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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Summary of Reconciliation of Benefit Obligation, Plan Assets, and Funded Status

The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates.

 

 

 

U.S.
Pension Plans

 

 

Non-U.S.
Pension Plans

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Accumulated benefit obligation

 

$

814

 

 

$

1,008

 

 

$

1,771

 

 

$

1,957

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

 

 

 

 

Projected benefit obligation at January 1

 

$

1,008

 

 

$

230,205

 

 

$

2,335

 

 

$

2,686

 

Service cost

 

 

—

 

 

 

—

 

 

 

20

 

 

 

26

 

Interest cost

 

 

18

 

 

 

2,861

 

 

 

13

 

 

 

17

 

Benefits paid

 

 

(103

)

 

 

(12,206

)

 

 

(238

)

 

 

(476

)

Actuarial (gain) loss

 

 

(109

)

 

 

(3,533

)

 

 

239

 

 

 

44

 

Plan settlements

 

 

—

 

 

 

(216,319

)

 

 

—

 

 

 

—

 

Foreign exchange impact

 

 

—

 

 

 

—

 

 

 

(223

)

 

 

38

 

Projected benefit obligation at December 31

 

$

814

 

 

$

1,008

 

 

$

2,146

 

 

$

2,335

 

Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

Assets at fair value at January 1

 

$

49,382

 

 

$

285,675

 

 

$

1,421

 

 

$

1,595

 

Actual return on assets

 

 

2,134

 

 

 

(7,967

)

 

 

116

 

 

 

28

 

Company contributions

 

 

103

 

 

 

199

 

 

 

213

 

 

 

252

 

Benefits paid

 

 

(103

)

 

 

(12,206

)

 

 

(238

)

 

 

(476

)

Plan settlements

 

 

—

 

 

 

(216,319

)

 

 

—

 

 

 

—

 

Qualified replacement plan transfer

 

 

(17,500

)

 

 

—

 

 

 

—

 

 

 

—

 

Asset reversion

 

 

(34,016

)

 

 

—

 

 

 

—

 

 

 

—

 

Foreign exchange impact

 

 

—

 

 

 

—

 

 

 

(136

)

 

 

22

 

Assets at fair value at December 31

 

$

—

 

 

$

49,382

 

 

$

1,376

 

 

$

1,421

 

Funded status (plan assets less projected benefit obligations)

 

$

(814

)

 

$

48,374

 

 

$

(770

)

 

$

(914

)

 

 

The measurement dates for the post-retirement life insurance plan were December 31, 2022 and 2021. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.

 

 

 

Post-Retirement
Life Insurance Plan

 

 

 

2022

 

 

2021

 

Accumulated benefit obligation

 

$

4,018

 

 

$

5,231

 

Change in projected benefit obligation:

 

 

 

 

 

 

Projected benefit obligation at January 1

 

$

5,231

 

 

$

5,376

 

Service cost

 

 

1

 

 

 

1

 

Interest cost

 

 

102

 

 

 

80

 

Benefits paid

 

 

(147

)

 

 

(151

)

Actuarial (gain) loss

 

 

(1,169

)

 

 

(75

)

Projected benefit obligation at December 31

 

$

4,018

 

 

$

5,231

 

Change in plan assets:

 

 

 

 

 

 

Assets at fair value at January 1

 

$

—

 

 

$

—

 

Actual return on assets

 

 

—

 

 

 

—

 

Company contributions

 

 

147

 

 

 

151

 

Benefits paid

 

 

(147

)

 

 

(151

)

Other

 

 

—

 

 

 

—

 

Assets at fair value at December 31

 

$

—

 

 

$

—

 

Funded status (plan assets less projected benefit obligations)

 

$

(4,018

)

 

$

(5,231

)

 
Components of Prepaid (Accrued) Cost

The components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plans

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Prepaid pension asset

 

$

—

 

 

$

49,382

 

 

$

—

 

 

$

—

 

Accrued expenses and other liabilities

 

 

(99

)

 

 

(100

)

 

 

—

 

 

 

—

 

Long-term pension obligations

 

