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Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2021 and 2020. Reconciliations of the obligations and funded status of the plans follow:
 
 20212020
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Benefit obligation, January 1$461,296 $96,508 $557,804 $430,625 $87,031 $517,656 
Service cost4,378 2,169 6,547 4,134 2,135 6,269 
Interest cost11,963 786 12,749 14,015 1,069 15,084 
Amendments862  862 — 1,014 1,014 
Actuarial (gain) loss(10,734)(3,747)(14,481)37,709 2,812 40,521 
Benefits paid(25,009)(4,499)(29,508)(25,049)(3,422)(28,471)
Transfers in 2,468 2,468 — 767 767 
Plan curtailments (603)(603)(138)— (138)
Plan settlements (2,464)(2,464)— (2,165)(2,165)
Participant contributions 1,171 1,171 — 1,127 1,127 
Foreign exchange rate changes (2,329)(2,329)— 6,140 6,140 
Benefit obligation, December 31442,756 89,460 532,216 461,296 96,508 557,804 
Fair value of plan assets, January 1413,898 88,880 502,778 380,242 82,265 462,507 
Actual return on plan assets30,880 2,214 33,094 55,813 3,849 59,662 
Company contributions2,794 1,403 4,197 2,892 1,545 4,437 
Participant contributions 1,171 1,171 — 1,127 1,127 
Benefits paid(25,009)(4,499)(29,508)(25,049)(3,422)(28,471)
Plan settlements (2,464)(2,464)— (2,165)(2,165)
Transfers in 2,468 2,468 — 767 767 
Foreign exchange rate changes (1,807)(1,807)— 4,914 4,914 
Fair value of plan assets, December 31422,563 87,366 509,929 413,898 88,880 502,778 
Underfunded status, December 31$(20,193)$(2,094)$(22,287)$(47,398)$(7,628)$(55,026)
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2021 and 2020. Reconciliations of the obligations and underfunded status of the plans follow:
 
