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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
Retirement Plan amounts recorded on consolidated balance sheets | The following table summarizes amounts recorded on the accompanying consolidated balance sheets associated with these various retirement benefit plans:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Included in "Other assets": |  |  |  |  |  |
Non-U.S. pension plans |  | $ | 3,929 |  |  | $ | 4,715 |
Total included in other assets |  | $ | 3,929 |  |  | $ | 4,715 |
Included in "Payroll and related expenses": |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (1,474 | ) |  | $ | (6,378 | )
Non-U.S. pension plans |  |  | (7,149 | ) |  |  | (6,827 | )
U.S. other postretirement plans |  |  | (510 | ) |  |  | (497 | )
Non-U.S. other postretirement plans |  |  | (390 | ) |  |  | (666 | )
Total included in payroll and related expenses |  | $ | (9,523 | ) |  | $ | (14,368 | )
Accrued pension and other postretirement costs: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (29,217 | ) |  | $ | (30,843 | )
Non-U.S. pension plans |  |  | (144,276 | ) |  |  | (135,809 | )
U.S. other postretirement plans |  |  | (3,750 | ) |  |  | (3,831 | )
Non-U.S. other postretirement plans |  |  | (7,173 | ) |  |  | (6,049 | )
Other retirement obligations |  |  | (11,087 | ) |  |  | (10,560 | )
Total accrued pension and other postretirement costs |  | $ | (195,503 | ) |  | $ | (187,092 | )
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (522 | ) |  | $ | 69 |
Non-U.S. pension plans |  |  | 24,891 |  |  |  | 16,392 |
U.S. other postretirement plans |  |  | (1,527 | ) |  |  | (2,031 | )
Non-U.S. other postretirement plans |  |  | 1,488 |  |  |  | 743 |
Total accumulated other comprehensive loss* |  | $ | 24,330 |  |  | $ | 15,173 |
* - Amounts included in accumulated other comprehensive loss are presented in this table pre-tax
Defined Benefit Pension Plans [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to U.S. and non-U.S. pension plans:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 37,221 |  |  | $ | 203,541 |  |  | $ | 45,613 |  |  | $ | 278,173 |
Service cost |  |  | - |  |  |  | 3,063 |  |  |  | - |  |  |  | 4,199 |
Interest cost |  |  | 1,997 |  |  |  | 7,346 |  |  |  | 1,122 |  |  |  | 3,200 |
Plan amendments |  |  | - |  |  |  | (15 | ) |  |  | - |  |  |  | 79 |
Actuarial (gains) losses |  |  | (272 | ) |  |  | 8,835 |  |  |  | (7,668 | ) |  |  | (45,102 | )
Benefits paid |  |  | (8,255 | ) |  |  | (17,160 | ) |  |  | (1,846 | ) |  |  | (16,777 | )
Curtailments and settlements |  |  | - |  |  |  | (27 | ) |  |  | - |  |  |  | - |
Currency translation |  |  | - |  |  |  | 5,200 |  |  |  | - |  |  |  | (20,231 | )
Benefit obligation at end of year |  | $ | 30,691 |  |  | $ | 210,783 |  |  | $ | 37,221 |  |  | $ | 203,541 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | - |  |  | $ | 65,620 |  |  | $ | - |  |  | $ | 75,920 |
Actual return on plan assets |  |  | - |  |  |  | 1,976 |  |  |  | - |  |  |  | 790 |
Company contributions |  |  | 8,255 |  |  |  | 12,161 |  |  |  | 1,846 |  |  |  | 13,212 |
Benefits paid |  |  | (8,255 | ) |  |  | (17,160 | ) |  |  | (1,846 | ) |  |  | (16,777 | )
Currency translation |  |  | - |  |  |  | 690 |  |  |  | - |  |  |  | (7,525 | )
Fair value of plan assets at end of year |  | $ | - |  |  | $ | 63,287 |  |  | $ | - |  |  | $ | 65,620 |
Funded status at end of year |  | $ | (30,691 | ) |  | $ | (147,496 | ) |  | $ | (37,221 | ) |  | $ | (137,921 | )
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following:
| December 31, 2023 |  | December 31, 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Other assets |  | $ | - |  |  | $ | 3,929 |  |  | $ | - |  |  | $ | 4,715 |
Accrued benefit liability - current |  |  | (1,474 | ) |  |  | (7,149 | ) |  |  | (6,378 | ) |  |  | (6,827 | )
Accrued benefit liability - non-current |  |  | (29,217 | ) |  |  | (144,276 | ) |  |  | (30,843 | ) |  |  | (135,809 | )
Accumulated other comprehensive loss |  |  | (522 | ) |  |  | 24,891 |  |  |  | 69 |  |  |  | 16,392 |
|  | $ | (31,213 | ) |  | $ | (122,605 | ) |  | $ | (37,152 | ) |  | $ | (121,529 | )
Components of actuarial items | Actuarial items consist of the following:
| December 31, 2023 |  | December 31, 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Unrecognized net actuarial (gain) loss |  | $ | (588 | ) |  | $ | 24,094 |  |  | $ | (140 | ) |  | $ | 15,628 |
Unamortized prior service cost |  |  | 66 |  |  |  | 797 |  |  |  | 209 |  |  |  | 764 |
|  | $ | (522 | ) |  | $ | 24,891 |  |  | $ | 69 |  |  | $ | 16,392 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Accumulated benefit obligation, all plans |  | $ | 30,691 |  |  | $ | 194,361 |  |  | $ | 37,221 |  |  | $ | 176,056 |
Plans for which the accumulated benefit obligation exceeds plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 30,691 |  |  | $ | 146,898 |  |  | $ | 37,221 |  |  | $ | 181,207 |
Accumulated benefit obligation |  |  | 30,691 |  |  |  | 144,213 |  |  |  | 37,221 |  |  |  | 159,433 |
Fair value of plan assets |  |  | - |  |  |  | 3,032 |  |  |  | - |  |  |  | 38,854 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost:
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Service cost |  | $ | - |  |  | $ | 3,063 |  |  | $ | - |  |  | $ | 4,199 |  |  | $ | - |  |  | $ | 4,693 |
Interest cost |  |  | 1,997 |  |  |  | 7,346 |  |  |  | 1,122 |  |  |  | 3,200 |  |  |  | 1,016 |  |  |  | 2,968 |
Expected return on plan assets |  |  | - |  |  |  | (2,270 | ) |  |  | - |  |  |  | (1,725 | ) |  |  | - |  |  |  | (1,660 | )
Amortization of actuarial losses |  |  | 175 |  |  |  | 345 |  |  |  | 1,523 |  |  |  | 4,760 |  |  |  | 2,032 |  |  |  | 7,444 |
Amortization of prior service cost |  |  | 144 |  |  |  | 195 |  |  |  | 144 |  |  |  | 216 |  |  |  | 144 |  |  |  | 189 |
Curtailment and settlement losses |  |  | - |  |  |  | 546 |  |  |  | - |  |  |  | 1,190 |  |  |  | - |  |  |  | 632 |
Net periodic pension cost |  | $ | 2,316 |  |  | $ | 9,225 |  |  | $ | 2,789 |  |  | $ | 11,840 |  |  | $ | 3,192 |  |  | $ | 14,266 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2023 |  |  | 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.25 | % |  |  | 3.36 | % |  |  | 5.50 | % |  |  | 3.57 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 3.12 | % |  |  | 0.00 | % |  |  | 2.60 | %
The following weighted average assumptions were used to determine the net periodic pension costs:
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.50 | % |  |  | 3.57 | % |  |  | 2.50 | % |  |  | 1.19 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 2.60 | % |  |  | 0.00 | % |  |  | 2.07 | %
Expected return on plan assets |  |  | 0.00 | % |  |  | 4.11 | % |  |  | 0.00 | % |  |  | 2.96 | %
Estimated future benefit payments | Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2024 |  | $ | 3,347 |  |  | $ | 14,897 |
2025 |  |  | 3,301 |  |  |  | 15,450 |
2026 |  |  | 1,941 |  |  |  | 17,775 |
2027 |  |  | 8,306 |  |  |  | 14,830 |
2028 |  |  | 3,198 |  |  |  | 14,744 |
2029-2033 |  |  | 9,415 |  |  |  | 74,939 |
Other Postretirement Benefits [Member] |
Defined Benefit Plan Disclosure [Line Items] |
