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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
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:
2021
Retirement
Income Plan
National
Service-Related Pension Plan
Other
Post-Retirement Benefits
SuperannuationAustria PlansTotal
Change in benefit obligation:
(In thousands)
Benefit obligation – January 1, 2021
$(47,509)$(38,227)$(647)$(1,423)$— $(87,806)
Purchase price allocation adjustment— — — — (2,498)$(2,498)
Service cost
— — — (59)(107)(166)
Interest cost
(947)(936)(8)(19)(18)(1,928)
Actuarial gain (loss)
1,571 1,592 21 78 (2)3,260 
Benefits paid
1,342 1,150 14 61 2,572 
Other - plan change
— — — — — — 
Plan participants’ contributions
— — — (18)— (18)
Foreign currency translation loss
— — — 80 (38)42 
Effect of settlement
1,850 — — — — 1,850 
Benefit obligation – end of year
(43,693)(36,421)(629)(1,347)(2,602)(84,692)
Change in plan assets:
Fair value of plan assets – January 1, 2021
45,030 32,061 — 1,570 — 78,661 
Purchase price allocation adjustment
— — — — 1,112 1,112 
Actual return on plan assets
4,371 3,187 — 320 26 7,904 
Employer contributions
669 505 — 61 1,240 
Benefits paid
(1,342)(1,150)(5)(27)(51)(2,575)
Effect of settlement
(1,850)— — — — (1,850)
Plan participants’ contributions
— — — 34 — 34 
Foreign currency translation gain
— — — (243)— (243)
Fair value of plan assets – end of year
46,878 34,603 — 1,654 1,148 84,283 
Funded status
$3,185 $(1,818)$(629)$307 $(1,454)$(409)
Amounts recognized on the consolidated balance sheet as of December 31, 2021:
Pension and post-retirement asset (liability)
$3,185 $(1,818)$(629)$307 $(1,454)$(409)
Accumulated other comprehensive loss (income)
566 752 (15)(72)15 1,246 
Amounts in accumulated other comprehensive loss consist of:
Net loss
$566 $752 $(15)$(94)$15 $1,224 
Prior service cost
$— $— $— $22 $— $22 
Other changes in plan assets and benefit obligations recognized in other comprehensive (income) loss:
Net (gain) loss
$(3,558)$(3,069)$(28)$(181)$15 $(6,821)
Amortization of net gain
(873)(651)— — — (1,524)
Amortization of prior service cost
— — — (30)— (30)
Amount recognized due to settlement
(24)— — — — (24)
Foreign currency translation loss
— — — 70 — 70 
Total recognized in other comprehensive (income) loss
$(4,455)$(3,720)$(28)$(141)$15 $(8,329)
Information for plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
N/A$36,421 $629 $1,347 $2,602 $40,999 
Accumulated benefit obligation
N/A$36,421 $629 $1,272 $2,197 $40,519 
Fair value of plan assets
N/A$34,603 $— $1,654 $1,148 $37,405 
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
(1266)— — — (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 $$86 $9,586 
Prior service cost
$— $— $— $53 $53 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net (gain) loss
$(244)$578 $(94)$102 $342 
Amortization of net gain
(1,017)(607)— — (1,624)
Amortization of prior service cost
— — — (31)(31)
Amount recognized due to special event
(134)— — — (134)
Foreign currency translation loss
— — — 14 14 
Total recognized in other comprehensive (income) loss
$(1,395)$(29)$(94)$85 $(1,433)
Information for plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation
$47,509 $38,227 $647 $1,423 $87,806 
Accumulated benefit obligation
$47,508 $38,227 $647 $1,297 $87,679 
Fair value of plan assets
$45,030 $32,061 $— $1,570 $78,661 
Schedule of Net Periodic Benefit Costs
The components of net period benefit cost for the years ended December 31, 2021, 2020 and 2019 are as follows:
December 31, 2021
Retirement Income PlanNational Service-Related Pension PlanOther
Post-Retirement Benefits
SuperannuationAustria PlansTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $61 $111 $172 
Interest cost
947 936 20 19 1,930 
Expected return on plan assets
(2,384)(1,710)— (74)— (4,168)
Amortization of net loss
873 651 — — (13)1,511 
Amortization of prior service cost
— — — 30 — 30 
Effect of settlement
24 — — — — 24 
