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Pension and Other Postretirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
The following table shows the funded status of the Company’s plans’ reconciled with amounts reported in the Consolidated Balance Sheets as of December 31, 2024 and 2023:
Pension BenefitsOther Post-
Retirement Benefits
2024202320242023
ForeignU.S.TotalForeignU.S.TotalU.S.U.S.
Change in benefit obligation
Gross benefit obligation at beginning of year$144,779 $79,063 $223,842 $130,554 $79,086 $209,640 $1,343 $1,606 
Service cost417 — 417 399 28 427 — — 
Interest cost5,817 3,672 9,489 6,083 3,849 9,932 61 69 
Effect of plan amendments— — — — (15)(15)— — 
Curtailment (gain) loss(19)— (19)(213)— (213)— — 
Benefits paid(6,377)(6,519)(12,896)(6,086)(6,031)(12,117)(156)(182)
Plan expenses and premiums paid(36)— (36)— — — — — 
Actuarial (gain) loss(6,589)(2,845)(9,434)7,809 2,146 9,955 (61)(150)
Translation differences and other(6,198)(1)(6,199)6,233 — 6,233 26 — 
Gross benefit obligation at end of year $131,794 $73,370 $205,164 $144,779 $79,063 $223,842 $1,213 $1,343 
Pension BenefitsOther Post-
Retirement Benefits
2024202320242023
ForeignU.S.TotalForeignU.S.TotalU.S.U.S.
Change in plan assets
Fair value of plan assets at beginning of year$135,387 $60,967 $196,354 $129,944 $59,591 $189,535 $— $— 
Actual return on plan assets(3,003)1,349 (1,654)4,474 4,640 9,114 — — 
Employer contributions2,043 3,751 5,794 1,566 2,767 4,333 156 182 
Benefits paid(6,377)(6,519)(12,896)(6,086)(6,031)(12,117)(156)(182)
Plan expenses and premiums paid(36)— (36)— — — — — 
Translation differences(5,051)— (5,051)5,489 — 5,489 — — 
Fair value of plan assets at end of year$122,963 $59,548 $182,511 $135,387 $60,967 $196,354 $— $— 
Net benefit obligation recognized$(8,831)$(13,822)$(22,653)$(9,392)$(18,096)$(27,488)$(1,213)$(1,343)
Amounts recognized in the balance sheet consist of:
Non-current assets$2,245 $— $2,245 $2,834 $— $2,834 $— $— 
Current liabilities(400)(1,758)(2,158)(273)(1,757)(2,030)(170)(178)
Non-current liabilities(10,676)(12,064)(22,740)(11,953)(16,339)(28,292)(1,043)(1,165)
Net benefit obligation recognized$(8,831)$(13,822)$(22,653)$(9,392)$(18,096)$(27,488)$(1,213)$(1,343)
Amounts not yet reflected in net periodic benefit costs and included in accumulated other comprehensive loss:
Prior service cost(265)— (265)(353)— (353)— — 
Accumulated (loss) gain(19,775)3,905 (15,870)(19,117)2,248 (16,869)1,199 1,241 
AOCI(20,040)3,905 (16,135)(19,470)2,248 (17,222)1,199 1,241 
Cumulative employer contributions in excess of or (below) net periodic benefit cost11,209 (17,727)(6,518)10,078 (20,344)(10,266)(2,412)(2,584)
Net benefit obligation recognized$(8,831)$(13,822)$(22,653)$(9,392)$(18,096)$(27,488)$(1,213)$(1,343)
The accumulated benefit obligation for all defined benefit pension plans was $199.9 million ($73.4 million U.S. and $126.5 million Foreign) and $217.5 million ($79.1 million U.S. and $138.4 million Foreign) as of December 31, 2024 and 2023, respectively.
