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Pension and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Change in Benefit Obligation | The following tables provide a reconciliation of the changes in the plans’ benefit obligations and fair value of assets as well as a statement of the funded status and balance sheet reporting for these plans.
| Pension Benefits |  | Other Benefits
Years Ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
|  |  | (In thousands) |  |
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | (342,759) |  |  | $ | (317,424) |  |  | $ | (21,312) |  |  | $ | (19,944) |
Service cost | (3,131) |  |  | (2,632) |  |  | (39) |  |  | (11) |
Interest cost | (14,759) |  |  | (15,237) |  |  | (949) |  |  | (1,012) |
Participant contributions | (424) |  |  | (435) |  |  | (3) |  |  | (3) |
Actuarial gain (loss) | 25,815 |  |  | (16,231) |  |  | (175) |  |  | (1,179) |
Settlements | 8,338 |  |  | 2,987 |  |  | — |  |  | — |
Plan amendments | 104 |  |  | — |  |  | — |  |  | — |
Foreign currency exchange rate changes | 7,681 |  |  | (12,427) |  |  | 1,549 |  |  | (492) |
Benefits paid | 15,706 |  |  | 18,640 |  |  | 1,405 |  |  | 1,329 |
Benefit obligation, end of year | $ | (303,429) |  |  | $ | (342,759) |  |  | $ | (19,524) |  |  | $ | (21,312) |
Schedule of Change in Plan Assets |
| Pension Benefits |  | Other Benefits
Years Ended December 31, | 2024 |  | 2023 |  | 2024 |  | 2023
|  |  | (In thousands) |  |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets, beginning of year | $ | 301,378 |  |  | $ | 281,332 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 641 |  |  | 21,141 |  |  | — |  |  | — |
Employer contributions | 10,427 |  |  | 8,432 |  |  | 1,402 |  |  | 1,326 |
Plan participant contributions | 424 |  |  | 435 |  |  | 3 |  |  | 3 |
Settlements | (8,292) |  |  | (2,987) |  |  | — |  |  | — |
Foreign currency exchange rate changes | (5,696) |  |  | 11,665 |  |  | — |  |  | — |
Benefits paid | (15,706) |  |  | (18,640) |  |  | (1,405) |  |  | (1,329) |
Fair value of plan assets, end of year | $ | 283,176 |  |  | $ | 301,378 |  |  | $ | — |  |  | $ | — |
Schedule of Amounts Recognized in Balance Sheets |
Funded status, end of year | $ | (20,253) |  |  | $ | (41,381) |  |  | $ | (19,524) |  |  | $ | (21,312) |
Amounts recognized in the balance sheets: |  |  |  |  |  |  |
Prepaid benefit cost | $ | 27,842 |  |  | $ | 16,358 |  |  | $ | — |  |  | $ | — |
Accrued benefit liability, current | (2,969) |  |  | (3,051) |  |  | (1,390) |  |  | (1,427) |
Accrued benefit liability, noncurrent | (45,126) |  |  | (54,688) |  |  | (18,134) |  |  | (19,885) |
Net funded status | $ | (20,253) |  |  | $ | (41,381) |  |  | $ | (19,524) |  |  | $ | (21,312) |
Schedule of Components of Net Periodic Benefit Costs | The following table provides the components of net periodic benefit costs for the plans.
| Pension Benefits |  | Other Benefits
Years Ended December 31, | 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
|  |  |  |  | (In thousands) |  |  |  |
Components of net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |
Service cost | $ | 3,131 |  |  | $ | 2,632 |  |  | $ | 3,491 |  |  | $ | 39 |  |  | $ | 11 |  |  | $ | 24 |
Interest cost | 14,759 |  |  | 15,237 |  |  | 9,248 |  |  | 949 |  |  | 1,012 |  |  | 761 |
Expected return on plan assets | (16,299) |  |  | (16,512) |  |  | (16,023) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost | 180 |  |  | 176 |  |  | 174 |  |  | — |  |  | — |  |  | — |
Settlement loss (gain) | 1,147 |  |  | (101) |  |  | 1,189 |  |  | — |  |  | — |  |  | — |
Net loss (gain) recognition | (110) |  |  | (938) |  |  | 734 |  |  | (411) |  |  | (737) |  |  | (73) |
Net periodic benefit cost (income) | $ | 2,808 |  |  | $ | 494 |  |  | $ | (1,187) |  |  | $ | 577 |  |  | $ | 286 |  |  | $ | 712 |
Schedule of Assumptions Used in Determining Benefit Obligations and Net Periodic Benefit Cost Amounts | The following table presents the assumptions used in determining the benefit obligations and the net periodic benefit cost amounts.
| Pension Benefits |  | Other Benefits
| Years Ended December 31, |  | Years Ended December 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average assumptions for benefit obligations at year end: |  |  |  |  |  |  |
Discount rate | 5.1 | % |  | 4.5 | % |  | 4.7 | % |  | 4.7 | %
Salary increase | 3.2 | % |  | 3.2 | % |  | N/A |  | N/A
Cash balance interest credit rate | 4.4 | % |  | 4.4 | % |  | N/A |  | N/A
Weighted average assumptions for net periodic cost for the year: |  |  |  |  |  |  |
Discount rate | 4.5 | % |  | 4.9 | % |  | 4.7 | % |  | 5.2 | %
Salary increase | 3.2 | % |  | 3.2 | % |  | N/A |  | N/A
Cash balance interest credit rate | 4.4 | % |  | 4.5 | % |  | N/A |  | N/A
Expected return on assets | 5.2 | % |  | 5.2 | % |  | N/A |  | N/A
Assumed health care cost trend rates: |  |  |  |  |  |  |
Health care cost trend rate assumed for next year | N/A |  | N/A |  | 5.1 | % |  | 5.2 | %
Rate that the cost trend rate gradually declines to | N/A |  | N/A |  | 4.6 | % |  | 4.6 | %
Year that the rate reaches the rate it is assumed to remain at | N/A |  | N/A |  | 2028 |  | 2028
Schedule of Fair Values of Pension Plan Assets by Asset Category | The following table presents the fair values of the pension plan assets by asset category.
