Pension And Other Postretirement Benefits [Text Block] | Note 21 – Pension and Other Postretirement The following table shows the funded status of the Company’s Balance Sheets as of December 31, 2021 and 2020: Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in benefit obligation Gross benefit obligation at beginning of year $ 247,675 $ 109,969 $ 357,644 $ 217,893 $ 153,723 $ 371,616 $ 3,234 $ 4,266 Service cost 698 547 1,245 4,340 491 4,831 1 5 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 27 77 Employee contributions 71 - 71 73 - 73 - - Effect of plan amendments - - - - 50 50 (78) - Curtailment gain - - - (2,324) - (2,324) - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,064) (11,933) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) - (135) - - Transfer in of business acquisition 231 - 231 - - - - - Actuarial (gain) loss (4,160) (3,769) (7,929) 16,834 12,414 29,248 (992) (864) Translation differences and other (10,873) - (10,873) 14,981 - 14,981 - - Gross benefit obligation at end of year $ 228,752 $ 103,420 $ 332,172 $ 247,675 $ 109,969 $ 357,644 $ 2,010 $ 3,234 Other Post- Pension Benefits Retirement Benefits 2021 2020 2021 2020 Foreign U.S. Total Foreign U.S. Total U.S. U.S. Change in plan assets Fair value of plan assets at $ 228,789 $ 73,481 $ 302,270 $ 195,099 $ 120,550 $ 315,649 $ - $ - Actual return on plan assets 915 7,201 8,116 20,367 10,759 31,126 - - Employer contributions 4,289 2,063 6,352 6,912 2,302 9,214 182 250 Employee contributions 71 - 71 73 - 73 - - Plan settlements (541) - (541) (2,316) (53,494) (55,810) - - Benefits paid (6,869) (5,065) (11,934) (5,087) (6,138) (11,225) (182) (250) Plan expenses and premiums paid (74) - (74) (135) (498) (633) - - Translation differences (9,694) - (9,694) 13,876 - 13,876 - - Fair value of plan assets at end of year $ 216,886 $ 77,680 $ 294,566 $ 228,789 $ 73,481 $ 302,270 $ - $ - Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts recognized in the balance $ 7,916 $ - $ 7,916 $ 6,748 $ - $ 6,748 $ - $ - (191) (1,137) (1,328) (568) (612) (1,180) (220) (286) (19,591) (24,603) (44,194) (25,066) (35,876) (60,942) (1,790) (2,948) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) Amounts not yet reflected in net (22) 43 21 (26) 50 24 46 - (19,163) (9,763) (28,926) (21,976) (5,532) (27,508) 1,034 124 (19,185) (9,720) (28,905) (22,002) (5,482) (27,484) 1,080 124 7,319 (16,020) (8,701) 3,116 (31,006) (27,890) (3,090) (3,358) Net benefit obligation recognized $ (11,866) $ (25,740) $ (37,606) $ (18,886) $ (36,488) $ (55,374) $ (2,010) $ (3,234) The accumulated benefit obligation for all defined benefit pension plans was 321.5 103.4 218.1 million Foreign) and $ 344.4 109.5 234.9 2020, respectively. Information for pension plans with an accumulated benefit obligation 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Accumulated benefit obligation 128,268 103,420 231,688 30,892 109,540 140,432 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 Information for pension plans with a projected benefit obligation 2021 2020 Foreign U.S. Total Foreign U.S. Total Projected benefit obligation $ 138,963 $ 103,420 $ 242,383 $ 32,373 $ 109,969 $ 142,342 Fair value of plan assets 119,181 77,680 196,861 18,074 73,481 91,555 Components of net periodic benefit costs – pension plans: 2021 2020 Foreign U.S. Total Foreign U.S. Total Service cost $ 698 $ 547 $ 1,245 $ 4,340 $ 491 $ 4,831 Interest cost 2,594 1,737 4,331 3,416 2,923 6,339 Expected return on plan assets (4,686) (3,611) (8,297) (4,262) (4,810) (9,072) Settlement loss (gain) 35 - 35 (88) 22,667 22,579 Curtailment charge - - - (1,155) - (1,155) Actuarial loss amortization 996 2,252 3,248 886 2,110 2,996 Prior service cost (credit) amortization 3 7 