XML 61 R53.htm IDEA: XBRL DOCUMENT v3.23.2
Pension and Other Post Retirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of funded status of Company's plans' reconciled with amounts reported in the Consolidated Balance Sheets
The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2022 and 2021:
Pension BenefitsOther Post-
Retirement Benefits
2022202120222021
ForeignU.S.TotalForeignU.S.TotalU.S.U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year$228,752 $103,420 $332,172 $247,675 $109,969 $357,644 $2,010 $3,234 
Service cost465 47 512 698 547 1,245 — 
Interest cost3,079 2,145 5,224 2,594 1,737 4,331 37 27 
Employee contributions20 — 20 71 — 71 — — 
Effect of plan amendments303 — 303 — — — (2)(78)
Curtailment gain207 — 207 — — — — — 
Plan settlements(1,726)— (1,726)(541)— (541)— — 
Benefits paid(5,343)(5,838)(11,181)(6,869)(5,064)(11,933)(176)(182)
Plan expenses and premiums paid(66)— (66)(74)— (74)— — 
Transfer in of business acquisition— — — 231 — 231 — — 
Actuarial (gain) loss(77,244)(20,688)(97,932)(4,160)(3,769)(7,929)(263)(992)
Translation differences and other(17,893)— (17,893)(10,873)— (10,873)— — 
Gross benefit obligation at end of year $130,554 $79,086 $209,640 $228,752 $103,420 $332,172 $1,606 $2,010 
Pension BenefitsOther Post-
Retirement Benefits
2022202120222021
ForeignU.S.TotalForeignU.S.TotalU.S.U.S.
Change in plan assets
Fair value of plan assets at beginning of year$216,886 $77,680 $294,566 $228,789 $73,481 $302,270 $— $— 
Actual return on plan assets(65,396)(14,871)(80,267)915 7,201 8,116 — — 
Employer contributions3,241 2,620 5,861 4,289 2,063 6,352 176 182 
Employee contributions20 — 20 71 — 71 — — 
Plan settlements(1,726)— (1,726)(541)— (541)— — 
Benefits paid(5,343)(5,838)(11,181)(6,869)(5,065)(11,934)(176)(182)
Plan expenses and premiums paid(66)— (66)(74)— (74)— — 
Translation differences(17,672)— (17,672)(9,694)— (9,694)— — 
Fair value of plan assets at end of year$129,944 $59,591 $189,535 $216,886 $77,680 $294,566 $— $— 
Net benefit obligation recognized$(610)$(19,495)$(20,105)$(11,866)$(25,740)$(37,606)$(1,606)$(2,010)
Amounts recognized in the balance sheet consist of:
Non-current assets$8,639 $— $8,639 $7,916 $— $7,916 $— $— 
Current liabilities(210)(1,128)(1,338)(191)(1,137)(1,328)(222)(220)
Non-current liabilities(9,039)(18,367)(27,406)(19,591)(24,603)(44,194)(1,384)(1,790)
Net benefit obligation recognized$(610)$(19,495)$(20,105)$(11,866)$(25,740)$(37,606)$(1,606)$(2,010)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service (cost) credit(333)(36)(369)(22)43 21 16 46 
Accumulated (loss) gain(10,387)2,532 (7,855)(19,163)(9,763)(28,926)1,218 1,034 
AOCI(10,720)2,496 (8,224)(19,185)(9,720)(28,905)1,234 1,080 
Cumulative employer contributions in excess of or (below) net periodic benefit cost10,110 (21,991)(11,881)7,319 (16,020)(8,701)(2,840)(3,090)
Net benefit obligation recognized$(610)$(19,495)$(20,105)$(11,866)$(25,740)$(37,606)$(1,606)$(2,010)
Schedule of Information for pension plans with an accumulated benefit obligation in excess of plan assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
20222021
ForeignU.S.TotalForeignU.S.Total
Accumulated benefit obligation5,983 79,086 85,069 128,268 103,420 231,688 
Fair value of plan assets1,842 59,591 61,433 119,181 77,680 196,861 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Information for pension plans with a projected benefit obligation in excess of plan assets:
20222021
ForeignU.S.TotalForeignU.S.Total
Projected benefit obligation$71,318 $79,086 $150,404 $138,963 $103,420 $242,383 
Fair value of plan assets61,805 59,591 121,396 119,181 77,680 196,861 
Schedule of components of net periodic benefit costs - pension plans
Components of net periodic benefit costs – pension plans:
20222021
ForeignU.S.TotalForeignU.S.Total
