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Pension Plans and Other Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Cash Contributions Made And Expected Remaining Contributions For Pension And Postretirement Benefit Plans

The table below shows cash contributions made during the six months ended June 30, 2024, as well as the remaining cash contributions we expect to make during the year ending December 31, 2024, for our domestic and foreign pension plans and domestic postretirement benefit plan.

(in thousands)						Actual Cash Contributions for Six Months Ended June 30, 2024						Expected Remaining Cash Contributions for Year Ending December 31, 2024
Domestic plans
Pension benefits						$	2,373					$	1,992
Postretirement benefits						790						790
Foreign plans
Pension benefits						2,618						2,375

Net Periodic Benefit Cost (Income) For Pension And Postretirement Benefit Plans

The tables below present information on net periodic benefit cost (income) for our domestic and foreign pension plans and domestic postretirement benefit plan. The service cost component of net periodic benefit cost (income) is reflected in cost of goods sold; selling, general, and administrative expenses; or research, development, and testing expenses, according to where other compensation costs arising from services rendered by the pertinent employee are recorded on the Consolidated Statements of Income. The remaining components of net periodic benefit cost (income) are recorded in other income (expense), net on the Consolidated Statements of Income.

						Domestic
						Pension Benefits												Postretirement Benefits
						Second Quarter Ended June 30,
(in thousands)						2024						2023						2024						2023
Service cost						$	3,062					$	2,659					$	134					$	130
Interest cost						5,927						4,536						418						391
Expected return on plan assets						(13,724)						(11,510)						(193)						(201)
Amortization of prior service cost (credit)						46						6						(757)						(757)
Amortization of actuarial net (gain) loss						(458)						(412)						(15)						(75)
Net periodic benefit cost (income)						$	(5,147)					$	(4,721)					$	(413)					$	(512)

						Domestic
						Pension Benefits												Postretirement Benefits
						Six Months Ended June 30,
(in thousands)						2024						2023						2024						2023
Service cost						$	6,078					$	5,317					$	269					$	260
Interest cost						11,649						9,072						836						782
Expected return on plan assets						(27,265)						(23,019)						(385)						(403)
Amortization of prior service cost (credit)						93						12						(1,514)						(1,514)
Amortization of actuarial net (gain) loss						(915)						(823)						(31)						(151)
Net periodic benefit cost (income)						$	(10,360)					$	(9,441)					$	(825)					$	(1,026)

						Foreign
						Pension Benefits
						Second Quarter Ended June 30,												Six Months Ended June 30,
(in thousands)						2024						2023						2024						2023
Service cost						$	1,075					$	1,074					$	2,162					$	2,128
Interest cost						1,608						1,577						3,226						3,121
Expected return on plan assets						(3,316)						(2,899)						(6,649)						(5,740)
Amortization of prior service cost (credit)						35						34						70						68
Amortization of actuarial net (gain) loss						(6)						(6)						(13)						(12)
Net periodic benefit cost (income)						$	(604)					$	(220)					$	(1,204)					$	(435)

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- 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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 715
-Publisher FASB
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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

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