XML 26 R16.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Net Periodic Benefit Cost
 6 Months Ended
Jun. 30, 2024
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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
Service cost, net$397 $289 $3,892 $3,425 $— $— $4,289 $3,714 
Interest cost on projected benefit obligations
1,191 1,256 4,370 4,916 6 8 5,567 6,180 
Expected return on plan assets(1,368)(1,383)(9,050)(8,645)— — (10,418)(10,028)
Recognition of prior service cost
— — (1,120)(1,060)(19)(19)(1,139)(1,079)
Recognition of actuarial losses/(gains)
520 548 3,638 2,561 8 (1)4,166 3,108 
Net periodic pension cost/(credit)
$740 $710 $1,730 $1,197 $(5)$(12)$2,465 $1,895 

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 BenefitsNon-U.S. Pension BenefitsOther U.S. Post-retirement BenefitsTotal
 20242023202420232024202320242023
Service cost, net$794 $579 $7,912 $6,821 $— $— $8,706 $7,400 
Interest cost on projected benefit obligations
2,383 2,511 8,849 9,792 13 15 11,245 12,318 
Expected return on plan assets(2,736)(2,766)(18,395)(17,212)— — (21,131)(19,978)
Recognition of prior service cost— — (2,281)(2,110)(38)(38)(2,319)(2,148)
Recognition of actuarial losses/(gains)1,041 1,096 7,399 5,098 16 (1)8,456 6,193 
Net periodic pension cost/(credit)$1,482 $1,420 $3,484 $2,389 $(9)$(24)$4,957 $3,785 

As previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, the Company expects to make employer contributions of approximately $27.3 million
to its non-U.S. pension plans during the year ended December 31, 2024. This estimate may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.