Service cost$465 $47 $512 $698 $547 $1,245 
Interest cost3,079 2,145 5,224 2,594 1,737 4,331 
Expected return on plan assets(4,472)(3,509)(7,981)(4,686)(3,611)(8,297)
Settlement loss (gain)(71)— (71)35 — 35 
Curtailment charge207 — 207 — — — 
Actuarial loss amortization658 323 981 996 2,252 3,248 
Prior service cost (credit) amortization10 10 
Net periodic benefit (income) cost$(131)$(987)$(1,118)$(360)$932 $572 
2020
ForeignU.S.Total
Service cost$4,340 $491 $4,831 
Interest cost3,416 2,923 6,339 
Expected return on plan assets(4,262)(4,810)(9,072)
Settlement (gain) loss(88)22,667 22,579 
Curtailment charge(1,155)— (1,155)
Actuarial loss amortization886 2,110 2,996 
Prior service credit amortization(167)— (167)
Net periodic benefit cost$2,970 $23,381 $26,351 
Components of net periodic benefit costs – other postretirement plan:
202220212020
Service cost$— $$
Interest cost37 27 77 
Actuarial loss amortization(79)(82)(5)
Prior service credit amortization(32)(31)— 
Net periodic benefit costs$(74)$(85)$77 
Schedule of other changes recognized in other comprehensive income - pension plans
Other changes recognized in other comprehensive income – pension plans:
20222021
ForeignU.S.TotalForeignU.S.Total
Net (gain) loss arising during the period$(7,008)$(3,555)$(10,563)$(388)$(448)$(836)
Settlement loss— (323)(323)(83)(2,252)(2,335)
Prior service (cost) credit303 (7)296 — (7)(7)
Actuarial (loss) gain(587)1,247 660 (954)(6,925)(7,879)
Curtailment Recognition(3)— (3)(3)— (3)
Effect of exchange rates on amounts included in AOCI(1,169)— (1,169)(1,390)— (1,390)
Total recognized in other comprehensive (income) loss(8,464)(2,638)(11,102)(2,818)(9,632)(12,450)
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(8,595)$(3,625)$(12,220)$(3,178)$(8,700)$(11,878)
2020
ForeignU.S.Total
Net (gain) loss arising during period$(1,594)$1,536 $(58)
Recognition of amortization in net periodic benefit cost
Settlement loss(39)(22,667)(22,706)
Prior service credit1,325 50 1,375 
Actuarial (loss) gain(758)3,967 3,209 
Curtailment Recognition(3)— (3)
Effect of exchange rates on amounts included in AOCI1,535 — 1,535 
Total recognized in other comprehensive loss466 (17,114)(16,648)
Total recognized in net periodic benefit cost and other comprehensive loss$3,436 $6,267 $9,703 
Other changes recognized in other comprehensive income – other postretirement benefit plans:
202220212020
Net (gain) loss arising during period$(263)$(992)$(864)
Recognition of amortizations in net periodic benefit cost(2)(78)— 
Prior service credit32 31 — 
Actuarial gain amortization79 82 
Total recognized in other comprehensive (income) loss(154)(957)(859)
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(228)$(1,042)$(782)
Schedule of Weighted-average assumptions used to determine benefit obligations
Weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021:
Pension BenefitsOther Postretirement
Benefits
2022202120222021
U.S. Plans:
Discount rate5.21%2.58%5.14%2.45%
Rate of compensation increaseN/AN/AN/AN/A
Foreign Plans:
Discount rate6.29%1.71%N/AN/A
Rate of compensation increase3.93%2.21%N/AN/A
Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020:
Pension BenefitsOther Postretirement
Benefits
202220212020202220212020
U.S. Plans:
Discount rate2.67 %2.67 %3.11 %2.45 %1.90 %2.99 %
Expected long-term return on plan assets5.75 %5.75 %6.50 %N/AN/AN/A
Rate of compensation increaseN/A6.00 %6.00 %N/AN/AN/A
Foreign Plans:
Discount rate3.97 %1.38 %2.30 %N/AN/AN/A
Expected long-term return on plan assets2.26 %2.06 %2.20 %N/AN/AN/A
Rate of compensation increase3.21 %2.52 %2.79 %N/AN/AN/A
Schedule of Assumed health care cost trend rates
Assumed health care cost trend rates as of December 31, 2022, 2021 and 2020:
202220212020
