Annual report pursuant to Section 13 and 15(d)

Benefit Plans (Tables)

v3.22.4
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Pension Plans  
Defined Benefit Plan Disclosure  
Schedule of Benefit Plans Disclosures
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:
U.S. Foreign
December 31, December 31,
2022 2021 2021
Change in benefit obligation:
Benefit obligation at beginning of period $ 86,465  $ 91,937  $ 22,210 
Interest cost 2,569  2,210  255 
Plan settlements (862) (1,795) (21,622)
Benefits paid (2,552) (2,069) — 
Actuarial gains (18,741) (3,818) — 
Translation adjustment —  —  (843)
Benefit obligation at end of the period $ 66,879  $ 86,465  $ — 
Change in plan assets:
Fair value of plan assets at beginning of period $ 82,914  $ 80,395  $ 22,210 
Actual return on plan assets (18,871) 6,383  255 
Plan settlements (862) (1,795) (21,622)
Benefits paid (2,552) (2,069) — 
Translation adjustment —  —  (843)
Fair value of plan assets at end of the period $ 60,629  $ 82,914  $ — 
Funded status of the plans (underfunded) $ (6,250) $ (3,551) $ — 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
December 31,
2022 2021
Noncurrent liability $ (6,250) $ (3,551)
Accumulated other comprehensive income (loss) (509) (672)
Net amount recognized $ (6,759) $ (4,223)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income (loss) consist of:
December 31,
2022 2021
Net (loss) gain $ (1,039) $ 2,486 
Gross amount recognized (1,039) 2,486 
Deferred income taxes 530  (3,158)
Net amount recognized $ (509) $ (672)
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
U.S. Foreign
Years ended
December 31,
Years ended
December 31,
2022 2021 2020 2021 2020
Service cost $ —  $ —  $ 769  $ —  $ 1,080 
Interest cost 2,569  2,210  2,665  255  299 
Expected return on plan assets (3,433) (4,360) (3,898) (255) (287)
Amortization of net loss —  —  —  —  95 
Settlement loss (gain) recognized 38  (26) 78  2,084  — 
Net periodic (benefit) expense $ (826) $ (2,176) $ (386) $ 2,084  $ 1,187 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Components of other changes in plan assets and benefit obligations recognized in other comprehensive income consists of:
December 31,
2022 2021
Net loss (gain) $ 3,563  $ (5,841)
Translation adjustment —  (82)
Amortization or settlement recognition of net gain (loss) (38) (2,058)
Total recognized in other comprehensive income 3,525  (7,981)
Total recognized in net periodic benefit cost and other comprehensive income $ 2,699  $ (7,991)
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table presents selected information about the Company’s pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets:
December 31,
2022 2021
Projected benefit obligation $ 66,879  $ 86,465 
Accumulated benefit obligation 66,879  86,465 
Fair value of plan assets 60,629  82,914 
Schedule of Assumptions Used
Significant weighted average assumptions used in determining the pension obligations include the following:
December 31,
2022 2021
Discount rate 5.40  % 2.90  %
Rate of compensation increase(1)
N/A N/A
Significant weighted average assumptions used in determining net periodic benefit cost include the following:
U.S. Foreign
Years ended
December 31,
Years ended
December 31,
2022 2021 2020 2021 2020
Discount rate 2.90  % 2.50  % 3.40  % 1.20  % 1.50  %
Rate of compensation increase(1)
N/A N/A 3.00  % 1.75  % 1.75  %
Expected return on assets 4.90  % 5.60  % 5.70  % 1.20  % 1.50  %
(1)    Includes only plans not frozen to benefit accruals for the respective periods.
Schedule of Allocation of Plan Assets
The following tables set forth by level, within the fair value hierarchy, plan assets at fair value:
December 31, 2022
Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 244  $ 244  $ —  $ — 
Equity securities:
U.S. investment funds 11,435  11,435  —  — 
International investment funds 7,803  7,803  —  — 
Fixed income securities:
Government securities 16,209  16,209  —  — 
Corporate bonds 24,938  24,938  —  — 
Total $ 60,629  $ 60,629  $ —  $ — 
December 31, 2021
Total Level 1 Level 2 Level 3
Cash and cash equivalents $ 202  $ 202  $ —  $ — 
Equity securities:
U.S. investment funds 12,150  12,150  —  — 
International investment funds 7,816  7,816  —  — 
Fixed income securities:
Government securities 28,869  28,869  —  — 
Corporate bonds 33,877  33,877  —  — 
Total $ 82,914  $ 82,914  $ —  $ — 
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year Amount
2023 $ 4,751 
2024 4,518 
2025 4,336 
2026 4,419 
2027 4,473 
Years 2028-2032 22,937 
Other Postretirement Benefits Plans  
Defined Benefit Plan Disclosure  
Schedule of Benefit Plans Disclosures
The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s other postretirement benefit plan as well as the components of net periodic benefit cost, including key assumptions:
December 31,
2022 2021
Change in benefit obligation:
Benefit obligation at beginning of period $ 624  $ 650 
Interest cost 18  17 
Benefits paid (1) (1)
Premiums paid (3) (2)
Actuarial gains (192) (40)
Benefit obligation at end of period $ 446  $ 624 
Change in plan assets:
Employer contributions $ $
Benefits paid (1) (1)
Premiums paid (3) (2)
Fair value of plan assets at end of period $ —  $ — 
Funded status of the plan (underfunded) $ (446) $ (624)
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized in the consolidated balance sheets consist of:
December 31,
2022 2021
Current liability $ (18) $ (17)
Noncurrent liability (428) (607)
Accumulated other comprehensive income (299) (59)
Net amount recognized $ (745) $ (683)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in accumulated other comprehensive income consist of:
December 31,
2022 2021
Prior service credit $ 154  $ 364 
Net gain (loss) 80  (114)
Gross amount recognized 234  250 
Deferred income taxes (533) (309)
Net amount recognized $ (299) $ (59)
Components of Net Periodic Expense
Components of net periodic benefit cost consist of:
Years ended
December 31,
2022 2021 2020
Interest cost $ 18  $ 17  $ 19 
Amortization of prior service credit (210) (232) (232)
Amortization of net loss
Net periodic benefit $ (189) $ (210) $ (212)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Components of other changes in plan assets and benefit obligations recognized in other comprehensive income consists of:
December 31,
2022 2021
Net gain $ (192) $ (40)
Amortization of prior service credit 210  232 
Amortization or settlement recognition of net loss (3) (5)
Total recognized in other comprehensive income $ 15  $ 187 
Total recognized in net periodic benefit cost and other comprehensive income $ (174) $ (23)
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year Amount
2023 $ 18 
2024 19 
2025 20 
2026 21 
2027 22 
Years 2028-2032 138