Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Defined Benefit Pension and Post-Retirement Plans

The Company has defined benefit pension plans that cover certain union and nonunion associates in the U.S. Benefits under these plans are based either on years of credited service and compensation during the years preceding retirement or on years of credited service and established monthly benefit levels. The Company also has a post-retirement plan that provides life insurance coverage to eligible retired associates (collectively, with the defined benefit plans, the U.S. Plans). The Company froze benefit accruals for the U.S. Plans for nonunion associates effective April 1, 2005, and these associates no longer earn additional pension benefits. The Company also has a defined benefit plan that covers certain associates in Australia and is referenced as the ‘Superannuation Plan’ and two defined benefit plans that cover certain associates in Austria resulting from the Agro acquisition which are referenced as the ‘Austria Plans’. The Company uses a December 31 measurement date for each plan.

Actuarial information regarding these plans is as follows:

	2022
	Retirement Income Plan		National Service-Related Pension Plan (NSRPP)		Other Post-Retirement Benefits (OPRB)		Superannuation		Austria Plans		Total
Change in benefit obligation:	(In thousands)
Benefit obligation – January 1, 2022	$	(43,693)	$	(36,421)	$	(629)	$	(1,347)	$	(2,602)	$	(84,692)
Service cost	—		—		—		(47)		(97)		(144)
Interest cost	(1,025)		(990)		(11)		(31)		(22)		(2,079)
Actuarial gain (loss)	6,830		9,597		55		76		(37)		16,521
Benefits paid	1,257		1,210		—		15		120		2,602
Plan participants’ contributions	—		—		—		(18)		—		(18)
Foreign currency translation gain	—		—		—		84		217		301
Effect of settlement	2,820		—		92		—		—		2,912
Benefit obligation – end of year	(33,811)		(26,604)		(493)		(1,268)		(2,421)		(64,597)
Change in plan assets:
Fair value of plan assets – January 1, 2022	46,878		34,603		—		1,654		1,148		84,283
Actual return on plan assets	(7,809)		(6,394)		—		(124)		(19)		(14,346)
Employer contributions	—		—		92		—		62		154
Benefits paid	(1,257)		(1,210)		—		(33)		—		(2,500)
Effect of settlement	(2,820)		—		(92)		—		—		(2,912)
Plan participants’ contributions	—		—		—		38		—		38
Foreign currency translation gain	—		—		—		(27)		(48)		(75)
Fair value of plan assets – end of year	34,992		26,999		—		1,508		1,143		64,642
Funded status	$	1,181	$	395	$	(493)	$	240	$	(1,278)	$	45
Amounts recognized on the consolidated balance sheet as of December 31, 2022:
Pension and post-retirement asset (liability)	$	1,181	$	395	$	(493)	$	240	$	(1,278)	$	45
Accumulated other comprehensive loss (income)	3,826		(474)		(59)		(32)		47		3,308
Amounts in accumulated other comprehensive loss consist of:
Net loss	$	3,826	$	(474)	$	(59)	$	(32)	$	47	$	3,308
Prior service cost	$	—	$	—	$	—	$	—	$	—	$	—
Other changes in plan assets and benefit obligations recognized in other comprehensive loss (income):
Net loss (gain)	$	3,680	$	(1,070)	$	(147)	$	58	$	47	$	2,568
Amortization of net (gain) loss	(101)		(117)		—		—		13		(205)
Amortization of prior service cost	—		—		—		(21)		—		(21)
Amount recognized due to settlement	(319)				11		—		—		(308)
Foreign currency translation gain	—		—		—		(5)		—		(5)
Effect of tax	150		197		—		—		—		347
Total recognized in other comprehensive loss (income)	$	3,410	$	(990)	$	(136)	$	32	$	60	$	2,376
Information for plans with accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	N/A		N/A		$	493	$	1,268	$	2,421	$	4,182
Accumulated benefit obligation	N/A		N/A		$	493	$	1,208	$	2,107	$	3,808
Fair value of plan assets	N/A		N/A		$	—	$	1,508	$	1,143	$	2,651

	2021
	Retirement Income Plan		National Service-Related Pension Plan		Other Post-Retirement Benefits		Superannuation		Austria Plans		Total
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		5		14		61		2,572
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		5		—		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

The components of net period benefit cost for the years ended December 31, 2022, 2021 and 2020 are as follows:

	December 31, 2022
	Retirement Income Plan		NSRPP		OPRB		Superannuation		Austria Plans		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	47	$	97	$	144
Interest cost	1,025		990		11		31		22		2,079
Expected return on plan assets	(2,702)		(2,094)		—		(77)		—		(4,873)
Amortization of net loss	101		117		—		—		(13)		205
Amortization of prior service cost	—		—		—		21		—		21
Effect of settlement	319		—		(11)		—		—		308
Net pension benefit (income) cost	$	(1,257)	$	(987)	$	—	$	22	$	106	$	(2,116)

	December 31, 2021
	Retirement Income Plan		NSRPP		OPRB		Superannuation		Austria Plans		Total
Components of net periodic benefit cost:	(In thousands)
Service cost	$	—	$	—	$	—	$	59	$	107	$	166
Interest cost	947		936		8		19		18		1,928
Expected return on plan assets	(2,384)		(1,710)		—		(74)		—		(4,168)
Amortization of net loss	873		651		—		—		—		1,524
Amortization of prior service cost	—		—		—		30		—		30
Effect of settlement	24		—		—		—		—		24
Net pension benefit (income) cost	$	(540)	$	(123)	$	8	$	34	$	125	$	(496)

	December 31, 2020
	Retirement Income Plan		NSRPP		OPRB		Superannuation		Total
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

The service cost component of defined benefit pension cost and postretirement benefit cost are presented in “Selling, general and administrative” and all other components of net period benefit cost are presented in “Other income (expense), net” on the Consolidated Statements of Operations.

The Company recognizes all changes in the fair value of plan assets and net actuarial gains or losses at December 31 each year. Prior service costs and gains/losses are amortized based on a straight-line method over the average future service of members that are expected to receive benefits.

All actuarial gains/losses are exposed to amortization over an average future service period of 5.8 years for the Retirement Income Plan, 6.2 years for the National Service-Related Pension Plan, 4.1 years for Other Post-Retirement Benefits, 4.1 years for Superannuation, and 6.3 years for Austria Plans as of December 31, 2022.

The weighted average assumptions used to determine benefit obligations and net period benefit costs for the years ended December 31, 2022, 2021 and 2020 are as follows:

	December 31, 2022
	Retirement Income Plan	NSRPP	OPRB	Superannuation	Austria Plans
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate	5.02%	5.11%	4.81%	5.40%	3.78%
Rate of compensation increase	N/A	N/A	N/A	2.50%	3.00%
Weighted-average assumptions used to determine net periodic benefit cost (statement of operations):
Discount rate	2.49%	2.77%	1.95%	2.55%	0.94%
Expected return on plan assets	6.50%	6.50%	N/A	5.00%	N/A
Rate of compensation increase	N/A	N/A	N/A	2.50%	N/A

	December 31, 2021
	Retirement Income Plan	NSRPP	OPRB	Superannuation	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/A	N/A	N/A	2.50%	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/A	5.00%	N/A
Rate of compensation increase	N/A	N/A	N/A	3.25%	N/A

	December 31, 2020
	Retirement Income Plan	NSRPP	OPRB	Superannuation
Weighted-average assumptions used to determine obligations (balance sheet):
Discount rate	2.10%	2.49%	1.41%	1.50%
Rate of compensation increase	N/A	N/A	N/A	3.25%
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/A	5.00%
Rate of compensation increase	N/A	N/A	N/A	3.25%

The estimated net loss for the defined benefit plans in the U.S. that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2023 is $0.6 million. There is no estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2023.

There is no estimated net gain for the Superannuation Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost during 2023. The estimated prior service cost associated with this plan to be amortized from accumulated other comprehensive income during 2023 is nominal.

Plan Assets

The Company’s overall investment strategy is to achieve a mix of investments for long-term growth and near-term benefit payments. The Company invests in both U.S. and non-U.S. equity securities, fixed-income securities, and real estate. The Austria Plans’ assets are held in an insurance annuity contract, which is determined based on the cash surrender value of the insurance contract, with an independent insurance company. The contract is classified within level 3 of the valuation hierarchy. As of December 31, 2022, approximately 96% of total plan assets are allocated to fixed-income securities. To develop the assumption for the long-term rate of return on assets, the Company considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of the U.S. Plans’ and Superannuation Plan’s assets, adjusted for expected contributions, distributions, administrative expenses and the effect of periodic rebalancing, consistent with the Company’s investment strategies. For 2023, the Company expects to receive a long-term rate of return of 4.8% for the ARIP, 5.5% for the NSRPP, and 5.0% for the Superannuation Plan. All plans are invested to maximize the return on assets while minimizing risk by diversifying across a broad range of asset classes.

