Retirement Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

Savings and Retirement Plans. We maintain a voluntary 401(k) savings and retirement plan covering substantially all full-time and certain part-time teammates in the United States who have completed one month of service and have attained age 18. We match a certain percentage of each teammates’ contribution. The plan also provides for a discretionary contribution by us to the plan for all eligible teammates, subject to certain limits, and discretionary profit-sharing contributions. We may increase or decrease our contributions at our discretion, on a prospective basis. We incurred $23.2 million, $21.6 million and $10.5 million of expense related to this plan in 2021, 2020 and 2019. We also maintain defined contribution plans in some countries outside of the United States in which we operate. Expenses related to these plans were not material in 2021, 2020 and 2019.

U.S. Retirement Plans. We have a frozen noncontributory, unfunded retirement plan for certain retirees in the United States (U.S. Retirement Plan).

The following table sets forth the U.S. Retirement Plan’s financial status and the amounts recognized in our consolidated balance sheets:

December 31,	2021			2020
Change in benefit obligation
Benefit obligation, beginning of year	$	57,384		$	53,602
Interest cost	1,080			1,420
Actuarial loss (gain)	(4,462)			6,632
Benefits paid	(3,758)			(4,270)
Benefit obligation, end of year	$	50,244		$	57,384
Change in plan assets
Fair value of plan assets, beginning of year	$	—		$	—
Employer contribution	3,758			4,270
Benefits paid	(3,758)			(4,270)
Fair value of plan assets, end of year	$	—		$	—
Funded status, end of year	$	(50,244)		$	(57,384)
Amounts recognized in the consolidated balance sheets
Other current liabilities	$	(3,649)		$	(3,933)
Other liabilities	(46,595)			(53,451)
Accumulated other comprehensive loss	19,831			25,492
Net amount recognized	$	(30,413)		$	(31,892)
Accumulated benefit obligation	$	50,244		$	57,384
Weighted average assumptions used to determine benefit obligation
Discount rate	2.43		%	1.95		%
Rate of increase in compensation levels	N/A			N/A

Plan benefit obligations of the U.S. Retirement Plan were measured as of December 31, 2021 and 2020. Plan benefit obligations are determined using assumptions developed at the measurement date. The weighted average discount rate, which is used to calculate the present value of plan liabilities, is an estimate of the interest rate at which the plan liabilities could be effectively settled at the measurement date. When estimating the discount rate, we review yields available on high-quality, fixed-income debt instruments and use a yield curve model from which the discount rate is derived by applying the projected benefit payments under the plan to points on a published yield curve.

The components of net periodic benefit cost for the U.S. Retirement Plan were as follows:

Year ended December 31,	2021			2020			2019
Interest cost	$	1,080		$	1,420		$	1,858
Recognized net actuarial loss	1,199			872			1,065
Net periodic benefit cost	$	2,279		$	2,292		$	2,923
Weighted average assumptions used to determine net periodic benefit cost
Discount rate	1.95		%	2.75		%	4.00		%
Rate of increase in future compensation levels	N/A			N/A			N/A

Amounts recognized for the U.S. Retirement Plan as a component of accumulated other comprehensive loss as of the end of the year that have not been recognized as a component of the net periodic benefit cost are presented in the following table. We expect to recognize approximately $0.9 million of the net actuarial loss reported in the following table as of December 31, 2021, as a component of net periodic benefit cost during 2022.

Year ended December 31,	2021		2020
Net actuarial loss	$	(19,831)	$	(25,492)
Deferred tax benefit	9,571		9,552
Amounts included in accumulated other comprehensive loss, net of tax	$	(10,260)	$	(15,940)

As of December 31, 2021, the expected benefit payments required for each of the next five years and the five-year period thereafter for the U.S. Retirement Plan were as follows:

Year
2022	$	3,627
2023	3,501
2024	3,372
2025	3,238
2026	3,084
2027-2031	13,210

International Retirement Plans. Certain of our foreign subsidiaries have defined benefit pension plans covering substantially all of their respective teammates. As of December 31, 2021 and 2020, the accumulated benefit obligation under these plans was $12.3 million and $11.5 million. We recorded $3.6 million, $2.3 million and $1.0 million in net periodic benefit cost in other expense (income), net for the years ended December 31, 2021, 2020 and 2019.