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Retirement Plans and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Net Projected Benefit Obligation and Fair Value of Plan Assets for Funded and Unfunded Defined Benefit Plans

The following tables set forth the changes in net projected benefit obligation and the fair value of plan assets for the funded and unfunded defined benefit plans for the years ended December 31:

U.S. Defined Benefit Pension Plans:

			2022						2021
			(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year			$	504,773					$	532,357
Service cost			2,067						2,767
Interest cost			14,889						14,074
Actuarial (gains) losses			(106,159)						(12,593)
Gross benefits paid			(32,090)						(31,832)
Acquisition			(337)						—
Net projected benefit obligation at the end of the year			$	383,143					$	504,773
Change in plan assets:
Fair value of plan assets at the beginning of the year			$	701,627					$	662,298
Actual return on plan assets			(101,381)						70,540
Employer contributions			1,230						621
Gross benefits paid			(32,090)						(31,832)
Acquisition			(337)						—
Fair value of plan assets at the end of the year			$	569,049					$	701,627

Foreign Defined Benefit Pension Plans:

			2022						2021
			(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year			$	332,422					$	351,584
Service cost			2,852						4,218
Interest cost			5,235						4,458
Foreign currency translation adjustments			(31,367)						(6,580)
Employee contributions			—						76
Actuarial (gains) losses			(100,201)						(10,199)
Expenses paid from assets			(686)						(1,121)
Gross benefits paid			(9,409)						(10,426)
Settlements			(102)						—
Curtailments			—						412
Net projected benefit obligation at the end of the year			$	198,744					$	332,422
Change in plan assets:
Fair value of plan assets at the beginning of the year			$	266,288					$	250,735
Actual return on plan assets			(77,643)						20,184
Employer contributions			7,729						9,656
Employee contributions			—						76
Foreign currency translation adjustments			(26,585)						(2,816)
Expenses paid from assets			(686)						(1,121)
Settlements			(102)						—
Gross benefits paid			(9,409)						(10,426)
Fair value of plan assets at the end of the year			$	159,592					$	266,288

Accumulated Benefit Obligation ("ABO")

The accumulated benefit obligation consisted of the following at December 31:

U.S. Defined Benefit Pension Plans:

			2022						2021
			(In thousands)
Funded plans			$	374,979					$	492,957
Unfunded plans			2,869						3,913
Total			$	377,848					$	496,870

Foreign Defined Benefit Pension Plans:

			2022						2021
			(In thousands)
Funded plans			$	167,495					$	284,013
Unfunded plans			30,924						47,761
Total			$	198,419					$	331,774

Weighted Average Assumptions Used to Determine Benefit Obligations

Weighted average assumptions used to determine benefit obligations at December 31:

			2022						2021
U.S. Defined Benefit Pension Plans:
Discount rate			5.65		%				3.02		%
Rate of compensation increase (where applicable)			3.75		%				3.75		%
Foreign Defined Benefit Pension Plans:
Discount rate			4.73		%				1.78		%
Rate of compensation increase (where applicable)			2.50		%				2.50		%

The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:

			2022						2021						2020
U.S. Defined Benefit Pension Plans:
Discount rate			3.02		%				2.69		%				3.45		%
Expected return on plan assets			6.75		%				6.75		%				7.00		%
Rate of compensation increase (where applicable)			3.75		%				3.75		%				3.75		%
Foreign Defined Benefit Pension Plans:
Discount rate			1.78		%				1.27		%				1.83		%
Expected return on plan assets			5.85		%				5.47		%				5.97		%
Rate of compensation increase (where applicable)			2.50		%				2.50		%				2.50		%

Fair Value of Plan Assets

The following is a summary of the fair value of plan assets for U.S. plans at December 31:

			2022																		2021
Asset Class			Total						Level 1						Level 2						Total						Level 1						Level 2
			(In thousands)
Corporate debt instruments			$	6,192					$	—					$	6,192					$	4,053					$	—					$	4,053
Corporate debt instruments – Preferred			13,425						—						13,425						11,265						—						11,265
Corporate stocks – Common			53,629						53,629						—						67,975						67,975						—
Municipal bonds			711						—						711						676						—						676
Registered investment companies			155,541						155,541						—						150,535						150,535						—
U.S. Government securities			1,253						—						1,253						663						—						663
Total investments			230,751						209,170						21,581						235,167						218,510						16,657
Investments measured at net asset value			338,298						—						—						466,460						—						—
Total investments			$	569,049					$	209,170					$	21,581					$	701,627					$	218,510					$	16,657