10 (167) - (167) Net periodic benefit (income) cost $ (360) $ 932 $ 572 $ 2,970 $ 23,381 $ 26,351 2019 Foreign U.S. Total Service cost $ 3,507 $ 434 $ 3,941 Interest cost 3,046 3,313 6,359 Expected return on plan assets (3,668) (3,227) (6,895) Settlement loss 258 - 258 Actuarial loss amortization 757 2,348 3,105 Prior service credit amortization (165) - (165) Net periodic benefit cost $ 3,735 $ 2,868 $ 6,603 Other changes recognized in other comprehensive 2021 2020 Foreign U.S. Total Foreign U.S. Total Net (gain) loss arising during the period $ (388) $ (448) $ (836) $ (1,594) $ 1,536 $ (58) Effect of plan amendment Recognition of amortization in net periodic benefit cost Settlement loss (83) (2,252) (2,335) (39) (22,667) (22,706) Prior service (cost) credit - (7) (7) 1,325 50 1,375 Actuarial (loss) gain (954) (6,925) (7,879) (758) 3,967 3,209 Curtailment Recognition (3) - (3) (3) - (3) Effect of exchange rates on amounts included in AOCI (1,390) - (1,390) 1,535 - 1,535 Total recognized comprehensive (income) loss (2,818) (9,632) (12,450) 466 (17,114) (16,648) Total recognized benefit cost and other comprehensive (income) loss $ (3,178) $ (8,700) $ (11,878) $ 3,436 $ 6,267 $ 9,703 2019 Foreign U.S. Total Net loss arising during period $ 3,826 $ 3,926 $ 7,752 Recognition of amortization in net periodic benefit Prior service credit 196 - 196 Actuarial loss (1,015) (2,347) (3,362) Effect of exchange rates on amounts included (61) - (61) Total recognized 2,946 1,579 4,525 Total recognized other comprehensive loss $ 6,681 $ 4,447 $ 11,128 Components of net periodic benefit costs – other postretirement 2021 2020 2019 Service cost $ 1 $ 5 $ 6 Interest cost 27 77 143 Actuarial loss amortization (82) (5) - Prior service credit amortization (31) - - Net periodic benefit costs $ (85) $ 77 $ 149 Other changes recognized in other comprehensive 2021 2020 2019 Net (gain) loss arising during period $ (992) $ (864) $ 395 Recognition of amortizations in net periodic benefit cost (78) - - Prior service credit 31 - - Actuarial gain amortization 82 5 - Total recognized loss (957) (859) 395 Total recognized other comprehensive (income) loss $ (1,042) $ (782) $ 544 Weighted-average Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.58 % 2.19 % 2.45 % 2.05 % Rate of compensation increase N/A 6.00 % N/A N/A Foreign Discount rate 1.71 % 1.79 % N/A N/A Rate of compensation increase 2.21 % 2.74 % N/A N/A Weighted-average 2020: Other Postretirement Pension Benefits Benefits 2021 2020 2021 2020 U.S. Plans: Discount rate 2.67 % 3.11 % 1.90 % 2.99 % Expected long-term return on plan assets 5.75 % 6.50 % N/A N/A Rate of compensation increase 6.00 % 6.00 % N/A N/A Foreign Plans: Discount rate 1.38 % 2.30 % N/A N/A Expected long-term return on plan assets 2.06 % 2.20 % N/A N/A Rate of compensation increase 2.52 % 2.79 % N/A N/A The long-term rates of return on assets were selected from within the reasonable returns for the asset classes covered by the investment policy and (b) projections benefits are payable to plan participants. Assumed health care cost trend rates as of December 2021 2020 Health care cost trend rate for next year 5.65 % 5.70 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.00 % 4.50 % Year 2046 2037 Plan Assets and Fair Value The Company’s pension plan by asset category were as follows: Asset Category Target 2021 2020 U.S. Plans Equity securities 44 % 46 % 58 % Debt securities 50 % 48 % 36 % Other 6 % 6 % 6 % Total 100 % 100 % 100 % Foreign Plans Equity securities 39 % 36 % 33 % Debt securities 50 % 43 % 45 % Other 11 % 21 % 22 % Total 100 % 100 % 100 % As of December 31, 2021 and 2020, “Other” consisted principally of cash funds. The following is a description of the valuation