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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [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
	2021			2020			2021			2020
Accumulated benefit obligation	$	1,008		$	230,205		$	1,957		$	1,983
Change in projected benefit obligation:
Projected benefit obligation at January 1	$	230,205		$	220,339		$	2,686		$	2,633
Service cost		—			—			26			31
Interest cost		2,861			5,773			17			28
Benefits paid		(12,206	)		(14,590	)		(476	)		(285	)
Actuarial (gain) loss		(3,533	)		18,683			44			95
Plan settlements		(216,319	)		—			—			—
Foreign exchange impact		—			—			38			184
Projected benefit obligation at December 31	$	1,008		$	230,205		$	2,335		$	2,686
Change in plan assets:
Assets at fair value at January 1	$	285,675		$	281,276		$	1,595		$	1,419
Actual return on assets		(7,967	)		18,886			28			95
Company contributions		199			103			252			268
Benefits paid		(12,206	)		(14,590	)		(476	)		(285	)
Plan settlements		(216,319	)		—			—			—
Foreign exchange impact		—			—			22			98
Assets at fair value at December 31	$	49,382		$	285,675		$	1,421		$	1,595
Funded status (plan assets less projected benefit obligations)	$	48,374		$	55,470		$	(914	)	$	(1,091	)

*Actual return on plan assets is net of expected investment expenses and certain administrative expenses.

The measurement dates for the post-retirement life insurance plan were December 31, 2021, and 2020. 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
	2021			2020
Accumulated benefit obligation	$	5,231		$	5,376
Change in projected benefit obligation:
Projected benefit obligation at January 1	$	5,376		$	4,766
Service cost		1			1
Interest cost		80			122
Benefits paid		(151	)		(154	)
Actuarial (gain) loss		(75	)		641
Projected benefit obligation at December 31	$	5,231		$	5,376
Change in plan assets:
Assets at fair value at January 1	$	—		$	—
Actual return on assets		—			—
Company contributions		151			154
Benefits paid		(151	)		(154	)
Other		—			—
Assets at fair value at December 31	$	—		$	—
Funded status (plan assets less projected benefit obligations)	$	(5,231	)	$	(5,376	)

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
	2021			2020			2021			2020
Prepaid pension asset	$	49,382		$	56,642		$	—		$	—
Accrued expenses and other liabilities		(100	)		(100	)		—			—
Long-term pension obligations		(908	)		(1,072	)		(914	)		(1,091	)
Net prepaid (accrued) cost	$	48,374		$	55,470		$	(914	)	$	(1,091	)

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
	2021			2020
Accrued expenses and other liabilities	$	(489	)	$	(451	)
Long-term pension obligations		(4,742	)		(4,924	)
Total accrued cost	$	(5,231	)	$	(5,375	)

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, 2020	$	88,830		$	1,900
Amortization of retirement benefits, net of tax		(4,995	)		(146	)
Net actuarial gain		7,402			14
Foreign exchange impact		—			133
Balance at January 1, 2021	$	91,237		$	1,901
Amortization of retirement benefits, net of tax		(2,851	)		(152	)
Net actuarial gain (loss)		3,777			27
Settlement charges		(91,851	)		—
Foreign exchange impact		—			27
Balance at December 31, 2021	$	312		$	1,803

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, 2020	$	(608	)
Amortization of retirement benefits, net of tax		64
Net actuarial gain		493
Balance at January 1, 2021	$	(51	)
Amortization of retirement benefits, net of tax		0
Net actuarial loss		(58	)
Balance at December 31, 2021	$	(109	)

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,
	2021		2020
Projected benefit obligation	$	3,343	$	3,859
Accumulated benefit obligation	$	2,965	$	3,155
Fair value of plan assets	$	1,421	$	1,595

