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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Defined Benefit Plan, Projected Benefit Obligation

The reconciliation of the projected benefit obligations for the plans at December 31, 2024 and 2023 is as follows (in thousands):

		2024								2023
		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		$	25,742			$	92,391			$	22,583			$	74,025
Service cost			340				3,398				275				3,073
Employee contributions			1,037				554				1,105				601
Interest cost			1,282				2,610				1,262				2,797
Actuarial (gains) losses			(690	)			(2,124	)			2,166				11,387
Benefits paid			(1,860	)			(2,834	)			(1,649	)			(2,051	)
Plan amendments			—				(965	)			—				(500	)
Plan settlements			—				(3,288	)			—				(488	)
Currency impact			—				(5,861	)			—				3,547
Projected benefit obligation, December 31		$	25,851			$	83,881			$	25,742			$	92,391

Defined Benefit Plan, Accumulated Benefit Obligation

The reconciliation of the fair value of the plan assets at December 31, 2024 and 2023 is as follows (in thousands):

		2024								2023
		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		$	18,153			$	86,587			$	15,724			$	77,697
Actual return on plan assets			1,764				2,201				2,444				4,144
Company contributions			686				3,083				529				3,224
Employee contributions			1,037				554				1,105				601
Plan settlements			—				(3,288	)			—				(488	)
Benefits paid			(1,860	)			(2,834	)			(1,649	)			(2,051	)
Currency impact			—				(5,553	)			—				3,460
Fair value of plan assets, December 31		$	19,780			$	80,750			$	18,153			$	86,587

Defined Benefit, Funded Status of Plan

The summary of the funded status for the plans at December 31, 2024 and 2023 is as follows (in thousands):

		2024								2023
		U.S. Retiree				Non-U.S.				U.S. Retiree				Non-U.S.
		Healthcare				Pension				Healthcare				Pension
		Plan				Plans				Plan				Plans
Projected benefit obligation		$	(25,851	)		$	(83,881	)		$	(25,742	)		$	(92,391	)
Fair value of plan assets			19,780				80,750				18,153				86,587
Funded status		$	(6,071	)		$	(3,131	)		$	(7,589	)		$	(5,804	)

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, 2024 and 2023 is as follows (in thousands):

		2024								2023
		U.S. Retiree				Non-U.S.				U.S. Retiree				Non-U.S.
		Healthcare				Pension				Healthcare				Pension
		Plan				Plans				Plan				Plans
Long-term assets		$	—			$	5,109			$	—			$	5,220
Long-term liabilities			(6,071	)			(8,240	)			(7,589	)			(11,024	)
Net amount recognized at December 31		$	(6,071	)		$	(3,131	)		$	(7,589	)		$	(5,804	)

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, 2024, 2023 and 2022 is as follows (in thousands):

		2024								2023								2022
		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		$	340			$	3,398			$	275			$	3,073			$	775			$	4,018
Interest cost			1,282				2,610				1,262				2,797				706				1,360
Expected return on plan assets			(1,120	)			(2,825	)			(978	)			(2,653	)			(1,138	)			(1,972	)
Settlement loss			—				552				—				221				—				73
Net amortization:
Prior service credit			(17	)			(73	)			(19	)			(105	)			(19	)			(129	)
Net actuarial (gain) loss			—				(14	)			—				(195	)			—				649
Net periodic pension cost		$	485			$	3,648			$	540			$	3,138			$	324			$	3,999

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, 2024, 2023 and 2022 is as follows (in thousands):

		2024								2023								2022
		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 cost		$	—			$	965			$	—			$	—			$	—			$	—
Net gain (loss) arising during the year			1,333				1,500				(699	)			(9,396	)			623				19,025
Amortization:
Prior service credit			(17	)			(73	)			(19	)			(105	)			(19	)			(129	)
Net loss			—				538				—				26				—				722
Currency impact			—				30				—				(58	)			—				1,305
Total recognized in other comprehensive income (loss)		$	1,316			$	2,960			$	(718	)		$	(9,533	)		$	604			$	20,923

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, 2024 and 2023 is as follows (in thousands):

		2024								2023
		U.S. Retiree Healthcare Plan				Non-U.S. Pension Plans				U.S. Retiree Healthcare Plan				Non-U.S. Pension Plans
Net actuarial gain (loss)		$	369			$	(1,153	)		$	(964	)		$	(3,241	)
Prior service credit (cost)			—				716				17				(156	)
Total		$	369			$	(437	)		$	(947	)		$	(3,397	)

