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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

174,863

 

 

$

187,371

 

 

$

23,276

 

 

$

25,526

 

Interest cost

 

 

4,923

 

 

 

4,671

 

 

 

374

 

 

 

357

 

Actuarial income

 

 

(40,420

)

 

 

(8,682

)

 

 

(7,333

)

 

 

(1,171

)

Benefits paid

 

 

(8,899

)

 

 

(8,497

)

 

 

(709

)

 

 

(1,198

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(2,322

)

 

 

(238

)

Benefit obligation at end of year

 

$

130,467

 

 

$

174,863

 

 

$

13,286

 

 

$

23,276

 

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

178,574

 

 

$

175,336

 

 

$

27,464

 

 

$

28,504

 

Actual return on plan assets

 

 

(33,187

)

 

 

11,459

 

 

 

(9,393

)

 

 

(78

)

Employer contributions

 

 

256

 

 

 

276

 

 

 

536

 

 

 

526

 

Benefits paid

 

 

(8,899

)

 

 

(8,497

)

 

 

(709

)

 

 

(1,198

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(2,735

)

 

 

(290

)

Fair value of plan assets at end of year

 

$

136,744

 

 

$

178,574

 

 

$

15,163

 

 

$

27,464

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over funded status at end of year

 

$

6,277

 

 

$

3,711

 

 

$

1,877

 

 

$

4,188

 

Schedule of Amounts Recognized in Balance Sheets

The amounts recognized in the consolidated balance sheets at December 31 consisted of:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Non-current assets

 

$

8,700

 

 

$

7,166

 

 

$

1,877

 

 

$

4,188

 

Current liability

 

 

(278

)

 

 

(290

)

 

 

 

 

 

 

Non-current liability

 

 

(2,145

)

 

 

(3,165

)

 

 

 

 

 

 

Net amount recognized

 

$

6,277

 

 

$

3,711

 

 

$

1,877

 

 

$

4,188

 

 

Amounts Recognized in Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income at December 31 consisted of:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net actuarial loss

 

$

18,801

 

 

$

19,508

 

 

$

6,188

 

 

$

3,767

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020, were as follows:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Interest cost

 

$

4,923

 

 

$

4,671

 

 

$

5,668

 

 

$

374

 

 

$

357

 

 

$

445

 

Expected return on plan assets

 

 

(8,802

)

 

 

(10,348

)

 

 

(9,747

)

 

 

(399

)

 

 

(320

)

 

 

(548

)

Amortization of net actuarial loss

 

 

2,277

 

 

 

4,444

 

 

 

4,262

 

 

 

9

 

 

 

129

 

 

 

79

 

Net periodic benefit cost

 

$

(1,602

)

 

$

(1,233

)

 

$

183

 

 

$

(16

)

 

$

166

 

 

$

(24

)

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2022, 2021 and 2020, were as follows:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Net actuarial (gain) loss

 

$

1,570

 

 

$

(9,793

)

 

$

336

 

 

$

2,430

 

 

$

(757

)

 

$

272

 

Amortization of net actuarial loss

 

 

(2,277

)

 

 

(4,444

)

 

 

(4,262

)

 

 

(9

)

 

 

(129

)

 

 

(79

)

Total recognized in other comprehensive
   income

 

$

(707

)

 

$

(14,237

)

 

$

(3,926

)

 

$

2,421

 

 

$

(886

)

 

$

193

 

Total recognized in net periodic benefit
   cost and other comprehensive income

 

$

(2,309

)

 

$

(15,470

)

 

$

(3,743

)

 

$

2,405

 

 

$

(720

)

 

$

169

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United
States

 

 

United
Kingdom

 

2023

 

$

9,267

 

 

$

531

 

2024

 

 

9,575

 

 

 

558

 

2025

 

 

9,826

 

 

 

583

 

2026

 

 

10,003

 

 

 

623

 

2027

 

 

10,118

 

 

 

647

 

2028-2032

 

 

50,301

 

 

 

3,800

 

Defined Contribution Expenses for Company's Qualified Defined Contribution Plans and Statutory Profit Sharing Contributions

Defined contribution expenses for the Company’s qualified defined contribution plans and statutory profit sharing contributions were as follows:

 

(In thousands)

 

2022

 

 

2021

 

 

2020

 

Retirement contributions

 

$

8,556

 

 

$

8,134

 

 

$

8,035

 

Profit sharing contributions

 

 

5,276

 

 

 

5,081

 

 

 

6,107

 

Total

 

$

13,832

 

