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Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
Defined Contribution Plan - We sponsor a defined contribution plan covering eligible employees. Eligible employees can contribute on a pre-tax basis to the plan. In accordance with the terms of the 401(k) plan, we elect to match a certain percentage of the participants’ contributions to the plan, as defined. We recognized expense associated with the plan of $4.0 million, $1.9 million and $4.6 million for the years ended December 31, 2021, 2020, and 2019, respectively. The increase in expense for the year ended December 31, 2021 as compared to the to the prior year period primarily resulted from the temporary suspension of the employer 401(k) match taken in response to the COVID-19 pandemic in the year ended December 31, 2020.
Pension and Other Post-Retirement Benefit Plans - We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the U.S. and United Kingdom. Each of the plans are frozen to new participants and to
additional service credits earned. In December 2018, we consolidated the U.S. plans. Our policy is to make annual contributions to the plans to fund the minimum contributions, as required by local regulations.
During the fourth quarter of the year ended December 31, 2021, the Audit Committee of the Board of Directors approved amendments to the U.S. Pension Plan to terminate the plan. The plan participants have been notified of the Company's intention to terminate the plan effective December 31, 2021 and settle plan liabilities through either lump sum distributions to plan participants or annuity contracts that cover vested benefits. The Company currently expects to complete the settlement of plan liabilities between the fourth quarter of 2022 and the first quarter of 2023.
The change in benefit obligation, plan assets and funded status as of December 31 is as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 2021202020212020
Change in benefit obligation:
Benefit obligation — Beginning of the year$41,218 $39,577 $53,654 $44,841 
Service cost— — — 37 
Interest cost827 1,117 638 838 
Participant contributions1 2 — — 
Benefits paid(2,422)(2,344)(1,692)(1,820)
Actuarial (gain) loss(776)2,866 (3,595)7,514 
Exchange rate changes— — (460)2,244 
Benefit obligation at end of the year$38,848 $41,218 $48,545 $53,654 
Change in plan assets:
Fair value of plan assets — Beginning of the year$42,628 $40,045 $38,485 $34,321 
Actual return on plan assets966 4,907 1,169 3,474 
Employer contributions28 18 1,077 948 
Participant contributions1 2 — — 
Benefits paid(2,422)(2,344)(1,692)(1,820)
Exchange rate changes— — (399)1,562 
Fair value of plan assets at end of the year41,201 42,628 38,640 38,485 
Funded status$2,353 $1,410 $(9,905)$(15,169)

Actuarial Gain - The projected U.S. benefit obligation includes a net gain of $0.8 million for the year ended December 31, 2021. The gain is a result of changes in key actuarial assumptions, including the change to termination basis and demographic gain due to higher mortality experience during 2020 than expected. The projected Non-U.S. benefit obligation includes a net gain of $3.6 million for the year ended December 31, 2021 driven primarily by an increase in the discount rate assumption.

Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 2021202020212020
Noncurrent assets$2,479 $1,557 $— $— 
Current liabilities(126)(20)— — 
Noncurrent liabilities— (127)(9,906)(15,169)
Amount recognized$2,353 $1,410 $(9,906)$(15,169)
The components of net periodic (benefit) cost for the years ended December 31 were as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202120202019202120202019
Interest cost$827 $1,117 $1,483 $638 $838 $1,112 
Expected return on plan assets(2,212)(2,075)(2,393)(1,000)(1,093)(1,117)
Amortization of prior service cost 1
6 6 2,528 54 47 47 
Recognized actuarial loss283 283 308 953 592 531 
Net periodic cost (benefit)$(1,096)$(669)$1,926 $645 $384 $573 
1 Includes $2.5 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2020.

Net periodic (benefit) cost components, not inclusive of service costs, are recognized in Other (expense) income within the Consolidated Statements of Operations.