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
	2021			2020			2019			2021			2020			2019
Service cost	$	—		$	—		$	—		$	26		$	31		$	37
Interest cost		2,861			5,773			7,724			17			28			31
Expected return on plan assets⁽¹⁾		(474	)		(9,817	)		(12,187	)		(17	)		(16	)		(17	)
Amortization of unrecognized loss		3,703			6,488			5,246			184			174			170
Settlement charges		126,269			—			—			—			—			—
Net expense	$	132,359		$	2,444		$	783		$	210		$	217		$	221
Weighted-average actuarial assumptions⁽²⁾
Benefit obligation assumptions:
Discount rate		2.46	%		2.26	%		3.15	%		0.63	%		0.63	%		1.00	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%		3.00	%		3.00	%
Pension income/expense assumptions:
Discount rate		2.10	%		3.15	%		4.30	%		0.63	%		0.63	%		1.13	%
Expected return on plan assets⁽¹⁾		1.44	%		3.76	%		4.61	%		0.63	%		0.63	%		1.13	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%		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.

Net post-retirement expense includes the following components:

	Post-Retirement Life Insurance Plan
	Years Ended December 31,
	2021			2020			2019
Service cost	$	1		$	1		$	1
Interest cost		80			122			170
Amortization of unrecognized gain		—			(84	)		(166	)
Net expense	$	81		$	39		$	5
Weighted-average actuarial assumptions⁽¹⁾
Benefit obligation assumptions:
Discount rate		2.66	%		2.27	%		3.09	%
Rate of compensation increase	N/A			N/A			N/A
Pension income/post-retirement expense assumptions:
Discount rate		2.27	%		3.09	%		4.26	%
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 Asset Allocation and Target Allocation Plan

Our pension plan asset allocation at December 31, 2021, and 2020, and target allocation for 2022 by asset category are as follows:

	Target Allocations	Percentage of Plan Assets at December 31,
Asset Category	2022	2021	2020
Equity securities	0%	0%	13%
Fixed income/Debt securities	100%	100%	83%
Other	0%	0%	4%
Total	100%	100%	100%

Summary of Fair Values of Pension Plan

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

	As of December 31,
	2021		2020
Equity securities - U.S. holdings⁽¹⁾	$	8	$	7
Bond funds - government^{(4) (6)}		—		53,239
Bond funds - other^{(5) (6)}		31,380		173,853
Cash and cash equivalents⁽²⁾		19,415		53,379
Partnerships⁽³⁾		—		6,792
Total fair value of plan assets	$	50,803	$	287,270

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)		Total
Equity securities - U.S. holdings⁽¹⁾	$	8	$	—	$	—	$	8
Bond funds - other⁽⁵⁾		31,380		—		—		31,380
Cash and cash equivalents⁽²⁾		19,415		—		—		19,415
Total	$	50,803	$	—	$	—	$	50,803

The fair values at December 31, 2020, 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⁾	$	7	$	—	$	—	$	—	$	7
Bond funds - government^{(4) (6)}		—		—		—		53,239		53,239
Bond funds - other^{(5) (6)}		—		—		—		173,853		173,853
Cash and cash equivalents⁽²⁾		53,379		—		—		—		53,379
Partnerships⁽³⁾		—		—		6,792		—		6,792
Total	$	53,386	$	—	$	6,792	$	227,092	$	287,270

(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 of partnerships that invest in various U.S. and international industries.

(4)	Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities ("Treasury Strips") with maturities greater than 20 years.

(5)	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.

(6)

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, 2020	$	7,539
Capital contributions		44
Realized and unrealized loss		(269	)
Capital distributions		(522	)
Fair value of Level 3 partnership assets at December 31, 2020	$	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	$	—

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 2021 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
2022	$	100	$	54	$	489
2023		96		58		455
2024		92		73		425
2025		88		81		398
2026		84		89		373
2027-2030		349		667		1,571
Total	$	809	$	1,022	$	3,711

Summary of 401K and Other Plan Expense

Expenses related to defined contribution plans include the following:

	Years Ended December 31,
	2021		2020		2019
401(k) and other defined contribution plan expense	$	3,242	$	1,636	$	3,125