XML 352 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Pension and other postretirement benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Retirement Benefits [Abstract] |
Net Benefit Cost of Pension and Postretirement Benefit Plans | The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the years ended December 31, 2023, 2022 and 2021:
| Pension |  | Other Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $ | 1,435 |  |  | $ | 1,346 |  |  | $ | 1,467 |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 17,297 |  |  | 10,776 |  |  | 9,272 |  |  | 824 |  |  | 477 |  |  | 418 |
Expected return on plan assets | (25,277) |  |  | (25,776) |  |  | (30,726) |  |  | — |  |  | — |  |  | — |
Net amortization and deferral | 8,536 |  |  | 7,900 |  |  | 8,589 |  |  | (1,564) |  |  | (1,258) |  |  | (1,058) |
Settlements | 45,244 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net benefit expense (income) | $ | 47,235 |  |  | $ | (5,754) |  |  | $ | (11,398) |  |  | $ | (740) |  |  | $ | (781) |  |  | $ | (640) |
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost | The following table provides the weighted average assumptions for U.S. and foreign plans used in determining net benefit cost:
| Pension |  | Other Benefits
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Discount rate | 5.1 | % |  | 2.8 | % |  | 2.5 | % |  | 5.1 | % |  | 2.7 | % |  | 2.3 | %
Rate of return | 7.3 | % |  | 5.6 | % |  | 6.7 | % |  |  |  |  |  |
Initial healthcare trend rate |  |  |  |  |  |  | 6.1 | % |  | 6.4 | % |  | 6.8 | %
Ultimate healthcare trend rate |  |  |  |  |  |  | 4.5 | % |  | 4.5 | % |  | 4.5 | %
The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations:
| Pension |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Discount rate | 4.7 | % |  | 5.1 | % |  | 5.0 | % |  | 5.1 | %
Rate of compensation increase | 3.0 | % |  | 3.0 | % |  |  |  |
Initial healthcare trend rate |  |  |  |  | 6.6 | % |  | 5.9 | %
Ultimate healthcare trend rate |  |  |  |  | 4.5 | % |  | 4.5 | %
Pension and Postretirement Benefit Plans | The following table provides summarized information with respect to the pension and postretirement benefit plans, measured as of December 31, 2023 and 2022:
| Pension |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Benefit obligation, beginning of year | $ | 356,757 |  |  | $ | 474,674 |  |  | $ | 18,620 |  |  | $ | 26,804 |
Service cost | 1,435 |  |  | 1,346 |  |  | — |  |  | — |
Interest cost | 17,297 |  |  | 10,776 |  |  | 824 |  |  | 477 |
Actuarial loss (gain) | 11,557 |  |  | (104,558) |  |  | (508) |  |  | (6,223) |
Currency translation | 1,067 |  |  | (3,030) |  |  | — |  |  | — |
Benefits paid | (21,208) |  |  | (21,472) |  |  | (1,910) |  |  | (2,491) |
Liability gain due to settlement | (15,272) |  |  | — |  |  | — |  |  | — |
Medicare Part D reimbursement | — |  |  | — |  |  | (3) |  |  | 53 |
Plan amendments | — |  |  | — |  |  | (7,488) |  |  | — |
Settlements | (73,932) |  |  | — |  |  | — |  |  | — |
Administrative costs | (2,304) |  |  | (979) |  |  | — |  |  | — |
Projected benefit obligation, end of year | 275,397 |  |  | 356,757 |  |  | 9,535 |  |  | 18,620 |
Fair value of plan assets, beginning of year | 357,270 |  |  | 469,793 |  |  |  |  |
Actual return on plan assets | 23,740 |  |  | (89,506) |  |  |  |  |
Contributions | 1,276 |  |  | 1,464 |  |  |  |  |
Benefits paid | (95,139) |  |  | (21,472) |  |  |  |  |
Administrative costs | (2,304) |  |  | (979) |  |  |  |  |
Currency translation | 670 |  |  | (2,030) |  |  |  |  |
Fair value of plan assets, end of year | 285,513 |  |  | 357,270 |  |  |  |  |
Funded status, end of year | $ | 10,116 |  |  | $ | 513 |  |  | $ | (9,535) |  |  | $ | (18,620) |
Amounts Recognized in the Consolidated Balance Sheet | The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the pension and postretirement plans:
| Pension |  | Other Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Other assets | $ | 27,370 |  |  | $ | 16,870 |  |  | $ | — |  |  | $ | — |
Payroll and benefit-related liabilities | (1,439) |  |  | (1,408) |  |  | (1,361) |  |  | (2,175) |
Pension and postretirement benefit liabilities | (15,815) |  |  | (14,949) |  |  | (8,174) |  |  | (16,445) |
Accumulated other comprehensive loss (gain) | 164,139 |  |  | 219,555 |  |  | (14,244) |  |  | (7,812) |
| $ | 174,255 |  |  | $ | 220,068 |  |  | $ | (23,779) |  |  | $ | (26,432) |
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss | The following tables set forth the amounts recognized in accumulated other comprehensive income with respect to the plans:
| Pension
| Prior Service Cost |  | Net Loss or (Gain) |  | Deferred Taxes |  | Accumulated Other Comprehensive Loss, Net of Tax
Balance at December 31, 2021 | $ | 200 |  |  | $ | 217,939 |  |  | $ | (77,273) |  |  | $ | 140,866 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | — |  |  | (7,900) |  |  | 1,832 |  |  | (6,068) |
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | 10,724 |  |  | (2,271) |  |  | 8,453 |
Impact of currency translation | — |  |  | (1,408) |  |  | 365 |  |  | (1,043) |
Balance at December 31, 2022 | 200 |  |  | 219,355 |  |  | (77,347) |  |  | 142,208 |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | (9) |  |  | (8,527) |  |  | 1,961 |  |  | (6,575) |
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | (47,453) |  |  | 10,805 |  |  | (36,648) |
Impact of currency translation | — |  |  | 573 |  |  | (139) |  |  | 434 |
Balance at December 31, 2023 | $ | 191 |  |  | $ | 163,948 |  |  | $ | (64,720) |  |  | $ | 99,419 |