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
20242023
ForeignU.S.TotalForeignU.S.Total
Accumulated benefit obligation72,836 73,370 146,206 75,402 79,063 154,465 
Fair value of plan assets66,838 59,548 126,386 69,419 60,967 130,386 
Information for pension plans with a projected benefit obligation in excess of plan assets:
20242023
ForeignU.S.TotalForeignU.S.Total
Projected benefit obligation$77,914 $73,370 $151,284 $93,733 $79,063 $172,796 
Fair value of plan assets66,838 59,548 126,386 81,507 60,967 142,474 
Components of net periodic benefit costs – pension plans:
20242023
ForeignU.S.TotalForeignU.S.Total
Service cost$417 $— $417 $399 $28 $427 
Interest cost5,817 3,672 9,489 6,083 3,849 9,932 
Expected return on plan assets(5,571)(2,562)(8,133)(5,271)(2,799)(8,070)
Curtailment (gain) loss(19)— (19)(213)15 (198)
Actuarial loss amortization481 24 505 388 22 410 
Prior service cost amortization27 (1)26 28 6 34 
Net periodic benefit cost$1,152 $1,133 $2,285 $1,414 $1,121 $2,535 
2022
ForeignU.S.Total
Service cost$465 $47 $512 
Interest cost3,079 2,145 5,224 
Expected return on plan assets(4,472)(3,509)(7,981)
Settlement gain(71)— (71)
Curtailment charge207 — 207 
Actuarial loss amortization658 323 981 
Prior service credit amortization3 7 10 
Net periodic benefit income$(131)$(987)$(1,118)
Other changes recognized in other comprehensive income – pension plans:
20242023
ForeignU.S.TotalForeignU.S.Total
Net loss (gain) arising during the period$1,985 $(1,631)$354 $8,605 $398 $9,003 
Settlement loss— (24)(24)— (23)(23)
Prior service cost— — — — (15)(15)
Actuarial loss(481)— (481)(388)(92)(480)
Curtailment recognition(27)— (27)(28)— (28)
Effect of exchange rates on amounts included in AOCI(908)— (908)560 — 560 
Total recognized in other comprehensive loss (income)569 (1,655)(1,086)8,749 268 9,017 
Total recognized in net periodic benefit cost and other comprehensive loss (income)$1,721 $(521)$1,200 $10,163 $1,389 $11,552 
2022
ForeignU.S.Total
Net gain arising during period$(7,008)$(3,555)$(10,563)
Settlement loss— (323)(323)
Prior service credit (cost)303 (7)296 
Actuarial (loss) gain(587)1,247 660 
Curtailment recognition(3)— (3)
Effect of exchange rates on amounts included in AOCI(1,169)— (1,169)
Total recognized in other comprehensive income(8,464)(2,638)(11,102)
Total recognized in net periodic benefit cost and other comprehensive income$(8,595)$(3,625)$(12,220)
Components of net periodic benefit costs – other postretirement plan:
202420232022
Service cost$— $— $— 
Interest cost61 69 37 
Actuarial gain amortization(102)(128)(79)
Prior service credit amortization— (16)(32)
Net periodic benefit costs$(41)$(75)$(74)
Other changes recognized in other comprehensive income – other postretirement benefit plans:
202420232022
Net gain arising during period$(61)$(150)$(263)
Recognition of amortizations in net periodic benefit cost— — (2)
Prior service credit— 16 32 
Actuarial gain amortization102 127 79 
Total recognized in other comprehensive loss (income)41 (7)(154)
Total recognized in net periodic benefit cost and other comprehensive loss (income)$— $(82)$(228)
Weighted-average assumptions used to determine benefit obligations as of December 31, 2024 and 2023:
Pension BenefitsOther Postretirement
Benefits
2024202320242023
U.S. Plans
Discount rate5.49%4.94%5.34%4.87%
Rate of compensation increaseN/AN/AN/AN/A
Foreign Plans
Discount rate4.64%4.35%N/AN/A
Rate of compensation increase3.33%3.27%N/AN/A
Weighted-average assumptions used to determine net periodic benefit costs for the years ended December 31, 2024, 2023 and 2022:
Pension BenefitsOther Postretirement
Benefits
202420232022202420232022
U.S. Plans
Discount rate4.94 %5.21 %2.67 %4.87 %5.15 %2.45 %
Expected long-term return on plan assets5.50 %5.50 %5.75 %N/AN/AN/A
Rate of compensation increaseN/AN/AN/AN/AN/AN/A
Foreign Plans
Discount rate4.33 %4.77 %3.97 %N/AN/AN/A
Expected long-term return on plan assets4.20 %4.03 %2.26 %N/AN/AN/A
Rate of compensation increase3.26 %3.38 %3.21 %N/AN/AN/A
The long-term rates of return on assets were selected from within the reasonable range of rates determined by (a) historical real returns for the asset classes covered by the investment policy and (b) projections of inflation over the long-term period during which benefits are payable to plan participants. See Note 1, Basis of Presentation and Significant Accounting Policies, for additional information.