methodologies used for general classification of such instruments pursuant to the valuation Cash and Cash and Commingled Funds Investments including and these investments are valued using investments As of December 31, 2021, the foreign pension plan commingled funds 35 equity securities, 51 14 real estate. Pooled Separate Investments unit value based on As of December 31, 2021, the U.S. pension plan pooled separate accounts included approximately 49 percent of investments in equity securities and 51 percent of investments in fixed income securities. Fixed Income Investments in foreign pension plans fixed income government securities were which are based on a combination of quoted market prices on an exchange models and Insurance Investments in the foreign pension plan insurance contract are valued at end, either the reported cash surrender value of the contract or the vested benefit the vested benefit obligation are determined based on unobservable inputs, which regarding returns, fees, the present value of the future cash flows of the contract as a Level 3 investment. Diversified Investments quoted redemption or in an in an active Fixed Income Investments quoted redemption or in an in an active Diversified Investment Fund - Registered Investment Investments redemption and this December 62 20 of investments 18 Other – Alternative Investments Investments These investments the present investments. Real Estate The U.S. and foreign pension plans’ underlying investments consist of real property which are valued using unobservable as a Level 3 investment. As of December 31, 2021 and 2020, the U.S. and foreign plans’ investments follows: Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 72,721 $ - $ 72,721 $ - Real estate 4,959 - - 4,959 Subtotal U.S. pension plan assets in fair value hierarchy $ 77,680 $ - $ 72,721 $ 4,959 Total U.S. pension $ 77,680 Foreign Pension Assets Cash and cash equivalents $ 1,989 $ 1,989 $ - $ - Insurance contract 99,527 - - 99,527 Diversified equity securities - registered investment companies 10,999 - 10,999 - Fixed income – foreign registered investment companies 3,593 - 3,593 - Fixed income government securities 35,339 - 35,339 - Real estate 6,588 - - 6,588 Other - alternative investments 6,979 - - 6,979 Sub-total of foreign pension assets in fair value hierarchy $ 165,014 $ 1,989 $ 49,931 $ 113,094 Commingled funds measured at NAV 2,300 Diversified investment fund - companies measured at NAV 49,572 Total foreign pension $ 216,886 Total pension $ 242,694 $ 1,989 $ 122,652 $ 118,053 Total pension 51,872 Total pension $ 294,566 Fair Value Total Using Fair Value U.S. Pension Assets Fair Value Level 1 Level 2 Level 3 Pooled separate accounts $ 69,385 $ - $ 69,385 $ - Real estate 4,096 - - 4,096 Subtotal U.S. pension plan assets in fair value hierarchy $ 73,481 $ - $ 69,385 $ 4,096 Total U.S. pension $ 73,481 Foreign Pension Assets Cash and cash equivalents $ 634 $ 634 $ - $ - Insurance contract 112,920 - - 112,920 Diversified equity securities - registered investment companies 8,851 - 8,851 - Fixed income – foreign registered investment companies 3,711 - 3,711 - Fixed income government securities 37,579 - 37,579 - Real estate 5,679 - - 5,679 Other - alternative investments 10,638 - - 10,638 Sub-total of foreign pension assets in fair value hierarchy $ 180,012 $ 634 $ 50,141 $ 129,237 Commingled funds measured at NAV 2,368 Diversified investment fund - companies measured at NAV 46,409 Total foreign pension $ 228,789 Total pension $ 253,493 $ 634 $ 119,526 $ 133,333 Total pension 48,777 Total pension $ 302,270 Certain investments that are measured at fair value using the NAV value hierarchy. of the fair value hierarchies to the line items