XML 25 R16.htm IDEA: XBRL DOCUMENT
v3.23.2

Net Periodic Benefit Cost | 6 Months Ended
--- | ---
Jun. 30, 2023
Retirement Benefits [Abstract] |
NET PERIODIC BENEFIT COST | NET PERIODIC PENSION COST Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended June 30:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other U.S. Post-retirement Benefits |  | Total
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost, net | $ | 289 |  |  | $ | 416 |  |  | $ | 3,425 |  |  | $ | 4,775 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,714 |  |  | $ | 5,191 |
Interest cost on projected benefit obligations | 1,256 |  |  | 674 |  |  | 4,916 |  |  | 1,492 |  |  | 8 |  |  | 3 |  |  | 6,180 |  |  | 2,169 |
Expected return on plan assets | (1,383) |  |  | (1,547) |  |  | (8,645) |  |  | (9,023) |  |  | — |  |  | — |  |  | (10,028) |  |  | (10,570) |
Recognition of prior service cost | — |  |  | — |  |  | (1,060) |  |  | (1,045) |  |  | (19) |  |  | (19) |  |  | (1,079) |  |  | (1,064) |
Recognition of actuarial losses/(gains) | 548 |  |  | 585 |  |  | 2,561 |  |  | 4,709 |  |  | (1) |  |  | (8) |  |  | 3,108 |  |  | 5,286 |
Net periodic pension cost/(credit) | $ | 710 |  |  | $ | 128 |  |  | $ | 1,197 |  |  | $ | 908 |  |  | $ | (12) |  |  | $ | (24) |  |  | $ | 1,895 |  |  | $ | 1,012 |
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the six months ended June 30:
| U.S. Pension Benefits |  | Non-U.S. Pension Benefits |  | Other U.S. Post-retirement Benefits |  | Total
| 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022 |  | 2023 |  | 2022
Service cost, net | $ | 579 |  |  | $ | 832 |  |  | $ | 6,821 |  |  | $ | 9,765 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,400 |  |  | $ | 10,597 |
Interest cost on projected benefit obligations | 2,511 |  |  | 1,348 |  |  | 9,792 |  |  | 3,051 |  |  | 15 |  |  | 6 |  |  | 12,318 |  |  | 4,405 |
Expected return on plan assets | (2,766) |  |  | (3,094) |  |  | (17,212) |  |  | (18,447) |  |  | — |  |  | — |  |  | (19,978) |  |  | (21,541) |
Recognition of prior service cost | — |  |  | — |  |  | (2,110) |  |  | (2,141) |  |  | (38) |  |  | (37) |  |  | (2,148) |  |  | (2,178) |
Recognition of actuarial losses/(gains) | 1,096 |  |  | 1,169 |  |  | 5,098 |  |  | 9,639 |  |  | (1) |  |  | (15) |  |  | 6,193 |  |  | 10,793 |
Net periodic pension cost/(credit) | $ | 1,420 |  |  | $ | 255 |  |  | $ | 2,389 |  |  | $ | 1,867 |  |  | $ | (24) |  |  | $ | (46) |  |  | $ | 3,785 |  |  | $ | 2,076 |
As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, the Company expects to make employer contributions of approximately $27.5 million to its non-U.S. pension plans during the year ended December 31, 2023. This estimate may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration