XML 55 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined Benefit Plan, Projected Benefit Obligation
The reconciliation of the projected benefit obligations for the plans at December 31, 2023 and 2022 is as follows
(in thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation, January 1
   $ 22,583     $ 74,025     $ 25,958     $ 106,924  
Service cost
     275       3,073       775       4,018  
Employee contributions
     1,105       601       1,139       536  
Interest cost
     1,262       2,797       706       1,360  
Actuarial losses (gains)
     2,166       11,387       (4,657     (27,494
Benefits paid
     (1,649     (2,051     (1,338     (3,567
Plan amendments
     —        (500     —        —   
Plan settlements
     —        (488     —        (812
Currency impact
     —        3,547       —        (6,940
    
 
 
   
 
 
   
 
 
   
 
 
 
Projected benefit obligation, December 31
   $ 25,742     $ 92,391     $ 22,583     $ 74,025  
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Fair Value of Plan Assets
The reconciliation of the fair value of the plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
 
    
U.S.
Retiree
   
Non-U.S.
   
U.S.
Retiree
   
Non-U.S.
 
    
Healthcare
   
Pension
   
Healthcare
   
Pension
 
    
Plan
   
Plans
   
Plan
   
Plans
 
Fair value of plan assets, January 1
   $ 15,724     $ 77,697     $ 18,314     $ 91,169  
Actual return on plan assets
     2,444       4,144       (2,895     (6,497
Company contributions
     529       3,224       504       2,500  
Employee contributions
     1,105       601       1,139       536  
Plan settlements
     —        (488     —        (812
Benefits paid
     (1,649     (2,051     (1,338     (3,567
Currency impact
     —        3,460       —        (5,632
    
 
 
   
 
 
   
 
 
   
 
 
 
Fair value of plan assets, December 31
   $ 18,153     $ 86,587     $ 15,724     $ 77,697  
    
 
 
   
 
 
   
 
 
   
 
 
 
 
Defined Benefit, Funded Status of Plan
The summary of the funded status for the plans at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
 
    
U.S.
Retiree
   
Non-U.S.
   
U.S.
Retiree
   
Non-U.S.
 
    
Healthcare
   
Pension
   
Healthcare
   
Pension
 
    
Plan
   
Plans
   
Plan
   
Plans
 
Projected benefit obligation
   $ (25,742   $ (92,391   $ (22,583   $ (74,025
Fair value of plan assets
     18,153       86,587       15,724       77,697  
    
 
 
   
 
 
   
 
 
   
 
 
 
Funded status
   $ (7,589   $ (5,804   $ (6,859   $ 3,672  
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Amounts Recognized in Balance Sheet
The summary of the amounts recognized in the consolidated balance sheets for the plans at December 31, 2023 and 2022 is as follows (in
thousands):
 
 
  
2023
 
 
2022
 
 
  
U.S.
Retiree
 
 
Non-U.S.
 
 
U.S.
Retiree
 
 
Non-U.S.
 
 
  
Healthcare
 
 
Pension
 
 
Healthcare
 
 
Pension
 
 
  
Plan
 
 
Plans
 
 
Plan
 
 
Plans
 
Long-term assets
   $ —      $ 5,220     $ —      $ 9,554  
Long-term liabilities
     (7,589     (11,024     (6,859 )     (5,882 )
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Net amount recognized at December 31
   $ (7,589   $ (5,804   $ (6,859   $ 3,672  
    
 
 
   
 
 
   
 
 
   
 
 
 
Summary of the Non-U.S. Pension Plans
The summary of the
Non-U.S.
Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
 
Accumulated benefit obligations
   $ 60,815      $ 16,962  
Fair value of plan assets
   $ 52,894      $ 13,616  
The summary of the
Non-U.S.
Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
    
2023
    
2022
 
Projected benefit obligations
   $ 63,918      $ 19,498  
Fair value of plan assets
   $ 52,894      $ 13,616  
Defined Benefit Plan, Net Periodic Benefit Cost
The summary of the components
of net periodic pension costs for the plans for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Service cost
   $ 275     $ 3,073     $ 775     $ 4,018     $ 884     $ 4,577  
Interest cost
     1,262       2,797       706       1,360       559       1,247  
Expected return on plan assets
     (978     (2,653     (1,138     (1,972     (1,011     (1,835
Settlement loss
     —        221       —        73       —        77  
Net amortization:
                                                
Prior service credit
     (19     (105     (19     (129     (19     (87
Net actuarial (gain) loss
     —        (195     —        649       10       1,186  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Net periodic pension cost
   $ 540     $ 3,138     $ 324     $ 3,999     $ 423     $ 5,165  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Defined Beneift Plan, Amounts Recognized in Other Comprehensive Income (Loss)
The summary of the changes in amounts recognized in other comprehensive income (loss) for the plans for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):
 
 
  
2023
 
 
2022
 
 
2021
 
 
  
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
 
U.S.
Retiree
Healthcare
Plan
 
 
Non-U.S.

Pension
Plans
 
Prior service credit
   $ —      $ —      $ —      $ —      $ —      $ (69
Net (loss) gain arising during the year
     (699 )     (9,396     623       19,025       1,524       6,708  
Amortization:
                                                
Prior service credit
     (19 )
 
    (105     (19     (129     (19     (87
Net loss
     —        26       —        722       10       1,263  
Currency impact
     —        (58 )     —        1,305       —        1,179  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total recognized in other comprehensive (loss) income
   $ (718 )   $ (9,533 )   $ 604     $ 20,923     $ 1,515     $ 8,994  
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Accumulated Other Comprehensive Income
The summary of the amounts included in accumulated other comprehensive loss in stockholders’ equity for the plans at December 31, 2023 and 2022 is as follows (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Net actuarial (loss) gain
   $ (964 )
 
  $ (3,241 )
 
  $ (266   $ 6,157  
Prior service credit (cost)
     17       (156 )     36       (20
    
 
 
   
 
 
   
 
 
   
 
 
 
Total
   $ (947 )   $ (3,397 )   $ (230   $ 6,137  
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Actual Plan Asset Allocations
 
 
The plans’ investment asset mix is as follows at December 31, 2023 and 2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
 
    
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
   
U.S.
Retiree
Healthcare
Plan
   
Non-U.S.

Pension
Plans
 
Equity securities
     70     4     77     5
Debt securities
     30     18     23     18
Cash and cash equivalents
     0     2     0     2
Insurance contracts and other
     0     76     0     75
    
 
 
   
 
 
   
 
 
   
 
 
 
Total
     100     100     100     100
    
 
 
   
 
 
   
 
 
   
 
 
 
Defined Benefit Plan, Target Asset Allocations
The plans’ investment policies include the following asset allocation guidelines:
 
 
  
U.S. Retiree Healthcare Plan
 
  
Non-U.S.

Pension Plans

Policy Target
 
 
  
Policy Target
 
 
Range
 
Equity securities
     60     30% - 90%        13
Debt securities
     35     20% - 50%        19
Cash and cash equivalents
     0     0% - 10%        8
Insurance contracts and other
     5     0% - 10%        60
Defined Benefit Plan, Fair Value Measurement of Plan Assets
The fair value of the Company’s retirement plan assets are as follows at December 31, 2023 (in thousands):
 
 
 
  
Total at
December 31,
2023
 
  
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs
(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(a)
     18,153        18,153        —         —   
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. Retiree Healthcare Plan
     18,153        18,153        —         —   
Non-U.S.
Pension Plans:
                                   
Cash equivalents
(b)
     1,611        1,611        —         —   
Mutual funds
(c)
     18,785        18,785        —         —   
Bank and insurance investment contracts
(d)
     66,191        —         —         66,191  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
Non-U.S.
Pension Plans
     86,587        20,396        —         66,191  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value of retirement plan assets
   $ 104,740      $ 38,549      $ —       $ 66,191  
    
 
 
    
 
 
    
 
 
    
 
 
 
The fair value of the Company’s retirement plan assets are as follows at December 31, 2022 (in thousands):
 
 
  
Total at
December 31,
2022
 
  
Quoted Prices
in Active
Markets for
Identical
Assets

(Level 1)
 
