XML 59 R40.htm IDEA: XBRL DOCUMENT v3.24.0.1
Retirement Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2023
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:
20232022
(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year$383,143 $504,773 
Service cost1,205 2,067 
Interest cost20,840 14,889 
Actuarial losses (gains)10,229 (106,159)
Gross benefits paid(49,169)(32,090)
Settlements (337)
Net projected benefit obligation at the end of the year$366,248 $383,143 
Change in plan assets:
Fair value of plan assets at the beginning of the year$569,049 $701,627 
Actual return on plan assets79,366 (101,381)
Employer contributions640 1,230 
Gross benefits paid(49,169)(32,090)
Settlements (337)
Fair value of plan assets at the end of the year$599,886 $569,049 
Foreign Defined Benefit Pension Plans:
20232022
(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year$198,744 $332,422 
Service cost1,615 2,852 
Interest cost9,369 5,235 
Foreign currency translation adjustments10,312 (31,367)
Actuarial losses (gains)7,575 (100,201)
Expenses paid from assets(552)(686)
Gross benefits paid(11,581)(9,409)
Settlements (102)
Net projected benefit obligation at the end of the year$215,482 $198,744 
Change in plan assets:
Fair value of plan assets at the beginning of the year$159,592 $266,288 
Actual return on plan assets10,132 (77,643)
Employer contributions8,031 7,729 
Foreign currency translation adjustments8,821 (26,585)
Expenses paid from assets(552)(686)
Settlements (102)
Gross benefits paid(11,581)(9,409)
Fair value of plan assets at the end of the year$174,443 $159,592 
Accumulated Benefit Obligation ("ABO")
The accumulated benefit obligation consisted of the following at December 31:
U.S. Defined Benefit Pension Plans:
20232022
(In thousands)
Funded plans$357,498 $374,979 
Unfunded plans2,558 2,869 
Total$360,056 $377,848 
Foreign Defined Benefit Pension Plans:
20232022
(In thousands)
Funded plans$178,854 $167,495 
Unfunded plans36,360 30,924 
Total$215,214 $198,419 
Weighted Average Assumptions Used to Determine Benefit Obligations
Weighted average assumptions used to determine benefit obligations at December 31:
20232022
U.S. Defined Benefit Pension Plans:
Discount rate5.38 %5.65 %
Rate of compensation increase (where applicable)3.75 %3.75 %
Foreign Defined Benefit Pension Plans:
Discount rate4.36 %4.73 %
Rate of compensation increase (where applicable)3.00 %2.50 %
The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:
202320222021
U.S. Defined Benefit Pension Plans:
Discount rate5.65 %3.02 %2.69 %
Expected return on plan assets7.59 %6.75 %6.75 %
Rate of compensation increase (where applicable)3.75 %3.75 %3.75 %
Foreign Defined Benefit Pension Plans:
Discount rate4.73 %1.78 %1.27 %
Expected return on plan assets6.41 %5.85 %5.47 %
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:
20232022
Asset ClassTotalLevel 1Level 2TotalLevel 1Level 2
(In thousands)
Corporate debt instruments$5,295 $ $5,295 $6,192 $— $6,192 
Corporate debt instruments – Preferred16,004  16,004 13,425 — 13,425 
Corporate stocks – Common43,287 43,287  53,629 53,629 — 
Municipal bonds1,253  1,253 711 — 711 
Registered investment companies169,794 169,794  155,541 155,541 — 
U.S. Government securities1,262  1,262 1,253 — 1,253 
Total investments236,895 213,081 23,814 230,751 209,170 21,581 
Investments measured at net asset value362,991   338,298 — — 
Total investments$599,886 $213,081 $23,814 $569,049 $209,170 $21,581 
The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:
20232022
Asset ClassTotalLevel 3TotalLevel 3
(In thousands)
Life insurance$12,619 $12,619 $13,043 $13,043 
Total investments12,619 12,619 13,043 13,043 
Investments measured at net asset value161,824  146,549 — 
Total investments$174,443 $12,619 $159,592 $13,043 
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, 2021$18,806 
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year$(5,763)
Realized gains (losses) relating to assets sold during the year$— 
Purchases, sales, issuances and settlements, net$— 
Balance, December 31, 2022$13,043 
Actual return on assets:
Unrealized gains (losses) relating to instruments still held at the end of the year
$(424)
Realized gains (losses) relating to assets sold during the year$— 
Purchases, sales, issuances and settlements, net$ 
Balance, December 31, 2023$12,619 
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
2023202220232022
(In thousands)
Benefit obligation$2,558 $4,043 $2,558 $4,043 
Fair value of plan assets 707  707 
Foreign Defined Benefit Pension Plans:
Projected Benefit
Obligation Exceeds
Fair Value of Assets
Accumulated Benefit
Obligation Exceeds
Fair Value of Assets
2023202220232022
(In thousands)
Benefit obligation$132,796 $162,105 $132,527 $161,780 
Fair value of plan assets88,028 120,056 88,028 120,056 
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:
20232022
(In thousands)
Funded status asset (liability):
Fair value of plan assets$774,329 $728,641 
Projected benefit obligation(581,730)(581,887)
Funded status at the end of the year$192,599 $146,754 
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)$239,925 $192,140 
Current liabilities for pension benefits(2,816)(2,700)
Non-current liability for pension benefits(44,510)(42,686)
Net amount recognized at the end of the year$192,599 $146,754 
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:20232022
(In thousands)
Net actuarial loss$184,489 $205,193 
Prior service costs1,616 1,625 
Transition asset2 
Total recognized$186,107 $206,821 
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:
202320222021
(In thousands)
Defined benefit plans:
Service cost$2,820 $4,919 $6,985 
Interest cost30,209 20,124 18,532 
Expected return on plan assets(52,289)(60,104)(56,752)
Curtailment — 3,151 
Settlement (58)— 
Amortization of:
Net actuarial loss11,569 8,531 16,353 
Prior service costs101 100 456 
Transition asset1 
Total net periodic benefit income(7,589)(26,487)(11,274)
Other plans:
Defined contribution plans43,044 39,326 31,149 
Foreign plans and other9,015 8,373 8,454 
Total other plans52,059 47,699 39,603 
Total net pension expense$44,470 $21,212 $28,329