Defined Benefit Plan, Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized Over Next Fiscal Year

The summary of the Non-U.S. Pension Plans that have accumulated benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):

		2024				2023
Accumulated benefit obligations		$	38,076			$	60,815
Fair value of plan assets		$	33,998			$	52,894

The summary of the Non-U.S. Pension Plans that have projected benefit obligations in excess of plan assets at December 31, 2024 and 2023 is as follows (in thousands):

		2024				2023
Projected benefit obligations		$	42,238			$	63,918
Fair value of plan assets		$	33,998			$	52,894

Defined Benefit Plan, Actual Plan Asset Allocations

The plans’ investment asset mix is as follows at December 31, 2024 and 2023:

		2024								2023
		U.S. Retiree Healthcare Plan				Non-U.S. Pension Plans				U.S. Retiree Healthcare Plan				Non-U.S. Pension Plans
Equity securities			65	%			6	%			70	%			4	%
Debt securities			35	%			17	%			30	%			18	%
Cash and cash equivalents			0	%			1	%			0	%			2	%
Insurance contracts and other			0	%			76	%			0	%			76	%
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			65	%			30% - 90%				18	%
Debt securities			35	%			20% - 50%				22	%
Cash and cash equivalents			0	%			0% - 10%				4	%
Insurance contracts and other			0	%			0% - 10%				56	%

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, 2024 (in thousands):

		Total at December 31, 2024				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)		$	19,780			$	19,780			$	—			$	—
Total U.S. Retiree Healthcare Plan			19,780				19,780				—				—
Non-U.S. Pension Plans:
Cash equivalents(b)			910				910				—				—
Mutual funds(c)			18,413				18,413				—				—
Bank and insurance investment contracts(d)			61,427				—				—				61,427
Total Non-U.S. Pension Plans			80,750				19,323				—				61,427
Total fair value of retirement plan assets		$	100,530			$	39,103			$	—			$	61,427

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(e)		$	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(f)			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

a) The mutual fund balance in the U.S. Retiree Healthcare Plan is invested in the following categories: 47% in the common stock of large-cap U.S. companies, 18% in the common stock of international growth companies and 35% 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: 71% in international bonds, 25% in the common stock of international companies and 4% 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: 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.

f) The mutual fund balance in the Non-U.S. Pension Plans is invested in the following categories: 76% in international bonds, 18% in the common stock of international companies and 7% 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, 2024 and 2023 (in thousands):

		Insurance Guaranteed Investment Contracts
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
Net purchases (sales) and appreciation (depreciation)			(4,764	)
Fair value of assets, December 31, 2024		$	61,427

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, 2024, 2023 and 2022 are as follows:

		2024								2023								2022
		U.S.				Non-U.S.				U.S.				Non-U.S.				U.S.				Non-U.S.
Discount rate			5.62	%			3.00	%			5.18	%			2.97	%			5.42	%			3.82	%
Increases in compensation levels			*	*			2.92	%			*	*			2.90	%			*	*			3.14	%
Interest crediting rate			5.25	%			2.09	%			5.25	%			2.05	%			5.25	%			1.57	%

** 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, 2024, 2023 and 2022 are as follows:

		2024								2023								2022
		U.S.				Non-U.S.				U.S.				Non-U.S.				U.S.				Non-U.S.
Discount rate			5.18	%			3.58	%			5.42	%			4.70	%			2.70	%			2.09	%
Return on plan assets			6.25	%			3.80	%			6.25	%			3.95	%			6.25	%			3.07	%
Increases in compensation levels			*	*			3.74	%			*	*			4.32	%			*	*			3.58	%
Interest crediting rate			5.25	%			2.03	%			5.25	%			1.47	%			5.25	%			1.55	%

** Not applicable

Defined Benefit Plan, Estimated Future Benefit Payments

During fiscal year 2025, 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, 2024 are as follows (in thousands):

		U.S. Retiree Healthcare Plans				Non-U.S. Pension Plans				Total
2025		$	2,180			$	4,617			$	6,797
2026			2,228				3,091				5,319
2027			2,314				3,538				5,852
2028			2,443				4,902				7,345
2029			2,586				4,232				6,818
2030 - 2034			13,769				25,518				39,287

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