Net pension benefit (income) cost
$(540)$(123)$$37 $117 $(501)
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 
Schedule of Assumptions Used
The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2021, 2020 and 2019 are as follows:
December 31, 2021
Retirement Income
Plan
National Service-Related Pension
Plan
Other
Post-Retirement Benefits
Superan-
nuation
Austria Plans
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate
2.49%2.77%1.95%2.55%0.94%
Rate of compensation increase
N/AN/AN/A2.50%2.50%
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations):
Discount rate
2.10%2.49%1.41%1.50%0.75%
Expected return on plan assets
6.00%6.00%N/A5.00%N/A
Rate of compensation increase
N/AN/AN/A3.25%N/A
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%
Schedule of Allocation of Plan Assets
The allocations of the U.S. Plans’ and the Superannuation Plan’s investments by fair value as of December 31, 2021 and 2020 are as follows:
U.S. PlansSuperannuation PlanAustria Plan
ActualTarget AllocationActualTarget AllocationActualTarget Allocation
20212020202120202021
U.S. equities
41%37%
25%–55%
19%18%19%—%—%
Non-U.S. equities
24%27%
15%–45%
39%39%39%—%—%
Fixed-income securities
29%32%
15%–40%
10%9%20%100%100%
Real estate
5%4%
0–5%
7%10%7%—%—%
Cash and other
—%—%—%25%24%15%—%—%
The fair values of the Company’s pension plan assets as of December 31, 2021, 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, 2021
Assets
(In thousands)
U.S. equities:
Large cap(1)
$— $25,148 $— $25,148 
Medium cap(1)
— 4,757 — 4,757 
Small cap(1)
1,735 1,840 — 3,575 
Non-U.S. equities:
Large cap(2)
15,611 — — 15,611 
Emerging markets(3)
4,283 — — 4,283 
Fixed-income securities:
Money markets(4)
— 807 — 807 
U.S. bonds(5)
11,524 3,932 — 15,456 
Non-U.S. bonds(5)
7,383 — — 7,383 
Real estate(6)
— 4,459 — 4,459 
Common/collective trusts
— 1,656 — 1,656 
Other— — 1,148 1,148 
Total assets
$40,536 $42,599 $1,148 $84,283 
The fair values of the Company’s pension plan assets as of December 31, 2020, 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, 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 
(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, 2021:
Years Ending December 31:
(In thousands)
2022$6,905 
20235,931 
20245,584 
20255,317 
20265,207 
Thereafter25,079 
$54,023 
Schedule of Multiemployer Plans
Pension FundEIN/Pension
Plan Number
Pension Protection
Act Zone Status
FIP/RP Status Pending/
Implemented
Americold ContributionsSurcharge Imposed
20212020202120202019
(In thousands)
Central Pension Fund of the International Union of Operating Engineers and Participating Employers (2)
36-6052390GreenGreen
No
$6$11$6No
Central States SE & SW Areas Health and Welfare Pension
Plans (1)
36-6044243RedRed
Yes/
Implemented
9,0609,1329,238No
New England Teamsters & Trucking Industry Pension Plan (3)
04-6372430RedRed
Yes/
Implemented
529456456No
Alternative New England Teamsters & Trucking Industry Pension Plan
04-6372430RedRed
No
338404449No
I.U.O.E Stationary Engineers Local 39 Pension Fund (1)
94-6118939GreenGreen
No
186119194No
United Food & Commercial Workers International Union-Industry Pension Fund (4)
51-6055922GreenGreen
No
108126105No
Western Conference of Teamsters Pension Fund (1)
91-6145047GreenGreen
No
7,7847,7277,398No
Minneapolis Food Distributing Industry Pension Plan (1)
41-6047047GreenGreen
No
127146116No
WWEC Local 863 Pension Fund(5)
26-3541447YellowYellow
Yes/
Implemented
967No
Total Contributions
$19,105$18,121$17,962
(1)The status information is for the plans’ year end at December 31, 2021 and 2020.
(2)The status information is for the plans’ year end at January 31, 2021 and 2020.
(3)The status information is for the plans’ year end at September 30, 2021 and 2020. 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, 2021 and 2020.
(5)The Company reflects no contributions in 2020 and 2019 as this fund was inherited in connection with the Newark Facility Management acquisition in 2021.