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Retirement Plans and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2024
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:
20242023
(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year$366,248 $383,143 
Service cost1,177 1,205 
Interest cost18,998 20,840 
Actuarial (gains) losses(10,115)10,229 
Gross benefits paid(30,000)(49,169)
Net projected benefit obligation at the end of the year$346,308 $366,248 
Change in plan assets:
Fair value of plan assets at the beginning of the year$599,886 $569,049 
Actual return on plan assets46,900 79,366 
Employer contributions650 640 
Gross benefits paid(30,000)(49,169)
Fair value of plan assets at the end of the year$617,436 $599,886 
Foreign Defined Benefit Pension Plans:
20242023
(In thousands)
Change in projected benefit obligation:
Net projected benefit obligation at the beginning of the year$215,482 $198,744 
Service cost1,623 1,615 
Interest cost9,087 9,369 
Foreign currency translation adjustments(5,162)10,312 
Actuarial (gains) losses(18,872)7,575 
Expenses paid from assets(579)(552)
Gross benefits paid(10,776)(11,581)
Net projected benefit obligation at the end of the year$190,803 $215,482 
Change in plan assets:
Fair value of plan assets at the beginning of the year$174,443 $159,592 
Actual return on plan assets(2,327)10,132 
Employer contributions8,044 8,031 
Foreign currency translation adjustments(3,038)8,821 
Expenses paid from assets(579)(552)
Gross benefits paid(10,776)(11,581)
Fair value of plan assets at the end of the year$165,767 $174,443 
Accumulated Benefit Obligation ("ABO")
The accumulated benefit obligation consisted of the following at December 31:
U.S. Defined Benefit Pension Plans:
20242023
(In thousands)
Funded plans$339,029 $357,498 
Unfunded plans2,214 2,558 
Total$341,243 $360,056 
Foreign Defined Benefit Pension Plans:
20242023
(In thousands)
Funded plans$155,368 $178,854 
Unfunded plans35,246 36,360 
Total$190,614 $215,214 
Weighted Average Assumptions Used to Determine Benefit Obligations
Weighted average assumptions used to determine benefit obligations at December 31:
20242023
U.S. Defined Benefit Pension Plans:
Discount rate5.74 %5.38 %
Rate of compensation increase (where applicable)3.75 %3.75 %
Foreign Defined Benefit Pension Plans:
Discount rate5.20 %4.36 %
Rate of compensation increase (where applicable)3.00 %3.00 %
The following weighted average assumptions were used to determine the above net periodic pension benefit income for the years ended December 31:
202420232022
U.S. Defined Benefit Pension Plans:
Discount rate5.38 %5.65 %3.02 %
Expected return on plan assets7.46 %7.59 %6.75 %
Rate of compensation increase (where applicable)3.75 %3.75 %3.75 %
Foreign Defined Benefit Pension Plans:
Discount rate4.36 %4.73 %1.78 %
Expected return on plan assets6.49 %6.41 %5.85 %
Rate of compensation increase (where applicable)3.00 %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:
20242023
Asset ClassTotalLevel 1Level 2Level 3TotalLevel 1Level 2
(In thousands)
Corporate debt instruments$2,595 $ $2,595 $ $5,295 $— $5,295 
Corporate debt instruments – Preferred18,027  18,027  16,004 — 16,004 
Corporate stocks – Common56,258 56,258   43,287 43,287 — 
Municipal bonds1,456  1,456  1,253 — 1,253 
Hedge Funds31,900   31,900 — — — 
Registered investment companies145,380 145,380   169,794 169,794 — 
U.S. Government securities1,141  1,141  1,262 — 1,262 
Total investments256,757 201,638 23,219 31,900 236,895 213,081 23,814 
Investments measured at net asset value360,679    362,991 — — 
Total investments$617,436 $201,638 $23,219 $31,900 $599,886 $213,081 $23,814 
The following is a summary of the fair value of plan assets for foreign defined benefit pension plans at December 31:
20242023
Asset ClassTotalLevel 3TotalLevel 3
(In thousands)
Life insurance$10,766 $10,766 $12,619 $12,619 
Total investments10,766 10,766 12,619 12,619 
Investments measured at net asset value155,001  161,824 — 
Total investments$165,767 $10,766 $174,443 $12,619 
Summary of Changes in Fair Value of U.S. Plans' Investments Using Significant Unobservable Inputs
The following is a summary of the changes in the fair value of the U.S. plans’ level 3 investments (fair value determined using significant unobservable inputs):
Hedge Funds
(In thousands)
Balance, December 31, 2023$— 
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year— 
Realized gains (losses) relating to assets sold during the year— 
Purchases, sales, issuances and settlements, net31,900 
Balance, December 31, 2024$31,900 
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, 2022$13,043 
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year$(424)
Realized gains (losses) relating to assets sold during the year$— 
Purchases, sales, issuances and settlements, net$— 
Balance, December 31, 2023$12,619 
Actual return on assets:
Unrealized losses relating to instruments still held at the end of the year$(1,853)
Realized gains (losses) relating to assets sold during the year$— 
Purchases, sales, issuances and settlements, net$ 
Balance, December 31, 2024$10,766 
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
2024202320242023
(In thousands)
Benefit obligation$2,214 $2,558 $2,214 $2,558 
Fair value of plan assets —  — 
Foreign Defined Benefit Pension Plans:
Projected Benefit
Obligation Exceeds
Fair Value of Assets
Accumulated Benefit
Obligation Exceeds
Fair Value of Assets
2024202320242023
(In thousands)
Benefit obligation$35,435 $132,796 $35,246 $132,527 
Fair value of plan assets2,316 88,028 2,316 88,028 
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:
20242023
(In thousands)
Funded status asset (liability):
Fair value of plan assets$783,203 $774,329 
Projected benefit obligation(537,111)(581,730)
Funded status at the end of the year$246,092 $192,599 
Amounts recognized in the consolidated balance sheet consisted of:
Non-current asset for pension benefits (other assets)$281,425 $239,925 
Current liabilities for pension benefits(2,294)(2,816)
Non-current liability for pension benefits(33,039)(44,510)
Net amount recognized at the end of the year$246,092 $192,599 
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:20242023
(In thousands)
Net actuarial loss$162,086 $184,489 
Prior service costs1,519 1,616 
Transition asset1 
Total recognized$163,606 $186,107 
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:
202420232022
(In thousands)
Defined benefit plans:
Service cost$2,800 $2,820 $4,919 
Interest cost28,085 30,209 20,124 
Expected return on plan assets(54,672)(52,289)(60,104)
Settlement — (58)
Amortization of:
Net actuarial loss9,619 11,569 8,531 
Prior service costs103 101 100 
Transition asset1 
Total net periodic benefit income(14,064)(7,589)(26,487)
Other plans:
Defined contribution plans44,898 43,044 39,326 
Foreign plans and other8,575 9,015 8,373 
Total other plans53,473 52,059 47,699 
Total net pension expense$39,409 $44,470 $21,212