Pensions and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan

Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables:


	Pension Benefits				Other Benefits
(In thousands)	2021		2020		2021		2020
Change in Benefit Obligations
Benefit obligations at January 1	$	670,857	$	603,551	$	32,225	$	28,151
Service cost	12,910		12,094		398		396
Interest cost	11,518		14,905		476		716
Participant contributions	287		396		345		370
Plan amendments	(243)		(430)		—		—
Actuarial (gains) losses(a)	(10,277)		54,606		(1,518)		5,284
Benefits paid	(25,117)		(24,496)		(3,021)		(2,692)
Curtailments	(439)		(1,559)		—		—
Settlements	(3,190)		(506)		—		—

Transfers(b)	(19,312)		—		—		—
Acquisitions	26,231		—		926		—
Currency translation	(8,863)		12,296		—		—
Benefit obligations at December 31	$	654,362	$	670,857	$	29,831	$	32,225
Change in Plan Assets
Fair value of plan assets at January 1	$	586,822	$	515,858	$	—	$	—
Actual return on plan assets	80,366		87,769		—		—
Employer contributions	5,543		5,596		2,676		2,322
Participant contributions	287		396		345		370
Acquisitions	25,476		—		—		—
Settlements	(1,365)		(506)		—		—
Benefits paid	(25,117)		(24,496)		(3,021)		(2,692)

Transfers(b)	(19,312)		—		—		—
Administrative expenses paid	(67)		(172)		—		—
Currency translation	(647)		2,377		—		—
Fair value of plan assets at December 31	$	651,986	$	586,822	$	—	$	—
Funded Status
Funded status at December 31	$	(2,376)	$	(84,035)	$	(29,831)	$	(32,225)
Unrecognized transition losses	—		4		—		—
Unrecognized prior service credit (cost)	1,186		1,717		(767)		(1,125)
Unrecognized net actuarial losses	95,674		169,028		13,570		16,686
Net amount recognized	$	94,484	$	86,714	$	(17,028)	$	(16,664)
Amounts Recognized in the Balance Sheets
Noncurrent assets	$	163,283	$	97,545	$	—	$	—
Current liabilities	(6,569)		(6,600)		(2,739)		(2,849)
Noncurrent liabilities	(159,090)		(174,980)		(27,092)		(29,376)
Net amount recognized	$	(2,376)	$	(84,035)	$	(29,831)	$	(32,225)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial losses	$	95,674	$	169,028	$	13,570	$	16,686
Prior service cost (credit)	1,186		1,717		(767)		(1,125)
Unrecognized net initial obligation	—		4		—		—
Total (before tax effects)	$	96,860	$	170,749	$	12,803	$	15,561
Accumulated Benefit Obligations for all Defined Benefit Plans	$	608,436	$	619,167	$	—	$	—

(a)Actuarial (gains) losses for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2021 and 2020, respectively.

(b)Transfers consist of Netherlands defined benefit plan conversion to a defined contribution plan.

Components of Net Periodic Benefit (Credit) Cost


	Pension Benefits								Other Benefits
(In thousands)	2021		2020			2019			2021		2020		2019
Components of Net Periodic Benefit Cost
Service cost	$	12,910	$	12,094		$	10,342		$	398	$	396	$	354
Interest cost	11,518		14,905			18,803			476		716		996
Expected return on plan assets	(37,368)		(34,029)			(38,644)			—		—		—
Amortization of transition amounts	—		—			2			—		—		—
Amortization of prior service cost (credit)	164		178			223			(358)		(394)		(405)
Recognized net actuarial losses	17,458		15,799			10,159			1,597		1,145		869
Settlement/curtailment (gain) loss	(2,234)		1,135		(b)	2,497		(c)	—		—		—

Net periodic benefit cost(a)	$	2,448	$	10,082		$	3,382		$	2,113	$	1,863	$	1,814

(a) Components of net periodic benefit cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income.

(b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" on the Consolidated Statements of Income.

(c) Relates to the termination of our pension plan in the U.K. and is included in Restructuring charges on the Consolidated Statements of Income.

Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	Pension Benefits
(In thousands)	2021		2020
Aggregate accumulated benefit obligations (ABO)	$	181,511	$	209,351

Aggregate fair value of plan assets	22,265		40,294

Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with a projected benefit obligation in excess of plan assets:


	Pension Benefits
(In thousands)	2021		2020

Aggregate projected benefit obligations (PBO)	$	187,924	$	223,343
Aggregate fair value of plan assets	22,265		41,764

Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost


	Pension Benefits				Other Benefits
	2021		2020		2021		2020
Assumptions used to determine benefit obligations
Average discount rate	2.70	%	2.28	%	2.66	%	2.21	%
Rate of compensation increase	4.58	%	2.93	%	2.91	%	3.00	%
Assumptions used to determine net periodic benefit cost
Average discount rate - Service cost	2.80	%	3.08	%	2.42	%	2.42	%
Average discount rate - Interest cost	1.69	%	2.52	%	1.48	%	1.48	%
Expected return on plan assets	7.13	%	7.10	%	—		—
Rate of compensation increase	2.90	%	2.93	%	3.00	%	3.00	%

Schedule of Expected Return on Assets for Net Periodic Pension Cost


	Pension Plan Assets at December 31,
	2021		2020
Equity securities	51	%	49	%
Fixed income securities	25		25
Pooled investment funds	22		21
Insurance contracts	1		4
Cash and cash equivalents	1		1
Total	100	%	100	%

Summary of Pension Plan Assets Measured at Fair Value on a Recurring Basis by Fair Value Hierarchy

The fair values at December 31, 2021, were as follows:


					Fair Value
(In thousands)	Total		NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	329,795	$	66,897	$	262,898	$	—	$	—
Fixed income securities	161,965		—		86,543		75,422		—
Pooled investment funds	146,081		146,081		—		—		—
Insurance contracts	4,211		—		—		—		4,211
Cash and cash equivalents	9,934		8,637		1,297		—		—
Total	$	651,986	$	221,615	$	350,738	$	75,422	$	4,211

The fair values of the Company's pension plan assets at December 31, 2020, were as follows:


					Fair Value
(In thousands)	Total		NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	283,516	$	66,847	$	216,669	$	—	$	—
Fixed income securities	148,173		—		76,502		71,671		—
Pooled investment funds	123,119		123,119		—		—		—
Insurance contracts	24,396		—		—		—		24,396
Cash and cash equivalents	7,618		6,681		937		—		—
Total	$	586,822	$	196,647	$	294,108	$	71,671	$	24,396

Schedule of Reconciliation of Level 3 Assets

The following table presents a reconciliation of Level 3 assets:


(In thousands)	Insurance Contracts
Balance January 1, 2020	$	21,502
Net realized and unrealized losses	2,564
Net purchases, issuances and settlements	330

Balance December 31, 2020	24,396
Net realized and unrealized gains	(881)
Net purchases, issuances and settlements	(19,304)

Balance December 31, 2021	$	4,211

Schedule of Level 3 Assets Recognized in Accumulated Other Comprehensive Loss

The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss:


(In thousands)	Insurance Contracts
Net actuarial losses	$	373
Prior service cost	907
Total (before tax effects)	$	1,280