The fair values of the Company’s pension plan assets by category, are as follow:

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets	(In thousands)
U.S. equities:
Large cap	$	—	$	2,467	$	—	$	2,467
Fixed-income securities:
Money markets	—		78		—		78
U.S. bonds(1)	46,155		9,273		—		55,428
Real estate(2)	—		4,018		—		4,018
Common/collective trusts	—		1,508		—		1,508
Other	—		—		1,143		1,143
Total assets	$	46,155	$	17,344	$	1,143	$	64,642

	As of December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets	(In thousands)
U.S. equities:
Large cap	$	—	$	25,148	$	—	$	25,148
Medium cap	—		4,757		—		4,757
Small cap	1,735		1,840		—		3,575
Non-U.S. equities:
Large cap	15,611		—		—		15,611
Emerging markets	4,283		—		—		4,283
Fixed-income securities:
Money markets	—		807		—		807
U.S. bonds(1)	11,524		3,932		—		15,456
Non-U.S. bonds(1)	7,385		—		—		7,385
Real estate(2)	—		4,459		—		4,459
Common/collective trusts	—		1,654		—		1,654
Other	—		—		1,148		1,148
Total assets	$	40,538	$	42,597	$	1,148	$	84,283

(1)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.

(2)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.

The U.S. Plans’ assets are in commingled funds that are valued using net asset values. The net asset values are based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The pension assets are classified as Level 1 when the net asset values are based on a quoted price in an active market. The pension assets are classified as Level 2 when the net asset value is based on a quoted price on a private market that is not active and the underlying investments are traded on an active market.

The Company expects to contribute an immaterial amount to certain plans during 2023 based on the expected funded status of the plans.

Estimated Future 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, 2022:

Years Ending December 31:	(In thousands)
2023	$	6,217
2024	5,328
2025	5,074
2026	5,142
2027	5,059
Thereafter	25,658
	$	52,478

Multi-Employer Plans

The Company contributes to a number of multi-employer benefit plans under the terms of collective bargaining agreements that cover union-represented associates. These plans generally provide for retirement, death, and/or

termination benefits for eligible associates within the applicable collective bargaining units, based on specific eligibility/participation requirements, vesting periods, and benefit formulas. The risks of participating in these multi-employer plans are different from single-employer plans in the following aspects:

•Assets contributed to the multi-employer plan by one employer may be used to provide benefits to associates of other current or former participating employers.

•    If a participating employer stops contributing to the multi-employer plan without paying its unfunded liability, the unfunded obligations of the plan may be borne by the remaining participating employers.

•    If the Company chooses to cease participation in a multi-employer plan, such full withdrawal is subject to the payment of any unfunded liability applicable to the Company, referred to as a withdrawal liability. Additionally, such withdrawal is subject to collective bargaining.

The table below outlines the Company’s participation in multi-employer pension plans for the periods ended December 31, 2022, 2021 and 2020, and sets forth the contributions into each plan (in thousands). The Company currently participates in certain of these plans in its warehouse segment, and previously on behalf of a customer within its Third-party managed segment. The participation in certain plans related to the Third-party managed agreements were transitioned to a new third-party provider during 2022. Under the terms of the operating agreements, the contributions made to these funds were reimbursed to the Company by the customer as a pass-through cost within Third-party managed revenue. The approximate proportion of contributions to these plans on behalf of the customer is denoted below the table. The “EIN” column provides the Employer Identification Number (EIN). The most recent Pension Protection Act Zone Status available in 2022 relates to the plans’ most recent fiscal year-end. The zone status is based on information that we received from the plans’ administrators and is certified by each plan’s actuary. Among other factors, plans certified in the red zone are generally less than 65% funded, plans certified in the orange zone are (i) less than 80% funded and (ii) have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans certified in the yellow zone are less than 80% funded, and plans certified in the green zone are at least 80% funded. As of December 31, 2022, for the plans included in the table below with a Zone Status of Yellow, the fund has implemented a financial improvement plan (FIP), and for the plans with a Zone Status of Red, the fund has implemented a rehabilitation plan (RP).

