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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Change in the projected benefit obligation, plan assets at fair value and funded status
The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans.
Domestic PlansForeign Plans
2021202020212020
Change in benefit obligation:
Benefit obligation at beginning of year$272,471 $227,275 $134,426 $120,490 
Service cost16,356 14,278 8,159 7,311 
Interest cost6,366 7,046 843 1,410 
Curtailment/Settlement — 5 — 
Prior service cost —  (2,701)
Actuarial (gain) loss(18,526)38,175 (6,489)1,809 
Benefits paid(21,210)(14,303)(4,555)(5,145)
Foreign currency translation adjustment — (9,003)11,252 
Benefit obligation at end of year$255,457 $272,471 $123,386 $134,426 
Domestic PlansForeign Plans
2021202020212020
Change in plan assets:
Fair value of plan assets at beginning of year$192,034 $188,801 $85,087 $74,189 
Actual return on plan assets22,480 17,088 2,811 2,008 
Employer contribution466 448 7,966 7,527 
Benefits paid(21,210)(14,303)(4,555)(5,145)
Transfer — 124 — 
Foreign currency translation adjustment — (6,012)6,508 
Fair value of plan assets at end of year$193,770 $192,034 $85,421 $85,087 
Funded status at end of year$(61,687)$(80,437)$(37,965)$(49,339)
Schedule of funded status amounts recognized in the Consolidated Balance Sheet
The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2021 and 2020.
Domestic PlansForeign Plans
2021202020212020
Non-current assets$ $— $1,832 $81 
Current liabilities(500)(461)(33)(37)
Non-current liabilities(61,187)(79,976)(39,764)(49,383)
$(61,687)$(80,437)$(37,965)$(49,339)
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss
The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss as of December 31, 2021 and 2020.
Domestic PlansForeign Plans
2021202020212020
Net actuarial loss$57,627 $96,440 $32,269 $40,851 
Net prior service cost — 509 675 
Tax effects(12,873)(22,181)(11,049)(13,466)
$44,754 $74,259 $21,729 $28,060 
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income
Changes in benefit obligations and plan assets recognized in other comprehensive income in 2021, 2020 and 2019 are as follows:
Domestic Plans
202120202019
Current year actuarial gain (loss)$28,714 $(33,335)$(21,970)
Amortization of net loss10,099 5,684 1,957 
$38,813 $(27,651)$(20,013)
Foreign Plans
202120202019
Current year actuarial gain (loss)$6,257 $(2,530)$(11,999)
Current year prior service cost 2,701 451 
Transfer Prior service Cost — (18)
Transfer Actuarial (loss) gain — (126)
Amortization of net loss2,325 2,121 1,444 
Amortization of prior service cost166 398 449 
$8,748 $2,690 $(9,799)
Components of net periodic benefit cost
Components of net periodic benefit cost:
Domestic Plans
202120202019
Service cost$16,356 $14,278 $11,093 
Interest cost6,366 7,046 7,381 
Expected return on plan assets(12,293)(12,248)(12,379)
Amortization of net loss10,099 5,684 1,957 
Net periodic benefit cost$20,528 $14,760 $8,052 
Foreign Plans
202120202019
Service cost$8,159 $7,311 $5,921 
Interest cost843 1,410 2,023 
Expected return on plan assets(2,838)(2,620)(2,366)
Amortization of net loss2,325 2,121 1,444 
Amortization of prior service cost166 398 449 
Net periodic benefit cost$8,655 $8,620 $7,471 
Curtailment5 (8)(246)
Special termination benefit charge — 65 
Total Net periodic benefit cost$8,660 $8,612 $7,290 
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets
The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2021 and 2020.
Domestic PlansForeign Plans
2021202020212020
Projected benefit obligation$255,457 $272,471 $89,595 $120,795 
Accumulated benefit obligation236,295 249,831 63,614 89,702 
Fair value of plan assets193,770 192,034 49,916 71,457 
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets
The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2021 and 2020.
