active and former domestic and foreign employees. Included in the defined benefit pension plans are both funded and unfunded plans. The following table summarizes information for the defined benefit pension plans:
The following table presents the balance sheet location of the Company's pension liabilities and assets:
The accumulated benefit obligation for the Company’s U.S. defined benefit pension plans was $12.5 million and $13.5 million as of December 31, 2021 and 2020, respectively, and the accumulated benefit obligation for the Company’s non-U.S. defined benefit pension plans was $233.2 million and $261.8 million as of December 31, 2021 and 2020, respectively. The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:
The following table summarizes pretax amounts included in accumulated other comprehensive loss:
Actuarial gains and losses are amortized using a corridor approach. The corridor is equal to 10% of the greater of the benefit obligation and the fair value of the assets. Gains and losses in excess of the corridor are generally amortized over the average remaining life of the plan participants. Pretax amounts for net periodic benefit cost and other amounts included in other comprehensive income (loss) for the defined benefit pension plans consisted of the following components:
During the year ended December 31, 2021, the Company recorded a curtailment gain of $2.5 million related to the planned closure of an international manufacturing facility. The Company reports the service cost component of net periodic benefit cost in the same line item as other compensation costs arising from the services rendered by the employee and records the other components of net periodic benefit cost in other expense, net. Assumptions Significant weighted average assumptions used in determining benefit obligations and net periodic benefit cost are as follows:
The Company considered the available yields on high-quality fixed-income investments with maturities corresponding to the Company’s expected benefit obligations to determine the discount rates at each measurement date. Plan Assets In developing the expected rate of return on plan assets, the Company considered the expected long-term rate of return on individual asset classes. Expected return on plan assets is based on the market value of the assets. The majority of the non-U.S. pension assets are managed by independent investment advisors. In general, the investment strategy is designed to accumulate a diversified portfolio among markets, asset classes or individual securities in order to reduce market risk and assure that the pension assets are available to pay benefits as they come due. Mutual funds classified as Level 1 are valued at net asset value, which is based on the fair value of the funds’ underlying securities. Certain mutual funds are classified as Level 2 because a portion of the funds’ underlying assets are valued using significant other observable inputs. Other assets are primarily composed of fixed income investments (including insurance and real estate products) and are valued based on the investment’s stated rate of return, which approximates market interest rates. The Company had no U.S. defined benefit pension plan assets as of December 31, 2021 or 2020. The estimated fair values and the valuation input levels of the Company’s non-U.S. defined benefit pension plan assets are as follows:
Expected Cash Flows The Company expects to contribute $0.8 million to U.S. defined benefit pension plans and $6.0 million to non-U.S. defined benefit pension plans during 2022. The following table summarizes projected benefit payments from pension plans through 2031, including benefits attributable to estimated future service (in millions):
Other Postretirement Benefit Plans The Company sponsors postretirement health care and life insurance benefit plans that provide benefits to certain former U.S. employees and certain U.S. full-time employees who retire from the Company. The health care plans contain various cost-sharing features such as participant contributions, deductibles, coinsurance and caps, with Medicare as the primary provider of health care benefits for eligible retirees. There are no plan assets associated with these post-retirement health care and life insurance benefit plans. The benefit obligation for the plans was $4.2 million and $4.5 million as of December 31, 2021 and 2020, respectively, primarily recorded in other noncurrent liabilities on the Consolidated Balance Sheets. The pretax gains recognized in accumulated other comprehensive loss were $0.3 million and $4.5 million for the years ended December 31, 2021 and 2020, respectively, mostly related to unrecognized actuarial gains. The net periodic benefit income of $0.2 million, $1.3 million and $1.0 million for the years ended December 31, 2021, 2020 and 2019, respectively, resulted primarily from the amortization of net actuarial gains and prior service credits. |