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Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Plans [Abstract]  
Funded Status of Defined Benefit Plan
Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(In thousands)
  
2021
    
2020
  
Benefit obligation at beginning of year
  
$
45,631
    
$
39,421
  
Service cost
    
1,740
      
1,601
  
Interest cost
    
851
      
1,022
  
Foreign currency exchange rate changes
    
(291
)
    
690
  
Benefits and settlements paid
    
(3,298
)
    
(1,948
)
Amendments
    
-
      
42
  
Actuarial (gain) loss
    
(2,853
)
    
4,803
  
Benefit obligation at end of year
    
41,780
      
45,631
  
Plan assets at beginning of year
    
35,676
      
31,776
  
Company contributions
    
947
      
1,117
  
Foreign currency exchange rate changes
    
(297
)
    
882
  
Benefits paid
    
(1,718
)
    
(1,948
)
Settlement payments
     (1,580 )     -  
Actual (loss) gain on plan assets
    
(46
)
    
3,849
  
Plan assets at end of year
    
32,982
      
35,676
  
Funded status
  
$
(8,798
)
  
$
(9,955
)
Accumulated benefit obligation
  
$
40,873
    
$
44,559
  
Amounts Recognized in Consolidated Balance Sheets
Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)
  
2021
    
2020
  
Accrued employee and retiree benefits
  
$
(18,375
)
  
$
(19,349
)
Other accrued expenses
    
(693
)
    
(722
)
Other assets
    
10,270
      
10,116
  
Net liability
  
$
(8,798
)
  
$
(9,955
)
Annual Benefit Cost
Components of annual benefit cost:
(In thousands)
  
2021
    
2020
    
2019
  
Service cost
  
$
1,740
    
$
1,601
    
$
1,432
  
Interest cost
    
851
      
1,022
      
1,273
  
Expected return on plan assets
    
(728
)
    
(813
)
    
(896
)
Recognized actuarial loss (gain)
    
267
      
41
      
(176
)
Settlement income
    
(151
)
    
-
      
-
  
Defined benefit expense
  
$
1,979
    
$
1,851
    
$
1,633
  
Weighted Average Assumptions
Weighted average liability assumptions as of December 31:
 
  
2021
    
2020
  
Discount rate
    
2.35
%
    
1.87
%
Expected return on plan assets
    
2.54
%
    
2.17
%
Rate of compensation increase
    
0.27
%
    
0.34
%

Weighted average cost assumptions for the year ended December 31:

 
  
2021
    
2020
    
2019
  
Discount rate
    
1.87
%
    
2.69
%
    
3.80
%
Expected return on plan assets
    
2.17
%
    
2.68
%
    
3.21
%
Rate of compensation increase
    
0.34
%
    
0.34
%
    
0.31
%
Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)
  
2021
    
2020
  
Unrecognized net actuarial loss
  
$
221
    
$
2,402
  
Prior service cost
    
179
      
187
  
Total before tax effects
  
$
400
    
$
2,589
  
Pension Adjustments Recognized in Accumulated Other Comprehensive Income
The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)
  
2021
    
2020
    
2019
  
Net actuarial gain (loss) arising during the period
  
$
1,528
    
$
(1,293
)
  
$
(1,091
)
Prior service cost
    
-
      
(32
)
    
-
  
Amortization of actuarial loss (gain), included in defined benefit expense
    
84
      
32
      
(130
)
Pension adjustment, net of tax
  
$
1,612
    
$
(1,293
)
  
$
(1,221
)
Pension Plan Assets by Asset Category
The following table presents the Company’s pension plan assets by asset category as of December 31, 2021 and 2020:

 
  
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2021
Using Fair Value Hierarchy
    
Fair Value
as of
December 31,
    
Fair Value Measurements at
December 31, 2020
Using Fair Value Hierarchy
  
(In thousands)
  
2021
    
Level 1
    
Level 2
    
Level 3
    
2020
    
Level 1
    
Level 2
    
Level 3
  
Equity Funds
                                                
Domestic
  
$
7,033
    
$
7,033
    
$
-
    
$
-
    
$
6,565
    
$
6,565
    
$
-
    
$
-
  
International
    
79
      
-
      
79
      
-
      
97
      
-
      
97
      
-
  
International Fixed Income Funds
    
25,732
      
889
      
24,843
      
-
      
28,911
      
1,190
      
27,721
      
-
  
Other investments
    
138
      
115
      
23
      
-
      
103
      
76
      
27
      
-
  
Total assets at fair value
  
$
32,982
    
$
8,037
    
$
24,945
    
$
-
    
$
35,676
    
$
7,831
    
$
27,845
    
$
-