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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
Actuarial information regarding these plans is as follows:
2020
Retirement
Income Plan
National
Service-Related Pension Plan
Other
Post-Retirement Benefits
SuperannuationTotal
Change in benefit obligation:
(In thousands)
Benefit obligation – January 1, 2020
$(45,215)$(35,036)$(611)$(1,152)$(82,014)
Service cost
— — — (66)(66)
Interest cost
(1,261)(1,117)(14)(28)(2,420)
Actuarial loss
(3,657)(3,147)(27)(72)(6,903)
Benefits paid
1,358 1,073 23 2,459 
Plan participants’ contributions
— — — (19)(19)
Foreign currency translation loss
— — — (109)(109)
Effect of settlement
1,266 — — — 1,266 
Benefit obligation – end of year
(47,509)(38,227)(647)(1,423)(87,806)
Change in plan assets:
Fair value of plan assets – January 1, 2020
40,111 27,841 — 1,356 69,308 
Actual return on plan assets
5,903 4,034 — 44 9,981 
Employer contributions
1,640 1,259 45 2,949 
Benefits paid
(1,358)(1,073)(5)(23)(2,459)
Effect of settlement
(1,266)— — — (1,266)
Plan participants’ contributions
— — — 19 19 
Foreign currency translation gain
— — — 129 129 
Fair value of plan assets – end of year
45,030 32,061 — 1,570 78,661 
Funded status
$(2,479)$(6,166)$(647)$147 $(9,145)
Amounts recognized on the consolidated balance sheet as of December 31, 2020:
Pension and post-retirement liability
$(2,479)$(6,166)$(647)$147 $(9,145)
Accumulated other comprehensive loss (income)
5,021 4,473 86 9,586 
Amounts in accumulated other comprehensive loss consist of:
Net loss
$5,021 $4,473 $$86 $9,586 
Prior service cost
$— $— $— $53 $53 
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss
$(244)$578 $(94)$102 $342 
Amortization of net gain
(1,017)(607)— — (1,624)
Amortization of prior service cost
— — — (31)(31)
Amount recognized due to special event
(134)— — — (134)
Foreign currency translation loss
— — — 14 14 
Total recognized in other comprehensive (income) loss
$(1,395)$(29)$(94)$85 $(1,433)
Information for plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
$47,509 $38,227 $647 $1,423 $87,806 
Accumulated benefit obligation
$47,508 $38,227 $647 $1,297 $87,679 
Fair value of plan assets
$45,030 $32,061 $— $1,570 $78,661 
2019
Retirement
Income Plan
National
Service-Related Pension Plan
Other
Post-Retirement Benefits
SuperannuationTotal
Change in benefit obligation:
(In thousands)
Benefit obligation – January 1, 2019
$(43,364)$(30,627)$(678)$(1,385)$(76,054)
Service cost
— — — (78)(78)
Interest cost
(1,590)(1,245)(23)(49)(2,907)
Actuarial loss
(3,251)(4,167)(62)(77)(7,557)
Benefits paid
2,990 1,003 — 447 4,440 
Plan participants’ contributions
— — — (12)(12)
Foreign currency translation gain
— — — 
Effect of settlement
— — 152 — 152 
Benefit obligation – end of year
(45,215)(35,036)(611)(1,152)(82,014)
Change in plan assets:
Fair value of plan assets – January 1, 2019
34,958 23,277 — 1,502 59,737 
Actual return on plan assets
6,804 4,556 — 237 11,597 
Employer contributions
1,339 1,011 152 58 2,560 
Benefits paid
(2,990)(1,003)— (447)(4,440)
Effect of settlement
— — (152)— (152)
Plan participants’ contributions
— — — 12 12 
Foreign currency translation loss
— — — (6)(6)
Fair value of plan assets – end of year
40,111 27,841 — 1,356 69,308 
Funded status
$(5,104)$(7,195)$(611)$204 $(12,706)
Amounts recognized on the consolidated balance sheet as of December 31, 2019:
Pension and post-retirement liability
$(5,104)$(7,195)$(611)$204 $(12,706)
Accumulated other comprehensive loss (income)
6,417 4,501 (21)62 10,959 
Amounts in accumulated other comprehensive loss consist of:
Net loss (gain)
$6,417 $4,501 $(21)$(15)$10,882 
Prior service cost
$— $— $— $77 $77 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net (gain) loss
$(1,793)$788 $(94)$(78)$(1,177)
