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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):
Year Ended December 31, 2021Year Ended December 31, 2020
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1$740,951 $290,385 $678,720 $258,374 
Service cost869 3,697 849 4,000 
Interest cost18,005 2,427 23,402 3,357 
Plan amendments— — — 593 
Actuarial loss(24,576)(14,769)79,780 19,571 
Benefits paid(54,553)(10,451)(41,800)(9,905)
Employee contributions— 78 — 101 
Foreign exchange loss (gain)— (14,080)— 19,858 
Settlements/curtailments— (1,998)— (5,866)
Other— (55)— 302 
Benefit obligation at December 31$680,696 $255,234 $740,951 $290,385 
Change in plan assets:
Fair value of plan assets at January 1$594,228 $89,241 $556,683 $81,466 
Actual return on plan assets50,256 7,305 75,715 8,173 
Employer contributions16,060 11,550 3,630 9,653 
Benefits paid(54,553)(10,451)(41,800)(9,905)
Employee contributions— 78 — 101 
Foreign exchange gain— (1,419)— 4,110 
Settlements/curtailments— (1,998)— (4,279)
Other— (50)— (78)
Fair value of plan assets at December 31$605,991 $94,256 $594,228 $89,241 
Funded status at December 31$(74,705)$(160,978)$(146,723)$(201,144)
December 31, 2021December 31, 2020
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(525)$(5,972)$(1,217)$(5,832)
Noncurrent liabilities (pension benefits)(74,180)(155,006)(145,506)(195,312)
Net pension liability$(74,705)$(160,978)$(146,723)$(201,144)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit$— $(773)$— $(433)
Net amount recognized$— $(773)$— $(433)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate2.86 %1.44 %2.50 %0.86 %
Rate of compensation increase— %3.20 %— %3.82 %
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):
Year Ended December 31,
20212020
Other Postretirement BenefitsOther Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1$51,343 $55,089 
Service cost123 105 
Interest cost1,238 1,871 
Actuarial (gain) loss(2,568)(2,571)
Benefits paid(2,643)(3,151)
Benefit obligation at December 31$47,493 $51,343 
Change in plan assets:
Fair value of plan assets at January 1$— $— 
Employer contributions2,643 3,151 
Benefits paid(2,643)(3,151)
Fair value of plan assets at December 31$— $— 
Funded status at December 31$(47,493)$(51,343)

December 31,
20212020
Other Postretirement BenefitsOther Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(3,800)$(3,268)
Noncurrent liabilities (postretirement benefits)(43,693)(48,075)
Net postretirement liability$(47,493)$(51,343)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate2.85 %2.49 %
Rate of compensation increase3.50 %3.50 %
Schedule of Net Benefit Costs The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2021December 31, 2020December 31, 2019
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$869 $3,697 $849 $4,000 $730 $3,680 
Interest cost18,005 2,427 23,402 3,357 28,199 4,998 
Expected return on assets(39,972)(3,593)(36,957)(3,274)(33,926)(3,837)
Actuarial loss (gain)(34,857)(19,494)40,653 14,189 7,106 16,784 
Amortization of prior service benefit— 115 — 36 — 37 
Total net pension benefits cost (credit)$(55,955)$(16,848)$27,947 $18,308 $2,109 $21,662 
Weighted-average assumption percentages:
Discount rate2.50 %0.86 %3.56 %1.33 %4.59 %2.15 %
Expected return on plan assets6.88 %3.98 %6.88 %4.07 %6.89 %5.51 %
Rate of compensation increase— %3.26 %— %3.72 %— %3.63 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202120202019
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$123 $105 $98 
Interest cost1,238 1,871 2,197 
Actuarial (gain) loss(2,568)(2,573)5,449 
Total net postretirement benefits (credit) cost$(1,207)$(597)$7,744 
Weighted-average assumption percentages:
Discount rate2.49 %3.53 %4.55 %
Rate of compensation increase3.50 %3.50 %3.50 %
Schedule of Assumptions Used The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2021December 31, 2020December 31, 2019
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$869 $3,697 $849 $4,000 $730 $3,680 
Interest cost18,005 2,427 23,402 3,357 28,199 4,998 
Expected return on assets(39,972)(3,593)(36,957)(3,274)(33,926)(3,837)
Actuarial loss (gain)(34,857)(19,494)40,653 14,189 7,106 16,784 
Amortization of prior service benefit— 115 — 36 — 37 
Total net pension benefits cost (credit)$(55,955)$(16,848)$27,947 $18,308 $2,109 $21,662 
Weighted-average assumption percentages:
Discount rate2.50 %0.86 %3.56 %1.33 %4.59 %2.15 %
Expected return on plan assets6.88 %3.98 %6.88 %4.07 %6.89 %5.51 %
Rate of compensation increase— %3.26 %— %3.72 %— %3.63 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202120202019
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$123 $105 $98 
Interest cost1,238 1,871 2,197 
Actuarial (gain) loss(2,568)(2,573)5,449 
Total net postretirement benefits (credit) cost$(1,207)$(597)$7,744 
Weighted-average assumption percentages:
Discount rate2.49 %3.53 %4.55 %
Rate of compensation increase3.50 %3.50 %3.50 %
Financial Assets Accounted for at Fair Value on Recurring Basis
The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2021 and 2020 (in thousands):
December 31, 2021Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$129,946 $129,139 $807 $— 
International Equity(b)
128,353 103,554 24,799 — 
Fixed Income(c)
345,635 290,177 55,458 — 
Absolute Return Measured at Net Asset Value(d)
96,313 — — — 
Total Pension Assets
$700,247 $522,870 $81,064 $— 
December 31, 2020Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$142,280 $140,548 $1,732 $— 
International Equity(b)
139,611 113,174 26,437 — 
Fixed Income(c)
319,998 270,589 49,409 — 
Absolute Return Measured at Net Asset Value(d)
78,787 — — — 
Cash
2,793 2,793 — — 
Total Pension Assets
$683,469 $527,104 $77,578 $— 
(a)Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.
(b)Consists primarily of international equity funds which invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.
(c)Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
(d)Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. The fair value amounts of $96.3 million and $78.8 million as of
December 31, 2021 and 2020, respectively, are included in this table to permit reconciliation to the reconciliation of plan assets table above.
Schedule of Allocation of Plan Assets The weighted-average target allocations as of the measurement date are as follows:
Target Allocation
Equity securities41 %
Fixed income50 %
Absolute return9 %
Current Forecast of Benefit Payments, which Reflect Expected Future Service The current forecast of benefit payments, which reflects expected future service, amounts to (in millions):
U.S. Pension PlansForeign Pension PlansOther Postretirement Benefits
2022$43.3 $10.9 $3.3 
2023$43.8 $12.0 $3.2 
2024$44.0 $10.8 $3.2 
2025$43.9 $10.5 $3.1 
2026$43.6 $10.8 $3.1 
2026-2030$206.2 $55.6 $14.4