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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement BenefitsWe sponsor defined benefit pension plans and defined contribution plans that cover substantially all employees in Canada, the Netherlands, the United Kingdom, the U.S., and certain employees in Germany. Certain defined benefit plans in the United Kingdom are frozen and additional benefits are not being earned by the participants. The U.S. defined benefit pension plan is closed to new entrants. Annual contributions to retirement plans equal or exceed the minimum funding requirements of applicable local regulations. The assets of the funded pension plans we sponsor are maintained in various trusts and are invested primarily in equity and fixed income securities.
Benefits provided to employees under defined contribution plans include cash and stock contributions by the Company based on either hours worked by the employee or a percentage of the employee’s compensation. Defined contribution expense for 2021, 2020, and 2019 was $13.6 million, $10.0 million, and $12.1 million, respectively.

We sponsor unfunded postretirement medical and life insurance benefit plans for certain of our employees in Canada and the U.S. The medical benefit portion of the U.S. plan is only for employees who retired prior to 1989 as well as certain other employees who were near retirement and elected to receive certain benefits.

The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.
 Pension BenefitsOther Benefits
Years Ended December 31,2021202020212020
  (In thousands) 
Change in benefit obligation:
Benefit obligation, beginning of year$(492,925)$(461,352)$(29,498)$(29,470)
Service cost(3,953)(3,930)(33)(33)
Interest cost(7,512)(9,729)(727)(809)
Participant contributions(143)(73)(4)(5)
Actuarial gain (loss)19,778 (42,284)1,391 (110)
Acquisitions and divestitures(12,886)(910)— — 
Settlements5,855 26,970 — — 
Curtailments— 236 — — 
Plan amendments— (226)— — 
Foreign currency exchange rate changes7,226 (15,345)(227)(427)
Benefits paid12,726 13,718 1,473 1,356 
Benefit obligation, end of year$(471,834)$(492,925)$(27,625)$(29,498)
 
 Pension BenefitsOther Benefits
Years Ended December 31,2021202020212020
  (In thousands) 
Change in plan assets:
Fair value of plan assets, beginning of year$361,802 $355,726 $— $— 
Actual return on plan assets32,467 32,470 — — 
Employer contributions11,618 6,393 1,469 1,351 
Plan participant contributions143 73 4 5 
Acquisitions and divestitures9,339 — — — 
Settlements(5,790)(26,945)— — 
Foreign currency exchange rate changes(2,827)7,803 — — 
Benefits paid(12,726)(13,718)(1,473)(1,356)
Fair value of plan assets, end of year$394,026 $361,802 $— $— 
Funded status, end of year$(77,808)$(131,123)$(27,625)$(29,498)
Amounts recognized in the balance sheets:
Prepaid benefit cost$20,177 $4,780 $— $— 
Accrued benefit liability, current(3,173)(3,558)(1,440)(1,443)
Accrued benefit liability, noncurrent(94,812)(132,345)(26,185)(28,055)
Net funded status$(77,808)$(131,123)$(27,625)$(29,498)

The accumulated benefit obligation for all defined benefit pension plans was $494.7 million and $518.4 million at December 31, 2021 and 2020, respectively.
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the pension plans with a projected benefit obligation in excess of plan assets were $265.5 million, $261.3 million, and $167.5 million, respectively, as of December 31, 2021 and $463.2 million, $459.2 million, and $297.8 million, respectively, as of December 31, 2020.

The accumulated benefit obligation and fair value of plan assets for other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets were $27.6 million and $0.0 million, respectively, as of December 31, 2021 and were $29.5 million and $0.0 million, respectively, as of December 31, 2020. The following table provides the components of net periodic benefit costs for the plans.
 Pension BenefitsOther Benefits
Years Ended December 31,202120202019202120202019
   (In thousands)  
Components of net periodic benefit cost:
Service cost$3,953 $3,930 $3,668 $33 $33 $35 
Interest cost7,512 9,729 12,261 727 809 960 
Expected return on plan assets(16,337)(16,357)(15,699)— — — 
Amortization of prior service cost110 190 169 — — — 
Settlement loss (gain)(18)3,153 (7)— — — 
Other adjustments(191)— — — — — 
Net loss (gain) recognition3,764 2,930 1,432 (43)(59)(133)
Net periodic benefit cost (income)$(1,207)$3,575 $1,824 $717 $783 $862 

We recorded settlement losses totaling $3.2 million during 2020. The settlement losses were the result of lump-sum payments to participants that exceeded the sum of the pension plan's respective annual service cost and interest cost amounts.
The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.

