XML 60 R40.htm IDEA: XBRL DOCUMENT
v3.24.0.1

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS |
Obligations and Funded Status | Obligations and Funded Status ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans
Change in benefit obligations |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Benefit obligations at beginning of year | ​ | $ | 9,374 | ​ | $ | 118,489 | ​ | $ | 10,930 | ​ | $ | 164,005
Service cost | ​ |  | 166 | ​ |  | 955 | ​ |  | 199 | ​ |  | 1,077
Interest cost | ​ |  | 466 | ​ |  | 4,867 | ​ |  | 262 | ​ |  | 2,644
Plan participants' contributions | ​ |  | — | ​ |  | 48 | ​ |  | — | ​ |  | 54
Acquisitions & other adjustments | ​ |  | (821) | ​ |  | 84 | ​ |  | 2,689 | ​ |  | (341)
Actuarial (gain) loss (1) | ​ |  | 990 | ​ |  | 5,633 | ​ |  | (4,706) | ​ |  | (30,229)
Benefits paid | ​ |  | — | ​ |  | (7,265) | ​ |  | — | ​ |  | (7,066)
Settlements/curtailments | ​ |  | (1,805) | ​ |  | (1,700) | ​ |  | — | ​ |  | (398)
Currency translation | ​ |  | — | ​ |  | 4,919 | ​ |  | — | ​ |  | (11,257)
Benefit obligations at end of year | ​ |  | 8,370 | ​ |  | 126,030 | ​ |  | 9,374 | ​ |  | 118,489
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Fair value of plan assets at beginning of year | ​ |  | — | ​ |  | 86,543 | ​ |  | 68,458 | ​ |  | 114,557
Actual return on plan assets | ​ |  | — | ​ |  | 4,087 | ​ |  | 59 | ​ |  | (16,319)
Employer contributions | ​ |  | — | ​ |  | 2,080 | ​ |  | — | ​ |  | 1,634
Plan participants' contributions | ​ |  | — | ​ |  | 48 | ​ |  | — | ​ |  | 54
Acquisitions & other adjustments | ​ |  | — | ​ |  | — | ​ |  | (68,517) | ​ |  | (195)
Benefits paid | ​ |  | — | ​ |  | (5,120) | ​ |  | — | ​ |  | (4,757)
Settlements | ​ |  | — | ​ |  | (599) | ​ |  | — | ​ |  | —
Currency translation | ​ |  | — | ​ |  | 4,183 | ​ |  | — | ​ |  | (8,431)
Fair value of plan assets at end of year | ​ |  | — | ​ |  | 91,222 | ​ |  | — | ​ |  | 86,543
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status at end of year | ​ |  | (8,370) | ​ |  | (34,808) | ​ |  | (9,374) | ​ |  | (31,946)
Unrecognized actuarial net loss | ​ |  | 2,387 | ​ |  | 3,070 | ​ |  | 1,734 | ​ |  | 2,073
Unrecognized prior service cost | ​ |  | — | ​ |  | (56) | ​ |  | — | ​ |  | (73)
Unrecognized transition assets, net | ​ |  | — | ​ |  | 24 | ​ |  | — | ​ |  | 25
Net amount recognized | ​ | $ | (5,983) | ​ | $ | (31,770) | ​ | $ | (7,640) | ​ | $ | (29,921)
​
(1) | Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates.
Amounts Recognized in Consolidated Balance Sheets | Amounts Recognized in Consolidated Balance Sheets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | Pension plans |  | plans |  | pension plans
Prepaid pensions (1) | ​ | $ | — | ​ | $ | 2,891 | ​ | $ | — | ​ | $ | 1,603
Accrued pension liability, current (2) | ​ |  | (732) | ​ | ​ | (95) | ​ |  | (2,403) | ​ |  | (523)
Accrued pension liability, long-term (3) | ​ |  | (7,638) | ​ | ​ | (37,605) | ​ |  | (6,971) | ​ |  | (33,026)
Accumulated other comprehensive loss, excluding tax effects | ​ |  | 2,387 | ​ | ​ | 3,039 | ​ |  | 1,734 | ​ |  | 2,025
Net amount recognized in the balance sheets | ​ | $ | (5,983) | ​ | $ | (31,770) | ​ | $ | (7,640) | ​ | $ | (29,921)
​
(1) | Included in Other assets.
(2) | Included in Other current liabilities.
(3) | Included in Other liabilities.
Schedule of components of Pension Cost for Defined Benefit Plans | Components of Pension Cost for Defined Benefit Plans ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Year Ended December 31,
​ | ​ | ​ | 2023 | ​ | 2022 | ​ | 2021
​ | ​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans
Service cost | ​ | ​ | $ | 166 | ​ | $ | 955 | ​ | $ | 199 | ​ | $ | 1,077 | ​ | $ | 194 | ​ | $ | 1,413
Interest cost | ​ | ​ |  | 466 | ​ |  | 4,867 | ​ |  | 262 | ​ |  | 2,644 | ​ |  | 8,926 | ​ |  | 2,567
Expected return on plan assets | ​ | ​ |  | — | ​ |  | (3,839) | ​ |  | — | ​ |  | (3,525) | ​ |  | (13,050) | ​ |  | (3,990)
Other adjustments | ​ | ​ | ​ | — | ​ | ​ | 117 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Amortization of prior service cost | ​ | ​ |  | — | ​ |  | (8) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 8
Amortization of net loss | ​ | ​ |  | 80 | ​ |  | (374) | ​ |  | 132 | ​ |  | 299 | ​ |  | 1,966 | ​ |  | 882
Settlement and curtailment charges (gains) (1) | ​ | ​ |  | 256 | ​ |  | 949 | ​ |  | (3,735) | ​ |  | 367 | ​ |  | 126,055 | ​ |  | (42)
Defined benefit plans | ​ | ​ | $ | 968 | ​ | $ | 2,667 | ​ | $ | (3,142) | ​ | $ | 862 | ​ | $ | 124,091 | ​ | $ | 838
