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Pensions and Other Post-retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan | Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables:
| Pension Benefits |  | Other Benefits
(In thousands) | 2023 |  | 2022 |  | 2023 |  | 2022
Change in Benefit Obligations |  |  |  |  |  |  |
Benefit obligations at January 1 | $ | 490,365 |  |  | $ | 654,362 |  |  | $ | 22,538 |  |  | $ | 29,831 |
Service cost | 7,587 |  |  | 12,281 |  |  | 214 |  |  | 327 |
Interest cost | 23,775 |  |  | 14,377 |  |  | 1,090 |  |  | 590 |
Participant contributions | 347 |  |  | 257 |  |  | 276 |  |  | 259 |
Plan amendments | (194) |  |  | 154 |  |  | — |  |  | — |
Actuarial gains(a) | 23,750 |  |  | (156,214) |  |  | (326) |  |  | (5,884) |
Benefits paid | (26,140) |  |  | (26,377) |  |  | (2,406) |  |  | (2,585) |
Curtailments | (87) |  |  | (286) |  |  | — |  |  | — |
Settlements | (1,574) |  |  | (260) |  |  | — |  |  | — |
Currency translation | 3,645 |  |  | (7,929) |  |  | — |  |  | — |
Benefit obligations at December 31 | $ | 521,474 |  |  | $ | 490,365 |  |  | $ | 21,386 |  |  | $ | 22,538 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets at January 1 | $ | 514,218 |  |  | $ | 651,986 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 70,640 |  |  | (115,105) |  |  | — |  |  | — |
Employer contributions | 5,217 |  |  | 5,032 |  |  | 2,130 |  |  | 2,326 |
Participant contributions | 347 |  |  | 257 |  |  | 276 |  |  | 259 |
Settlements | (1,574) |  |  | (260) |  |  | — |  |  | — |
Benefits paid | (26,140) |  |  | (26,377) |  |  | (2,406) |  |  | (2,585) |
Administrative expenses paid | (57) |  |  | (54) |  |  | — |  |  | — |
Currency translation | 798 |  |  | (1,261) |  |  | — |  |  | — |
Fair value of plan assets at December 31 | $ | 563,449 |  |  | $ | 514,218 |  |  | $ | — |  |  | $ | — |
Funded Status |  |  |  |  |  |  |
Funded status at December 31 | $ | 41,975 |  |  | $ | 23,853 |  |  | $ | (21,386) |  |  | $ | (22,538) |
Unrecognized prior service credit (cost) | 1,021 |  |  | 1,224 |  |  | (184) |  |  | (429) |
Unrecognized net actuarial losses | 82,796 |  |  | 90,212 |  |  | 5,568 |  |  | 6,445 |
Net amount recognized | $ | 125,792 |  |  | $ | 115,289 |  |  | $ | (16,002) |  |  | $ | (16,522) |
Amounts Recognized in the Balance Sheets |  |  |  |  |  |  |
Noncurrent assets | $ | 172,161 |  |  | $ | 141,643 |  |  | $ | — |  |  | $ | — |
Current liabilities | (8,427) |  |  | (3,712) |  |  | (2,167) |  |  | (2,226) |
Noncurrent liabilities | (121,759) |  |  | (114,078) |  |  | (19,219) |  |  | (20,312) |
Net amount recognized | $ | 41,975 |  |  | $ | 23,853 |  |  | $ | (21,386) |  |  | $ | (22,538) |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |
Net actuarial losses | $ | 82,796 |  |  | $ | 90,212 |  |  | $ | 5,568 |  |  | $ | 6,445 |
Prior service cost (credit) | 1,021 |  |  | 1,224 |  |  | (184) |  |  | (429) |
Total (before tax effects) | $ | 83,817 |  |  | $ | 91,436 |  |  | $ | 5,384 |  |  | $ | 6,016 |
Accumulated Benefit Obligations for all Defined Benefit Plans | $ | 487,167 |  |  | $ | 459,630 |  |  | $ | — |  |  | $ | — |
(a)Actuarial gains for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2023 and 2022, respectively.
Components of Net Periodic Benefit (Credit) Cost |
| Pension Benefits |  | Other Benefits
(In thousands) | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Components of Net Periodic Benefit (Income) Cost |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 7,587 |  |  | $ | 12,281 |  |  | $ | 12,910 |  |  | $ | 214 |  |  | $ | 327 |  |  | $ | 398 |
Interest cost | 23,775 |  |  | 14,377 |  |  | 11,518 |  |  | 1,090 |  |  | 590 |  |  | 476 |
Expected return on plan assets | (39,639) |  |  | (49,646) |  |  | (37,368) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 161 |  |  | 139 |  |  | 164 |  |  | (245) |  |  | (338) |  |  | (358) |
Recognized net actuarial losses | 186 |  |  | 11,704 |  |  | 17,458 |  |  | 550 |  |  | 1,242 |  |  | 1,597 |
Settlement/curtailment loss (gain) | 15 |  |  | (354) |  |  | (2,234) |  | (b) | — |  |  | — |  |  | — |
Net periodic benefit (income) cost(a) | $ | (7,915) |  |  | $ | (11,499) |  |  | $ | 2,448 |  |  | $ | 1,609 |  |  | $ | 1,821 |  |  | $ | 2,113 |
(a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income. (b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" in the Consolidated Statements of Income.
Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation in excess of plan assets:
| Pension Benefits
(In thousands) | 2023 |  | 2022
Aggregate accumulated benefit obligations (ABO) | $ | 129,921 |  |  | $ | 116,531 |
Aggregate fair value of plan assets | 5,622 |  |  | 4,454 |
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with a projected benefit obligation in excess of plan assets:
| Pension Benefits
(In thousands) | 2023 |  | 2022
Aggregate projected benefit obligations (PBO) | $ | 135,809 |  |  | $ | 122,229 |
Aggregate fair value of plan assets | 5,622 |  |  | 4,454 |
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost |
| Pension Benefits |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Assumptions used to determine benefit obligations |  |  |  |  |  |  |
Average discount rate | 4.75 | % |  | 5.01 | % |  | 4.88 | % |  | 5.09 | %
Rate of compensation increase | 3.78 | % |  | 4.61 | % |  | 3.00 | % |  | 3.00 | %
Assumptions used to determine net periodic benefit cost |  |  |  |  |  |  |
Average discount rate - Service cost | 5.23 | % |  | 3.12 | % |  | 5.15 | % |  | 2.84 | %
Average discount rate - Interest cost | 4.91 | % |  | 2.17 | % |  | 5.09 | % |  | 2.04 | %
Expected return on plan assets | 6.86 | % |  | 8.77 | % |  | — |  |  | — |
Rate of compensation increase | 4.61 | % |  | 4.58 | % |  | 3.00 | % |  | 2.91 | %
Schedule of Expected Return on Assets for Net Periodic Pension Cost |
| Pension Plan Assets at December 31,
| 2023 |  | 2022
Equity securities | 58 | % |  | 56 | %
Fixed income securities | 30 |  |  | 26 |
Pooled investment funds | 9 |  |  | 15 |
Cash and cash equivalents | 2 |  |  | 2 |
Insurance contracts | 1 |  |  | 1 |
Total | 100 | % |  | 100 | %
Summary of Pension Plan Assets Measured at Fair Value on a Recurring Basis by Fair Value Hierarchy | The fair values at December 31, 2023, were as follows:
|  |  |  |  | Fair Value
(In thousands) | Total |  | NAV |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities | $ | 327,699 |  |  | $ | 45,441 |  |  | $ | 282,258 |  |  | $ | — |  |  | $ | — |
Fixed income securities | 169,321 |  |  | — |  |  | 94,706 |  |  | 74,615 |  |  | — |
Pooled investment funds | 50,553 |  |  | 50,553 |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents | 10,254 |  |  | 8,645 |  |  | 1,609 |  |  | — |  |  | — |
Insurance contracts | 5,622 |  |  | — |  |  | — |  |  | — |  |  | 5,622 |
Total | $ | 563,449 |  |  | $ | 104,639 |  |  | $ | 378,573 |  |  | $ | 74,615 |  |  | $ | 5,622 |
The fair values of the Company's pension plan assets at December 31, 2022, were as follows:
|  |  |  |  | Fair Value
(In thousands) | Total |  | NAV |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Equity securities | $ | 288,006 |  |  | $ | 44,583 |  |  | $ | 243,423 |  |  | $ | — |  |  | $ | — |
Fixed income securities | 132,659 |  |  | — |  |  | 63,522 |  |  | 69,137 |  |  | — |
Pooled investment funds | 79,853 |  |  | 79,853 |  |  | — |  |  | — |  |  | — |
Cash and cash equivalents | 9,246 |  |  | 7,954 |  |  | 1,292 |  |  | — |  |  | — |
Insurance contracts | 4,454 |  |  | — |  |  | — |  |  | — |  |  | 4,454 |
Total | $ | 514,218 |  |  | $ | 132,390 |  |  | $ | 308,237 |  |  | $ | 69,137 |  |  | $ | 4,454 |
Schedule of Reconciliation of Level 3 Assets | The following table presents a reconciliation of Level 3 assets:
(In thousands) | Insurance Contracts |  |
Balance January 1, 2022 | $ | 4,211 |  |  |
Net realized and unrealized gains | (119) |  |  |
Net purchases, issuances and settlements | 362 |  |  |
Balance December 31, 2022 | 4,454 |  |  |
Net realized and unrealized gains | 208 |  |  |
Net purchases, issuances and settlements | 960 |  |  |
Balance December 31, 2023 | $ | 5,622 |  |  |
Schedule of Level 3 Assets Recognized in Accumulated Other Comprehensive Loss | The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss:
(In thousands) | Insurance Contracts
Net actuarial losses | $ | (178) |
Prior service cost | 490 |
Total (before tax effects) | $ | 312 |

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