| December 31, 2024 |  | December 31, 2023
| Fair Market Value at December 31, 2024 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Investments Measured at Net Asset Value |  |  | Fair Market Value at December 31, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Observable Inputs (Level 2) |  | Investments Measured at Net Asset Value
| (In thousands) |  | (In thousands)
Asset Category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. equities fund | $ | 40,260 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,260 |  |  |  | $ | 34,966 |  |  | $ | — |  |  | $ | — |  |  | $ | 34,966 |
Non-U.S. equities fund | 37,321 |  |  | — |  |  | — |  |  | 37,321 |  |  |  | 35,939 |  |  | — |  |  | — |  |  | 35,939 |
Debt securities(b) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government bond fund | 63,502 |  |  | — |  |  | — |  |  | 63,502 |  |  |  | 77,480 |  |  | — |  |  | — |  |  | 77,480 |
Corporate bond fund | 62,950 |  |  | — |  |  | — |  |  | 62,950 |  |  |  | 62,456 |  |  | — |  |  | — |  |  | 62,456 |
Fixed income fund(c) | 20,348 |  |  | — |  |  | — |  |  | 20,348 |  |  |  | 22,673 |  |  | — |  |  | — |  |  | 22,673 |
Liability driven investment fund(d) | 43,354 |  |  | — |  |  | — |  |  | 43,354 |  |  |  | 51,412 |  |  | — |  |  | — |  |  | 51,412 |
Other investments(e) | 7,382 |  |  | — |  |  | — |  |  | 7,382 |  |  |  | 9,565 |  |  | — |  |  | — |  |  | 9,565 |
Cash and equivalents | 8,059 |  |  | 3,404 |  |  | — |  |  | 4,655 |  |  |  | 6,887 |  |  | 2,662 |  |  | — |  |  | 4,225 |
Total | $ | 283,176 |  |  | $ | 3,404 |  |  | $ | — |  |  | $ | 279,772 |  |  |  | $ | 301,378 |  |  | $ | 2,662 |  |  | $ | — |  |  | $ | 298,716 |
(a)This category includes investments in actively managed and indexed investment funds that invest in a diversified pool of equity securities of companies located in the U.S., Canada, Western Europe and other developed countries throughout the world. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. Equity securities held in separate accounts are valued based on observable quoted prices on active exchanges. (b)This category includes investments in investment funds that invest in U.S. treasuries; other national, state and local government bonds; and corporate bonds of highly rated companies from diversified industries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c)This category includes guaranteed insurance contracts and annuity policies. (d)This category includes investments in funds that are designed to provide leveraged exposure to changes in interest rates. The fund purchases shares of funds that invest in government bonds, debt repurchase agreements, total return swaps and interest rate swaps. (e)This category includes investments in hedge funds that pursue multiple strategies in order to provide diversification and balance risk/return objectives, real estate funds, and private equity funds.
Schedule of Benefits Expected to be Paid in Subsequent Years from Our Pension and Other Postretirement as Well as Medicare Subsidy Receipts | The following table reflects the benefits as of December 31, 2024 expected to be paid in each of the next five years and in the aggregate for the five years thereafter from our pension and other postretirement plans. Because our other postretirement plans are unfunded, the anticipated benefits with respect to these plans will come from our own assets. Because our pension plans are primarily funded plans, the anticipated benefits with respect to these plans will come primarily from the trusts established for these plans.
| Pension Plans |  | Other Plans
| (In thousands)
2025 | $ | 20,449 |  |  | $ | 1,424 |
2026 | 20,417 |  |  | 1,409 |
2027 | 20,756 |  |  | 1,401 |
2028 | 23,151 |  |  | 1,405 |
2029 | 22,820 |  |  | 1,397 |
2029-2033 | 103,486 |  |  | 6,892 |
Total | $ | 211,079 |  |  | $ | 13,928 |
Schedule of Accumulated Other Comprehensive Loss and Changes in these Amounts | The pre-tax amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic benefit cost at December 31, 2024 and the changes in these amounts during the year ended December 31, 2024 are as follows.
| Pension Benefits |  | Other Benefits
| (In thousands)
Components of accumulated other comprehensive loss: |  |  |
Net actuarial loss (gain) | $ | 13,120 |  |  | $ | (4,398) |
Net prior service cost | 1,831 |  |  | — |
| $ | 14,951 |  |  | $ | (4,398) |
| Pension Benefits |  | Other Benefits
| (In thousands)
Changes in accumulated other comprehensive loss: |  |  |
Net actuarial loss (gain), beginning of year | $ | 24,298 |  |  | $ | (5,322) |
Amortization of actuarial gain | 110 |  |  | 411 |
Actuarial loss (gain) | (25,815) |  |  | 175 |
Asset loss | 15,658 |  |  | — |
Settlement loss recognized | (1,147) |  |  | — |
Currency impact | 16 |  |  | 338 |
Net actuarial loss (gain), end of year | $ | 13,120 |  |  | $ | (4,398) |
Prior service cost, beginning of year | $ | 2,148 |  |  | $ | — |
Amortization of prior service cost | (180) |  |  | — |
Prior service credit occurring during the year | (104) |  |  | — |
Currency impact | (33) |  |  | — |
Prior service cost, end of year | $ | 1,831 |  |  | $ | — |

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