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Pension and other postretirement benefits (Tables)

12 Months Ended

Dec. 31, 2024

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, 2024, 2023 and 2022:

			Pension																		Other Benefits
			2024						2023						2022						2024						2023						2022
Service cost			$	823					$	1,435					$	1,346					$	—					$	—					$	—
Interest cost			2,940						17,297						10,776						384						824						477
Expected return on plan assets			(2,591)						(25,277)						(25,776)						—						—						—
Net amortization and deferral			1,849						8,536						7,900						(2,664)						(1,564)						(1,258)
Settlements, net			132,732						45,244						—						—						—						—
Net benefit expense (income)			$	135,753					$	47,235					$	(5,754)					$	(2,280)					$	(740)					$	(781)

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
			2024						2023						2022						2024						2023						2022
Discount rate			4.7		%				5.1		%				2.8		%				5.0		%				5.1		%				2.7		%
Rate of return			4.8		%				7.3		%				5.6		%
Initial healthcare trend rate																					6.9		%				6.1		%				6.4		%
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
			2024						2023						2024						2023
Discount rate			4.4		%				4.7		%				5.6		%				5.0		%
Rate of compensation increase			2.9		%				3.0		%
Initial healthcare trend rate															6.8		%				6.6		%
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, 2024 and 2023:

			Pension												Other Benefits
			2024						2023						2024						2023
Benefit obligation, beginning of year			$	275,397					$	356,757					$	9,535					$	18,620
Service cost			823						1,435						—						—
Interest cost			2,940						17,297						384						824
Actuarial loss (gain)			(7,798)						11,557						(2,150)						(508)
Currency translation			(1,028)						1,067						—						—
Benefits paid			(227,491)						(21,208)						(545)						(1,910)
Liability gain due to settlement			(16,969)						(15,272)						—						—
Medicare Part D reimbursement			—						—						51						(3)
Plan amendments			—						—						—						(7,488)
Settlements			—						(73,932)						—						—
Administrative costs			(767)						(2,304)						—						—
Projected benefit obligation, end of year			25,107						275,397						7,275						9,535
Fair value of plan assets, beginning of year			285,513						357,270
Actual return on plan assets			(5,241)						23,740
Contributions			1,663						1,276
Benefits paid			(227,491)						(95,139)
Administrative costs			(767)						(2,304)
Assets Transferred to Qualified Replacement Plan			(42,966)						—
Currency translation			(179)						670
Fair value of plan assets, end of year			10,532						285,513
Funded status, end of year			$	(14,575)					$	10,116					$	(7,275)					$	(9,535)

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
			2024						2023						2024						2023
Other assets			$	477					$	27,370					$	—					$	—
Payroll and benefit-related liabilities			(1,117)						(1,439)						(1,025)						(1,361)
Pension and postretirement benefit liabilities			(13,935)						(15,815)						(6,250)						(8,174)
Accumulated other comprehensive loss (gain)			12,677						164,139						(13,730)						(14,244)
			$	(1,898)					$	174,255					$	(21,005)					$	(23,779)

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, 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
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral			—						(1,849)						446						(1,403)
Amounts arising during the period:
Actuarial changes in benefit obligation (1)			—						(149,294)						60,645						(88,649)
Impact of currency translation			—						(319)						86						(233)
Balance at December 31, 2024			$	191					$	12,486					$	(3,543)					$	9,134

(1)The tax benefit primarily relates to an adjustment to deferred taxes associated with the settlement charge and stranded tax costs within accumulated other comprehensive income.

			Other Benefits
			Prior Service Cost						Net (Gain) or Loss						Deferred Taxes						Accumulated Other Comprehensive Loss, Net of Tax
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)
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral			1,967						697						(609)						2,055
Amounts arising during the period:
Actuarial changes in benefit obligation			—						(2,150)						493						(1,657)
Balance at December 31, 2024			$	349					$	(14,079)					$	2,758					$	(10,972)

Fair Values of Pension Plan Assets

The following table provides the fair values of the pension plan assets at December 31, 2024 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						$	110					$	110					$	—					$	—
Money market funds						19						19						—						—
Other types of investments:
Contract with insurance company (b)						10,403						—						—						10,403
Total investments at fair value						$	10,532					$	129					$	—					$	10,403
Total						$	10,532

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 (c)						193,674						193,674						—						—
Long duration bond fund (d)						1,357						1,357						—						—
Corporate, government and foreign bonds						72,037						—						72,037						—
Absolute return credit fund (e)						317						—						317						—
Other types of investments:
Contract with insurance company (b)						12,795						—						—						12,795
Total investments at fair value						$	285,513					$	200,364					$	72,354					$	12,795
Total						$	285,513

(a)Information on asset categories described in notes (b)-(e) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories.

(b)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.

(c)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.

(d)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.

(e)This category comprises a mutual fund that invests primarily in investment grade bonds and similar fixed income and floating rate securities.

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
2025			$	2,080					$	1,022
2026			2,114						756
2027			2,014						602
2028			2,086						574
2029			2,174						563
Years 2030 — 2034			10,693						2,488

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