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Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Assumptions Related to Plans
The following are assumptions related to the U.S. defined benefit pension plans:
 Year Ended December 31,
 202120202019
Weighted average assumptions used to determine Benefit Obligations:   
Discount rate3.00 %2.62 %3.41 %
Rate of increase in compensation levels3.50 3.63 3.50 
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets6.00 %6.00 %6.00 %
Discount rate2.62 3.41 4.34 
Rate of increase in compensation levels3.50 3.56 3.50 
Weighted-average interest crediting rates3.79 %3.79 %3.79 %
The following are assumptions related to the non-U.S. defined benefit pension plans:
 Year Ended December 31,
 202120202019
Weighted average assumptions used to determine Benefit Obligations:   
Discount rate1.71 %1.23 %1.61 %
Rate of increase in compensation levels3.18 3.11 3.12 
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets2.37 %2.37 %3.37 %
Discount rate1.23 1.61 2.42 
Rate of increase in compensation levels3.11 3.12 3.28 
Weighted-average interest crediting rates1.41 %1.00 %1.00 %
The following are assumptions related to postretirement benefits:
 Year Ended December 31,
 202120202019
Weighted average assumptions used to determine Benefit Obligation:   
Discount rate2.83 %2.32 %3.27 %
Weighted average assumptions used to determine net expense:
Discount rate2.32 %3.27 %4.20 %
Components of Net Periodic Cost for Pension and Postretirement Benefits
Net pension expense for the U.S. defined benefit pension plans (including both qualified and non-qualified plans) was:
 Year Ended December 31,
 202120202019
 (Amounts in thousands)
Service cost$25,162 $25,893 $23,245 
Interest cost11,952 15,100 17,584 
Expected return on plan assets(25,377)(25,794)(25,645)
Settlement (gain) loss— 128 — 
Amortization of unrecognized prior service cost188 184 164 
Amortization of unrecognized net loss7,725 6,977 3,675 
U.S. net pension expense$19,650 $22,488 $19,023 
Net pension expense for non-U.S. defined benefit pension plans was:
 Year Ended December 31,
 202120202019
 (Amounts in thousands)
Service cost$7,336 $7,052 $5,728 
Interest cost5,544 6,572 8,867 
Expected return on plan assets(6,204)(5,018)(7,535)
Amortization of unrecognized net loss4,509 4,315 2,933 
Amortization of unrecognized prior service cost 300 262 265 
Settlement loss and other 640 708 859 
Non-U.S. net pension expense$12,125 $13,891 $11,117 
Net postretirement benefit cost for postretirement medical plans was:
 Year Ended December 31,
 202120202019
 (Amounts in thousands)
Interest cost$399 $596 $754 
Amortization of unrecognized prior service cost122 122 122 
Amortization of unrecognized net gain(21)(132)(215)
Net postretirement benefit expense $500 $586 $661 
Schedule of Funded Status
The following summarizes the net pension (liability) asset for U.S. plans:
 December 31,
 20212020
 (Amounts in thousands)
Plan assets, at fair value$488,281 $477,680 
Benefit Obligation(471,825)(487,418)
Funded status$16,456 $(9,738)
The following summarizes the net pension liability for non-U.S. plans:
 December 31,
 20212020
 (Amounts in thousands)
Plan assets, at fair value$275,941 $287,308 
Benefit Obligation(420,809)(469,998)
Funded status$(144,868)$(182,690)
The following summarizes the accrued postretirement benefits liability for the postretirement medical plans:
 December 31,
 20212020
 (Amounts in thousands)
Postretirement Benefit Obligation$17,021 $18,648 
Funded status$(17,021)$(18,648)
Schedule of Amounts Recognized in Balance Sheet
The following summarizes amounts recognized in the balance sheet for U.S. plans:
 December 31,
 20212020
 (Amounts in thousands)
Noncurrent assets$22,398 $— 
Current liabilities(170)(233)
Noncurrent liabilities(5,772)(9,505)
Funded status$16,456 $(9,738)
