FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 69
Table of Contents
Benefits expected to be paid to the participants of the plans are:
$
2022
2023
2024
2025
2026
Five years thereafter
U.S. Plans
12,528
16,274
19,991
23,607
27,039
181,532
Non-U.S. Plans
$
6,851
8,784
7,180
7,511
8,772
43,218
We presently anticipate contributing approximately $5,200 to the SERP Trust for the non-qualified plan and $7,900 to
the non-U.S. plans in 2022.
Expense for all defined contribution plans consists of:
U.S. defined contribution plans
Non-U.S. defined contribution plans
Total expense for defined contribution plans
$
$
2021
36,131
8,890
45,021
$
$
2020
27,698
5,965
33,663
$
$
2019
19,848
5,270
25,118
We provide postretirement health care benefits to certain domestic retirees, who were hired prior to October 1, 1989.
There are no plan assets. The changes in the accumulated benefit obligation of this unfunded plan for 2021 and 2020
are shown in the following table:
October 2,
2021
Change in Accumulated Postretirement Benefit Obligation (APBO):
APBO at prior year measurement date
Service cost
Interest cost
Contributions by plan participants
Benefits paid
Actuarial (gains) losses
APBO at measurement date
Funded status
Accrued postretirement benefit liability
Amount recognized in AOCIL, before taxes:
Actuarial gains
Amount recognized in AOCIL, before taxes
$
$
$
$
9,274
52
124
553
(464)
(3,258)
6,281
(6,281)
6,281
$
6,042
6,042
October 3,
2020
$
$
$
$
8,810
55
211
629
(668)
237
9,274
(9,274)
9,274
$
3,297
3,297
The cost of the postretirement benefit plan is as follows:
2021
Service cost
Interest cost
Amortization of prior service credit
Amortization of actuarial gain
Net periodic postretirement benefit income
$
$
2020
52
124
—
(513)
(337)
$
$
2019
55
211
(259)
(607)
(600)
$
$
68
315
(471)
(713)
(801)
As of the measurement date, the assumed discount rate used in the accounting for the postretirement benefit
obligation was 2.5% in 2021, 2.3% in 2020 and 3.0% in 2019. The assumed service cost discount rate and interest
cost discount rate used in the accounting for the net periodic postretirement benefit cost were 2.5% and 1.4%,
respectively in 2021, 3.1% and 2.5%, respectively in 2020 and 4.3% and 3.8%, respectively in 2019.
For measurement purposes, a 7.8% annual per capita rate of increase of medical and drug costs were assumed for
2022, gradually decreasing to 4.5% for 2035 and years thereafter.
Employee and management profit sharing reflects a discretionary payment based on our financial performance. Profit
share expense was $34,257, $21,968 and $33,250 in 2021, 2020 and 2019, respectively.
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