20212020
Benefit obligation, January 1$33,104 $33,239 
Service cost103 81 
Interest cost819 1,041 
Actuarial (gain) loss(2,115)950 
Benefits paid(2,690)(3,203)
Participant contributions589 960 
Foreign exchange rate changes29 36 
Benefit obligation, December 3129,839 33,104 
Fair value of plan assets, January 1 — 
Company contributions2,101 2,243 
Participant contributions589 960 
Benefits paid(2,690)(3,203)
Fair value of plan assets, December 31 — 
Underfunded status, December 31$29,839 $33,104 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 20212020
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Projected benefit obligation$43,184 $49,272 $92,456 $352,062 $52,481 $404,543 
Fair value of plan assets5,592 34,463 40,055 298,966 34,947 333,913 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 20212020
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Accumulated benefit obligation$43,108 $49,131 $92,239 $340,158 $52,357 $392,515 
Fair value of plan assets5,592 34,463 40,055 298,966 34,947 333,913 
Schedule of Amounts Recognized in Balance Sheet
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 20212020
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Other assets$17,399 $12,715 $30,114 $5,698 $9,906 $15,604 
Accrued liabilities3,160  3,160 3,204 — 3,204 
Accrued retirement benefits34,432 14,809 49,241 49,892 17,534 67,426 
Accumulated other non-owner changes to equity, net(96,425)(13,684)(110,109)(118,951)(19,132)(138,083)
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
20212020
Accrued liabilities$2,883 $3,114 
Accrued retirement benefits26,956 29,990 
Accumulated other non-owner changes to equity, net(2,198)(4,036)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2021 and 2020, respectively, consist of:
 20212020
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Net actuarial loss$(94,496)$(13,095)$(107,591)$(117,409)$(18,687)$(136,096)
Prior service costs(1,929)(589)(2,518)(1,542)(445)(1,987)
$(96,425)$(13,684)$(110,109)$(118,951)$(19,132)$(138,083)
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2021 and 2020 consist of:
20212020
Net actuarial loss$(2,141)$(3,979)
Prior service loss(57)(57)
$(2,198)$(4,036)
The sources of changes in accumulated other non-owner changes to equity, net, during 2021 were: 
PensionOther
Postretirement
Benefits
Prior service cost$(657)$ 
Net gain15,679 1,620 
Amortization of prior service costs136 22 
Amortization of actuarial loss12,431 198 
Foreign exchange rate changes385 (2)
$27,974 $1,838 
Schedule of Assumptions Used, Benefit Obligation
Weighted-average assumptions used to determine benefit obligations as of December 31, are:
20212020
U.S. plans:
Discount rate2.95 %2.65 %
Increase in compensation3.03 %2.56 %
Non-U.S. plans:
Discount rate1.17 %0.83 %
Increase in compensation2.77 %2.75 %
Interest crediting rate1.34 %1.34 %
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2021 and 2020 by asset category are as follows:
  Fair Value Measurements Using
Asset CategoryTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
December 31, 2021
Cash and short-term investments$4,195 $4,195 $ $— 
Equity securities:
U.S. large-cap49,079  49,079 — 
U.S. mid-cap19,469 19,469  — 
U.S. small-cap18,795 18,795  — 
International equities136,557  136,557 — 
Global equity60,393 60,393  — 
Fixed income securities:
U.S. bond funds143,035  143,035 — 
International bonds75,515  75,515 — 
Other2,891   2,891 
$509,929 $102,852 $404,186 $2,891 
December 31, 2020
Cash and short-term investments3,678 3,678 — — 
Equity securities:
U.S. large-cap44,693 — 44,693 — 
U.S. mid-cap20,346 20,346 — — 
U.S. small-cap19,422 19,422 — — 
International equities153,315 — 153,315 — 
Global equity55,552 55,552 — — 
Fixed income securities:
U.S. bond funds125,309 — 125,309 — 
       International bonds77,221 — 77,221 — 
Other3,242 — — 3,242 
$502,778 $98,998 $400,538 $3,242 
Schedule of Expected Benefit Payments
The following are the estimated future net benefit payments, which include future service, over the next 10 years:
PensionsOther
Postretirement
Benefits
2022$29,285 $2,883 
202329,499 2,676 
202429,790 2,493 
202529,556 2,339 
202629,288 2,167 
Years 2027-2031
148,523 9,144 
Total$295,941 $21,702 
Schedule of Net Benefit Costs
Pension and other postretirement benefit costs consist of the following:
 PensionsOther
Postretirement Benefits
 202120202019202120202019
Service cost$6,547 $6,269 $5,425 $103 $81 $70 
Interest cost12,749 15,084 18,239 819 1,041 1,345 
Expected return on plan assets(27,858)(29,698)(29,425) — — 
Amortization of prior service cost 332 359 404 29 27 25 
Recognized losses16,006 13,626 8,889 258 35 13 
Curtailment (gain)/loss(133)484 —  — — 
Settlement loss205 549 340  — — 
Net periodic benefit cost$7,848 $6,673 $3,872 $1,209 $1,184 $1,453 
Schedule of Assumptions Used, Net Benefit Expense
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are:
 
202120202019
U.S. plans:
Discount rate2.65 %3.40 %4.40 %
Long-term rate of return7.25 %7.75 %7.75 %
Increase in compensation2.56 %2.56 %2.56 %
Non-U.S. plans:
Discount rate0.83 %1.28 %2.07 %
Long-term rate of return1.96 %3.02 %3.90 %
Increase in compensation2.75 %2.75 %2.72 %
Interest crediting rate1.34 %1.34 %1.03 %
Schedule of Multiemployer Plans
Contributions related to the individually insignificant multi-employer plans, as disclosure is required pursuant to the applicable accounting standards, are as follows:
Contributions by the Company
Pension Fund:202120202019
Swedish Pension Plan 835 $783 $754 
Total Contributions$835 $783 $754