Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of components of net periodic pension expense

Net periodic pension expense for our DB Plans included the following components:

	Year Ended December 31,
(in thousands)	2021		2020		2019
Service cost	$	17,490	$	18,129	$	15,750
Interest cost	7,333		9,899		19,617
Expected return on assets	(28,577)		(26,304)		(32,645)
Amortization of prior service credit	(856)		(903)		(886)
Recognized net actuarial loss	5,875		5,806		10,303
Curtailments	15		—		—
(Gain) loss on settlements	198,132		(406)		137,898
Net periodic pension expense(1)	$	199,412	$	6,221	$	150,037

(1) Net periodic pension expense of $1 million, $2 million and $2 million during 2021, 2020 and 2019, respectively, was reported as Disc Ops.

Schedule of assumptions for determining projected benefit obligation at year end and net periodic cost for year

	December 31,
	2021	2020	2019
For determining PBO at year-end:
Discount rates	1.20-4.75%	0.80-3.50%	1.20-4.75%
Rates of increase in compensation levels	2.25-5.00%	2.25-6.00%	2.25-6.00%
For determining net periodic cost for the year:
Discount rates	0.80-3.50%	1.20-4.75%	1.80-7.25%
Rates of increase in compensation levels	2.25-6.00%	2.25-6.00%	2.25-7.00%
Expected long-term rates of return on assets	0.80-5.70%	1.20-5.60%	1.80-8.20%

Schedule of target allocations and weighted average actual allocations of plan assets

The following table sets forth the target and actual allocations of plan assets:

		December 31,
	2021 Target Allocation	2021		2020
Asset category:
Debt securities	25% - 35%	28	%	63	%
Equity securities	10% - 20%	17	%	28	%
Other	50% - 60%	55	%	9	%
Total		100	%	100	%

Schedule of plan assets and liabilities of defined benefit pension plans, measured at fair value on a recurring basis

The following table delineates the fair value of the plan assets and liabilities of our DB Plans:

	December 31, 2021								December 31, 2020
(in thousands)	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Equity securities:
Common stock	$	4,798	$	4,798	$	—	$	—	$	5,252	$	5,252	$	—	$	—
CCTs	758		—		758		—		230,135		—		230,135		—
Debt securities:
Corporate bonds	45		—		45		—		532		—		532		—
Government securities	9,287		—		9,287		—		12,036		—		12,036		—
CCTs	—		—		—		—		507,691		—		507,691		—
Other:
Guaranteed investment contracts	17,931		—		—		17,931		20,588		—		—		20,588
CCTs	—		—		—		—		51,679		—		51,679		—
Plan assets measured at fair value, net	$	32,819	$	4,798	$	10,090	$	17,931	$	827,913	$	5,252	$	802,073	$	20,588
Plan assets not measured at fair value, net	55								1,507
Total plan assets, net	$	32,874							$	829,420

Reconciliation of beginning and ending balances of fair value measurements using significant unobservable inputs (Level 3)

The following table presents information about Level 3 fair value measurements:

(in thousands)	2021		2020
Balance at beginning of year	$	20,588	$	19,650
Actual return on plan assets:
Assets still held at reporting date	(1,565)		2,092
Assets sold during the period	—		—
Purchases	224		343
Settlements	(1,316)		(1,497)
Balance at end of year	$	17,931	$	20,588

Schedule of expected benefit payments for defined benefit pension plans

The following table presents expected future benefit payments related to our DB Plans:

Year Ended December 31,	(in thousands)
2022	$	4,383
2023	4,186
2024	4,141
2025	4,116
2026	3,987
2027 — 2031	25,810

Schedule of change in projected benefit obligation, plan assets and funded status

The following table sets forth the change in PBO, plan assets and funded status of the plans:

	December 31,
(in thousands)	2021		2020
Change in PBO:
Benefit obligation at beginning of year	$	869,835	$	748,784
Service cost	17,490		18,129
Interest cost	7,333		9,899
Employee contributions	2,643		2,860
Currency translation	(32,064)		72,178
Actuarial (gain)/loss (primarily due to plan experience in 2021 and assumption changes in 2020)	52,190		58,258
Benefits paid	(15,582)		(17,224)
Curtailments	(415)		(6,574)
Settlements	(798,679)		(16,475)
PBO at end of year	102,751		869,835
Change in plan assets:
Plan assets at beginning of year	829,420		710,663
Actual return on plan assets	30,326		55,819
Company contributions	12,886		24,752
Employee contributions	2,643		2,860
Currency translation	(28,140)		69,025
Benefits paid	(15,582)		(17,224)
Settlements	(798,679)		(16,475)
Plan assets at end of year	32,874		829,420
Funded status — (Under)/overfunded	$	(69,877)	$	(40,415)
Amounts recognized in the Consolidated Balance Sheet:
Pension assets included in other assets	$	—	$	—
Pension liabilities included in other accrued liabilities	—		—
Pension liabilities included in current liabilities related to assets held for sale	(22,248)		(25,617)
Pension liabilities included in noncurrent liabilities	(47,629)		(14,798)
AOCI (pre-tax)	$	3,042	$	161,534
Plans with PBO in excess of plan assets:
PBO	$	102,751	$	869,835
Plan assets	32,874		829,420
Plans with ABO in excess of plan assets:
ABO	$	40,374	$	45,757
Plan assets	17,931		20,588