Assumed health care cost trend rates as of December 31, 2024, 2023 and 2022:
202420232022
Health care cost trend rate for next year7.05 %6.87 %5.60 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.00 %4.00 %
Year that the rate reaches the ultimate trend rate204920482047
Plan Assets and Fair Value
The Company’s pension plan target asset allocation and the weighted-average asset allocations as of December 31, 2024 and 2023 by asset category were as follows:
Asset CategoryTarget20242023
U.S. Plans
Equity securities30 %27 %23 %
Debt securities70 %71 %70 %
Other— %2 %7 %
Total100 %100 %100 %
Foreign Plans
Equity securities17 %18 %15 %
Debt securities65 %62 %63 %
Other18 %20 %22 %
Total100 %100 %100 %
As of December 31, 2024 and 2023, “Other” consisted principally of cash and cash equivalents, and investments in real estate funds.
The following is a description of the valuation methodologies used for the investments measured at fair value, including the general classification of such instruments pursuant to the fair value hierarchy, where applicable (refer to Note 1, Basis of Presentation and Significant Accounting Policies, for a definition of the levels of the fair value hierarchy):
Cash and Cash Equivalents
Cash and cash equivalents consist of cash and money market funds and are classified as Level 1 investments.
Commingled Funds
Investments in the U.S. pooled separate accounts consist primarily of mutual funds, each of which follows a separate investment strategy, and are valued based on the reported unit value at year end. Foreign pension plan commingled funds represent pooled institutional investments, including primarily collective investment trusts. These commingled funds are not available on an exchange or in an active market and these investments are valued using their net asset value (“NAV”), which is generally based on the underlying asset values of the investments held in the trusts. As of December 31, 2024, the foreign pension plan commingled funds included approximately 37 percent of investments in equity securities, 48 percent of investments in fixed income securities, and 15 percent of other non-related investments, primarily real estate. As of December 31, 2023, the foreign pension plan commingled funds included approximately 35 percent of investments in equity securities, 50 percent of investments in fixed income securities, and 14 percent of other non-related investments, primarily real estate.
Pooled Separate Accounts
Investments in the U.S. pension plan pooled separate accounts consist of annuity contracts and are valued based on the reported unit value at year end. Units of the pooled separate account are not traded on an exchange or in an active market; however, valuation is based on the underlying investments of each pooled separate account and are classified as Level 2 investments. As of December 31, 2024, the U.S. pension plan pooled separate accounts included approximately 28 percent of investments in equity securities and 72 percent of investments in fixed income securities.
Fixed Income Government Securities
Investments in foreign pension plans fixed income government securities were valued using third party pricing services which are based on a combination of quoted market prices on an exchange in an active market as well as proprietary pricing models and inputs using observable market data and are classified as Level 2 investments.
Insurance Contract
The Company’s foreign pension plans invest in two separate insurance contracts. Investments in the first foreign pension plan insurance contract are valued at the highest value available for the Company at year end, either the reported cash surrender value of the contract or the vested benefit obligation. Both the cash surrender value and the vested benefit obligation are determined based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of the future cash flows of the contract and benefit obligations.
During 2023, one of the Company’s foreign pension plans invested in an insurance contract that is valued at the value available for the Company at year end (i.e. the vested benefit obligation). The vested benefit obligation is determined based on unobservable inputs, which are actuarially determined, regarding returns, the present value of the future cash flows of the contract and benefit obligations. Both this contract and the contract described above are classified as Level 3 investments.
Diversified Equity Securities - Registered Investment Companies
Investments in the foreign pension plans diversified equity securities of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.
Fixed Income – Foreign Registered Investment Companies
Investments in the foreign pension plans fixed income securities of foreign registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. The shares of the fund are not available on an exchange or in an active market; however, the fair value is determined based on the underlying investments in the fund as traded on an exchange in an active market and are classified as Level 2 investments.
Diversified Investment Fund - Registered Investment Companies
Investments in the foreign pension plan diversified investment fund of registered investment companies are based upon the quoted redemption value of shares in the fund owned by the plan at year end. This fund is not available on an exchange or in an active market and this investment is valued using its NAV, which is generally based on the underlying asset values of the investments held. There were no such investments as of December 31, 2024 and 2023.
Other – Alternative Investments
Investments in the foreign pension plans include certain other alternative investments such as inflation and interest rate swaps. These investments are valued based on unobservable inputs, which are contractually or actuarially determined, regarding returns, fees, the present value of future cash flows of the contract and benefit obligations. These alternative investments are classified as Level 3 investments.
Real Estate
The U.S. and foreign pension plans’ investment in real estate consists of investments in property funds. The funds’ underlying investments consist of real property which are valued using unobservable inputs. These property funds are classified as Level 3 investments.
As of December 31, 2024 and 2023, the U.S. and foreign plans’ investments measured at fair value on a recurring basis were as follows:
Fair Value Measurements at December 31, 2024
Total
Fair Value		Using Fair Value Hierarchy
U.S. Pension AssetsLevel 1Level 2Level 3
Pooled separate accounts$58,454 $— $58,454 $— 
Real estate1,094 — — 1,094 
Subtotal U.S. pension plan assets in fair value hierarchy$59,548 $— $58,454 $1,094 
Total U.S. pension plan assets$59,548 
Foreign Pension Assets
Cash and cash equivalents$1,014 $1,014 $— $— 
Insurance contract107,797 — — 107,797 
Diversified equity securities - registered investment companies2,045 — 2,045 — 
Fixed income – foreign registered investment companies8,355 — 8,355 — 
Real estate1,717 — — 1,717 
Subtotal foreign pension assets in fair value hierarchy$120,928 $1,014 $10,400 $109,514 
Commingled funds measured at NAV2,035 
Total foreign pension assets$122,963 
Total pension assets in fair value hierarchy$180,476 $1,014 $68,854 $110,608 
Total pension assets measured at NAV2,035 
Total pension assets$182,511 
Fair Value Measurements at December 31, 2023
Total
Fair Value		Using Fair Value Hierarchy
U.S. Pension AssetsLevel 1Level 2Level 3
Pooled separate accounts$56,820 $— $56,820 $— 
Real estate4,147 — — 4,147 
Subtotal U.S. pension plan assets in fair value hierarchy$60,967 $— $56,820 $4,147 
Total U.S. pension plan assets$60,967 
Foreign Pension Assets
Cash and cash equivalents$1,582 $1,582 $— $— 
Insurance contract118,393 — — 118,393 
Diversified equity securities - registered investment companies1,892 — 1,892 — 
Fixed income – foreign registered investment companies9,676 — 9,676 — 
Real estate1,771 — — 1,771 
Subtotal foreign pension assets in fair value hierarchy$133,314 $1,582 $11,568 $120,164 
Commingled funds measured at NAV2,073 
Total foreign pension assets$135,387 
Total pension assets in fair value hierarchy$194,281 $1,582 $68,388 $124,311 
Total pension assets measured at NAV2,073 
Total pension assets$196,354 
During the third quarter of 2023, one of the Company’s pension plans in the U.K. liquidated approximately $50 million of its invested assets and subsequently funded and entered into an insurance annuity contract, which will provide for the pension plan’s defined benefit obligations to participants.
Certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented for these investments in the preceding tables are intended to permit reconciliation of the fair value hierarchies to the line items presented in the statements of net assets available for benefits.
