Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2022

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)	2022			2021
Benefit obligation at beginning of year	$	41,780		$	45,631
Service cost		1,622			1,740
Interest cost		953			851
Foreign currency exchange rate changes		(1,488	)		(291	)
Benefits and settlements paid		(1,724	)		(3,298	)
Actuarial gain		(8,776	)		(2,853	)
Benefit obligation at end of year		32,367			41,780
Plan assets at beginning of year		32,982			35,676
Company contributions		1,027			947
Foreign currency exchange rate changes		(2,430	)		(297	)
Benefits paid		(1,724	)		(1,718	)
Settlement payments		-			(1,580	)
Actual loss on plan assets		(9,926	)		(46	)
Plan assets at end of year		19,929			32,982
Funded status	$	(12,438	)	$	(8,798	)
Accumulated benefit obligation	$	31,472		$	40,873

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)	2022			2021
Accrued employee and retiree benefits	$	(16,822	)	$	(18,375	)
Other accrued expenses		(745	)		(693	)
Other assets		5,129			10,270
Net liability	$	(12,438	)	$	(8,798	)

Annual Benefit Cost

Components of annual benefit cost:

(In thousands)	2022			2021			2020
Service cost	$	1,622		$	1,740		$	1,601
Interest cost		953			851			1,022
Expected return on plan assets		(785	)		(728	)		(813	)
Recognized actuarial loss		32			267			41
Settlement income		-			(151	)		-
Defined benefit expense	$	1,822		$	1,979		$	1,851

Weighted Average Assumptions

Weighted average liability assumptions as of December 31:

	2022			2021
Discount rate		5.12	%		2.35	%
Expected return on plan assets		4.89	%		2.54	%
Rate of compensation increase		0.90	%		1.02	%

Weighted average cost assumptions for the year ended December 31:

	2022			2021			2020
Discount rate		2.35	%		1.87	%		2.69	%
Expected return on plan assets		2.54	%		2.17	%		2.68	%
Rate of compensation increase		1.02	%		1.07	%		0.88	%

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)	2022		2021
Unrecognized net actuarial loss	$	2,210	$	221
Prior service cost		153		179
Total before tax effects	$	2,363	$	400

Pension Adjustments Recognized in Accumulated Other Comprehensive Income

The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)	2022			2021		2020
Net actuarial (loss) gain arising during the period	$	(1,466	)	$	1,528	$	(1,293	)
Prior service cost		-			-		(32	)
Amortization of actuarial loss, included in defined benefit expense		27			84		32
Pension adjustment, net of tax	$	(1,439	)	$	1,612	$	(1,293	)

Pension Plan Assets by Asset Category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2022 and 2021:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2022 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2021 Using Fair Value Hierarchy
(In thousands)	2022		Level 1		Level 2		Level 3		2021		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	5,208	$	5,208	$	—	$	—	$	7,033	$	7,033	$	—	$	—
International		55		—		55		—		79		—		79		—
International Fixed Income Funds		14,551		1,060		13,491		—		25,732		889		24,843		—
Other investments		115		84		31		—		138		115		23		—
Total assets at fair value	$	19,929	$	6,352	$	13,577	$	—	$	32,982	$	8,037	$	24,945	$	—