​
(1) | Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets | Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ | ​ | 2023 | ​ | 2022
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S.
​ |  | plans |  | pension plans |  | plans |  | pension plans
Projected benefit obligation | ​ | $ | 8,326 | ​ | $ | 88,290 | ​ | $ | 9,331 | ​ | $ | 82,378
Accumulated benefit obligation | ​ |  | 8,002 | ​ |  | 86,317 | ​ |  | 8,937 | ​ |  | 80,444
Fair value of plan assets | ​ |  | — | ​ |  | 50,758 | ​ |  | — | ​ |  | 48,974
Benefits expected to be paid for the Plans | Benefit Payments for Plans Benefits expected to be paid for the plans are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. pension | ​ | Non-U.S.
​ |  | Plans |  | pension plans
Estimated Payments | ​ | ​ | ​ | ​ | ​ | ​
2024 | ​ | $ | 754 | ​ | $ | 39,045
2025 | ​ |  | 1,077 | ​ |  | 7,421
2026 | ​ |  | 1,099 | ​ |  | 6,576
2027 | ​ |  | 1,114 | ​ |  | 5,888
2028 | ​ |  | 1,053 | ​ |  | 6,446
2029 through 2033 | ​ |  | 5,426 | ​ |  | 30,724
Weighted average assumptions used to measure the benefit obligations and net bet periodic benefit cost for the Company's significant defined benefit plans | Assumptions Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2023 and 2022 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2023 | ​ | 2022 |
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. |
​ |  | plans |  | pension plans |  | plans |  | pension plans |
Discount Rate |  | 6.0 | % | 3.9 | % | 5.8 | % | 4.2 | %
Rate of increase in compensation |  | 3.0 | % | 4.8 | % | 3.0 | % | 3.7 | %
​ Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 |
​ | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. | ​ | U.S. pension | ​ | Non-U.S. |
​ |  | plans |  | pension plans |  | plans |  | pension plans |  | plans |  | pension plans |
Discount rate |  | 5.8 | % | 4.2 | % | 2.5 | % | 1.8 | % | 2.2 | % | 1.3 | %
Rate of increase in compensation |  | 3.0 | % | 3.7 | % | 3.0 | % | 3.1 | % | 2.5 | % | 2.7 | %
Expected return on plan assets |  | — | ​ | 4.4 | % | — | % | 3.4 | % | 3.0 | % | 3.3 | %
Pension plans' assets by level within the fair value hierarchy | The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Plans' Assets at Fair Value as of December 31, 2023
​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | ​ | ​
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Cash and cash equivalents | ​ | $ | 22,347 | ​ | $ | — | ​ | $ | — | ​ | $ | 22,347
Fixed income securities (1) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate debt and other obligations | ​ |  | — | ​ |  | 5,894 | ​ |  | — | ​ |  | 5,894
Investments measured at NAV (2) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Common trusts and 103-12 investments (3) | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 62,981
Total investments at fair value | ​ | $ | 22,347 | ​ | $ | 5,894 | ​ | $ | — | ​ | $ | 91,222
​ The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Pension Plans' Assets at Fair Value as of December 31, 2022
​ | ​ | Quoted Prices in | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Active Markets | ​ | ​ | ​ | ​ | Significant | ​ | ​ | ​
​ | ​ | for Identical | ​ | Significant Other | ​ | Unobservable | ​ | ​ | ​
​ | ​ | Assets | ​ | Observable Inputs | ​ | Inputs | ​ | ​ | ​
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Total
Cash and cash equivalents | ​ | $ | 16,694 | ​ | $ | — | ​ | $ | — | ​ | $ | 16,694
Fixed income securities (1) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Corporate debt and other obligations | ​ |  | — | ​ |  | 4,912 | ​ |  | — | ​ |  | 4,912
Investments measured at NAV (2) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Common trusts and 103-12 investments (3) | ​ |  | — | ​ | ​ | — | ​ | ​ | — | ​ |  | 64,937
Total investments at fair value | ​ | $ | 16,694 | ​ | $ | 4,912 | ​ | $ | — | ​ | $ | 86,543
​
(1) | Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.
(2) | Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy.
(3) | Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.

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

X
- Definition Tabular disclosure of benefit obligation and plan assets of defined benefit plan with accumulated benefit obligation in excess of plan assets. + References Reference 1: 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 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 + Details
Name: | us-gaap_ScheduleOfAccumulatedBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration