Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Compensation And Retirement Disclosure [Abstract]

Components of Actuarial (Gains) Losses

Actuarial (gains) losses were comprised of the following components:

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2021			2020			2021			2020			2021			2020
Changes in assumptions	$	(6,234	)	$	21,494		$	(164	)	$	5,674		$	(365	)	$	811
Other		2,027			(1,851	)		167			(333	)		(442	)		(85	)
Total actuarial (gains) losses	$	(4,207	)	$	19,643		$	3		$	5,341		$	(807	)	$	726

Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following tables provide a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits(a)						Foreign Pension Benefits(b)						Other Postretirement Benefits
	2021			2020			2021			2020			2021			2020
Change in projected benefit obligations:
PBO at January 1	$	273,776		$	261,902		$	69,923		$	62,339		$	11,410		$	11,398
Service cost		243			223			375			444			245			225
Interest cost		5,349			7,175			829			1,058			182			281
Special termination benefits		0			12			0			0			0			0
Foreign currency exchange rate changes		0			0			(1,354	)		3,209			0			0
Actuarial (gains) losses		(4,207	)		19,643			3			5,341			(807	)		726
Participant contributions		0			0			0			0			161			274
Benefits paid from plan assets		(14,457	)		(14,776	)		(2,114	)		(1,796	)		0			0
Benefits paid by the Corporation		(403	)		(403	)		(655	)		(672	)		(761	)		(1,494	)
PBO at December 31	$	260,301		$	273,776		$	67,007		$	69,923		$	10,430		$	11,410
Change in plan assets:
Fair value of plan assets at January 1	$	210,880		$	195,667		$	66,957		$	57,900		$	0		$	0
Actual return on plan assets		18,514			24,427			7,550			8,396			0			0
Foreign currency exchange rate changes		0			0			(779	)		2,457			0			0
Corporate contributions		403			5,965			655			672			600			1,220
Participant contributions		0			0			0			0			161			274
Gross benefits paid		(14,860	)		(15,179	)		(2,769	)		(2,468	)		(761	)		(1,494	)
Fair value of plan assets at December 31	$	214,937		$	210,880		$	71,614		$	66,957		$	0		$	0
Funded status of the plans:
Fair value of plan assets	$	214,937		$	210,880		$	71,614		$	66,957		$	0		$	0
Less benefit obligations		260,301			273,776			67,007			69,923			10,430			11,410
Funded status at December 31	$	(45,364	)	$	(62,896	)	$	4,607		$	(2,966	)	$	(10,430	)	$	(11,410	)

(a) Includes the nonqualified defined benefit pension plan.

(b) Includes the over-funded U.K. defined benefit pension plan and two smaller unfunded defined benefit pension plans.

The following tables provide a summary of amounts recognized in the consolidated balance sheets at December 31, 2021, and 2020.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2021			2020			2021			2020			2021			2020
Employee benefit obligations:
Prepaid pensions(a)	$	0		$	0		$	11,963		$	5,327		$	0		$	0
Accrued payrolls and employee benefits(b)		(740	)		(477	)		0			0			(932	)		(1,028	)
Employee benefit obligations(c)		(44,624	)		(62,419	)		(7,356	)		(8,293	)		(9,498	)		(10,382	)
Total employee benefit obligations	$	(45,364	)	$	(62,896	)	$	4,607		$	(2,966	)	$	(10,430	)	$	(11,410	)
Accumulated other comprehensive loss:(d)
Net actuarial loss (gain)	$	51,476		$	63,834		$	16,046		$	18,341		$	(405	)	$	324
Prior service cost (credit)		15			38			(6,952	)		(7,327	)		(5,803	)		(6,833	)
Total accumulated other comprehensive loss	$	51,491		$	63,872		$	9,094		$	11,014		$	(6,208	)	$	(6,509	)

(a) Represents the over-funded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheets.

(b) Recorded as a current liability in the consolidated balance sheets.

(c) Recorded as a noncurrent liability in the consolidated balance sheets.

(d) Amounts are pre-tax.

Schedule of Estimated Benefit Payments

As of December 31, 2021, estimated benefit payments for subsequent years are as follows:

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
2022	$	16,050	$	1,993	$	945
2023		16,005		2,096		934
2024		15,925		2,036		939
2025		15,768		2,803		909
2026		15,535		2,594		640
2027-2031		73,709		13,535		2,684
Total benefit payments	$	152,992	$	25,057	$	7,051

The following table summarizes target asset allocations for 2021 (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. The Corporation intends to continue to liquidate the alternative investments of the U.S. plans to provide additional flexibility with investment allocation.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2021			2021			2020			Dec. 31, 2021			2021			2020
Equity securities		48	%		50	%		52	%		17	%		15	%		34	%
Fixed-income securities		43	%		43	%		40	%		46	%		44	%		48	%
Alternative investments		6	%		4	%		5	%		28	%		29	%		11	%
Other (primarily cash and cash equivalents)		3	%		3	%		3	%		9	%		12	%		7	%

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2021, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	6,442	$	0	$	0	$	6,442
Consumer staples		3,050		0		0		3,050
Energy		1,167		0		0		1,167
Financial		4,617		0		0		4,617
Healthcare		10,526		0		0		10,526
Industrials		8,089		0		0		8,089
Information technology		11,819		0		0		11,819
Materials		938		0		0		938
Mutual funds and ETFs		58,440		0		0		58,440
Real estate		824		0		0		824
Telecommunications		2,388		0		0		2,388
Utilities		146		0		0		146
International
Consumer discretionary		426		0		0		426
Financial		751		0		0		751
Healthcare		880		0		0		880
Industrials		1,410		0		0		1,410
Information technology		2,065		0		0		2,065
Materials		1,330		0		0		1,330
Total Equity Securities		115,308		0		0		115,308
Fixed-Income Securities:
U.S.
Corporate bonds		0		41,991		0		41,991
Treasury bonds		28,694		0		0		28,694
Agency bonds		0		257		0		257
Mutual funds and ETFs		7,334		0		0		7,334
International
Corporate bonds		0		3,711		0		3,711
Total Fixed-Income Securities		36,028		45,959		0		81,987
Alternative Investments:
Managed funds(a)		0		0		8,167		8,167
Total Alternative Investments		0		0		8,167		8,167
Other:
Cash and cash equivalents(b)		9,349		0		0		9,349
Other(c)		76		0		50		126
Total Other		9,425		0		50		9,475
Total assets	$	160,761	$	45,959	$	8,217	$	214,937

(a) Includes approximately 89.6% in alternative investments (real assets, commodities and resources, absolute return funds) and 10.4% in cash and cash equivalents.

(b) Includes investments in temporary funds.

(c) Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the U.S. pension benefit plans’ assets as of December 31, 2020, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Total
Equity Securities:
U.S.
Consumer discretionary	$	6,012	$	0	$	0		$	6,012
Consumer staples		2,591		0		0			2,591
Energy		569		0		0			569
Financial		3,199		0		0			3,199
Healthcare		9,831		0		0			9,831
Industrials		7,026		0		0			7,026
Information technology		11,450		0		0			11,450
Materials		736		0		0			736
Mutual funds and ETFs		52,101		0		0			52,101
Real estate		1,180		0		0			1,180
Telecommunications		2,343		0		0			2,343
Utilities		325		0		0			325
International
Consumer discretionary		1,070		0		0			1,070
Consumer staples		2,478		0		0			2,478
Energy		419		0		0			419
Financial		2,252		0		0			2,252
Healthcare		1,107		0		0			1,107
Industrials		2,113		0		0			2,113
Information technology		1,743		0		0			1,743
Materials		987		0		0			987
Total Equity Securities		109,532		0		0			109,532
Fixed-Income Securities:
U.S.
Corporate bonds		0		45,567		0			45,567
Treasury bonds		24,967		0		0			24,967
Agency bonds		0		624		0			624
Mutual funds and ETFs		7,794		0		0			7,794
International
Corporate bonds		0		2,699		0			2,699
Total Fixed-Income Securities		32,761		48,890		0			81,651
Alternative Investments:
Managed funds(a)		0		0		7,557			7,557
Total Alternative Investments		0		0		7,557			7,557
Other:
Cash and cash equivalents(b)		12,142		0		0			12,142
Other(c)		88		0		(90	)		(2	)
Total Other		12,230		0		(90	)		12,140
Total assets	$	154,523	$	48,890	$	7,467		$	210,880

(a) Includes approximately 82.8% in alternative investments (real assets, commodities and resources, absolute return funds) and 17.2% in cash and cash equivalents.

(b) Includes investments in temporary funds.

(c) Includes accrued receivables and pending broker settlements.

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2021, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled funds (U.K.)	$	0	$	0	$	1,079	$	1,079
Commingled funds (International)		0		1,663		8,205		9,868
Total Equity Securities		0		1,663		9,284		10,947
Fixed-Income Securities:
Commingled funds (U.K.)		0		16,320		0		16,320
Commingled funds (International)		0		15,281		10,197		25,478
Total Fixed-Income Securities		0		31,601		10,197		41,798
Multi-Asset Commingled Funds (International)		0		9,077		0		9,077
Alternative Investments:
Absolute return funds		0		0		1,347		1,347
Cash and cash equivalents		0		8,445		0		8,445
Total assets	$	0	$	50,786	$	20,828	$	71,614

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2020, are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
Commingled funds (U.K.)	$	0	$	0	$	2,925	$	2,925
Commingled funds (International)		0		2,343		17,746		20,089
Total Equity Securities		0		2,343		20,671		23,014
Fixed-Income Securities:
Commingled funds (U.K.)		0		17,883		0		17,883
Commingled funds (International)		0		14,118		0		14,118
Total Fixed Income Securities		0		32,001		0		32,001
Multi-Asset Commingled Funds (International)		0		4,381		0		4,381
Alternative Investments:
Absolute return funds		0		0		3,094		3,094
Cash and cash equivalents		73		4,394		0		4,467
Total assets	$	73	$	43,119	$	23,765	$	66,957

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The following table sets forth a summary of changes in the fair value of the Level 3 plan assets for the U.S. and foreign pension benefit plans for the years ended December 31, 2021, and 2020.

	U.S. Pension Benefits						Foreign Pension Benefits
	2021			2020			2021			2020
Fair value as of January 1	$	7,557		$	19,341		$	23,765		$	6,495
Transfers from other plan assets		0			0			10,214			16,418
Transfers to other plan assets		(1,600	)		(10,784	)		(16,957	)		(7,066	)
Realized gains (losses)		273			1,706			5,989			(197	)
Change in net unrealized gains (losses)		1,937			(2,706	)		(2,085	)		6,024
Other, primarily impact from changes in foreign currency    exchange rates		0			0			(98	)		2,091
Fair value as of December 31	$	8,167		$	7,557		$	20,828		$	23,765

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for each of the years.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2021			2020			2021			2020			2021			2020
Service cost	$	243		$	223		$	375		$	444		$	245		$	225
Interest cost		5,349			7,175			829			1,058			182			281
Expected return on plan assets		(12,995	)		(12,828	)		(1,935	)		(1,972	)		0			0
Amortization of:
Prior service cost (credit)		23			41			(306	)		(285	)		(1,030	)		(1,017	)
Actuarial loss (gain)		2,632			2,094			635			701			(78	)		(139	)
Special termination benefits		0			12			0			0			0			0
Total net periodic pension and other postretirement benefit costs	$	(4,748	)	$	(3,283	)	$	(402	)	$	(54	)	$	(681	)	$	(650	)

Discount Rates Used to Determine the Benefit Obligations

The discount rates used to determine the benefit obligations as of December 31, 2021, and 2020, are summarized below.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2021	2020	2021	2020	2021	2020
Discount rate	2.79-2.91%	2.50-2.63%	1.95%	1.45%	2.91%	2.61%

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the years ended December 31, 2021, and 2020.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2021	2020	2021	2020	2021	2020
Discount rate	2.50-2.63%	3.25-3.31%	1.45%	2.05%	2.61%	2.98-3.35%
Expected long-term rate of return	6.50-7.00%	6.60-7.25%	2.90%	3.55%	n/a	n/a