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Retirement And Other Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Retirement and Other Benefit Plans RETIREMENT AND OTHER BENEFIT PLANS
Defined Contribution Plan

The Company maintains a discretionary defined contribution 401(k) profit sharing plan covering all eligible employees. The Company contributed $12.9 million, $11.6 million, and $9.0 million to this plan during the years ended December 31, 2022, 2021, and 2020, respectively.

Deferred Compensation Plan

The Company has an Executive Non-Qualified Deferred Compensation Plan (the "Plan"). Pursuant to the Plan, certain management employees are eligible to defer all or a portion of their regular salary and incentive compensation. Participants deferred $5.4 million, $3.1 million, and $2.9 million during the years ended December 31, 2022, 2021, and 2020, respectively. The amounts deferred under this Plan are credited with earnings or losses based upon changes in values of the notional investments elected by the Plan participants. Each Plan participant is fully vested in their deferred compensation and earnings credited to his or her account as all contributions to the Plan are made by the participant. The Company is responsible for certain costs of Plan administration, which are not significant, and will not make any contributions to the Plan. Pursuant to the Plan, payments to the Plan participants are made from the general unrestricted assets of the Company, and the Company's obligations pursuant to the Plan are unfunded and unsecured. Participants withdrew $2.4 million, $2.0 million, and $0.2 million from the Plan during the years ended December 31, 2022, 2021, and 2020, respectively. At December 31, 2022 and 2021, deferred compensation of $34.0 million and $42.6 million, respectively, was recorded in other long-term liabilities, and deferred compensation of $4.6 million and $1.1 million, respectively, was recorded in accrued expenses and other current liabilities. The Company invests approximately 100 percent of the amounts deferred by the Plan participants in life insurance contracts, matching the investments elected by the Plan participants. Deferred compensation assets and liabilities are recorded at contract value. At December 31, 2022 and 2021, life insurance contract assets of $37.6 million and $47.8 million, respectively, were recorded in other assets.

Dutch Pension Plans

The acquisition of Polyplastic in January 2020 included the assumption of two partially-funded defined benefit pension plans (the "Dutch pension plans") based in the Netherlands. The Dutch pension plans, which are qualified defined benefit pension plans, provided benefits based on years of service and average pay. The benefits earned by the employees were immediately vested. The Company funded the future obligations of the Dutch pension plans by purchasing non-participating annuities from a large multi-national insurance company that cover the vested pension benefit obligation of the participant, but do not cover future indexations or cost of living adjustments that were provided in plan benefits. Each year the Company made premium payments to the insurance company (1) to provide for the benefit obligation of the current year of service based on each employee's age, gender, and current salary, and (2) for indexations for both active and post-active participants. The Company determines the fair value of the plan assets with the assistance of an actuary using unobservable inputs (Level 3), which is determined as the present value of the accrued benefits guaranteed by the insurer.

During 2022, there was a curtailment of the Dutch pension plans for the Company's Dutch employees whose pension benefit was based on years of service and average pay. These employees have been moved into defined contribution plans. This event resulted in curtailment gain amortization of 2.0 million for the year ended December 31, 2022. However, the unconditional indexation for all participants remains applicable and the Company remains liable for funding. No further contribution is required to fund the future accrual in the Dutch pension plans after December 31, 2022.
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 years ended December 31:
(In thousands)20222021
Projected Benefit Obligation
Projected benefit obligation at beginning of period$85,593 $96,712 
Interest cost1,403 652 
Net service cost2,836 4,352 
Curtailment(2,030)— 
Employee contributions666 626 
Benefits paid(975)(1,097)
Actuarial gain, net(69,445)(8,390)
Unrealized gain on foreign exchange(5,862)(7,262)
Projected benefit obligation at end of period12,186 85,593 
Fair Value of Plan Assets
Fair value of plan assets at beginning of period$52,296 $61,936 
Increase (decrease) in plan asset value910 (5,768)
Employer contributions1,626 1,419 
Employee contributions666 626 
Benefits and administrative expenses paid(1,349)(1,377)
Actuarial loss, net(43,180)— 
Unrealized loss on foreign exchange(3,583)(4,540)
Fair value of plan assets at end of period7,386 52,296 
Underfunded status of the plans at end of the period$4,800 $33,297 
Accumulated benefit obligation$12,186 $85,593 
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:
20222021
Discount rate3.75 %1.30 %
Expected return on plan assets3.75 %1.30 %
Wage inflation2.00 %2.00 %
The discount rate used to determine the projected benefit obligation at December 31, 2022 was increased from 1.30 percent to 3.75 percent, consistent with a general increase in interest rates in Europe for AA-rated long-term Euro company bonds.

Additionally, the Company assumed expected indexation that conforms to the industry-wide pension fund PG, as agreed upon in the Dutch pension plans, which ranged from 0.5 percent in 2022 to 2.0 percent in 2034 and thereafter for the year ended December 31, 2021, and 7.0 percent in 2023 and from 0.45 percent in 2024 to 2.0 percent in 2035 and thereafter for the year ended December 31, 2022.
Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheets consisted of the following at December 31:
(In thousands)20222021
Deferred taxes$1,200 $8,594 
Other long-term liabilities4,800 33,297 
Accumulated other comprehensive income28,125 2,107 
The components of net periodic pension cost for the Dutch pension plans included the following for the years ended December 31:
(In thousands)202220212020
Net service cost$2,836 $4,352 $3,357 
Interest cost1,403 652 1,007 
Expected return on plan assets(910)(424)(626)
Amortization of actuarial gain(262)— — 
Amortization of curtailment(2,030)— — 
Administrative charges374 280 276 
Net periodic pension cost$1,411 $4,860 $4,014 
Plan assets at December 31, 2022 consisted of insurance contracts. Under Dutch pension law, the pension insurer is legally required to pay the funded benefits to the participants. The insurer cannot unilaterally return the obligation to the employer and the employer has no risks related to the assets. As the surrender value of the contract is less than the guarantee value provided by the insurer, the guarantee value is used as the fair value of the plan assets. This value is the net present value of the accrued benefits against the same assumptions as applied in the valuation of the liability. As such, the expected return is equal to the discount rate.

The Company's 2023 remaining balance sheet liability for future indexations is expected to be $0.7 million. The estimate of future annual contributions is based on current funding and the unconditional indexation requirements, and the Company believes these contributions will be sufficient to fund the Dutch pension plans.

Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands):
2023$63 
202476 
202593 
2026116 
2027153 
2028 - 20321,148