Domestic PlansForeign Plans
2021202020212020
Projected benefit obligation$255,457 $272,471 $97,221 $130,616 
Accumulated benefit obligation236,295 249,831 69,630 98,360 
Fair value of plan assets193,770 192,034 56,228 79,764 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Assumptions:
Domestic PlansForeign Plans
202120202019202120202019
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate2.75 %2.40 %3.20 %1.09 %0.54 %1.04 %
Rate of compensation increase3.17 %3.19 %4.00 %3.05 %3.05 %3.05 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate2.40 %3.20 %4.20 %0.66 %1.12 %1.84 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %3.56 %3.59 %3.69 %
Rate of compensation increase3.17 %4.00 %4.00 %3.05 %3.05 %3.05 %
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category
Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2021 and 2020 by asset category are as follows:
Plan Assets:
Domestic Plans Assets at December 31,Foreign Plans Assets at December 31,
2021202020212020
Equity securities48 %48 %6 %%
Fixed income securities27 %28 %1 %%
Corporate debt securities — 2 %%
Infrastructure8 %% — 
Hedge funds11 %10 % — 
Money market1 %%1 %— %
Investment Funds — 90 %92 %
Real estate5 %% — 
Total100 %100 %100 %100 %
Summary of fair value of pension plan assets
Domestic Fair Value Measurement at December 31, 2021Foreign Fair Value Measurement at December 31, 2021
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,864 $1,864 $ $ $547 $547 $ $ 
USD— 1,864 — — — — — — 
EUR— — — — — 539 — — 
Others— — — — — — — 
Equity Securities (a)$82,927 $82,927 $ $ $4,881 $4,881 $ $ 
U.S. Large Cap Equities— 49,637 — — — — — — 
U.S. Small Cap Equities— 9,112 — — — — — — 
International Equities— 24,178 — — — 4,881 — — 
Fixed Income (a)(b)$34,584 $34,584 $ $ $772 $772 $ $ 
Corporate debts securities$ $ $ $ $1,413 $1,413 $ $ 
Euro Corporate Bonds (a)— — — — — 1,413 — — 
Investment Funds$ $ $ $ $77,808 $26,381 $51,427 $ 
Mutual Funds in Equities (a)— — — — — 4,576 — — 
Mutual Funds in Bonds (a)— — — — — 20,810 — — 
Mutual Funds Diversified (a)(b)— — — — — 995 51,427 — 
Total Investments in Fair Value Hierarchy$119,375 $119,375 $ $ $85,421 $33,994 $51,427 $ 
Investments at Net Asset Value per Share74,395 — — — — — — — 
Total Investments$193,770 $119,375 $ $ $85,421 $33,994 $51,427 $ 
Domestic Fair Value Measurement at December 31, 2020Foreign Fair Value Measurement at December 31, 2020
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$3,207 $3,207 $ $ $415 $415 $ $ 
USD— 3,207 — — — — — — 
EUR— — — — — 404 — — 
Others— — — — — 11 — — 
Equity Securities (a)$83,041 $83,041 $ $ $4,107 $4,107 $ $ 
U.S. Large Cap Equities— 48,138 — — — — — — 
U.S. Small Cap Equities— 10,299 — — — — — — 
International Equities— 24,604 — — — 4,107 — — 
Fixed Income (a)(b)$35,691 $35,691 $ $ $834 $834 $ $ 
Corporate debts securities$ $ $ $ $1,555 $1,555 $ $ 
Euro Corporate Bonds (a)— — — — — 1,555 — — 
Investment Funds$ $ $ $ $78,176 $27,500 $50,676 $ 
Mutual Funds in Equities (a)— — — — — 4,022 — — 
Mutual Funds in Bonds (a)— — — — — 22,475 — — 
Mutual Funds Diversified (a)(b)— — — — — 1,003 50,676 — 
Total Investments in Fair Value Hierarchy$121,939 $121,939 $ $ $85,087 $34,411 $50,676 $ 
Investments at Net Asset Value per Share70,095 — — — — — — — 
Total Investments$192,034 $121,939 $ $ $85,087 $34,411 $50,676 $ 
(a)Based on third party quotation from financial institution.
(b)Based on observable market transactions.
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years
As of December 31, 2021, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next ten years:
Domestic PlansForeign Plans
2022$11,533 $4,043 
202312,531 2,657 
202413,712 6,002 
202513,657 7,825 
202614,663 5,729 
2027 - 203180,754 36,675