Changes in the fair value of the plans’ Level 3 investments during the years ended December 31, 2024 and 2023 were as follows:
Insurance
Contract		Real EstateTotal
Balance as of December 31, 2022$59,963 $8,902 $68,865 
Purchases (Sales)47,640 (303)47,337 
Unrealized gains (losses)7,621 (2,867)4,754 
Currency translation adjustment3,169 186 3,355 
Balance as of December 31, 2023118,393 5,918 124,311 
Sales(1,310)(2,952)(4,262)
Unrealized losses(4,620)(128)(4,748)
Currency translation adjustment(4,666)(27)(4,693)
Balance as of December 31, 2024$107,797 $2,811 $110,608 
The Company contributes to a multiemployer defined benefit pension plan under terms of a collective bargaining union contract (the Cleveland Bakers and Teamsters Pension Fund, Employer Identification Number: 34-0904419-001). The expiration date of the collective bargaining contract is May 1, 2025. As of January 1, 2024, the last valuation date available for the multiemployer plan, total plan liabilities were approximately $555 million. As of December 31, 2023, the multiemployer pension plan had total plan assets of approximately $348 million. The Company’s contribution rate to the multiemployer pension plan is specified in the collective bargaining union contract and contributions are made to the plan based on its union employee payroll. The Company contributed $0.1 million during the year ended December 31, 2024. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain contingent liabilities upon an employer who is a contributor to a multiemployer pension plan if the employer withdraws from the plan or the plan is terminated or experiences a mass withdrawal. In connection with a site closure, the Company intends to withdraw from the multiemployer pension plan during the first half of 2025 and will be charged for its share of the multiemployer pension plan’s unfunded liability. The Company will record a withdrawal liability once an amount is determined and reasonably estimable in 2025. While the Company may also have additional liabilities imposed by law as a result of its participation in the multiemployer defined benefit pension plan, there is no liability as of December 31, 2024.
The Pension Protection Act of 2006 (the “PPA”) also added special funding and operational rules generally applicable to plan years beginning after 2007 for multiemployer plans with certain classifications based on a multitude of factors (including, for example, the plan’s funded percentage, cash flow position and whether the plan is projected to experience a minimum funding deficiency). The plan to which the Company contributes is in “critical” status. Plans in the “critical” status classification must adopt measures to improve their funded status through a funding improvement or rehabilitation plan which may require additional contributions from employers (which may take the form of a surcharge on benefit contributions) and/or modifications to retiree benefits. The amount of additional funds that the Company may be obligated to contribute to the plan in the future cannot be estimated as such amounts will be likely based on future levels of work that require the specific use of those union employees covered by the plan, and the amount of that future work and the number of affected employees that may be needed is not reasonably estimable.
Cash Flows
Contributions
The Company expects to make cash contributions of approximately $6.0 million to its pension plans (approximately $3.3 million U.S. and $2.7 million Foreign) and approximately $0.2 million to its other postretirement benefit plan in 2025.
Estimated Future Benefit Payments
Excluding any impact related to the PPA noted above, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Pension BenefitsOther Post-
Retirement
Benefits
ForeignU.S.Total
2025$6,354 $7,958 $14,312 $170 
20267,099 6,930 14,029 161 
20276,800 6,247 13,047 140 
20286,945 6,173 13,118 130 
20298,453 6,070 14,523 120 
2030 to 203443,345 28,280 71,625 469 
The Company maintains a plan under which supplemental retirement benefits are provided to certain officers. Benefits payable under the plan are based on a combination of years of service and existing postretirement benefits. Included in total pension costs are charges of $0.6 million for both the years ended December 31, 2024 and 2023, respectively, and $0.7 million for the year ended December 31, 2022, representing the annual accrued benefits under this plan.
Defined Contribution Plan
The Company sponsors various defined contribution plans in both its U.S. and non-U.S. subsidiaries, under which eligible participants may defer a portion of their compensation up to the allowable amount as determined by the plan. All contributions and Company matches are invested at the direction of the participant. The most significant plan is the Company's primary U.S. 401(k) plan with an employer match covering a majority of its U.S. employees. Beginning in April 2020 and continuing through March 2021, the Company matched both non-elective and elective 401(k) contributions in fully vested shared of the Company’s common stock rather than cash. See Note 8, Equity, for additional information. Total Company contributions under this U.S. 401(k) plan were $6.6 million, $6.1 million and $7.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.