 

(715

)

 

 

(908

)

 

 

(770

)

 

 

(914

)

Net (accrued) prepaid cost

 

$

(814

)

 

$

48,374

 

 

$

(770

)

 

$

(914

)

 

The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:

 

 

 

Post-Retirement
Life Insurance Plan

 

 

 

2022

 

 

2021

 

Accrued expenses and other liabilities

 

$

(455

)

 

$

(489

)

Long-term pension obligations

 

 

(3,563

)

 

 

(4,742

)

Total accrued cost

 

$

(4,018

)

 

$

(5,231

)

 

 
Summary of Accumulated Other Comprehensive loss

We have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:

 

 

 

U.S.
Pension Plans

 

 

Non-U.S.
Pension Plans

 

 

 

Unrecognized
Loss

 

 

Unrecognized
Loss

 

Balance at January 1, 2021

 

$

91,237

 

 

$

1,901

 

Amortization of retirement benefits, net of tax

 

 

(2,851

)

 

 

(152

)

Net actuarial gain

 

 

3,777

 

 

 

27

 

Settlement charges

 

 

(91,851

)

 

 

—

 

Foreign exchange impact

 

 

—

 

 

 

27

 

Balance at January 1, 2022

 

$

312

 

 

$

1,803

 

Amortization of retirement benefits, net of tax

 

 

—

 

 

 

(155

)

Net actuarial gain (loss)

 

 

(108

)

 

 

132

 

Foreign exchange impact

 

 

—

 

 

 

(172

)

Balance at December 31, 2022

 

$

204

 

 

$

1,608

 

We have recorded the following amounts to accumulated other comprehensive loss for the post-retirement life insurance plan, net of tax:

 

 

 

Unrecognized
Gain

 

Balance at January 1, 2021

 

$

(51

)

Amortization of retirement benefits, net of tax

 

 

—

 

Net actuarial loss

 

 

(58

)

Balance at January 1, 2022

 

$

(109

)

Amortization of retirement benefits, net of tax

 

 

—

 

Net actuarial loss

 

 

(900

)

Balance at December 31, 2022

 

$

(1,009

)
Summary of Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those pension plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Projected benefit obligation

 

$

2,961

 

 

$

3,343

 

Accumulated benefit obligation

 

$

2,585

 

 

$

2,965

 

Fair value of plan assets

 

$

1,377

 

 

$

1,421

 

 

 
Summary of Net Pension and Postretirement Expense

Net pension expense includes the following components:

 

 

 

Years Ended
December 31,

 

 

Years Ended
December 31,

 

 

 

U.S. Pension Plans

 

 

Non-U.S. Pension Plans

 

 

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Service cost

 

$

—

 

 

$

—

 

 

$

—

 

 

$

20

 

 

$

26

 

 

$

31

 

Interest cost

 

 

18

 

 

 

2,861

 

 

 

5,773

 

 

 

13

 

 

 

17

 

 

 

28

 

Expected return on plan assets(1)

 

 

(2,134

)

 

 

(474

)

 

 

(9,817

)

 

 

(9

)

 

 

(17

)

 

 

(16

)

Amortization of unrecognized loss

 

 

30

 

 

 

3,703

 

 

 

6,488

 

 

 

167

 

 

 

184

 

 

 

174

 

Settlement charges

 

 

—

 

 

 

126,269

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Net expense

 

$

(2,086

)

 

$

132,359

 

 

$

2,444

 

 

$

191

 

 

$

210

 

 

$

221

 

Weighted-average actuarial assumptions(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.04

%

 

 

2.46

%

 

 

2.26

%

 

 

1.75

%

 

 

0.63

%

 

 

0.63

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

5.00

%

 

 

3.00

%

 

 

3.00

%

Pension income/expense assumptions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.46

%

 

 

2.10

%

 

 

3.15

%

 

 

0.63

%

 

 

0.63

%

 

 

0.63

%

Expected return on plan assets(1)

 

N/A

 

 

 

1.44

%

 

 

3.76

%

 

 

0.63

%

 

 

0.63

%

 

 

0.63

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

 

 

5.00

%

 

 

3.00

%

 

 

3.00

%

 

(1)
Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
(2)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. 2020 assumptions reflect termination basis accounting for our Plan.