Amortization of net (loss) gain
(1,509)(564)— (2,069)
Amortization of prior service cost
— — — (28)(28)
Amount recognized due to special event
— — 10 
Foreign currency translation gain
— — — (5)(5)
Total recognized in other comprehensive loss (income)
$(3,302)$224 $(85)$(106)$(3,269)
Information for plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
$45,215 $35,036 $611 $1,152 $82,014 
Accumulated benefit obligation
$45,215 $35,036 $611 $1,038 $81,900 
Fair value of plan assets
$40,111 $27,841 $— $1,356 $69,308 
Schedule of Net Periodic Benefit Costs The components of net period benefit cost for the years ended December 31, 2020, 2019 and 2018 are as follows:
December 31, 2020
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $59 $59 
Interest cost
1,261 1,117 14 25 2,417 
Expected return on plan assets
(2,002)(1,465)— (66)(3,533)
Amortization of net loss
1,017 607 — — 1,624 
Amortization of prior service cost
— — — 27 27 
Effect of settlement
134 — — — 134 
Net pension benefit cost
$410 $259 $14 $45 $728 
December 31, 2019
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $78 $78 
Interest cost
1,590 1,245 23 49 2,907 
Expected return on plan assets
(1,760)(1,176)— (74)(3,010)
Amortization of net loss (gain)
1,509 564 (4)— 2,069 
Amortization of prior service cost
— — — 28 28 
Effect of settlement
— — (5)(5)(10)
Net pension benefit cost
$1,339 $633 $14 $76 $2,062 
December 31, 2018
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$31 $78 $— $137 $246 
Interest cost
1,418 1,199 20 104 $2,741 
Expected return on plan assets
(2,047)(1,369)— (172)$(3,588)
Amortization of net loss
1,244 715 — — $1,959 
Amortization of prior service cost
— — — 30 $30 
Effect of settlement
— — — 68 $68 
Net pension benefit cost
$646 $623 $20 $167 $1,456 
Schedule of Assumptions Used
The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2020, 2019 and 2018 are as follows:
December 31, 2020
Retirement Income
Plan
National Service-Related Pension
Plan
Other
Post-Retirement Benefits
Superan-
nuation
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate
2.10%2.49%1.41%1.50%
Rate of compensation increase
N/AN/AN/A3.25%
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations):
Discount rate
3.00%3.25%2.55%2.30%
Expected return on plan assets
6.50%6.50%N/A5.00%
Rate of compensation increase
N/AN/AN/A3.25%
December 31, 2019
Retirement Income
Plan
National Service-Related Pension
Plan
Other
Post-Retirement Benefits
Superan-
nuation
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate
3.00%3.25%2.55%2.30%
Rate of compensation increase
N/AN/AN/A3.25%
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations):
Discount rate
3.95%4.15%3.70%3.70%
Expected return on plan assets
6.50%6.50%N/A5.00%
Rate of compensation increase
3.50%N/AN/A3.25%
December 31, 2018
Retirement Income
Plan
National Service-Related Pension
Plan
Other
Post-Retirement Benefits
Superan-
nuation
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate
3.95%4.15%3.70%3.70%
Rate of compensation increase
3.50%N/AN/A3.25%
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations):
Discount rate
3.35%3.65%3.10%3.70%
Expected return on plan assets
7.00%7.00%N/A6.00%
Rate of compensation increase
3.50%N/AN/A4.00%
Schedule of Allocation of Plan Assets
The allocations of the U.S. Plans’ and the Offshore Plan’s investments by fair value as of December 31, 2020 and 2019 are as follows:
U.S. PlansOffshore Plan
ActualTarget AllocationActualTarget Allocation
2020201920202019
U.S. equities
37%35%
25%–55%
18%20%19%
Non-U.S. equities
27%25%
15%–45%
39%42%39%
Fixed-income securities
32%35%
15%–40%
9%8%15%
Real estate
4%5%
0–5%
10%8%8%
Cash and other
—%—%—%24%22%19%
The fair values of the Company’s pension plan assets as of December 31, 2020, by category, are as follow:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2020