Health care cost trend rate for next year5.60 %5.65 %5.70 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.00 %4.50 %
Year that the rate reaches the ultimate trend rate204720462037
Schedule of company's pension plan target asset allocation and pension plan investments measured at fair value on a recurring basis
The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2022 and 2021 by asset category were as follows:
Asset CategoryTarget20222021
U.S. Plans
Equity securities32 %32 %46 %
Debt securities60 %60 %48 %
Other%%%
Total100 %100 %100 %
Foreign Plans
Equity securities15 %%36 %
Debt securities79 %79 %43 %
Other%13 %21 %
Total100 %100 %100 %
As of December 31, 2022 and 2021, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:
Fair Value Measurements at December 31, 2022
Total
Fair Value
Using Fair Value Hierarchy
U.S. Pension AssetsLevel 1Level 2Level 3
Pooled separate accounts$54,596 $— $54,596 $— 
Real estate4,995 — — 4,995 
Subtotal U.S. pension plan assets in fair value hierarchy$59,591 $— $54,596 $4,995 
Total U.S. pension plan assets$59,591 
Foreign Pension Assets
Cash and cash equivalents$4,923 $4,923 $— $— 
Insurance contract59,963 — — 59,963 
Diversified equity securities - registered investment companies5,211 — 5,211 — 
Fixed income – foreign registered investment companies54,098 — 54,098 — 
Real estate3,907 — — 3,907 
Sub-total of foreign pension assets in fair value hierarchy$128,102 $4,923 $59,309 $63,870 
Commingled funds measured at NAV1,842 
Total foreign pension assets$129,944 
Total pension assets in fair value hierarchy$187,693 $4,923 $113,905 $68,865 
Total pension assets measured at NAV1,842 
Total pension assets$189,535 
Fair Value Measurements at December 31, 2021
Total
Fair Value
Using Fair Value Hierarchy
U.S. Pension AssetsLevel 1Level 2Level 3
Pooled separate accounts$72,721 $— $72,721 $— 
Real estate4,959 — — 4,959 
Subtotal U.S. pension plan assets in fair value hierarchy$77,680 $— $72,721 $4,959 
Total U.S. pension plan assets$77,680 
Foreign Pension Assets
Cash and cash equivalents$1,989 $1,989 $— $— 
Insurance contract99,527 — — 99,527 
Diversified equity securities - registered investment companies10,999 — 10,999 — 
Fixed income – foreign registered investment companies3,593 — 3,593 — 
Fixed income government securities35,339 — 35,339 — 
Real estate6,588 — — 6,588 
Other - alternative investments6,979 — — 6,979 
Sub-total of foreign pension assets in fair value hierarchy$165,014 $1,989 $49,931 $113,094 
Commingled funds measured at NAV2,300 
Diversified investment fund - registered investment companies measured at NAV49,572 
Total foreign pension assets$216,886 
Total pension assets in fair value hierarchy$242,694 $1,989 $122,652 $118,053 
Total pension assets measured at NAV51,872 
Total pension assets$294,566 
Schedule of changes in the fair value of the plans' Level 3 investments
Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2022 and 2021 were as follows:
Insurance
Contract
Real EstateAlternative
Investments
Total
Balance as of December 31, 2020$112,920 $9,775 $10,638 $133,333 
Purchases1,722 (78)(334)1,310 
Settlements(1,812)— — (1,812)
Unrealized (losses) gains(5,031)1,926 (3,282)(6,387)
Currency translation adjustment(8,272)(76)(43)(8,391)
Balance as of December 31, 202199,527 11,547 6,979 118,053 
Purchases(1,136)(122)(6,979)(8,237)
Unrealized losses(32,305)(1,842)— (34,147)
Currency translation adjustment(6,123)(681)— (6,804)
Balance as of December 31, 2022$59,963 $8,902 $— $68,865 
Schedule of Expected Benefit Payments
Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Pension BenefitsOther Post-
Retirement
Benefits
ForeignU.S.Total
2023$6,097 $6,868 $12,965 $222 
20245,935 6,290 12,225 203 
20256,423 6,271 12,694 190 
20267,117 6,272 13,389 174 
20276,844 6,254 13,098 151 
2028 to 203241,304 29,868 71,172 597