The following summarizes amounts recognized in the balance sheet for non-U.S. plans:
 December 31,
 20212020
(Amounts in thousands)
Noncurrent assets$22,655 $18,910 
Current liabilities(7,205)(8,121)
Noncurrent liabilities(160,318)(193,479)
Funded status$(144,868)$(182,690)
The following summarizes amounts recognized in the balance sheet for postretirement Benefit Obligation:
 December 31,
 20212020
 (Amounts in thousands)
Current liabilities$(2,239)$(2,342)
Noncurrent liabilities(14,782)(16,306)
Funded status$(17,021)$(18,648)
Schedule of Benefit Obligations and Accumulated Benefit Obligations
The following is a summary of the changes in the U.S. defined benefit plans’ pension obligations:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$487,418 $471,462 
Service cost25,162 25,893 
Interest cost11,952 15,100 
Plan amendments and settlements— (953)
Actuarial (gain) loss (1)(11,208)29,166 
Benefits paid(41,499)(53,250)
Balance — December 31$471,825 $487,418 
Accumulated benefit obligations at December 31$471,024 $486,501 
_______________________________________
(1)The actuarial gain in 2021 and loss in 2020 primarily reflect the impact of changes in the discount rate.
The following is a reconciliation of the non-U.S. plans’ defined benefit pension obligations:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$469,998 $425,617 
Service cost7,336 7,052 
Interest cost5,544 6,572 
Employee contributions74 80 
Settlements and other(3,140)(2,701)
Actuarial (gains) losses (1)(24,493)23,781 
Net benefits and expenses paid(17,316)(15,700)
Currency translation impact(2)(17,194)25,297 
Balance — December 31$420,809 $469,998 
Accumulated benefit obligations at December 31$399,757 $446,097 
_______________________________________
(1)Actuarial gains and losses primarily reflects the impact of changes in the discount rates for all plans.
(2)In 2021, the currency translation gain reflects the strengthening of the U.S. dollar against the Euro and the British pound, while in 2020 the currency translation loss reflects the weakening of the U.S. dollar against the Euro and the British pound.
The following is a reconciliation of the postretirement Benefit Obligation:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$18,648 $18,862 
Interest cost399 596 
Employee contributions874 916 
Medicare subsidies receivable67 7 
Actuarial losses1,225 2,434 
Net benefits and expenses paid(4,192)(4,167)
Balance — December 31$17,021 $18,648 
Schedule of Expected Cash Activity
The following table summarizes the expected cash benefit payments for the U.S. defined benefit pension plans in the future (amounts in millions):
2022$40.3 
202340.7 
202439.4 
202539.9 
202641.3 
2027-2031192.2 
The following table summarizes the expected cash benefit payments for the non-U.S. defined benefit plans in the future (amounts in millions):
2022$16.1 
202316.3 
202417.7 
202517.5 
202618.2 
2027-203196.8 
The following presents expected benefit payments for future periods (amounts in millions):
Expected
Payments
2022$2.3 
20232.1 
20241.9 
20251.7 
20261.5 
2027-20315.8 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for U.S. plans, net of tax:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$(49,321)$(49,510)
Amortization of net loss5,907 5,336 
Amortization of prior service cost 144 140 
Net gain (loss) arising during the year13,256 (5,328)
Settlement gain— 98 
Prior service cost arising during the year— (57)
Balance — December 31$(30,014)$(49,321)
Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20212020
 (Amounts in thousands)
Unrecognized net loss$(29,344)$(48,460)
Unrecognized prior service cost(670)(861)
Accumulated other comprehensive loss, net of tax$(30,014)$(49,321)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for non-U.S. plans, net of tax:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$(97,246)$(89,337)
