RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS

Obligations and Funded Status

Obligations and Funded Status

	December 31,
	2022				2021
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		pension plans		plans		pension plans
Change in benefit obligations
Benefit obligations at beginning of year	$	10,930	$	164,005	$	557,946	$	190,141
Service cost		199		1,077		194		1,413
Interest cost		262		2,644		8,926		2,567
Plan participants' contributions		—		54		—		84
Acquisitions & other adjustments		2,689		(341)		—		(115)
Actuarial (gain) loss (1)		(4,706)		(30,229)		(7,774)		(10,759)
Benefits paid		—		(7,066)		(10,118)		(9,586)
Settlements/curtailments (2)		—		(398)		(538,244)		(4,466)
Currency translation		—		(11,257)		—		(5,274)
Benefit obligations at end of year		9,374		118,489		10,930		164,005
Change in plan assets
Fair value of plan assets at beginning of year		68,458		114,557		618,024		117,058
Actual return on plan assets		59		(16,319)		(2,058)		4,694
Employer contributions		—		1,634		—		2,097
Plan participants' contributions		—		54		—		84
Acquisitions & other adjustments		(68,517)		(195)		—		—
Benefits paid		—		(4,757)		(9,264)		(6,864)
Settlements (2)		—		—		(538,244)		(1,072)
Currency translation		—		(8,431)		—		(1,440)
Fair value of plan assets at end of year		—		86,543		68,458		114,557
Funded status at end of year		(9,374)		(31,946)		57,528		(49,448)
Unrecognized actuarial net loss		1,734		2,073		2,897		13,274
Unrecognized prior service cost		—		(73)		—		(23)
Unrecognized transition assets, net		—		25		—		25
Net amount recognized	$	(7,640)	$	(29,921)	$	60,425	$	(36,172)

(1) Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates.

(2) Settlements in 2022 and 2021 resulting from lump sum pension payments and the purchase of a group annuity contract in October 2021 related to the termination of a pension plan.

Amounts Recognized in Consolidated Balance Sheets

Amounts Recognized in Consolidated Balance Sheets

	December 31,
	2022				2021
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		Pension plans		plans		pension plans
Prepaid pensions (1)	$	—	$	1,603	$	68,458	$	2,425
Accrued pension liability, current (2)		(2,403)		(523)		(690)		(2,546)
Accrued pension liability, long-term (3)		(6,971)		(33,026)		(10,240)		(49,327)
Accumulated other comprehensive loss, excluding tax effects		1,734		2,025		2,897		13,276
Net amount recognized in the balance sheets	$	(7,640)	$	(29,921)	$	60,425	$	(36,172)

(1) Included in Other assets. In 2021, U.S. pension plans include $9,776 in Other current assets and $58,682 in Other assets.

(2) Included in Other current liabilities.

(3) Included in Other liabilities.

Components of Pension Cost for Defined Benefit Plans

Components of Pension Cost for Defined Benefit Plans

	Year Ended December 31,
	2022				2021				2020
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		pension plans		plans		pension plans		plans		pension plans
Service cost	$	199	$	1,077	$	194	$	1,413	$	156	$	3,140
Interest cost		262		2,644		8,926		2,567		14,670		2,755
Expected return on plan assets		—		(3,525)		(13,050)		(3,990)		(23,377)		(4,217)
Amortization of prior service cost		—		—		—		8		—		57
Amortization of net loss		132		299		1,966		882		1,346		1,986
Settlement and curtailment charges (gains) (1)		(3,735)		367		126,055		(42)		8,118		237
Defined benefit plans	$	(3,142)	$	862	$	124,091	$	838	$	913	$	3,958

(1) Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

	December 31,
	2022				2021
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		pension plans		plans		pension plans
Projected benefit obligation	$	9,331	$	82,378	$	10,886	$	121,894
Accumulated benefit obligation		8,937		80,444		10,372		120,037
Fair value of plan assets		—		48,974		—		70,199

Benefits expected to be paid for the Plans

Benefit Payments for Plans

Benefits expected to be paid for the plans are as follows:

	U.S. pension		Non-U.S.
	Plans		pension plans
Estimated Payments
2023	$	2,575	$	7,173
2024		851		35,957
2025		1,160		7,196
2026		1,172		6,335
2027		1,147		5,684
2028 through 2032		5,546		31,065

Weighted average assumptions used to measure the benefit obligations and net bet periodic benefit cost for the Company's significant defined benefit plans

Assumptions

Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2022 and 2021 were as follows:

	December 31,
	2022				2021
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		pension plans		plans		pension plans
Discount Rate	5.8	%	4.2	%	2.5	%	1.8	%
Rate of increase in compensation	3.0	%	3.7	%	3.0	%	3.1	%

Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows:

	December 31,
	2022				2021				2020
	U.S. pension		Non-U.S.		U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
	plans		pension plans		plans		pension plans		plans		pension plans
Discount rate	2.5	%	1.8	%	2.2	%	1.3	%	3.4	%	1.7	%
Rate of increase in compensation	3.0	%	3.1	%	2.5	%	2.7	%	2.5	%	2.6	%
Expected return on plan assets	—		3.4	%	3.0	%	3.3	%	4.0	%	4.1	%

Pension plans' assets by level within the fair value hierarchy

The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2022:

	Pension Plans' Assets at Fair Value as of December 31, 2022
	Quoted Prices in
	Active Markets				Significant
	for Identical		Significant Other		Unobservable
	Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash and cash equivalents	$	16,694	$	—	$	—	$	16,694
Fixed income securities (1)
Corporate debt and other obligations		—		4,912		—		4,912
Investments measured at NAV (2)
Common trusts and 103-12 investments (3)		—		—		—		64,937
Total investments at fair value	$	16,694	$	4,912	$	—	$	86,543

The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2021:

	Pension Plans' Assets at Fair Value as of December 31, 2021
	Quoted Prices
	in Active Markets				Significant
	for Identical		Significant Other		Unobservable
	Assets		Observable Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Cash and cash equivalents	$	71,199	$	—	$	—	$	71,199
Fixed income securities (1)
Corporate debt and other obligations		—		5,240		—		5,240
Investments measured at NAV (2)
Common trusts and 103-12 investments (3)		—		—		—		106,576
Total investments at fair value	$	71,199	$	5,240	$	—	$	183,015

(1) Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.

(2) Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy.

(3) Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.