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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs NPPC from continuing operations for U.S. and international plans for 2021, 2020 and 2019 is as follows:
U.S. PlansInternational Plans
(In thousands)202120202019202120202019
Net Periodic Pension Cost (Income):
Defined benefit pension plans:     
Service cost$ $— $39 $1,805 $1,642 $1,308 
Interest cost4,813 7,381 10,551 12,652 17,599 22,148 
Expected return on plan assets(12,199)(11,368)(10,297)(45,018)(41,013)(37,218)
Recognized prior service costs — — 582 512 326 
Recognized losses5,538 5,100 5,585 18,119 14,723 14,345 
Settlement/curtailment loss (gain) — 129 (6)18 19 
Defined benefit pension plan cost (income)(1,848)1,113 6,007 (11,866)(6,519)928 
Multiemployer pension plans640 620 727 1,035 969 1,167 
Defined contribution plans5,660 4,769 2,523 4,196 3,994 5,349 
Net periodic pension cost (income)$4,452 $6,502 $9,257 $(6,635)$(1,556)$7,444 
Schedule of Net Funded Status
The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2021 and 2020 are as follows:
U.S. PlansInternational Plans
(In thousands)2021202020212020
Change in benefit obligation:    
Benefit obligation at beginning of year$296,660 $294,693 $1,119,552 $984,665 
Service cost — 1,805 1,642 
Interest cost4,813 7,381 12,652 17,599 
Plan participants' contributions — 15 18 
Amendments —  1,088 
Actuarial (gain) loss(8,063)25,212 (58,567)129,410 
Settlements/curtailments — (269)(256)
Benefits paid(16,403)(17,675)(39,831)(43,952)
Effect of foreign currency — (13,159)29,379 
Acquisitions/divestitures (12,951) (41)
Benefit obligation at end of year$277,007 $296,660 $1,022,198 $1,119,552 
Change in plan assets:    
Fair value of plan assets at beginning of year$226,125 $226,268 $957,177 $860,321 
Actual return on plan assets19,005 24,975 40,382 95,132 
Employer contributions4,219 3,528 25,077 21,955 
Plan participants' contributions — 15 18 
Settlements/curtailments — (269)(256)
Benefits paid(16,402)(17,675)(39,220)(43,527)
Effect of foreign currency — (9,910)23,534 
Acquisitions/divestitures (10,971) — 
Fair value of plan assets at end of year$232,947 $226,125 $973,252 $957,177 
Funded status at end of year$(44,060)$(70,535)$(48,946)$(162,375)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2021 and 2020:
U.S. PlansInternational Plans
December 31December 31
(In thousands)2021202020212020
Noncurrent assets$ $— $2,046 $— 
Current liabilities1,999 1,970 967 907 
Noncurrent liabilities42,061 68,565 50,025 161,468 
AOCI114,874 135,281 410,114 487,682 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI for defined benefit pension plans consist of the following at December 31, 2021 and 2020:
 U.S. PlansInternational Plans
(In thousands)2021202020212020
Net actuarial loss$114,874 $135,281 $400,497 $477,238 
Prior service cost  — 9,617 10,444 
Total$114,874 $135,281 $410,114 $487,682 
Schedule of Expected Benefit Payments
Expected benefit payments for defined benefit pension plans over the next ten years are as follows:
(In millions)202220232024202520262026-2030
U.S. Plans$27.2 $16.7 $16.6 $16.5 $16.4 $78.7 
International Plans40.9 41.9 43.1 44.5 45.9 245.3 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2021, 2020 and 2019 were as follows:
U.S. Plans
December 31
International Plans
December 31
Global Weighted-Average
December 31
202120202019202120202019202120202019
Discount rates2.4 %3.2 %4.2 %1.4 %2.1 %2.9 %1.6 %2.4 %3.2 %
Expected long-term rates of return on plan assets6.8 %7.0 %7.3 %4.7 %5.2 %5.5 %5.1 %5.6 %5.9 %
The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at
December 31, 2021 and 2020 were as follows:
U.S. PlansInternational PlansGlobal Weighted-Average
December 31December 31December 31
202120202021202020212020
Discount rates2.7 %2.4 %1.9 %1.4 %2.1 %1.6 %
Schedule of Accumulated Benefit Obligations
The accumulated benefit obligation for all defined benefit pension plans at December 31, 2021 and 2020 was as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2021202020212020
Accumulated benefit obligation$277.0 $296.7 $1,016.1 $1,113.4 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2021 and 2020 were as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2021202020212020
Projected benefit obligation$277.0 $296.7 $988.6 $1,115.7 
Accumulated benefit obligation277.0 296.7 984.7 1,109.8 
Fair value of plan assets232.9 226.1 939.3 953.5 
U.S. Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's U.S. defined benefit pension plans at December 31, 2021 and 2020, and the long-term target allocation of plan assets, by asset category, are as follows:
Target  Long-Term
Allocation
Percentage of Plan Assets
December 31
U.S. Plans Asset Category20212020
Domestic equity securities
18%-28%
22.8 %30.8 %
International equity securities
17%-27%
22.5 %26.5 %
Fixed income securities
41%-51%
45.9 %33.4 %
Cash and cash equivalents
Less than 5%
 %0.7 %
Other (a)
4%-14%
8.8 %8.6 %
(a)    Investments within this caption include diversified global asset allocation funds and credit collection funds.
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2021 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value (c)
Domestic equities:  
Common stocks$5,180 $5,180 $ 
Mutual funds—equities48,411 48,411  
International equities:
Mutual funds—equities50,783 50,783  
Fixed income investments: 
Mutual funds—bonds105,114 105,114  
Other—mutual funds9,371 9,371  
Cash and money market accounts1,624 1,624  
Other—partnerships/joint ventures12,464  12,464 
Total$232,947 $220,483 $12,464 
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2020 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value
Domestic equities:  
Common stocks$5,934 $5,934 $— 
Mutual funds—equities63,651 63,651 — 
International equities:
Mutual funds—equities59,933 59,933 — 
Fixed income investments: 
Mutual funds—bonds75,441 75,441 — 
Other—mutual funds8,944 8,944 — 
Cash and money market accounts1,691 1,691 — 
Other - partnerships/joint ventures10,531 — 10,531 
Total$226,125 $215,594 $10,531 
International Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2021 and 2020 and the long-term target allocation of plan assets, by asset category, are as follows:
International Plans Asset CategoryTarget Long-Term
Allocation
Percentage of Plan Assets
December 31
20212020
Equity securities26.5 %27.9 %32.0 %
Fixed income securities65.5 %63.6 %49.5 %
Cash and cash equivalents— 0.7 %0.2 %
Other (b)
8.0 %7.8 %18.3 %
(b)     Investments within this caption include diversified growth funds and real estate funds.
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2021 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$271,811 $ $271,811 
Fixed income investments:  
Mutual funds—bonds613,243  613,243 
Insurance contracts5,684  5,684 
Other:  
Other mutual funds75,651  75,651 
Cash and money market accounts6,863 6,863  
Total$973,252 $6,863 $966,389 
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2020 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$306,959 $— $306,959 
Fixed income investments:   
Mutual funds—bonds467,285 — 467,285 
Insurance contracts6,282 — 6,282 
Other:  
Other mutual funds174,921 — 174,921 
Cash and money market accounts1,730 1,730 — 
Total$957,177 $1,730 $955,447