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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

187,371

 

 

$

176,499

 

 

$

25,526

 

 

$

21,850

 

Interest cost

 

 

4,671

 

 

 

5,668

 

 

 

357

 

 

 

445

 

Actuarial loss (income)

 

 

(8,682

)

 

 

13,327

 

 

 

(1,171

)

 

 

3,032

 

Benefits paid

 

 

(8,497

)

 

 

(8,123

)

 

 

(1,198

)

 

 

(657

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(238

)

 

 

856

 

Benefit obligation at end of year

 

$

174,863

 

 

$

187,371

 

 

$

23,276

 

 

$

25,526

 

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2021

 

 

 

 

2020

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

175,336

 

 

$

160,423

 

 

$

28,504

 

 

 

 

$

24,357

 

Actual return on plan assets

 

 

11,459

 

 

 

22,738

 

 

 

(78

)

 

 

 

 

3,320

 

Employer contributions

 

 

276

 

 

 

298

 

 

 

526

 

 

 

 

 

526

 

Benefits paid

 

 

(8,497

)

 

 

(8,123

)

 

 

(1,198

)

 

 

 

 

(657

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(290

)

 

 

 

 

958

 

Fair value of plan assets at end of year

 

$

178,574

 

 

$

175,336

 

 

$

27,464

 

 

 

 

$

28,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over (Under) funded status at end of year

 

$

3,711

 

 

$

(12,035

)

 

$

4,188

 

 

 

 

$

2,978

 

Schedule of Amounts Recognized in Balance Sheets

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

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Non-current asset

 

$

7,166

 

 

$

3,470

 

 

$

4,188

 

 

$

2,978

 

Current liability

 

 

(290

)

 

 

(288

)

 

 

 

 

 

 

Non-current liability

 

 

(3,165

)

 

 

(15,217

)

 

 

 

 

 

 

Net amount recognized

 

$

3,711

 

 

$

(12,035

)

 

$

4,188

 

 

$

2,978

 

Amounts Recognized in Accumulated Other Comprehensive Income

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

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net actuarial loss

 

$

19,508

 

 

$

33,745

 

 

$

3,767

 

 

$

4,653

 

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets Below is information for pension plans with projected benefit obligations in excess of plan assets at December 31:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Projected benefit obligation

 

$

 

 

$

146,848

 

 

$

 

 

$

 

Accumulated benefit obligation

 

 

 

 

 

146,848

 

 

 

 

 

 

 

Fair value of plan assets

 

 

 

 

 

135,070

 

 

 

 

 

 

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2021, 2020 and 2019, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Interest cost

 

$

4,671

 

 

$

5,668

 

 

$

6,616

 

 

$

357

 

 

$

445

 

 

$

554

 

Expected return on plan assets

 

 

(10,348

)

 

 

(9,747

)

 

 

(9,450

)

 

 

(320

)

 

 

(548

)

 

 

(787

)

Amortization of net actuarial loss

 

 

4,444

 

 

 

4,262

 

 

 

2,490

 

 

 

129

 

 

 

79

 

 

 

244

 

Net periodic benefit cost

 

$

(1,233

)

 

$

183

 

 

$

(344

)

 

$

166

 

 

$

(24

)

 

$

11

 

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, 2021, 2020 and 2019, were as follows:

 

(In thousands)

 

United States

 

 

United Kingdom

 

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Net actuarial (gain) loss

 

$

(9,793

)

 

$

336

 

 

$

(5,174

)

 

$

(757

)

 

$

272

 

 

$

(1,144

)

Amortization of net actuarial loss

 

 

(4,444

)

 

 

(4,262

)

 

 

(2,490

)

 

 

(129

)

 

 

(79

)

 

 

(244

)

Total recognized in other comprehensive

   income

 

$

(14,237

)

 

$

(3,926

)

 

$

(7,664

)

 

$

(886

)

 

$

193

 

 

$

(1,388

)

Total recognized in net periodic benefit

   cost and other comprehensive income

 

$

(15,470

)

 

$

(3,743

)

 

$

(8,008

)

 

$

(720

)

 

$

169

 

 

$

(1,377

)

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United

States

 

 

United

Kingdom

 

2022

 

$

8,949

 

 

$

551

 

2023

 

 

9,283

 

 

 

594

 

2024

 

 

9,601

 

 

 

624

 

2025

 

 

9,829

 

 

 

652

 

2026

 

 

9,982

 

 

 

697

 

2027-2031

 

 

50,512

 

 

 

4,044

 

 

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)

 

2021

 

 

2020

 

 

2019

 

Retirement contributions

 

$

8,134

 

 

$

8,035

 

 

$

7,328

 

Profit sharing contributions

 

 

5,081

 

 

 

6,107

 

 

 

4,702

 

Total

 

$

13,215

 

 

$

14,142

 

 

$

12,030

 

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, 2021 and 2020, by asset category, were as follows:

 

 

 

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

 

 

 

 

December 31, 2020

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

7,056

 

 

$

 

 

$

 

 

$

7,056

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

54,805

 

 

 

 

 

 

 

 

 

54,805

 

Non-U.S. Equities

 

 

23,155

 

 

 

 

 

 

 

 

 

23,155

 

Employer Securities

 

 

27,938

 

 

 

 

 

 

 

 

 

27,938

 

Total Equities

 

 

105,898

 

 

 

 

 

 

 

 

 

105,898

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

41,489

 

 

 

 

 

 

41,489

 

U.S. Government and Agency Bonds

 

 

11,152

 

 

 

1,570

 

 

 

 

 

 

12,722

 

Other Bonds

 

 

 

 

 

8,171

 

 

 

 

 

 

8,171

 

Total Fixed Income

 

 

11,152

 

 

 

51,230

 

 

 

 

 

 

62,382

 

Total

 

$

124,106

 

 

$

51,230

 

 

$

 

 

$

175,336

 

 

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, 2021 and 2020, by asset category, were as follows:

 

 

 

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

 

 

 

 

December 31, 2020

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

 

 

$

2,576

 

 

$

 

 

$

2,576

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

3,603

 

 

 

 

 

 

3,603

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

21,166

 

 

 

 

 

 

21,166

 

Insurance Contracts

 

 

 

 

 

 

 

 

1,159

 

 

 

1,159

 

Total

 

$

 

 

$

27,345

 

 

$

1,159

 

 

$

28,504

 

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 2021 and 2020:

 

(In thousands)

 

Insurance Contracts

 

Fair value, December 31, 2019

 

$

1,205

 

Sale proceeds (benefit payments)

 

 

(119

)

Change in unrealized gain

 

 

41

 

Foreign exchange impact

 

 

32

 

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

 

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

 

 

 

2021

 

 

2020

 

 

2019

 

 

2021

 

 

2020

 

 

2019

 

Discount rate

 

 

2.60

%

 

 

3.30

%

 

 

4.30

%

 

 

1.40

%

 

 

2.10

%

 

 

2.80

%

Expected long-term return on plan assets

 

 

6.75

%

 

 

6.75

%

 

 

6.75

%

 

 

1.13

%

 

 

2.30

%

 

 

3.82

%

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

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Discount rate

 

 

2.90

%

 

 

2.60

%

 

 

1.80

%

 

 

1.40

%