Net post-retirement expense includes the following components:

 

 

 

Post-Retirement
Life Insurance Plan

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Service cost

 

$

1

 

 

$

1

 

 

$

1

 

Interest cost

 

 

102

 

 

 

80

 

 

 

122

 

Amortization of unrecognized gain

 

 

—

 

 

 

—

 

 

 

(84

)

Net expense

 

$

103

 

 

$

81

 

 

$

39

 

Weighted-average actuarial assumptions(1)

 

 

 

 

 

 

 

 

 

Benefit obligation assumptions:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

5.11

%

 

 

2.66

%

 

 

2.27

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 

Pension income/post-retirement expense assumptions:

 

 

 

 

 

 

 

 

 

Discount rate

 

 

2.66

%

 

 

2.27

%

 

 

3.09

%

Rate of compensation increase

 

N/A

 

 

N/A

 

 

N/A

 
(1)
During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Summary of Fair Values of Pension Plan

The following table summarizes the fair values of our pension plan assets:

 

 

 

As of December 31,

 

 

 

2021

 

Equity securities - U.S. holdings(1)

 

$

8

 

Bond funds - other(3) (4)

 

 

31,380

 

Cash and cash equivalents(2)

 

 

19,415

 

Total fair value of plan assets

 

$

50,803

 

 
Summary of Categories in Fair Value Hierarchy

The fair values at December 31, 2021, are classified within the following categories in the fair value hierarchy:

 

 

 

Quoted
Prices
in Active
Markets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

 

Not Leveled

 

 

Total

 

Equity securities - U.S. holdings(1)

 

$

8

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

8

 

Bond funds - other(3) (4)

 

 

31,380

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

31,380

 

Cash and cash equivalents(2)

 

 

19,415

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

19,415

 

Total

 

$

50,803

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

50,803

 

 

(1)
Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility and protect the assets from erosion of purchasing power.
(2)
Comprised of investment grade short-term investment and money-market funds.
(3)
Comprised predominately of investment grade U.S. corporate bonds with various maturities and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.
(4)
Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.
Summary of Reconciliation of Level 3 Partnership Assets Within Fair Value Hierarchy

The table below reconciles the Level 3 partnership assets within the fair value hierarchy:

 

 

 

Amount

 

Fair value of Level 3 partnership assets at January 1, 2021

 

$

6,792

 

Capital contributions

 

 

13

 

Realized and unrealized loss

 

 

(2,075

)

Capital distributions

 

 

(4,730

)

Fair value of Level 3 partnership assets at December 31, 2021

 

$

—

 

Capital contributions

 

 

—

 

Realized and unrealized loss

 

 

—

 

Capital distributions

 

 

—

 

Fair value of Level 3 partnership assets at December 31, 2022

 

$

—

 

 

 
Summary of Estimated Future Benefit Payments

Expected benefit payments under the defined benefit pension plans and the postretirement benefit plan, for the next five years subsequent to 2022 and in the aggregate for the following five years are as follows:

 

 

 

U.S.
Pension
Plans

 

 

Non-U.S.
Pension
Plans

 

 

Post-
Retirement
Life
Insurance
Plan

 

2023

 

$

99

 

 

$

51

 

 

$

455

 

2024

 

 

95

 

 

 

64

 

 

 

425

 

2025

 

 

91

 

 

 

74

 

 

 

398

 

2026

 

 

88

 

 

 

82

 

 

 

373

 

2027

 

 

84

 

 

 

117

 

 

 

351

 

2028-2031

 

 

335

 

 

 

638

 

 

 

1,488

 

Total

 

$

792

 

 

$

1,026

 

 

$

3,490

 
Summary of 401K and Other Plan Expense

Expenses related to defined contribution plans include the following:

 

 

 

Years Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

401(k) and other defined contribution plan expense

 

$

3,878

 

 

$

3,242

 

 

$

1,636