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. |
|
| 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 |
|