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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)
12 Months Ended
Dec. 31, 2024
RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS  
Schedule of Obligations and Funded Status

    

December 31, 

2024

2023

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

$

8,370

$

126,030

$

9,374

$

118,489

Service cost

 

156

1,014

 

166

 

955

Interest cost

 

477

3,785

 

466

 

4,867

Plan participants' contributions

 

42

 

 

48

Acquisitions & other adjustments

 

(897)

(792)

 

(821)

 

84

Actuarial (gain) loss

 

(244)

283

 

990

 

5,633

Benefits paid

 

(6,634)

 

 

(7,265)

Settlements/curtailments (1)

 

(32,564)

 

(1,805)

 

(1,700)

Currency translation

 

(5,792)

 

 

4,919

Benefit obligations at end of year

 

7,862

 

85,372

 

8,370

 

126,030

Change in plan assets

 

 

 

 

Fair value of plan assets at beginning of year

 

 

91,222

 

 

86,543

Actual return on plan assets

 

(1,019)

 

 

4,087

Employer contributions

 

2,545

 

 

2,080

Plan participants' contributions

 

42

 

 

48

Benefits paid

 

(4,212)

 

 

(5,120)

Settlements (1)

 

(30,741)

 

 

(599)

Currency translation

 

(3,295)

 

 

4,183

Fair value of plan assets at end of year

 

 

54,542

 

 

91,222

Funded status at end of year

 

(7,862)

 

(30,830)

 

(8,370)

 

(34,808)

Unrecognized actuarial net loss

 

1,988

 

2,370

 

2,387

 

3,070

Unrecognized prior service cost

 

 

(36)

 

 

(56)

Unrecognized transition assets, net

 

 

24

 

 

24

Net amount recognized

$

(5,874)

$

(28,472)

$

(5,983)

$

(31,770)

(1)Settlements in 2024 resulting from lump sum pension payments and the purchase of a group annuity contract related to the termination of a pension plan.
Schedule of Amounts Recognized in Consolidated Balance Sheets

    

December 31, 

2024

2023

U.S. pension

Non-U.S.

U.S. pension

Non-U.S.

    

plans

    

Pension plans

    

plans

    

pension plans

Prepaid pensions (1)

$

$

845

$

$

2,891

Accrued pension liability, current (2)

 

(1,003)

(2,556)

 

(732)

(95)

Accrued pension liability, long-term (3)

 

(6,859)

(29,119)

 

(7,638)

(37,605)

Accumulated other comprehensive loss, excluding tax effects

 

1,988

2,358

 

2,387

3,039

Net amount recognized in the balance sheets

$

(5,874)

$

(28,472)

$

(5,983)

$

(31,770)

(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

Year Ended December 31, 

2024

2023

2022

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

$

156

$

1,014

$

166

$

955

$

199

$

1,077

Interest cost

 

477

 

3,785

 

466

 

4,867

 

262

 

2,644

Expected return on plan assets

 

 

(2,574)

 

 

(3,839)

 

 

(3,525)

Other adjustments

117

Amortization of prior service cost

 

 

(7)

 

 

(8)

 

 

Amortization of net loss (gain)

 

155

 

(62)

 

80

 

(374)

 

132

 

299

Settlement and curtailment charges (gains) (1)

 

 

3,818

 

256

 

949

 

(3,735)

 

367

Defined benefit plans

$

788

$

5,974

$

968

$

2,667

$

(3,142)

$

862

(1)Settlements in 2024 resulting from lump sum pension payments and the purchase of a group annuity contract related to the termination of a pension plan.

Schedule of Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

December 31, 

2024

2023

U.S. pension

Non-U.S.

U.S. pension

Non-U.S.

    

plans

    

pension plans

    

plans

    

pension plans

Projected benefit obligation

$

7,819

$

50,363

$

8,326

$

88,290

Accumulated benefit obligation

 

7,424

 

47,867

 

8,002

 

86,317

Fair value of plan assets

 

 

18,980

 

 

50,758

Schedule of Benefits expected to be paid for the Plans

U.S. pension

Non-U.S.

    

Plans

    

pension plans

Estimated Payments

2025

$

1,027

$

7,277

2026

 

1,015

6,263

2027

 

998

5,305

2028

 

906

5,923

2029

 

887

5,161

2030 through 2034

 

4,174

30,196

Schedule of Weighted average assumptions used to measure the benefit obligations and net periodic benefit cost for the Company's significant defined benefit plans

December 31, 

 

2024

2023

 

U.S. pension

Non-U.S.

U.S. pension

Non-U.S.

 

    

plans

    

pension plans

    

plans

    

pension plans

 

Discount Rate

 

4.8

%  

4.0

%  

6.0

%  

3.9

%

Rate of increase in compensation

 

3.0

%  

5.6

%  

3.0

%  

4.8

%

December 31, 

 

2024

2023

2022

 

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

 

6.0

%  

3.9

%  

5.8

%  

4.2

%  

2.5

%  

1.8

%

Rate of increase in compensation

 

3.0

%  

4.8

%  

3.0

%  

3.7

%  

3.0

%  

3.1

%

Expected return on plan assets

 

3.8

%  

4.4

%  

%  

3.4

%

Schedule of Pension plans' assets by level within the fair value hierarchy

Pension Plans' Assets at Fair Value as of December 31, 2024

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

$

1,974

$

$

$

1,974

Fixed income securities (1)

 

 

 

 

Corporate debt and other obligations

 

 

6,063

 

 

6,063

Investments measured at NAV (2)

 

 

 

 

Common trusts and 103-12 investments (3)

 

 

46,505

Total investments at fair value

$

1,974

$

6,063

$

$

54,542

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

(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.