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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Defined Benefit Plans Disclosures
The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2021 and 2020:
 
Qualified Defined Benefits
Non-Qualified Supplemental Benefits
 
U.S. Plan
Non-U.S. Plans
 202120202021202020212020
Change in benefit obligation:      
Benefit obligation at beginning of year$524,181 $490,228 $340,829 $296,534 $51,194 $60,183 
Service cost
7,134 6,824 5,749 5,345 1,561 1,272 
Interest cost13,605 16,272 3,590 3,697 1,232 1,765 
Plan participants' contributions— — 2,009 1,707 — — 
Benefits paid(18,221)(36,303)(7,519)(8,613)(5,331)(12,324)
Actuarial (gain) loss(1)
(19,393)47,160 (20,766)19,558 (4,568)298 
Amendments— — 1,828 (1,401)— — 
Settlements and curtailments(28,960)— (3,517)(294)(1,183)— 
Currency translation and other— — (7,488)24,296 — — 
Benefit obligation at end of year478,346 524,181 314,715 340,829 42,905 51,194 
Change in plan assets:      
Fair value of plan assets at beginning of year606,896 550,238 212,748 185,590 — — 
Actual return on plan assets13,385 92,961 10,664 13,560 — — 
Company contributions— — 8,121 7,315 6,262 12,324 
Plan participants' contributions— — 2,009 1,707 — — 
Benefits paid(18,221)(36,303)(7,519)(8,613)(5,331)(12,324)
Settlements and curtailments(28,960)— (2,287)(294)(931)— 
Currency translation and other— — (4,059)13,483 — — 
Fair value of plan assets at end of year573,100 606,896 219,677 212,748 — — 
Funded (Unfunded) status
$94,754 $82,715 $(95,038)$(128,081)$(42,905)$(51,194)
Amounts recognized in the consolidated balance sheets consist of:
    
Assets and Liabilities:      
Other assets and deferred charges$94,754 $82,715 $1,575 $653 $— $— 
Accrued compensation and employee benefits— — (1,729)(1,691)(4,776)(4,899)
Other liabilities (deferred compensation)— — (94,884)(127,043)(38,129)(46,295)
Total assets (liabilities)
94,754 82,715 (95,038)(128,081)(42,905)(51,194)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)33,545 49,386 50,878 80,472 (20,724)(18,400)
Prior service cost (credit)110 322 (1,303)(3,632)2,980 4,593 
Tax (benefit) expense(6,686)(10,272)(11,836)(17,144)3,840 2,961 
Total accumulated other comprehensive loss (earnings), net of tax
26,969 39,436 37,739 59,696 (13,904)(10,846)
Net amount recognized at December 31,$121,723 $122,151 $(57,299)$(68,385)$(56,809)$(62,040)
Accumulated benefit obligations$471,871 $511,292 $302,929 $326,317 $41,110 $47,358 
(1) The actuarial gains and losses were primarily due to discount rate fluctuations.
Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets Pension plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2021 and 2020:
 20212020
Projected benefit obligation (PBO)$244,837 $383,244 
Accumulated benefit obligation (ABO)234,820 364,895 
Fair value of plan assets106,519 203,314 
Schedule of Net Periodic Benefit Costs
Components of the net periodic benefit cost were as follows: 