Amounts Recognized in Accumulated Other Comprehensive Income (Loss) - Amounts recognized in Accumulated other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202120202019202120202019
Net actuarial loss$10,875 $10,689 $10,937 $13,923 $18,574 $13,783 
Prior service cost33 39 45 687 748 747 
$10,908 $10,728 $10,982 $14,610 $19,322 $14,530 
Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Income (Loss) - Amounts recognized as other changes in plan assets and benefit obligations in comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows:
 U.S. Pension and Other Post-Retirement PlansNon-U.S. Pension Plan
 2021202020212020
Actuarial (gain) loss$469 $34 $(3,717)$5,428 
Amortization of actuarial (loss) gain(283)(283)(942)(625)
Prior service credit(6)(6)(53)(11)
Total recognized in other comprehensive income (loss)$180 $(255)$(4,712)$4,792 
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension
Plan
 2021202020212020
Discount rate2.07 %2.08 %1.80 %1.20 %
Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows:
 U.S. Pension and Other Post-Retirement PlansNon-U.S. Pension Plan
 202120202019202120202019
Discount rate2.08 %2.93 %3.40 %1.20 %1.95 %2.80 %
Expected return on plan assets5.34 %5.34 %5.34 %2.60 %3.30 %3.70 %
The rate of return assumptions are based on projected long-term market returns for the various asset classes in which the plans are invested, weighted by the target asset allocations. An incremental amount for active plan asset management and diversification, where appropriate, is included in the rate of return assumption. Our pension plan investment strategy is reviewed periodically, but no less frequently than annually. Due to the termination of the U.S. Pension Plan effective December 31, 2021, the related investments were reallocated to fixed income securities.
We employ a total return investment approach whereby a mix of equities, fixed income and real estate investments are intended to maximize the long-term return of plan assets taking into consideration a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity, balanced, fixed income and real estate investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and large and small capitalizations. Other assets, such as real estate, are used judiciously to perhaps enhance long-term returns and to improve portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis in light of annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. We expect to contribute approximately $1.1 million to our pension plans and our other post-retirement benefit plans in 2022.
Our investment allocation target for our pension plans for 2021 and our weighted-average asset allocations of our pension assets for the years ended December 31, by asset category, are as follows:
Target AllocationActual Allocations
 2021202020212020
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Cash and cash equivalents21—1—21115
Equity/Balanced securities—532952—522949
Fixed income securities7947614854476146
Real estate ——9—25—9—
100%100%100%100%100%100%100%100%
    
Our plan assets can be described as follows:
Equity Securities - Includes common stocks issued by U.S., United Kingdom and other international companies, equity funds that invest in common stocks and unit linked insurance policies. Equity investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Balanced Securities - Includes funds primarily invested in a mix of equity and fixed income securities where the allocations are at the discretion of the investment manager. Investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Fixed Income Securities - Includes U.S. dollar-denominated and United Kingdom and other international marketable bonds and convertible debt securities as well as fixed income funds that invest in these instruments. Investments generally allow near-term liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.
Real Estate - Real estate provides an indirect investment into a diversified and multi-sector portfolio of property assets. The fair value of real estate investments is determined by the fund managers. The fund managers value the real estate investments via independent third-party appraisals on a periodic basis. Assumptions used to revalue the properties are updated every quarter.
The fair values of our pension plan assets by asset category and by level as described in Note 6, Fair Value Measurement, for the years ended December 31, 2021 and 2020 are as follows:
 December 31, 2021
  Quoted Prices in
Active Markets for
Identical Assets		Significant
Observable Inputs		Net Asset Value Per Share
 TotalLevel 1Level 2NAV
Cash and cash equivalents$9,192 $442 $— $8,750 
Balanced20,239 — 20,239 
Fixed income securities:
Corporate bonds37,117 — 22,361 14,756 
Other13,294 — 10,091 3,203 
Total pension fund assets$79,842 $442 $32,452 $46,948 

December 31, 2020
Quoted Prices in
Active Markets for
Identical Assets		Significant
Observable Inputs		Significant
Unobservable Inputs
TotalLevel 1Level 2Level 3
Cash and cash equivalents$2,125 $2,125 $— $— 
Equities:
U.S. large value2,525 2,525 — — 
U.S. large growth2,741 2,741 — — 
International blend5,253 — 5,253 — 
Emerging markets1,717 1,717 — — 
Balanced18,958 — 18,958 — 
Fixed income securities:
Corporate bonds40,485 — 40,485 — 
Other3,221 — 3,221 — 
Real Estate:
U.S. property4,088 — — 4,088 
Total pension fund assets$81,113 $9,108 $67,917 $4,088 

The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows:
20212020
Beginning balance$4,088 $4,070 
Actual return on assets held at reporting date— 18 
Purchases, sales and settlements, net(4,088)— 
Ending balance$— $4,088 
The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans:
Year Ending December 31,Pension Plans
2022 (1)
$40,504 
2023$1,822 
2024$1,881 
2025$1,846 
2026$1,919 
2027 to 2031$10,096 
1.It is not practical to estimate at this time how much of the U.S. Pension Plan liabilities will be settled in 2022 or 2023; therefore, the table above assumes that all settlement occurs in 2022.