 Pension BenefitsOther Benefits
Years Ended December 31,Years Ended December 31,
2021202020212020
Weighted average assumptions for benefit obligations at year end:
Discount rate2.0 %1.5 %2.9 %2.5 %
Salary increase3.3 %3.3 %N/AN/A
Cash balance interest credit rate4.7 %4.6 %N/AN/A
Weighted average assumptions for net periodic cost for the year:
Discount rate1.5 %2.2 %2.5 %2.9 %
Salary increase3.2 %3.5 %N/AN/A
Cash balance interest credit rate4.6 %4.0 %N/AN/A
Expected return on assets4.6 %4.9 %N/AN/A
Assumed health care cost trend rates:
Health care cost trend rate assumed for next yearN/AN/A5.4 %5.5 %
Rate that the cost trend rate gradually declines toN/AN/A5.0 %5.0 %
Year that the rate reaches the rate it is assumed to remain atN/AN/A20272026

Plan assets are invested using a total return investment approach whereby a mix of equity securities and fixed income securities are used to preserve asset values, diversify risk, and achieve our target investment return benchmark. Investment strategies and asset allocations are based on consideration of the plan liabilities, the plan’s funded status, and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. Plan assets are managed in a balanced portfolio comprised of two major components: an asset growth portion and an asset protection portion. The expected role of asset growth investments is to maximize the long-term real growth of assets, while the role of asset protection
investments is to generate current income, provide for more stable periodic returns, and provide some protection against a permanent loss of capital.

Absent regulatory or statutory limitations, the target asset allocation for the investment of the assets for our ongoing pension plans is 30-50% in asset protection investments and 50-70% in asset growth investments and for our pension plans where the majority of the participants are in payment or terminated vested status is 50-90% in asset protection investments and 10-50% in asset growth investments. Asset growth investments include a diversified mix of U.S. and international equity, primarily invested through investment funds. Asset protection investments include government securities and investment grade corporate bonds, primarily invested through investment funds and group insurance contracts. We develop our expected long-term rate of return assumptions based on the historical rates of returns for securities and instruments of the type in which our plans invest.

The expected long-term rate of return on plan assets reflects the average rate of earnings expected on the invested assets and future assets to be invested to provide for the benefits included in the projected benefit obligation. We use historic plan asset returns combined with current market conditions to estimate the rate of return. The expected rate of return on plan assets is a long-term assumption based on an analysis of historical and forward looking returns considering the plan’s actual and target asset mix.
The following table presents the fair values of the pension plan assets by asset category. 
 December 31, 2021December 31, 2020
 Fair Market Value at December 31, 2021Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Investments Measured at Net Asset ValueFair Market Value at December 31, 2020Quoted  Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Investments Measured at Net Asset Value
 (In thousands)(In thousands)
Asset Category:
Equity securities(a)
U.S. equities fund$77,687 $2,913 $— $74,774 $86,059 $3,012 $— $83,047 
Non-U.S. equities fund77,299 6,267 — 71,032 61,630 5,602 — 56,028 
Debt securities(b)
Government bond fund64,255 — 731 63,524 98,418 — 772 97,646 
Corporate bond fund108,729 — 11,507 97,222 82,434 — 12,150 70,284 
Fixed income fund(c)16,939 — — 16,939 7,320 — — 7,320 
Liability driven investment fund(d)22,713 — — 22,713 — — — — 
Other investments(e)15,103 — — 15,103 17,367 — — 17,367 
Cash & equivalents11,301 5,271 — 6,030 8,574 3,230 — 5,344 
Total$394,026 $14,451 $12,238 $367,337 $361,802 $11,844 $12,922 $337,036 
 
(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges.
(b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund.
(c)This category includes guaranteed insurance contracts and annuity policies.
(d)This category includes investments in funds that are designed to provide leveraged exposure to changes in interest rates. The fund purchases shares of funds that invest in government bonds, debt repurchase agreements, total return swaps and interest rate swaps.
(e)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds.
The plans do not invest in individual securities. All investments are through well diversified investment funds. As a result, there are no significant concentrations of risk within the plan assets.
The following table reflects the benefits as of December 31, 2021 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans. 
Pension
Plans		Other
Plans
 (In thousands)
2022$19,363 $1,460 
202320,383 1,458 
202423,199 1,463 
202520,531 1,468 
202621,461 1,472 
2027-2031108,900 7,463 
Total$213,837 $14,784 
We anticipate contributing $11.8 million and $1.5 million to our pension and other postretirement plans, respectively, during 2022.
The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2021 and the changes in these amounts during the year ended December 31, 2021 are as follows. 
Pension
Benefits		Other
Benefits
 (In thousands)
Components of accumulated other comprehensive loss:
Net actuarial loss (gain)$39,995 $(1,770)
Net prior service cost2,661 — 
$42,656 $(1,770)
Pension
Benefits		Other
Benefits
 (In thousands)
Changes in accumulated other comprehensive loss:
Net actuarial loss (gain), beginning of year$80,671 $(436)
Amortization of actuarial gain (loss)(3,764)43 
Actuarial gain(19,778)(1,391)
Asset gain(16,130)— 
Settlement gain recognized18 — 
Other adjustments191 — 
Currency impact(1,213)14 
Net actuarial loss (gain), end of year$39,995 $(1,770)
Prior service cost, beginning of year$2,798 $— 
Amortization of prior service cost(110)— 
Currency impact(27)— 
Prior service cost, end of year$2,661 $—