Retirement And Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the year ended December 31, 2021 and the period from the acquisition of Polyplastic through December 30, 2020:


(In thousands)	2021		2020
Projected Benefit Obligation
Projected benefit obligation at beginning of period	$	96,712	$	78,579
Interest cost	652		1,007
Net service cost	4,352		3,357
Employee contributions	626		571
Benefits paid	(1,097)		(925)
Actuarial (gain) loss, net	(8,390)		5,453
Unrealized (gain) loss on foreign exchange	(7,262)		8,670
Projected benefit obligation at end of period	85,593		96,712

Fair Value of Plan Assets
Fair value of plan assets at beginning of period	$	61,936	$	49,914
(Decrease) increase in plan asset value	(5,768)		5,887
Employer contributions	1,419		1,222
Employee contributions	626		571
Benefits and administrative expenses paid	(1,377)		(1,201)
Unrealized (loss) gain on foreign exchange	(4,540)		5,543
Fair value of plan assets at end of period	52,296		61,936

Underfunded status of the plans at end of the period	$	33,297	$	34,776

Accumulated benefit obligation	$	85,593	$	96,712

Defined Benefit Plan, Assumptions

The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31:


	2021		2020
Discount rate	1.30	%	0.70	%
Expected return on plan assets	1.30	%	0.70	%
Wage inflation	2.00	%	2.00	%

Schedule of Defined Benefit Plans Disclosures

Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheets consisted of the following at December 31:


(In thousands)	2021		2020
Deferred taxes	$	8,594	$	8,694
Other long-term liabilities	33,297		34,776
Accumulated other comprehensive income (loss)	2,107		(207)

Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands):


2022	$	1,049
2023	1,181
2024	1,246
2025	1,345
2026	1,480
2027 - 2031	9,426

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Dutch pension plans included the following for the years ended December 31:


(In thousands)	2021		2020
Net service cost	$	(4,352)	$	(3,357)
Interest cost	(652)		(1,007)
Expected return on plan assets	424		626
Administrative charges	(280)		(276)
Net periodic pension cost	$	(4,860)	$	(4,014)