We have frozen defined benefit pension plans held in trust for certain employees which we funded. We also maintain certain unfunded defined benefit pension plans, which provide supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations.

We also have certain defined benefit postretirement plans that provide medical and life insurance for certain eligible employees, retirees, and dependents. The related postretirement benefit liabilities are recognized over the period that services are provided by employees. In addition, we retained the obligations for these benefits for retirees of certain sold businesses. While the plans have no funding requirements, we may fund the plans.

The components of net periodic benefit cost and other amounts of our pension plans recognized in other comprehensive income (loss) consist of the following:


	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	—		$	—		$	—
Interest cost		478			419			653
Expected return on plan assets		93			(47	)		(145	)
Recognized net actuarial loss		444			623			526
Net periodic benefit cost		1,015			995			1,034
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (gain) loss		(3,409	)		(883	)		1,587
Prior service credit		(518	)		—			—
Reversal of amortization item:
Net actuarial loss		(444	)		(623	)		(526	)
Total recognized in other comprehensive income		(4,371	)		(1,506	)		1,061
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	(3,356	)	$	(511	)	$	2,095

The components of net periodic benefit cost and other amounts of our postretirement benefit plans recognized in other comprehensive income (loss) consist of the following:


	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	34		$	70		$	51
Interest cost		179			181			296
Amortization of prior service cost (credit)		89			(6	)		(146	)
Recognized net actuarial (gain) loss		(152	)		115			18
Net periodic benefit cost		150			360			219
Settlement income		—			(65	)		—
Total expenses, net		150			295			219
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (gain) loss		(2,540	)		(642	)		688
Prior service credit		509			—			—
Reversal of amortization items:
Net actuarial gain (loss)		152			(115	)		(18	)
Prior service (cost) credit		(89	)		6			146
Settlement income		—			65			—
Total recognized in other comprehensive income		(1,968	)		(686	)		816
Total recognized in net periodic benefit cost and other comprehensive (loss) income	$	(1,818	)	$	(391	)	$	1,035

The following table indicates the funded status of the plans as of December 31:


													Postretirement
	Funded Plans						Unfunded Plans						Benefit Plans
(in thousands)	2022			2021			2022			2021			2022			2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	15,191		$	16,331		$	9,170		$	9,776		$	10,134		$	12,219
Service cost		—			—			—			—			34			70
Interest cost		321			266			157			153			179			180
Plan amendments		(518	)		—			—			—			509			—
Actuarial adjustments		(2,621	)		(385	)		(2,815	)		(109	)		(2,540	)		(641	)
Benefits paid		(919	)		(1,021	)		(546	)		(650	)		(593	)		(1,694	)
Benefit obligation at end of year		11,454			15,191			5,966			9,170			7,723			10,134
Change in plan assets:
Fair value of plan assets at beginning of year		11,647			11,878			—			—			—			—
Actual return on plan assets		(2,120	)		436			—			—			—			—
Company contributions		502			354			546			650			593			1,694
Benefits paid		(919	)		(1,021	)		(546	)		(650	)		(593	)		(1,694	)
Fair value of plan assets at end of year		9,110			11,647			—			—			—			—
Funded status at end of year	$	(2,344	)	$	(3,544	)	$	(5,966	)	$	(9,170	)	$	(7,723	)	$	(10,134	)

The net amounts recognized in the Consolidated Balance Sheets under the captions “Pension and postretirement benefits” and “Other Current Liabilities” as of December 31 are as follows:


										Postretirement
	Funded Plans					Unfunded Plans				Benefit Plans
(in thousands)	2022			2021		2022		2021		2022		2021
Non-current assets	$	(205	)	$	—	$	—	$	—	$	—	$	—
Other current liabilities		—			—		570		701		687		755
Non-current liabilities		2,549			3,544		5,396		8,469		7,036		9,379
Net amount recognized	$	2,344		$	3,544	$	5,966	$	9,170	$	7,723	$	10,134