| Other Benefits
| Prior Service Cost |  | Net (Gain) or Loss |  | Deferred Taxes |  | Accumulated Other Comprehensive Loss, Net of Tax
Balance at December 31, 2021 | $ | (3,652) |  |  | $ | 805 |  |  | $ | 271 |  |  | $ | (2,576) |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | 1,017 |  |  | 241 |  |  | (287) |  |  | 971 |
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | (6,223) |  |  | 1,419 |  |  | (4,804) |
Balance at December 31, 2022 | (2,635) |  |  | (5,177) |  |  | 1,403 |  |  | (6,409) |
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period: |  |  |  |  |  |  |
Net amortization and deferral | 1,017 |  |  | 547 |  |  | (359) |  |  | 1,205 |
Amounts arising during the period: |  |  |  |  |  |  |
Actuarial changes in benefit obligation | — |  |  | (7,996) |  |  | 1,830 |  |  | (6,166) |
Balance at December 31, 2023 | $ | (1,618) |  |  | $ | (12,626) |  |  | $ | 2,874 |  |  | $ | (11,370) |
Fair Values of Pension Plan Assets | The following table provides the fair values of the pension plan assets at December 31, 2023 by asset category:
|  | Fair Value Measurements
Asset Category (a) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash |  | $ | 909 |  |  | $ | 909 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 4,424 |  |  | 4,424 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Intermediate duration fund (e) |  | 193,674 |  |  | 193,674 |  |  | — |  |  | — |
Long duration bond fund (f) |  | 1,357 |  |  | 1,357 |  |  | — |  |  | — |
Corporate, government and foreign bonds |  | 72,037 |  |  | — |  |  | 72,037 |  |  | — |
Absolute return credit fund (i) |  | 317 |  |  | — |  |  | 317 |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |
Contract with insurance company (k) |  | 12,795 |  |  | — |  |  | — |  |  | 12,795 |
Total investments at fair value |  | $ | 285,513 |  |  | $ | 200,364 |  |  | $ | 72,354 |  |  | $ | 12,795 |
Total |  | $ | 285,513 |  |  |  |  |  |  |
The following table provides the fair values of the pension plan assets at December 31, 2022 by asset category:
|  | Fair Value Measurements
Asset Category (a) |  | Total |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash |  | $ | 769 |  |  | $ | 769 |  |  | $ | — |  |  | $ | — |
Money market funds |  | 13 |  |  | 13 |  |  | — |  |  | — |
Equity securities: |  |  |  |  |  |  |  |
Managed volatility (b) |  | 46,721 |  |  | 46,721 |  |  | — |  |  | — |
U.S. small/mid-cap equity (c) |  | 6,054 |  |  | 6,054 |  |  | — |  |  | — |
World equity (excluding U.S.) (d) |  | 28,159 |  |  | 28,159 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Intermediate duration fund (e) |  | 105,865 |  |  | 105,865 |  |  | — |  |  | — |
Long duration bond fund (f) |  | 87,018 |  |  | 87,018 |  |  | — |  |  | — |
Corporate bond fund (g) |  | 6,092 |  |  | 6,092 |  |  | — |  |  | — |
Emerging markets debt fund (h) |  | 6,284 |  |  | 6,284 |  |  | — |  |  | — |
Corporate, government and foreign bonds |  | 58,572 |  |  | — |  |  | 58,572 |  |  | — |
Absolute return credit fund (i) |  | 427 |  |  | — |  |  | 427 |  |  | — |
Asset backed – home loans |  | 153 |  |  | — |  |  | 153 |  |  | — |
Other types of investments: |  |  |  |  |  |  |  |
Structured credit (j) |  | 29 |  |  | 29 |  |  |  |  | — |
Contract with insurance company (k) |  | 11,114 |  |  | — |  |  | — |  |  | 11,114 |
Total investments at fair value |  | $ | 357,270 |  |  | $ | 287,004 |  |  | $ | 59,152 |  |  | $ | 11,114 |
Total |  | $ | 357,270 |  |  |  |  |  |  |
(a)Information on asset categories described in notes (b)-(l) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories. (b)This category comprises mutual funds that invest in securities of U.S. and non-U.S. companies of all capitalization ranges that exhibit relatively low volatility. (c)This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index. (d)This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries. (e)This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including U.S. and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the U.S. Government and its agencies. The fund will seek to maintain an effective average duration between three and ten years, and uses derivative instruments, including interest rate swap agreements and credit default swaps, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. (f)This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities. (g)This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations. (h)This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in U.S. dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers. (i)This category comprises a mutual fund that invests primarily in investment grade bonds and similar fixed income and floating rate securities. (j)This category comprises a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments. (k)This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable.
Expected Benefit Payments | The following table provides information about the expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter:
| Pension |  | Other Benefits
2024 | $ | 23,044 |  |  | $ | 1,360 |
2025 | 21,870 |  |  | 1,346 |
2026 | 21,751 |  |  | 990 |
2027 | 21,346 |  |  | 728 |
2028 | 21,066 |  |  | 673 |
Years 2029 — 2033 | 99,009 |  |  | 2,761 |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (a)(b)(c) -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
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 the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
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