  
Significant
Other
Observable
Inputs
(Level 2)
 
  
Significant
Unobservable
Inputs

(Level 3)
 
U.S. Retiree Healthcare Plan:
  
  
  
  
Mutual funds
(e)
     15,724        15,724        —         —   
    
 
 
    
 
 
    
 
 
    
 
 
 
Total U.S. Retiree Healthcare Plan
     15,724        15,724        —         —   
Non-U.S.
Pension Plans:
                                   
Cash equivalents
(b)
     1,527        1,527        —         —   
Mutual funds
(f)
     18,176        18,176        —         —   
Bank and insurance investment contracts
(d)
     57,994        —         —         57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total
Non-U.S.
Pension Plans
     77,697        19,703        —         57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total fair value of retirement plan assets
   $ 93,421      $ 35,427      $ —       $ 57,994  
    
 
 
    
 
 
    
 
 
    
 
 
 
 
a)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 41% in the common stock of
large-cap
U.S. companies, 29% in the common stock of international growth companies and 30% in fixed income bonds of U.S. companies and the U.S. government.
b)
Primarily represents deposit account funds held with various financial institutions. 
c)
The mutual fund balance in the
Non-U.S.
Pension Plans is primarily invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% in various other global investments.
d)
Amount represents bank and insurance guaranteed investment contracts.
e)
The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 49% in the common stock of
large-cap
U.S. companies, 28% in the common stock of international growth companies and 23% in fixed income bonds of U.S. companies and the U.S. government.
f)
The mutual fund balance in the
Non-U.S.
Pension Plans is invested in the following categories: 59% in international bonds, 22% in the common stock of international companies and 19% in various other global investments.
Defined Benefit Plan, Fair Value of Plan Assets, Unobservable Input Reconciliation
The following table summarizes the changes in fair value of the Level 3 retirement plan assets for the years ended December 31, 2023 and 2022 (in thousands)
:
 

 
  
Insurance
Guaranteed
Investment
Contracts
 
Fair value of assets, December 31, 2021
   $ 65,945  
Net purchases (sales) and appreciation (depreciation)
     (7,951 )
 
    
 
 
 
Fair value of assets, December 31, 2022
     57,994  
Net purchases (sales) and appreciation (depreciation)
     8,197  
    
 
 
 
Fair value of assets, December 31, 2023
   $ 66,191  
    
 
 
 
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Benefit Obligation
The weighted-average assumptions used to determine the benefit obligation in the consolidated balance sheets at December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
   
2021
 
    
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
 
Discount rate
     5.18     2.97     5.42     3.82     2.70     1.40
Increases in compensation levels
     *     2.90     *     3.14     *     2.74
Interest crediting rate
     5.25     2.05     5.25     1.57     5.25     0.99

**
Not applicable
Defined Benefit Plan, Weighted-Average Assumptions Used in Calculating Net Periodic Benefit Cost
The weighted-average assumptions used to determine the net periodic pension cost for the years ended December 31, 2023, 2022 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
2023
   
2022
   
2021
 
    
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
   
U.S.
   
Non-U.S.
 
Discount rate
     5.42     4.70     2.70     2.09     2.25     1.40
Return on plan assets
     6.25     3.95     6.25     3.07     6.25     2.58
Increases in compensation levels
     *     4.32     *     3.58     *     3.11
Interest crediting rate
     5.25     1.47     5.25     1.55     5.25     0.77

**
Not applicable
Defined Benefit Plan, Estimated Future Benefit Payments
During
fiscal year 2024, the Company expects to contribute a total of approximately $3 million to $6 million to the Company’s defined benefit plans. Estimated future benefit payments from the plans as of December 31, 2023 are as follows (in thousands):
 

 
  
U.S.
Retiree Healthcare
Plans
 
  
Non-U.S.

Pension
Plans
 
  
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2024
   $ 1,959      $ 4,018      $ 5,977  
2025
     2,068        4,062        6,130  
2026
     2,153        3,376        5,529  
2027
     2,251        4,192        6,443  
2028
     2,444        5,420        7,864  
2029 - 2033
     13,807        26,732        40,539