Reconciliation of benefit obligation, plan assets, and funded status | The following table sets forth a reconciliation of the benefit obligation, plan assets, and accrued benefit cost related to U.S. and non-U.S. non-pension defined benefit postretirement plans:
|  | December 31, 2023 |  |  | December 31, 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,328 |  |  | $ | 6,715 |  |  | $ | 7,611 |  |  | $ | 7,782 |
Service cost |  |  | 21 |  |  |  | 221 |  |  |  | 39 |  |  |  | 237 |
Interest cost |  |  | 225 |  |  |  | 251 |  |  |  | 178 |  |  |  | 55 |
Actuarial (gains) losses |  |  | 183 |  |  |  | 801 |  |  |  | (2,525 | ) |  |  | (749 | )
Benefits paid |  |  | (497 | ) |  |  | (681 | ) |  |  | (975 | ) |  |  | (147 | )
Currency translation |  |  | - |  |  |  | 256 |  |  |  | - |  |  |  | (463 | )
Benefit obligation at end of year |  | $ | 4,260 |  |  | $ | 7,563 |  |  | $ | 4,328 |  |  | $ | 6,715 |
Fair value of plan assets at end of year |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Funded status at end of year |  | $ | (4,260 | ) |  | $ | (7,563 | ) |  | $ | (4,328 | ) |  | $ | (6,715 | )
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following:
| December 31, 2023 |  | December 31, 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Accrued benefit liability - current |  | $ | (510 | ) |  | $ | (390 | ) |  | $ | (497 | ) |  | $ | (666 | )
Accrued benefit liability - non-current |  |  | (3,750 | ) |  |  | (7,173 | ) |  |  | (3,831 | ) |  |  | (6,049 | )
Accumulated other comprehensive (income) loss |  |  | (1,527 | ) |  |  | 1,488 |  |  |  | (2,031 | ) |  |  | 743 |
|  | $ | (5,787 | ) |  | $ | (6,075 | ) |  | $ | (6,359 | ) |  | $ | (5,972 | )
Components of actuarial items | Actuarial items consist of the following:
| December 31, 2023 |  | December 31, 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Unrecognized net actuarial loss (gain) |  | $ | (1,527 | ) |  | $ | 1,488 |  |  | $ | (2,031 | ) |  | $ | 743 |
|  | $ | (1,527 | ) |  | $ | 1,488 |  |  | $ | (2,031 | ) |  | $ | 743 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost:
| Years ended December 31, |
| 2023 |  | 2022 |  | 2021 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Service cost |  | $ | 21 |  |  | $ | 221 |  |  | $ | 39 |  |  | $ | 237 |  |  | $ | 102 |  |  | $ | 278 |
Interest cost |  |  | 225 |  |  |  | 251 |  |  |  | 178 |  |  |  | 55 |  |  |  | 163 |  |  |  | 42 |
Amortization of actuarial (gains) losses |  |  | (321 | ) |  |  | 8 |  |  |  | 342 |  |  |  | 85 |  |  |  | 53 |  |  |  | 116 |
Curtailment and settlement losses |  |  | - |  |  |  | 89 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 67 |
Net periodic benefit cost (benefit) |  | $ | (75 | ) |  | $ | 569 |  |  | $ | 559 |  |  | $ | 377 |  |  | $ | 318 |  |  | $ | 503 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2023 |  |  | 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.25 | % |  |  | 3.40 | % |  |  | 5.50 | % |  |  | 3.86 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 4.00 | % |  |  | 0.00 | % |  |  | 4.19 | %
The following weighted average assumptions were used to determine the net periodic benefit costs:
|  | Years ended December 31, |
|  | 2023 |  |  | 2022 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.50 | % |  |  | 3.86 | % |  |  | 2.50 | % |  |  | 0.80 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 4.19 | % |  |  | 0.00 | % |  |  | 2.88 | %
Estimated future benefit payments | Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2024 |  | $ | 510 |  |  | $ | 390 |
2025 |  |  | 499 |  |  |  | 621 |
2026 |  |  | 467 |  |  |  | 205 |
2027 |  |  | 452 |  |  |  | 1,525 |
2028 |  |  | 416 |  |  |  | 785 |
2029-2033 |  |  | 1,594 |  |  |  | 4,897 |

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