Amortization of net loss4,207 4,410 
Net losses arising during the year17,995 (7,432)
Settlement losses616 681 
Prior service cost arising during the year— (467)
Currency translation impact and other3,847 (5,101)
Balance — December 31$(70,581)$(97,246)
Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20212020
 (Amounts in thousands)
Unrecognized net loss$(67,192)$(93,417)
Unrecognized prior service cost(3,389)(3,829)
Accumulated other comprehensive loss, net of tax$(70,581)$(97,246)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for postretirement benefits, net of tax:
20212020
 (Amounts in thousands)
Balance — January 1$(1,213)$656 
Amortization of net gain(16)(101)
Amortization of prior service cost94 94 
Net losses arising during the year(937)(1,862)
Balance — December 31$(2,072)$(1,213)
Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20212020
 (Amounts in thousands)
Unrecognized net (loss)$(1,420)$(470)
Unrecognized prior service cost(652)(743)
Accumulated other comprehensive income, net of tax$(2,072)$(1,213)
Reconciliation of Plan Assets
The following is a reconciliation of the U.S. defined benefit pension plans’ assets:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$477,680 $482,553 
Return on plan assets31,501 47,992 
Company contributions20,599 1,412 
Benefits paid(41,499)(53,250)
Settlements— (1,027)
Balance — December 31$488,281 $477,680 
The following is a reconciliation of the non-U.S. plans’ defined benefit pension assets:
December 31,
20212020
 (Amounts in thousands)
Balance — January 1$287,308 $262,559 
Return on plan assets1,631 21,897 
Employee contributions74 80 
Company contributions11,964 11,279 
Settlements(3,096)(2,939)
Currency translation impact and other(4,624)10,132 
Net benefits and expenses paid(17,316)(15,700)
Balance — December 31$275,941 $287,308 
Allocation of Plan Assets The asset allocations for the qualified plan at the end of 2021 and 2020 by asset category, are as follows:
Target Allocation
at December 31,		Percentage of Actual Plan Assets at December 31,
Asset category2021202020212020
Cash and cash equivalents1 %— %1 %1 %
Cash and cash equivalents1 %— %1 %1 %
Global Equity27 %31 %26 %30 %
Global Real Assets15 %12 %16 %13 %
Equity securities42 %43 %42 %43 %
Diversified Credit 15 %12 %15 %14 %
Liability-Driven Investment42 %45 %42 %42 %
Fixed income57 %57 %57 %56 %
The plan’s financial instruments, shown below, are presented at fair value. See Note 1 for further discussion on how the hierarchical levels of the fair values of the Plan’s investments are determined. The fair values of our U.S. defined benefit plan assets were:
At December 31, 2021At December 31, 2020
  Hierarchical Levels Hierarchical Levels
 TotalIIIIIITotalIIIIII
 (Amounts in thousands)(Amounts in thousands)
Cash and cash equivalents$6,192 $6,192 $— $— $5,986 $5,986 $— $— 
Commingled Funds:  
Equity securities  
Global Equity(a)128,269 — 128,269 — 142,401 — 142,401 — 
Global Real Assets(b)79,089 — 79,089 — 61,604 — 61,604 — 
Fixed income securities 
Diversified Credit(c)71,100 — 71,100 — 66,995 — 66,995 — 
Liability-Driven Investment(d)203,631 — 203,631 — 200,694 — 200,694 — 
 $488,281 $6,192 $482,089 $— $477,680 $5,986 $471,694 $— 
_______________________________________
(a)Global Equity fund seeks to closely track the performance of the MSCI All Country World Index.
(b)Global Real Asset funds seek to provide exposure to the listed global real estate investment trusts and infrastructure markets.
(c)Diversified Credit funds seek to provide exposure to the high yield, emerging markets, bank loans and securitized credit markets.
(d)Liability-Driven Investment ("LDI") funds seek to invest in high quality fixed income securities that collectively closely match those found in discount curves used to value the plan's liabilities.
