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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
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:
2022
Retirement
Income Plan
National
Service-Related Pension Plan (NSRPP)
Other
Post-Retirement Benefits (OPRB)
SuperannuationAustria PlansTotal
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 tax150 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/AN/A$493 $1,268 $2,421 $4,182 
Accumulated benefit obligation
N/AN/A$493 $1,208 $2,107 $3,808 
Fair value of plan assets
N/AN/A$— $1,508 $1,143 $2,651 
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 
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 
Schedule of Net Periodic Benefit Costs
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 PlanNSRPPOPRBSuperannuationAustria PlansTotal
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 PlanNSRPPOPRBSuperannuationAustria PlansTotal
Components of net periodic benefit cost:
(In thousands)
Service cost
$— $— $— $59 $107 $166 
Interest cost
947 936 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)$$34 $125 $(496)
December 31, 2020
Retirement Income PlanNSRPPOPRBSuperannuationTotal
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 
Schedule of Assumptions Used
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
NSRPPOPRBSuperannuationAustria 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/AN/AN/A2.50%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/A5.00%N/A
Rate of compensation increase
N/AN/AN/A2.50%N/A
December 31, 2021
Retirement Income
Plan
NSRPPOPRBSuperannuationAustria 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
NSRPPOPRBSuperannuation
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%
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets by category, are as follow:
As of December 31, 2022
Level 1Level 2Level 3Total
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 1Level 2Level 3Total
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.
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, 2022:
Years Ending December 31:
(In thousands)
2023$6,217 
20245,328 
20255,074 
20265,142 
20275,059 
Thereafter25,658 
$52,478 
Schedule of Multiemployer Plans
Pension FundEINZone StatusAmericold Contributions
202220212020
Central Pension Fund of the International Union of Operating Engineers and Participating Employers(2)
36-6052390Green$8$6$11
Central States SE & SW Areas Health and Welfare Pension Plans(1)(7)
36-6044243Red9,5469,0609,132
New England Teamsters & Trucking Industry Pension Plan(3)
04-6372430Red655529456
Alternative New England Teamsters & Trucking Industry Pension Plan
04-6372430Red326338404
I.U.O.E Stationary Engineers Local 39 Pension Fund(1)
94-6118939Green181186119
United Food & Commercial Workers International Union Industry Pension Fund(4)(8)
51-6055922Green109108126
Western Conference of Teamsters Pension Fund(1)(8)
91-6145047Green7,5867,7847,727
Minneapolis Food Distributing Industry Pension Plan(1)
41-6047047Green136127146
WWEC Local 863 Pension Fund(5)
26-3541447Yellow2,389967
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.