Defined Benefit Plans
 Qualified Defined Benefits  Non-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202120202019202120202019202120202019
Service cost$7,134 $6,824 $7,016 $5,749 $5,345 $5,665 $1,561 $1,272 $1,942 
Interest cost13,605 16,272 19,026 3,590 3,697 5,101 1,232 1,765 2,670 
Expected return on plan assets(28,980)(31,475)(34,136)(7,188)(6,837)(6,220)— — — 
Amortization of:
Prior service cost (credit)212 227 303 (453)(493)(398)1,531 1,695 2,811 
Recognized actuarial loss (gain)10,012 7,536 — 3,938 3,047 3,109 (1,672)(1,857)(2,280)
Settlement and curtailment loss (gain)2,031 — — 194 25 961 (743)— — 
Net periodic expense (benefit)$4,014 $(616)$(7,791)$5,830 $4,784 $8,218 $1,909 $2,875 $5,143 
Weighted-Average Assumptions Used in Benefit Obligations The weighted average assumptions used in determining the benefit obligations were as follows:
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202120202021202020212020
Discount rate2.95 %2.65 %1.18 %0.79 %2.90 %2.45 %
Average wage increase4.00 %4.00 %1.53 %1.51 %4.50 %4.50 %
Weighted-Average Assumptions Used Calculating Net Periodic Cost
The weighted average assumptions used in determining the net periodic benefit cost were as follows:
 Qualified Defined BenefitsNon- Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
 202120202019202120202019202120202019
Discount rate2.65 %3.40 %4.35 %0.79 %1.18 %1.83 %2.45 %3.20 %4.30 %
Average wage increase4.00 %4.00 %4.00 %1.51 %1.80 %2.10 %4.50 %4.50 %4.50 %
Expected return on plan assets5.60 %6.30 %6.80 %3.40 %3.69 %3.67 %
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Weighted-Average Asset Allocation Actual and Target
The Company’s actual and target weighted average asset allocation for our U.S. Qualified Defined Benefits Plan was as follows:
20212020Current Target
Return-seeking investments29 %22 %30 %
Liability hedging investments69 %77 %70 %
Other2 %1 %— %
Total100 %100 %100 %
Plan Assets by Asset Category
The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in Note 13 — Financial Instruments) were as follows:
 
U.S. Qualified Defined Benefits Plan
 12/31/202112/31/2020
 
Level 1
Level 2
Total Fair Value
Level 1
Level 2
Total Fair Value
Corporate bonds$— $316,367 $316,367 $— $329,800 $329,800 
Government securities— 73,115 73,115 8,533 72,018 80,551
Interest-bearing cash and short-term investments3,227 — 3,227 3,117 — 3,117
Total investments at fair value3,227 389,482 392,709 11,650 401,818 413,468
Investments measured at net asset value*
Collective funds— — 167,551 — — 180,103 
Short-term investment funds— — 12,840 — — 13,325 
Total investments$3,227 $389,482 $573,100 $11,650 $401,818 $606,896 
 
Non-U.S. Plans
 12/31/202112/31/2020
 
Level 1
Level 2
Level 3
Total Fair Value
Level 1
Level 2
Level 3
Total Fair Value
Common stocks$58,054 $— $— $58,054 $52,865 $— $— $52,865 
Fixed income investments— 27,034 — 27,034 — 26,068 — 26,068 
Mutual funds30,675 — — 30,675 29,413 — — 29,413 
Cash and cash equivalents3,634 — — 3,634 2,822 — — 2,822 
Other— 2,877 20,252 23,129 — 1,181 21,276 22,457 
Total investments at fair value92,363 29,911 20,252 142,526 85,100 27,249 21,276 133,625 
Investments measured at net asset value*
Collective funds— — — 72,235 — — — 74,138 
Other— — — 4,916 — — — 4,985 
 Total investments$92,363 $29,911 $20,252 $219,677 $85,100 $27,249 $21,276 $212,748 
* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.
Measurement of Plan Assets use Significant Unobservable Inputs
The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2020 and 2021, due to the following:
Level 3
Balance at December 31, 2019$18,597 
Actual return on plan assets:
Relating to assets still held at December 31, 2020349 
Relating to assets sold during the period6 
Purchases1,715 
Sales and settlements(1,111)
Foreign currency translation1,720 
Balance at December 31, 202021,276 
Actual return on plan assets:
Relating to assets still held at December 31, 202148 
Relating to assets sold during the period— 
Purchases1,664 
Sales and settlements(2,158)
Foreign currency translation(578)
Balance at December 31, 2021$20,252 
Expected Future Benefit Payments
Benefit Payments

Estimated future benefit payments to retirees, which reflect expected future service except to the extent frozen, are as follows:
 Qualified Defined BenefitsNon-Qualified Supplemental Benefits
 U.S. PlanNon-U.S. Plans
2022$36,495 $11,003 $4,845 
202333,845 11,554 4,039 
202434,445 12,872 5,699 
202532,670 11,534 2,297 
202631,727 12,674 5,856 
2027 - 2031134,159 72,555 15,140