The Company’s collective-bargained contributions satisfy the requirements of all implemented FIPs and RPs and do not currently require the payment of any surcharges. In addition, minimum contributions outside the agreed-upon contractual rate are not required. For the plans detailed in the following table, the expiration dates of the associated collective bargaining agreements range from 2023 through 2027. For all the plans detailed in the following table, the Company has not contributed more than 5% of the total plan contribution for 2022, 2021 and 2020.

The Company contributes to multi-employer plans that cover approximately 34% of union associates as of December 31, 2022. The amounts charged to expense within the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 were $20.9 million, $19.1 million and $18.1 million, respectively. Projected minimum contributions required for the upcoming fiscal year are approximately $6.0 million.

Pension Fund	EIN	Zone Status	Americold Contributions
			2022		2021		2020
Central Pension Fund of the International Union of Operating Engineers and Participating Employers(2)	36-6052390	Green	$	8	$	6	$	11
Central States SE & SW Areas Health and Welfare Pension Plans(1)(7)	36-6044243	Red	9,546		9,060		9,132
New England Teamsters & Trucking Industry Pension Plan(3)	04-6372430	Red	655		529		456
Alternative New England Teamsters & Trucking Industry Pension Plan	04-6372430	Red	326		338		404
I.U.O.E Stationary Engineers Local 39 Pension Fund(1)	94-6118939	Green	181		186		119
United Food & Commercial Workers International Union Industry Pension Fund(4)(8)	51-6055922	Green	109		108		126
Western Conference of Teamsters Pension Fund(1)(8)	91-6145047	Green	7,586		7,784		7,727
Minneapolis Food Distributing Industry Pension Plan(1)	41-6047047	Green	136		127		146
WWEC Local 863 Pension Fund(5)	26-3541447	Yellow	2,389		967		—
Total Contributions(6)			$	20,936	$	19,105	$	18,121

(1)The status information is for the plans’ year end at December 31, 2022 and 2021.

(2)The status information is for the plans’ year end at January 31, 2022 and 2021.

(3)The status information is for the plans’ year end at September 30, 2022 and 2021. The Company withdrew from the multi-employer plan on October, 31, 2017. The related liability of $7.9 million as of December 31, 2022 is reflected in “Multiemployer pension plan withdrawal liability” on the accompanying Consolidated Balance Sheets and will be repaid over the next 25 years.

(4)The status information is for the plans’ year end at June 30, 2022 and 2021.

(5)The Company reflects no contributions in 2020 as this fund was inherited in connection with the Newark Facility Management acquisition in 2021.

(6)Approximately 70% of total contributions made during each of the years ended December 31, 2022, 2021 and 2020 related to Third-party managed sites that the Company has ceased operating agreements for as of December 31, 2022, and for which it received reimbursement of these costs. As a result of ceasing the operating agreements, the Company will no longer be required to contribute to these Funds related to the former Third-party managed operations.

(7)A portion of the Company’s participation in this plan related to Third-party managed sites that the Company no longer manages as of December 31, 2022.

(8)As of December 31, 2022, the Company no longer participates in these funds as the Company no longer manages the related Third-party managed sites.

Government-Sponsored Plans

The Company contributes to certain government-sponsored plans in Australia and Argentina. The amounts charged to expense within the Consolidated Statements of Operations and for the years ended December 31, 2022, 2021 and 2020 were $7.7 million, $7.3 million and $6.1 million, respectively.

Defined Contribution Plan

The Company has defined contribution employee benefit plans, which cover all eligible associates. The plans also allow contributions by plan participants in accordance with Section 401(k) of the IRC. The Company matches a percentage of each employee’s contributions consistent with the provisions of the plans. The aggregate cost of our contributions to the 401(k) Plan charged to expense within the Consolidated Statements of Operations for each of the years ended December 31, 2022, 2021 and 2020 was $11.4 million, $9.0 million and $5.7 million, respectively.

Deferred Compensation

The Company has deferred compensation and supplemental retirement plan agreements with certain of its executives. The agreements provide for certain benefits at retirement or disability and also provide for survivor benefits in the event of death of the employee. The Company contribution amounts charged to expense relative to this plan were nominal for the years ended December 31, 2022, 2021 and 2020.