 

$

13,215

 

 

$

14,142

 

United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.S. pension plans at December 31, 2022 and 2021, by asset category, were as follows:

 

 

 

December 31, 2022

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

7,531

 

 

$

 

 

$

 

 

$

7,531

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

21,279

 

 

 

 

 

 

 

 

 

21,279

 

Non-U.S. Equities

 

 

9,788

 

 

 

 

 

 

 

 

 

9,788

 

Employer Securities

 

 

17,970

 

 

 

 

 

 

 

 

 

17,970

 

Total Equities

 

 

49,037

 

 

 

 

 

 

 

 

 

49,037

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

51,444

 

 

 

 

 

 

51,444

 

U.S. Government and Agency Bonds

 

 

15,627

 

 

 

2,628

 

 

 

 

 

 

18,255

 

Other Bonds

 

 

 

 

 

10,477

 

 

 

 

 

 

10,477

 

Total Fixed Income

 

 

15,627

 

 

 

64,549

 

 

 

 

 

 

80,176

 

Total

 

$

72,195

 

 

$

64,549

 

 

$

 

 

$

136,744

 

 

 

 

December 31, 2021

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

10,918

 

 

$

 

 

$

 

 

$

10,918

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

25,083

 

 

 

 

 

 

 

 

 

25,083

 

Non-U.S. Equities

 

 

12,544

 

 

 

 

 

 

 

 

 

12,544

 

Employer Securities

 

 

25,204

 

 

 

 

 

 

 

 

 

25,204

 

Total Equities

 

 

62,831

 

 

 

 

 

 

 

 

 

62,831

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

69,073

 

 

 

 

 

 

69,073

 

U.S. Government and Agency Bonds

 

 

20,072

 

 

 

2,845

 

 

 

 

 

 

22,917

 

Other Bonds

 

 

 

 

 

12,835

 

 

 

 

 

 

12,835

 

Total Fixed Income

 

 

20,072

 

 

 

84,753

 

 

 

 

 

 

104,825

 

Total

 

$

93,821

 

 

$

84,753

 

 

$

 

 

$

178,574

 

United Kingdom [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.K. pension plans at December 31, 2022 and 2021, by asset category, were as follows:

 

 

 

December 31, 2022

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

 

 

 

$

1,448

 

 

$

 

 

$

1,448

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

1,688

 

 

 

 

 

 

1,688

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

11,350

 

 

 

 

 

 

11,350

 

Insurance Contracts

 

 

 

 

 

 

 

 

677

 

 

 

677

 

Total

 

$

 

 

$

14,486

 

 

$

677

 

 

$

15,163

 

 

 

 

December 31, 2021

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

 

 

$

2,414

 

 

$

 

 

$

2,414

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

3,715

 

 

 

 

 

 

3,715

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

20,332

 

 

 

 

 

 

20,332

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,003

 

 

 

1,003

 

Total

 

$

 

 

$

26,461

 

 

$

1,003

 

 

$

27,464

 

Fair Value Changes within Asset Categories for which Fair Value Measurements Use Significant Unobservable Inputs (Level 3) Defined Benefit United States Plans and United Kingdom Plans

Fair value changes within asset categories for which fair value measurements use significant unobservable inputs (Level 3) were as follows during 2022 and 2021:

 

(In thousands)

 

Insurance Contracts

 

Fair value, December 31, 2020

 

$

1,159

 

Sale proceeds (benefit payments)

 

 

(131

)

Change in unrealized gain

 

 

(15

)

Foreign exchange impact

 

 

(10

)

Fair value, December 31, 2021

 

$

1,003

 

Sale proceeds (benefit payments)

 

 

(104

)

Change in unrealized gain

 

 

(120

)

Foreign exchange impact

 

 

(102

)

Fair value, December 31, 2022

 

$

677

 

Defined Benefit Plan Periodic Costs [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine net periodic benefit costs for years ended December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2022

 

 

2021

 

 

2020

 

 

2022

 

 

2021

 

 

2020

 

Discount rate

 

 

2.90

%

 

 

2.60

%

 

 

3.30

%

 

 

1.80

%

 

 

1.40

%

 

 

2.10

%

Expected long-term return on plan assets

 

 

5.50

%

 

 

6.75

%

 

 

6.75

%

 

 

1.61

%

 

 

1.13

%

 

 

2.30

%

 

Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine benefit obligations at December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Discount rate

 

 

5.50

%

 

 

2.90

%

 

 

5.00

%

 

 

1.80

%