The asset allocations for the non-U.S. defined benefit pension plans at the end of 2021 and 2020 are as follows:
Target Allocation at
December 31,		Percentage of Actual Plan
Assets at December 31,
Asset category2021202020212020
Cash and cash equivalents— %1 %— %1 %
Cash and cash equivalents— %1 %— %1 %
North American Companies1 %1 %1 %1 %
Global Equity1 %1 %1 %1 %
Equity securities2 %2 %2 %2 %
U.K. Government Gilt Index42 %39 %42 %39 %
Liability-Driven Investment9 %12 %9 %12 %
Fixed income51 %51 %51 %51 %
Multi-asset20 %20 %20 %20 %
Buy-in Contracts20 %20 %20 %20 %
Other 7 %6 %7 %6 %
Other types47 %46 %47 %46 %
The fair values of the non-U.S. assets were:
At December 31, 2021At December 31, 2020
 Hierarchical Levels Hierarchical Levels
 TotalIIIIIITotalIIIIII
 (Amounts in thousands)(Amounts in thousands)
Cash$2,264 $2,264 $— — $2,304 $2,304 $— $— 
Commingled Funds:  
Equity securities  
North American Companies(a)2,609 — 2,609 — 2,555 — 2,555 — 
Global Equity(b)2,516 — 2,516 — 2,451 — 2,451 — 
Fixed income securities  
U.K. Government Gilt Index(c)115,450 — 115,450 — 112,298 — 112,298 — 
Liability-Driven Investment(d)25,387 — 25,387 — 34,543 — 34,543 — 
Other Types of Investments:
Multi-asset(e)54,824 — 54,824 — 57,205 — 57,205 — 
Buy-in Contracts(f)54,896 — — 54,896 59,249 — — 59,249 
Other(g)17,995 — — 17,995 16,703 — — 16,703 
 $275,941 $2,264 $200,786 $72,891 $287,308 $2,304 $209,052 $75,952 
_______________________________________
(a)North American Companies represents U.S. and Canadian large cap equity funds, which are managed to track their respective benchmarks (FTSE All-World USA Index and FTSE All-World Canada Index).
(b)Global Equity represents actively managed global equity funds, taking a top-down strategic view on the different regions by analyzing companies based on fundamentals, market-driven, thematic and quantitative factors to generate alpha.
(c)U.K. Government Gilt Index represents U.K. government issued fixed income investments which are passively managed to track their respective benchmarks.
(d)LDI seeks to invest in fixed income securities that collectively closely match those found in discount curves used to value the plan's liabilities.
(e)Multi-asset seeks an attractive risk-adjusted return by investing in a diversified portfolio of strategies, including equities and fixed income.
(f)The Buy-in Contracts ("Contract" or "Contracts") represent assets held by plans, whereby the cost of providing benefits to plan participants is funded by the Contract. The Contracts are held by the plans for the benefit of plan participants in the Netherlands and U.K. The fair value of these assets are based on the current present value of accrued benefits and will fluctuate based on changes in the obligations associated with covered plan members as well as the assumptions used in the present value calculation. The fair value of asset held in the Netherlands Contract as of January 1, 2021 was $27.4 million, with contributions and currency adjustments resulting in a fair value of $24.3 million at December 31, 2021. Similarly, the fair value of asset held in the U.K. plan Contract as of January 1, 2021 was $31.8 million, with contributions and currency adjustments resulting in a fair value of $30.6 million at December 31, 2021.
(g)Includes assets held by plans outside the United Kingdom, the Netherlands and Canada. Details have not been provided due to immateriality.
Schedule of Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The following summarizes key pension plan information regarding U.S. and non-U.S. plans whose accumulated benefit obligations exceed the fair value of their respective plan assets.
 December 31,
 20212020
 (Amounts in thousands)
Benefit Obligation$230,688 $735,912 
Accumulated benefit obligation215,535 716,534 
Fair value of plan assets59,232 526,502