XML 66 R47.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and 2021:
 
Qualified Defined Benefits
Non-Qualified Supplemental Benefits
 
U.S. Plan
Non-U.S. Plans
 202220212022202120222021
Change in benefit obligation:      
Benefit obligation at beginning of year$478,346 $524,181 $314,715 $340,829 $42,905 $51,194 
Service cost
5,703 7,134 4,675 5,749 1,426 1,561 
Interest cost13,745 13,605 5,220 3,590 1,215 1,232 
Plan participants' contributions— — 2,186 2,009 — — 
Benefits paid(17,680)(18,221)(9,756)(7,519)(3,831)(5,331)
Actuarial gains(1)
(126,985)(19,393)(72,977)(20,766)(9,596)(4,568)
Amendments— — (2,291)1,828 384 — 
Settlements and curtailments(33,228)(28,960)(8,849)(3,517)— (1,183)
Currency translation and other— — (17,606)(7,488)— — 
Benefit obligation at end of year319,901 478,346 215,317 314,715 32,503 42,905 
Change in plan assets:      
Fair value of plan assets at beginning of year573,100 606,896 219,677 212,748 — — 
Actual return on plan assets(125,011)13,385 (48,147)10,664 — — 
Company contributions— — 9,059 8,121 3,831 6,262 
Plan participants' contributions— — 2,186 2,009 — — 
Benefits paid(17,680)(18,221)(9,756)(7,519)(3,831)(5,331)
Settlements and curtailments(36,356)(28,960)(8,640)(2,287)— (931)
Currency translation and other— — (11,519)(4,059)— — 
Fair value of plan assets at end of year394,053 573,100 152,860 219,677 — — 
Funded (Unfunded) status
$74,152 $94,754 $(62,457)$(95,038)$(32,503)$(42,905)
Amounts recognized in the consolidated balance sheets consist of:
    
Assets and Liabilities:      
Other assets and deferred charges$74,152 $94,754 $1,863 $1,575 $— $— 
Accrued compensation and employee benefits— — (1,774)(1,729)(7,243)(4,776)
Other liabilities (deferred compensation)— — (62,546)(94,884)(25,260)(38,129)
Total assets (liabilities)
74,152 94,754 (62,457)(95,038)(32,503)(42,905)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)55,227 33,545 31,607 50,878 (28,304)(20,724)
Prior service cost (credit)— 110 (3,006)(1,303)1,874 2,980 
Tax (benefit) expense(11,474)(6,686)(6,434)(11,836)5,768 3,840 
Total accumulated other comprehensive loss (earnings), net of tax
43,753 26,969 22,167 37,739 (20,662)(13,904)
Net amount recognized at December 31,$117,905 $121,723 $(40,290)$(57,299)$(53,165)$(56,809)
Accumulated benefit obligations$318,275 $471,871 $210,259 $302,929 $31,523 $41,110 
(1) The actuarial gains were primarily due to discount rate fluctuations.
Projected Benefit Obligations and Accumulated Benefit Obligations in Excess of Plan Assets
Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:
 20222021
Accumulated benefit obligation$124,082 $193,710 
Fair value of plan assets64,112 106,519 

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:
 20222021
Projected benefit obligation$200,671 $292,701 
Fair value of plan assets136,351 196,088 
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
 202220212020202220212020202220212020
Service cost$5,703 $7,134 $6,824 $4,675 $5,749 $5,345 $1,426 $1,561 $1,272 
Interest cost13,745 13,605 16,272 5,220 3,590 3,697 1,215 1,232 1,765 
Expected return on plan assets(29,104)(28,980)(31,475)(7,191)(7,188)(6,837)— — — 
Amortization of:
Prior service cost (credit)110 212 227 (526)(453)(493)1,490 1,531 1,695 
Recognized actuarial loss (gain)2,300 10,012 7,536 1,747 3,938 3,047 (2,016)(1,672)(1,857)
Settlement and curtailment loss (gain)6,276 2,031 — (393)194 25 — (743)— 
Net periodic (benefit) expense$(970)$4,014 $(616)$3,532 $5,830 $4,784 $2,115 $1,909 $2,875 
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
 202220212022202120222021
Discount rate5.55 %2.95 %3.57 %1.18 %5.50 %2.90 %
Average wage increase4.00 %4.00 %1.70 %1.53 %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
 202220212020202220212020202220212020
Discount rate2.95 %2.65 %3.40 %1.18 %0.79 %1.18 %2.90 %2.45 %3.20 %
Average wage increase4.00 %4.00 %4.00 %1.53 %1.51 %1.80 %4.50 %4.50 %4.50 %
Expected return on plan assets5.60 %5.60 %6.30 %3.47 %3.40 %3.69 %
na
nana
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:
20222021Current Target
Return-seeking investments27 %29 %30 %
Liability hedging investments73 %69 %70 %
Other— %2 %— %
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
 12/31/202212/31/2021
 
Level 1
Level 2
Total Fair Value
Level 1
Level 2
Total Fair Value
Corporate bonds$— $201,203 $201,203 $— $316,367 $316,367 
Government securities— 56,978 56,978 — 73,115 73,115
Interest-bearing cash and short-term investments2,900 — 2,900 3,227 — 3,227
Total investments at fair value2,900 258,181 261,081 3,227 389,482 392,709
Investments measured at net asset value*
Collective funds— — 106,273 — — 167,551 
Short-term investment funds— — 26,699 — — 12,840 
Total investments$2,900 $258,181 $394,053 $3,227 $389,482 $573,100 
 
Non-U.S. Plans
 12/31/202212/31/2021
 
Level 1
Level 2
Level 3
Total Fair Value
Level 1
Level 2
Level 3
Total Fair Value
Common stocks$46,618 $— $— $46,618 $58,054 $— $— $58,054 
Fixed income investments— 25,168 — 25,168 — 27,034 — 27,034 
Mutual funds20,031 — — 20,031 30,675 — — 30,675 
Cash and cash equivalents909 — — 909 3,634 — — 3,634 
Other— 996 16,294 17,290 — 2,877 20,252 23,129 
Total investments at fair value67,558 26,164 16,294 110,016 92,363 29,911 20,252 142,526 
Investments measured at net asset value*
Collective funds— — — 39,675 — — — 72,235 
Other— — — 3,169 — — — 4,916 
 Total investments$67,558 $26,164 $16,294 $152,860 $92,363 $29,911 $20,252 $219,677 
* 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 2021 and 2022, due to the following:
Level 3
Balance at December 31, 2020$21,276 
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, 202120,252 
Actual return on plan assets:
Relating to assets still held at December 31, 2022(382)
Relating to assets sold during the period— 
Purchases1,852 
Sales and settlements(4,808)
Foreign currency translation(620)
Balance at December 31, 2022$16,294 
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
2023$25,946 $10,677 $7,440 
202427,511 10,969 5,231 
202526,121 10,800 2,312 
202625,567 11,859 4,599 
202725,307 14,156 1,800 
2028 - 2032122,304 68,857 14,348