The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:

			2022												2021
Asset Class			Total						Level 3						Total						Level 3
			(In thousands)
Life insurance			$	13,043					$	13,043					$	18,806					$	18,806
Total investments			13,043						13,043						18,806						18,806
Investments measured at net asset value			146,549						—						247,482						—
Total investments			$	159,592					$	13,043					$	266,288					$	18,806

Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs

The following is a summary of the changes in the fair value of the foreign plans’ level 3 investments (fair value determined using significant unobservable inputs):

			Life Insurance
			(In thousands)
Balance, December 31, 2020			$	20,908
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year			$	(2,102)
Realized gains (losses) relating to assets sold during the year			$	—
Purchases, sales, issuances and settlements, net			$	—
Balance, December 31, 2021			$	18,806
Actual return on assets:
Unrealized gains (losses) relating to instruments still held at the end of the year			$	(5,763)
Realized gains (losses) relating to assets sold during the year			$	—
Purchases, sales, issuances and settlements, net			$	—
Balance, December 31, 2022			$	13,043

Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with a projected benefit obligation in excess of plan assets and pension plans with an accumulated benefit obligation in excess of plan assets were as follows at December 31:

U.S. Defined Benefit Pension Plans:

			Projected Benefit Obligation Exceeds Fair Value of Assets												Accumulated Benefit Obligation Exceeds Fair Value of Assets
			2022						2021						2022						2021
			(In thousands)
Benefit obligation			$	4,043					$	6,234					$	4,043					$	6,234
Fair value of plan assets			707						1,239						707						1,239

Foreign Defined Benefit Pension Plans:

			Projected Benefit Obligation Exceeds Fair Value of Assets												Accumulated Benefit Obligation Exceeds Fair Value of Assets
			2022						2021						2022						2021
			(In thousands)
Benefit obligation			$	162,105					$	272,245					$	161,780					$	271,596
Fair value of plan assets			120,056						200,862						120,056						200,862

Funded Status of Plan and Amounts Recognized in Balance Sheet

The following table provides the amounts recognized in the consolidated balance sheet at December 31:

			2022						2021
			(In thousands)
Funded status asset (liability):
Fair value of plan assets			$	728,641					$	967,915
Projected benefit obligation			(581,887)						(837,195)
Funded status at the end of the year			$	146,754					$	130,720
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)			$	192,140					$	207,099
Current liabilities for pension benefits			(2,700)						(2,133)
Non-current liability for pension benefits			(42,686)						(74,246)
Net amount recognized at the end of the year			$	146,754					$	130,720

Amounts Recognized in Accumulated Other Comprehensive Income, Net of Taxes

The following table provides the amounts recognized in accumulated other comprehensive income, net of taxes, at December 31:

Net amounts recognized:			2022						2021
			(In thousands)
Net actuarial loss			$	205,193					$	193,220
Prior service costs			1,625						1,855
Transition asset			3						4
Total recognized			$	206,821					$	195,079

Components of Net Periodic Pension Benefit Expense (Income)

The following table provides the components of net periodic pension benefit expense (income) for the years ended December 31:

			2022						2021						2020
			(In thousands)
Defined benefit plans:
Service cost			$	4,919					$	6,985					$	7,261
Interest cost			20,124						18,532						22,611
Expected return on plan assets			(60,104)						(56,752)						(54,629)
Curtailment			—						3,151						—
Settlement			(58)						—						—
Amortization of:
Net actuarial loss			8,531						16,353						15,479
Prior service costs			100						456						486
Transition asset			1						1						1
Total net periodic benefit income			(26,487)						(11,274)						(8,791)
Other plans:
Defined contribution plans			39,326						31,149						30,829
Foreign plans and other			8,373						8,454						7,902
Total other plans			47,699						39,603						38,731
Total net pension expense			$	21,212					$	28,329					$	29,940

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