presented in the statements of net assets available Changes in the fair value of the plans’ Level 3 investments during the years Insurance Alternative Contract Real Estate Investments Total Balance as of December 31, 2019 $ 92,657 $ 9,581 $ 9,436 $ 111,674 Purchases 3,902 18 989 4,909 Settlements (2,027) - - (2,027) Unrealized gains (losses) 8,917 (16) (171) 8,730 Currency translation adjustment 9,471 192 384 10,047 Balance as of December 31, 2020 112,920 9,775 10,638 133,333 Purchases 1,722 (78) (334) 1,310 Settlements (1,812) - - (1,812) Unrealized (losses) gains (5,031) 1,926 (3,282) (6,387) Currency translation adjustment (8,272) (76) (43) (8,391) Balance as of December $ 99,527 $ 11,547 $ 6,979 $ 118,053 In the fourth quarter of 2018, the Company began the process of terminating plan (“Legacy Quaker U.S. Pension Plan”). determination letter from the I.R.S. and completed the Legacy Quaker In order to terminate the Legacy Quaker U.S. Pension Plan in accordance requirements, the Company was required to fully fund the Legacy Quaker necessary to do so was approximately $ 1.8 finalized the amount of the liability and related annuity payments and 1.6 addition, the Company recorded a non-cash pension settlement charge 22.7 settlement charge included the immediate recognition sheet as of the plan termination date. In connection with the Combination, the Company indirectly acquired all of included in the tables set forth above. employees in the U.K., France and Germany. compensation received for the highest five consecutive years of years and service and a percentage of compensation which varies among The Company contributes to a multiemployer defined benefit pension (the Cleveland Bakers and Teamsters collective bargaining contract is May 1, 2022 . total plan liabilities were approximately $ 587 of approximately $ 387 bargaining union contract and contributions are made 0.2 million during the year ended December 31, 2021. Employer Pension Plan Amendments Act of 1980, imposes certain contingent multiemployer pension plan if the employer withdraws from the plan While the Company may also have additional liabilities imposed by benefit pension plan, there is no The Pension Protection Act of 2006 (the “PPA”) years beginning after 2007 for multiemployer plans with certain classifications based example, the plan’s funded deficiency). measures to improve their funded status through a funding improvement contributions from employers (which may take the form of a surcharge benefits. estimated as such amounts will be likely based on future levels of work by the plan, and the amount of that future work and the number of affected Cash Flows Contributions The Company expects to make minimum cash contributions of approximately$ 10.6 $ 6.6 4.0 0.2 Estimated Future Benefit Payments Excluding any impact related to the PPA appropriate, are expected to be paid: Other Post- Pension Benefits Retirement Foreign U.S. Total Benefits 2022 $ 6,678 $ 6,627 $ 13,305 $ 220 2023 6,661 6,043 12,704 209 2024 6,475 6,205 12,680 187 2025 6,984 6,199 13,183 174 2026 7,702 6,213 13,915 157 2027 to 2031 42,577 30,169 72,746 625 The Company maintains a plan under which supplemental retirement benefits under the plan are based on a combination of years of service and existing charges of $ 3.0 2.5 1.8 representing the annual accrued benefits under this plan. Defined Contribution Plan The Company has a 401(k) plan with an employer match covering Company previously paid a nonelective contribution on behalf of participants the eligible participants’ compensation in the form of Company common elective and elective 401(k) matching contributions in cash, rather than stock. 2021, stock rather than cash. 4.8 $ 5.7 4.0 |