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Pension and Post-retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation and Plan Assets to PCLI Pension Plans
The following table sets forth the changes in the benefit obligation and plan assets of our PCLI pension plans and Sonneborn Netherlands plans for the years ended December 31, 2021 and 2020.

Years Ended December 31,
20212020
(In thousands)
Change in plans' benefit obligations
Pension plans benefit obligation - beginning of period$126,620 $110,410 
Service cost4,455 3,929 
Interest cost2,740 2,772 
Actuarial (gain) loss(7,363)8,391 
Benefits paid(4,211)(1,558)
Curtailment— (4,078)
Contractual termination benefits— 915 
Transfer from other plans706 479 
Foreign currency exchange rate changes(2,533)5,360 
Pension plans benefit obligation - end of year$120,414 $126,620 
Change in pension plans assets
Fair value of plans assets - beginning of period$123,950 $105,358 
Return on plans assets(2,228)10,936 
Employer contributions3,542 3,487 
Benefits paid(4,211)(1,558)
Transfer payments706 479 
Foreign currency exchange rate changes(2,434)5,248 
Fair value of plans assets - end of year$119,325 $123,950 
Funded status
Under-funded balance$(1,089)$(2,670)
Amounts recognized in consolidated balance sheets
Other long-term liabilities$(1,089)$(2,670)
Amounts recognized in accumulated other comprehensive income
Cumulative actuarial loss$(1)$(1,658)
Schedule of Projected Benefit Obligation in Excess of Fair Value
The following tables provide information regarding pension plans with a projected benefit obligation and accumulated benefit obligation in excess of the fair value of plan assets:
December 31,
20212020
(In thousands)
Projected benefit obligation$35,963 $79,866 
Fair value of plan assets$33,966 $77,035 

December 31,
20212020
(In thousands)
Accumulated benefit obligation$35,249 $41,654 
Fair value of plan assets$33,966 $39,105 
Schedule of Accumulated Benefit Obligation in Excess of Fair Value
The following tables provide information regarding pension plans with a projected benefit obligation and accumulated benefit obligation in excess of the fair value of plan assets:
December 31,
20212020
(In thousands)
Projected benefit obligation$35,963 $79,866 
Fair value of plan assets$33,966 $77,035 

December 31,
20212020
(In thousands)
Accumulated benefit obligation$35,249 $41,654 
Fair value of plan assets$33,966 $39,105 
Schedule of Net Periodic Pension Expense
Net periodic pension expense consisted of the following components:
Years Ended December 31,
202120202019
(In thousands)
Service cost - benefit earned during the period$4,455 $3,929 $4,135 
Interest cost on projected benefit obligations2,740 2,772 3,026 
Expected return on plans assets(3,031)(4,578)(3,840)
Amortization of gain(407)(422)— 
Curtailment— (137)— 
Contractual termination benefits— 915 — 
Net periodic pension expense$3,757 $2,479 $3,321 
Schedule of Pension Plan Assets
The following table presents the fair values of PCLI’s pension plans’ assets, by level within the fair value hierarchy, as of December 31, 2021 and 2020.

December 31, 2021December 31, 2020
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
(In thousands)
Equity securities$—$6,802$— $6,802 $— $35,916 $— $35,916 
Fixed income53678,021— 78,557 362 48,566 — 48,928 
$536$84,823$— $85,359 $362 $84,482 $— $84,844 
Schedule of Changes in Benefit Obligation and Plan Assets to Post-Retirement Healthcare Plans
The following table sets forth the changes in the benefit obligation and plan assets of our post-retirement healthcare plans for the years ended December 31, 2021 and 2020:
Years Ended December 31,
20212020
 (In thousands)
Change in plans' benefit obligation
Post-retirement plans' benefit obligation - beginning of year$33,478 $31,273 
Service cost2,324 1,616 
Interest cost782 870 
Benefits paid(706)(1,766)
Actuarial (gain) loss(1,133)1,131 
Foreign currency exchange rate changes71 354 
Post-retirement plans' benefit obligation - end of year$34,816 $33,478 
Change in plan assets
Fair value of plan assets - beginning of year$— $— 
Employer contributions673 1,742 
Participant contributions33 24 
Benefits paid(706)(1,766)
Fair value of plan assets - end of year$— $— 
Funded status
Under-funded balance$(34,816)$(33,478)
Amounts recognized in consolidated balance sheets
Accrued liabilities$(832)$(1,946)
Other long-term liabilities(33,984)(31,532)
$(34,816)$(33,478)
Amounts recognized in accumulated other comprehensive income
Cumulative actuarial loss$(271)$(1,523)
Prior service credit15,031 18,511 
Total$14,760 $16,988 
Schedule of Weighted Average Assumptions Used to Determine Benefit Obligations
The weighted average assumptions used to determine end of period benefit obligations:
December 31,
20212020
Discount rate
2.29%-3.10%
1.88% - 2.60%
Current health care trend rate
6.00%-7.25%
5.50% - 6.00%
Ultimate health care trend rate
4.00%-4.50%
4.50% - 5.00%
Year rate reaches ultimate trend rate
2023-2041
2022 - 2023
Schedule of Net Periodic Post-Retirement Credit
Net periodic post-retirement credit consisted of the following components:
Years Ended December 31,
202120202019
 (In thousands)
Service cost – benefit earned during the year$2,324 $1,616 $1,582 
Interest cost on projected benefit obligations782 870 1,029 
Amortization of prior service credit(3,481)(3,481)(3,481)
Amortization of (gain) loss153 (83)(106)
Net periodic post-retirement credit$(222)$(1,078)$(976)