Amounts recognized in AOCI as of December 31 are as follows:


										Postretirement
	Funded Plans					Unfunded Plans				Benefit Plans					Total		Total
(in thousands)	2022			2021		2022		2021		2022			2021		2022		2021
Net actuarial loss (gain)	$	6,926		$	8,025	$	261	$	3,129	$	(1,088	)	$	1,299	$	6,099	$	12,453
Prior service (credit) cost		(518	)		—		—		—		613			195		95		195
Subtotal		6,408			8,025		261		3,129		(475	)		1,494		6,194		12,648
Less tax effect		—			—		—		—		—			—		—		—
Total	$	6,408		$	8,025	$	261	$	3,129	$	(475	)	$	1,494	$	6,194	$	12,648

The fair value of the domestic plans’ assets by asset class are as follows:


			Fair Value Measurements at December 31, 2022
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,452	$	5,452	$	—	$	—
Equity securities		3,473		3,473		—		—
Cash		185		185		—		—
Other		—		—		—		—
Total	$	9,110	$	9,110	$	—	$	—


			Fair Value Measurements at December 31, 2021
			Quoted Prices in Active Markets		Significant Other Observable Inputs		Significant Unobservable Inputs
(in thousands)	Total		(Level 1)		(Level 2)		(Level 3)
Domestic pension plans:
Fixed income securities	$	5,935	$	5,935	$	—	$	—
Equity securities		5,297		5,297		—		—
Cash		230		230		—		—
Other		185		—		185		—
Total	$	11,647	$	11,462	$	185	$	—

We employ a total return investment approach whereby a mix of equities and fixed income securities is used to maximize the long-term return of plan assets for a prudent level of risk. Risk tolerance is established through careful consideration of plan liabilities, plan funded status, and corporate financial condition. The investment portfolio contains a diversified blend of equity and fixed income securities. Furthermore, equity securities are diversified across United States and non-United States stocks, as well as growth and value. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and annual liability measurements.

We utilize a building-block approach in determining the long-term expected rate of return on plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors such as inflation and interest rates are evaluated before long-term capital market assumptions are determined. The long-term portfolio return also considers diversification and rebalancing. Peer data and historical returns are reviewed relative to our assumed rates for reasonableness and appropriateness.

The following pension and postretirement benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


(in thousands)	Funded Plans		Unfunded Plans		Postretirement Benefit Plans
2023	$	992	$	585	$	705
2024	$	968	$	571	$	719
2025	$	1,022	$	554	$	710
2026	$	1,009	$	538	$	696
2027	$	938	$	519	$	672
2028-2032	$	4,352	$	2,287	$	2,857

Certain of our foreign operations also maintain defined benefit pension plans held in trust for certain employees which are funded by the companies, and unfunded defined benefit pension plans providing supplemental benefits to select management employees. These plans use traditional defined benefit formulas based on years of service and final average compensation. Funding policies provide that payments to defined benefit pension trusts shall be at least equal to the minimum funding required by applicable regulations. The components of net periodic benefit cost and other amounts recognized in other comprehensive income (loss) included the following:


	December 31,
(in thousands)	2022			2021			2020
Net periodic benefit cost:
Service cost	$	280		$	457		$	444
Interest cost		361			339			365
Expected return on plan assets		(393	)		(508	)		(530	)
Recognized net actuarial loss		105			171			162
Settlement		593			—			—
Net periodic benefit cost		946			459			441
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial (income) loss		(724	)		(375	)		368
Reversal of amortization of net actuarial loss		(105	)		(171	)		(162	)
Total recognized in other comprehensive income		(829	)		(546	)		206
Total recognized in net periodic benefit cost and other comprehensive income (loss)	$	117		$	(87	)	$	647

The following table represents the funded status of the plans as of December 31:


	Funded Plans						Unfunded Plans
(in thousands)	2022			2021			2022			2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	10,790		$	10,916		$	2,470		$	2,449
Service cost		280			457			—			—
Interest cost		283			270			78			69
Actuarial adjustments		(1,682	)		(475	)		(268	)		208
Benefits paid		(392	)		(462	)		(176	)		(185	)
Settlements		(2,616	)		—			—			—
Translation adjustment		(578	)		84			(147	)		(71	)
Benefit obligation at end of year		6,085			10,790			1,957			2,470
Change in plan assets:
Fair value of plan assets at beginning of year		11,171			10,798			—			—
Actual return on plan assets		(1,597	)		623			—			—
Company contributions		222			133			176			185
Benefits paid		(392	)		(462	)		(176	)		(185	)
Settlements		(2,616	)		—			—			—
Translation adjustment		(588	)		79			—			—
Fair value of plan assets at end of year		6,200			11,171			—			—
Funded status at end of year	$	115		$	381		$	(1,957	)	$	(2,470	)

The net amounts recognized in the Consolidated Balance Sheets under the captions “Pension and postretirement benefits” and “Other Current Liabilities” as of December 31 were as follows:


	Funded Plans						Unfunded Plans
(in thousands)	2022			2021			2022		2021
Non-current assets	$	(115	)	$	(384	)	$	—	$	—
Other current liabilities		—			—			169		181
Non-current liabilities		—			—			1,788		2,300
Net amount recognized	$	(115	)	$	(384	)	$	1,957	$	2,481

Net actuarial losses for the foreign funded plans recognized in AOCI were $1.5 million ($1.2 million after-tax) as of December 31, 2022 and $2.0 million ($1.4 million after-tax) as of December 31, 2021. Net actuarial losses for the foreign unfunded plans recognized in AOCI were $0.6 million ($0.5 million after-tax) as of December 31, 2022 and $1.0 million ($0.8 million after-tax) as of December 31, 2021.

The fair value information related to the foreign pension plans’ assets is summarized in the following tables:


			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	3,965	$	3,965	$	—	$	—
Equity securities		2,036		2,036		—		—
Cash		199		199		—		—
Total	$	6,200	$	6,200	$	—	$	—


			Fair Value Measurements at Reporting Date Using
(in thousands)	December 31, 2021		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobserved Inputs (Level 3)
Assets:
Fixed income securities	$	6,534	$	6,534	$	—	$	—
Equity securities		4,439		4,439		—		—
Other		198		198		—		—
Total	$	11,171	$	11,171	$	—	$	—

Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets

The accumulated benefit obligations in excess of plan assets as of December 31 were as follows:


	Domestic Plans
	Funded Plans				Unfunded Plans
(in thousands)	2022		2021		2022		2021
Projected benefit obligation	$	11,454	$	15,191	$	5,966	$	9,170
Accumulated benefit obligation	$	11,454	$	15,191	$	5,966	$	9,170
Fair value of plan assets	$	9,110	$	11,647	$	—	$	—


	Foreign Plans
	Funded Plans				Unfunded Plans
(in thousands)	2022		2021		2022		2021
Projected benefit obligation	$	6,085	$	10,790	$	1,957	$	2,470
Accumulated benefit obligation	$	5,727	$	10,150	$	1,957	$	2,470
Fair value of plan assets	$	6,200	$	11,171	$	—	$	—

In aggregate for both the domestic and foreign plans, we anticipate contributing $0.6 million to the funded pension plans, $0.8 million to the unfunded pension plans, and $0.7 million to the postretirement benefit plans in 2023.

Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:


	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2022			2021			2022			2021			2022			2021			2022			2021
Discount rate		5.13	%		2.76	%		5.13	%		2.74	%		5.17	%		2.85	%		4.68	%		2.80	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%	N/A			N/A				2.16	%		2.35	%

Weighted-average assumptions used to determine net periodic benefit costs as of December 31 were as follows:


	Domestic Plans
	Funded Plans						Unfunded Plans						Postretirement Benefit Plans						Foreign Plans
	2022			2021			2022			2021			2022			2021			2022			2021
Discount rate		2.73	%		2.32	%		2.73	%		2.35	%		2.85	%		2.47	%		4.71	%		2.34	%
Expected return on plan assets		3.75	%		4.75	%	N/A			N/A			N/A			N/A				4.47	%		3.76	%
Rate of compensation increase	N/A			N/A			N/A				3.00	%	N/A			N/A				2.16	%		2.35	%

We contribute to various defined benefit pension plans under the terms of collective bargaining agreements that cover our union-represented employees. The financial risks of participating in these multi-employer pension plans generally include the fact that the unfunded obligations of the plan may be borne by solvent participating employers. In addition, if we were to discontinue participating in some of our multi-employer pension plans, we could be required to pay a withdrawal liability amount based on the underfunded status of the plan. Currently, we do not anticipate triggering any withdrawal from any multi-employer pension plan to which we currently contribute. We also contribute to defined contribution plans pursuant to collective bargaining agreements, which are generally not subject to the funding risks inherent in defined benefit pension plans. The overall level of contributions to our multi-employer plans may significantly vary from year to year based on the demand for union-represented labor to support our operations. We do not have any minimum contribution requirements for future periods pursuant to our collective bargaining agreements for individually significant multi-employer plans.

Our participation in multi-employer pension plans for 2022 is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2022 and 2021 relates to the plan’s year end as of December 31, 2021 and 2020, respectively, and is based on information received from the plan. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates plans for which a financial improvement plan or a rehabilitation plan is either pending or has been implemented.


		Plan		Pension Protection Act Zone Status		FIP/RP Status Pending/ Implemented	Viad Contributions						Surcharge Paid	Expiration Date of Collective Bargaining Agreement(s)
(in thousands)	EIN	No.		2022	2021		2022		2021		2020
Pension Fund:
Western Conference of Teamsters Pension Plan	91-6145047		1	Green	Green	No	$	4,466	$	2,571	$	2,898	No	Continuous
Chicago Regional Council of Carpenters Pension Fund	36-6130207		1	Green	Green	Yes		2,255		658		608	No	5/31/2024
Southern California Local 831—Employer Pension Fund(1)	95-6376874		1	Green	Green	No		1,181		302		943	No	Continuous
IBEW Local Union No 357 Pension Plan A	88-6023284		1	Green	Green	No		912		628		843	No	Continuous
Machinery Movers Riggers & Mach Erect Local 136 Supplemental Retirement Plan(1)	36-1416355		11	Green	Yellow	Yes		900		176		337	Yes	6/30/2024
Southwest Carpenters Pension Trust	95-6042875		1	Green	Green	No		573		352		195	No	7/31/2023
New England Teamsters & Trucking Industry Pension	04-6372430		1	Red	Red	Yes		477		109		42	No	3/31/2027
Electrical Contractors Assoc. Chicago Local Union 134, IBEW Joint Pension Trust of Chicago Plan #2	51-6030753		2	Green	Green	No		384		306		509	No	Continuous
All other funds(2)								3,134		1,024		1,151
Total contributions to defined benefit plans								14,282		6,126		7,526
Total contributions to other plans								3,236		931		1,066
Total contributions to multi-employer plans							$	17,518	$	7,057	$	8,592

(1)

We contributed more than 5% of total plan contributions for the plan year detailed in the plans’ most recent Form 5500s.

(2)

Represents participation in 32 pension funds during 2022.

We match United States employee contributions to the 401(k) Plan with shares of our common stock held in treasury up to 100% of the first 3% of a participant’s salary plus 50% of the next 2%. The expense associated with our match was $3.5 million for 2022, $2.2 million for 2021, and $1.7 million for 2020. In April 2020, we suspended our 401(k) Plan employer match contributions, which were later reinstated in October 2020.