Assets
(In thousands)
U.S. equities:
Large cap(1)
$— $20,960 $— $20,960 
Medium cap(1)
— 4,024 — 4,024 
Small cap(1)
1,365 1,936 — 3,301 
Non-U.S. equities:
Large cap(2)
16,183 — — 16,183 
Emerging markets(3)
4,759 — — 4,759 
Fixed-income securities:
Money markets(4)
— 2,163 — 2,163 
U.S. bonds(5)
11,067 3,581 — 14,648 
Non-U.S. bonds(5)
7,635 — — 7,635 
Real estate(6)
— 3,417 — 3,417 
Common/collective trusts
— 1,571 — 1,571 
Total assets
$41,009 $37,652 $— $78,661 
The fair values of the Company’s pension plan assets as of December 31, 2019, by category, are as follows:
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Balance as of December 31, 2019
Assets
(In thousands)
U.S. equities:
Large cap(1)
$— $17,698 $— $17,698 
Medium cap(1)
— 3,404 — 3,404 
Small cap(1)
1,360 1,360 — 2,720 
Non-U.S. equities:
Large cap(2)
12,919 — — 12,919 
Emerging markets(3)
4,060 — — 4,060 
Fixed-income securities:
Money markets(4)
— 3,381 — 3,381 
U.S. bonds(5)
10,172 3,397 — 13,569 
Non-U.S. bonds(5)
6,806 — — 6,806 
Real estate(6)
— 3,395 — 3,395 
Common/collective trusts
— 1,356 — 1,356 
Total assets
$35,317 $33,991 $— $69,308 
(1)Includes funds that primarily invest in U.S. common stock.
(2)Includes funds that invest primarily in foreign equity and equity-related securities.
(3)Includes funds that invest primarily in equity securities of companies in emerging market countries.
(4)Includes funds that invest primarily in short-term securities, such as commercial paper.
(5)Includes funds either publicly traded (Level 1) or within a separate account (Level 2) held by a regulated investment company. These funds hold primarily debt and fixed-income securities.
(6)Includes funds in a separate account held by a regulated investment company that invest primarily in commercial real estate and includes mortgage loans which are backed by the associated properties. The Company can call the investment in these assets with no restrictions.
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future services, as appropriate, are expected to be paid for all plans as of December 31, 2020:
Years Ending December 31:
(In thousands)
2021$6,357 
20225,688 
20235,286 
20245,286 
20255,028 
Thereafter23,244 
$50,889 
Schedule of Multiemployer Plans
Pension FundEIN/Pension
Plan Number
Pension Protection
Act Zone Status
FIP/RP Status Pending/
Implemented
Americold ContributionsSurcharge Imposed
20202019202020192018
(In thousands)
Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2)
36-6052390GreenGreen
No
$11$6$6No
Central States SE & SW Areas Health and Welfare Pension
Plans (1)
36-6044243RedRed
Yes/
Implemented
9,1329,2388,424No
New England Teamsters & Trucking Industry Pension Plan (3)
04-6372430RedRed
Yes/
Implemented
456456456No
Alternative New England Teamsters & Trucking Industry Pension Plan
04-6372430RedRed
No
404449493No
I.U.O.E Stationary Engineers Local 39 Pension Fund (1)
94-6118939GreenGreen
No
119194160No
United Food & Commercial Workers International Union-Industry Pension Fund (4)
51-6055922GreenGreen
No
12610590No
Western Conference of Teamsters Pension Fund (1)
91-6145047GreenGreen
No
7,7277,3987,632No
Minneapolis Food Distributing Industry Pension Plan (1)
41-6047047GreenGreen
Yes/
Implemented
146116180No
Total Contributions
$18,121$17,962$17,441
(1)The status information is for the plans’ year end at December 31, 2020 and 2019.
(2)The status information is for the plans’ year end at January 31, 2020 and 2019.
(3)The status information is for the plans’ year end at September 30, 2020 and 2019. The Company withdrew from the multi-employer plan on October, 31, 2017.
(4)The status information is for the plans’ year end at June 30, 2020 and 2019.