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Pension and Retirement Plans
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Pension Plan

Prior to December 31, 2003, all employees of the Company's Kolberg-Pioneer, Inc. subsidiary, which is included in the Company's Materials Solutions reportable segment, were covered by a defined pension plan (the "Pension Plan"). After December 31, 2003, all benefit accruals under the plan ceased and no new employees could become participants in the plan. Benefits paid under this plan were based on years of service multiplied by a monthly amount. The Company's funding policy for the plan was to make at least the minimum annual contributions required by applicable regulations.

The Company's investment strategy for the plan was to earn a rate of return sufficient to match or exceed the long-term growth of pension liabilities. The investment policy stated that the Plan Committee in its sole discretion shall determine the allocation of plan assets among the following four asset classes: cash equivalents, fixed-income securities, domestic equities and international equities. The Plan Committee attempted to ensure adequate diversification of the invested assets through investment in an exchange traded mutual fund that invests in a diversified portfolio of stocks, bonds and money market securities.

In October 2021, the Company settled its obligations under the Pension Plan by providing $5.5 million in lump sum payments to eligible participants who elected to receive them and through the purchase of annuity contracts from a highly rated insurance company for $12.2 million. The settlement of the plan resulted in excess plan assets of approximately $1.5 million, which is subject to a 50% excise tax. A charge of $5.2 million, including excise tax, was recognized in the fourth quarter of 2021 in "Other (expenses) income, net" in the Consolidated Statements of Operations.

The following provides information regarding benefit obligations, plan assets and the funded status of the plan:

Pension Benefits
(in millions)20212020
Change in benefit obligation:
Benefit obligation, beginning of year$18.4 $17.1 
Interest cost0.4 0.5 
Actuarial (gain) loss(0.3)1.6 
Benefits paid(0.8)(0.8)
Pension settlement(17.7)— 
Benefit obligation, end of year— 18.4 
Accumulated benefit obligation— 18.4 
Change in plan assets:
Fair value of plan assets, beginning of year19.4 18.0 
Actual gain on plan assets0.6 2.2 
Excess plan assets returned(1.5)— 
Benefits paid(0.8)(0.8)
Pension settlement(17.7)— 
Fair value of plan assets, end of year— 19.4 
Funded status, end of year$— $1.0 
Amounts recognized in the consolidated balance sheets:
Long-term asset$— $1.0 
Net amount recognized$— $1.0 
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$— $4.9 
Net amount recognized$— $4.9 
Weighted average assumptions used to determine the benefit obligation:
Discount rateN/A2.30 %
Rate of compensation increaseN/AN/A

The primary driver of the actuarial loss in the Company's Pension Plan in 2020 within the change in benefit obligation is a result of a decrease in the discount rate assumption.
All assets in the plan were invested in an exchange-traded mutual fund (Level 1 in the fair value hierarchy) at December 31, 2020 and through the date of settlement. The allocation of assets within the mutual fund as of December 31, 2020 and the target asset allocation ranges by asset category were as follows:

Asset CategoryActual Allocation Target Allocation Ranges
Equity Securities48.4 %
40% - 65%
Debt Securities41.0 %
30% - 50%
Cash and Cash Equivalents10.6 %
0% - 15%
Total100.0 %

Net periodic benefit cost for 2021, 2020 and 2019 included the following components:

Pension Benefits
(in millions)202120202019
Components of net periodic benefit cost (income):
Interest cost$0.4 $0.5 $0.6 
Expected return on plan assets(1.0)(1.0)(0.8)
Amortization of actuarial loss0.4 0.4 0.5 
Pension settlement4.5 — — 
Net periodic benefit cost (income)$4.3 $(0.1)$0.3 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net actuarial loss (gain) for the year$— $0.4 $(0.3)
Amortization of net loss(0.4)(0.4)(0.5)
Pension settlement(4.5)— — 
Total recognized in other comprehensive income (loss)(4.9)— (0.8)
Total recognized in net periodic benefit cost and other comprehensive income (loss)$(0.6)$(0.1)$(0.5)
Weighted average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rateN/A3.10 %4.10 %
Expected return on plan assetsN/A6.00 %6.00 %
Rate of compensation increaseN/AN/AN/A

To develop the expected long-term rate of return on assets assumptions, the Company considered the historical returns and future expectations for returns in each asset class, as well as targeted asset allocation percentages within the asset portfolios.

Deferred Compensation Programs

Supplemental Executive Retirement Plan

The Company maintains a SERP for certain of its executive officers. The plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which the Company makes quarterly cash contributions of a certain percentage of executive officers' compensation. Investments are self-directed by participants and can include Company stock. Upon retirement, participants receive their apportioned share of the plan assets in the form of cash.

Deferred Compensation Plan

The Company implemented a Deferred Compensation Plan for certain of its executive officers during 2021. The plan is a non-qualified deferred compensation plan administered by the Board of Directors of the Company, pursuant to which eligible employees can defer the receipt of base and bonus compensation to a future date. Investments are self-directed by participants and can include Company stock. Upon distribution, participants receive their apportioned share of the plan assets in the form of cash.

Assets of the Deferred Compensation Programs consist of the following:
December 31, 2021December 31, 2020
(in millions)CostMarketCostMarket
Money market fund$0.1 $0.1 $— $— 
Company stock1.2 2.2 1.5 2.3 
Equity securities4.5 4.9 4.5 5.0 
Total$5.8 $7.2 $6.0 $7.3 

The Company periodically adjusts the deferred compensation liability related to the Deferred Compensation Programs such that the balance of the liability equals the total fair market value of all assets held by the trusts established under the programs. Such liabilities are included in "Other long-term liabilities" in the Consolidated Balance Sheets. The money market fund is included in "Cash, cash equivalents and restricted cash" in the Consolidated Balance Sheets. The equity securities are included in "Investments" in the Consolidated Balance Sheets and classified as trading equity securities. See Note 6, Investments, for additional information. The cost of the Company stock held by the plan is included in "Company stock held by deferred compensation programs, at cost" in the Consolidated Balance Sheets.

The change in the fair market value of Company stock held in the programs results in a charge or credit to "Selling, general and administrative expenses" in the Consolidated Statements of Operations because the acquisition cost of the Company stock in the programs is recorded in "Company stock held by deferred compensation programs, at cost" and is not adjusted to fair market value; however, the related liability is adjusted to the fair market value of the stock as of each period end. The Company recognized expense of $0.5 million, $0.6 million and $0.6 million in 2021, 2020 and 2019, respectively, related to the change in the fair value of the Company stock held in the Deferred Compensation Programs.

Other Employee Benefit Plan

401(k) Plan

The Company sponsors a 401(k) defined contribution plan to provide eligible employees with additional income upon retirement. The Company's contributions to the plan are based on employee contributions. The Company's contributions totaled $7.2 million, $6.9 million and $7.0 million in 2021, 2020 and 2019, respectively.