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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
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, |
|  | 2024 |  |  | 2023 |
Included in "Other assets": |  |  |  |  |  |
Non-U.S. pension plans |  | $ | 1,216 |  |  | $ | 3,929 |
Total included in other assets |  | $ | 1,216 |  |  | $ | 3,929 |
Included in "Payroll and related expenses": |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (880 | ) |  | $ | (1,474 | )
Non-U.S. pension plans |  |  | (6,720 | ) |  |  | (7,149 | )
U.S. other postretirement plans |  |  | (520 | ) |  |  | (510 | )
Non-U.S. other postretirement plans |  |  | (799 | ) |  |  | (390 | )
Total included in payroll and related expenses |  | $ | (8,919 | ) |  | $ | (9,523 | )
Accrued pension and other postretirement costs: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | (27,758 | ) |  | $ | (29,217 | )
Non-U.S. pension plans |  |  | (125,719 | ) |  |  | (144,276 | )
U.S. other postretirement plans |  |  | (3,418 | ) |  |  | (3,750 | )
Non-U.S. other postretirement plans |  |  | (6,287 | ) |  |  | (7,173 | )
Other retirement obligations |  |  | (10,518 | ) |  |  | (11,087 | )
Total accrued pension and other postretirement costs |  | $ | (173,700 | ) |  | $ | (195,503 | )
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |
U.S. pension plans |  | $ | 11 |  |  | $ | (522 | )
Non-U.S. pension plans |  |  | 18,861 |  |  |  | 24,891 |
U.S. other postretirement plans |  |  | (1,329 | ) |  |  | (1,527 | )
Non-U.S. other postretirement plans |  |  | 1,158 |  |  |  | 1,488 |
Total accumulated other comprehensive loss* |  | $ | 18,701 |  |  | $ | 24,330 |
* - 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, 2024 |  |  | December 31, 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 30,691 |  |  | $ | 210,783 |  |  | $ | 37,221 |  |  | $ | 203,541 |
Service cost |  |  | - |  |  |  | 3,121 |  |  |  | - |  |  |  | 3,063 |
Interest cost |  |  | 1,525 |  |  |  | 6,698 |  |  |  | 1,997 |  |  |  | 7,346 |
Plan amendments |  |  | - |  |  |  | 44 |  |  |  | - |  |  |  | (15 | )
Actuarial (gains) losses |  |  | (425 | ) |  |  | 1,719 |  |  |  | (272 | ) |  |  | 8,835 |
Benefits paid |  |  | (3,153 | ) |  |  | (14,508 | ) |  |  | (8,255 | ) |  |  | (17,160 | )
Curtailments and settlements |  |  | - |  |  |  | (98 | ) |  |  | - |  |  |  | (27 | )
Currency translation |  |  | - |  |  |  | (12,068 | ) |  |  | - |  |  |  | 5,200 |
Benefit obligation at end of year |  | $ | 28,638 |  |  | $ | 195,691 |  |  | $ | 30,691 |  |  | $ | 210,783 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | - |  |  | $ | 63,287 |  |  | $ | - |  |  | $ | 65,620 |
Actual return on plan assets |  |  | - |  |  |  | 5,504 |  |  |  | - |  |  |  | 1,976 |
Company contributions |  |  | 3,153 |  |  |  | 13,311 |  |  |  | 8,255 |  |  |  | 12,161 |
Benefits paid |  |  | (3,153 | ) |  |  | (14,509 | ) |  |  | (8,255 | ) |  |  | (17,160 | )
Currency translation |  |  | - |  |  |  | (3,125 | ) |  |  | - |  |  |  | 690 |
Fair value of plan assets at end of year |  | $ | - |  |  | $ | 64,468 |  |  | $ | - |  |  | $ | 63,287 |
Funded status at end of year |  | $ | (28,638 | ) |  | $ | (131,223 | ) |  | $ | (30,691 | ) |  | $ | (147,496 | )
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following:
| December 31, 2024 |  | December 31, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Other assets |  | $ | - |  |  | $ | 1,216 |  |  | $ | - |  |  | $ | 3,929 |
Accrued benefit liability - current |  |  | (880 | ) |  |  | (6,720 | ) |  |  | (1,474 | ) |  |  | (7,149 | )
Accrued benefit liability - non-current |  |  | (27,758 | ) |  |  | (125,719 | ) |  |  | (29,217 | ) |  |  | (144,276 | )
Accumulated other comprehensive loss |  |  | 11 |  |  |  | 18,861 |  |  |  | (522 | ) |  |  | 24,891 |
|  | $ | (28,627 | ) |  | $ | (112,362 | ) |  | $ | (31,213 | ) |  | $ | (122,605 | )
Components of actuarial items | Actuarial items consist of the following:
| December 31, 2024 |  | December 31, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Unrecognized net actuarial (gain) loss |  | $ | 11 |  |  | $ | 18,161 |  |  | $ | (588 | ) |  | $ | 24,094 |
Unamortized prior service cost |  |  | - |  |  |  | 700 |  |  |  | 66 |  |  |  | 797 |
|  | $ | 11 |  |  | $ | 18,861 |  |  | $ | (522 | ) |  | $ | 24,891 |
Projected and accumulated benefit obligations | The following table sets forth additional information regarding the projected and accumulated benefit obligations:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Accumulated benefit obligation, all plans |  | $ | 28,638 |  |  | $ | 180,542 |  |  | $ | 30,691 |  |  | $ | 194,361 |
Plans for which the accumulated benefit obligation exceeds plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation |  | $ | 28,638 |  |  | $ | 129,686 |  |  | $ | 30,691 |  |  | $ | 146,898 |
Accumulated benefit obligation |  |  | 28,638 |  |  |  | 128,182 |  |  |  | 30,691 |  |  |  | 144,213 |
Fair value of plan assets |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,032 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic pension cost:
| Years ended December 31, |
| 2024 |  | 2023 |  | 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Service cost |  | $ | - |  |  | $ | 3,121 |  |  | $ | - |  |  | $ | 3,063 |  |  | $ | - |  |  | $ | 4,199 |
Interest cost |  |  | 1,525 |  |  |  | 6,698 |  |  |  | 1,997 |  |  |  | 7,346 |  |  |  | 1,122 |  |  |  | 3,200 |
Expected return on plan assets |  |  | - |  |  |  | (2,347 | ) |  |  | - |  |  |  | (2,270 | ) |  |  | - |  |  |  | (1,725 | )
Amortization of actuarial (gains) losses |  |  | (1,026 | ) |  |  | 1,799 |  |  |  | 175 |  |  |  | 345 |  |  |  | 1,523 |  |  |  | 4,760 |
Amortization of prior service cost |  |  | 66 |  |  |  | 597 |  |  |  | 144 |  |  |  | 195 |  |  |  | 144 |  |  |  | 216 |
Curtailment and settlement losses |  |  | - |  |  |  | 290 |  |  |  | - |  |  |  | 546 |  |  |  | - |  |  |  | 1,190 |
Net periodic pension cost |  | $ | 565 |  |  | $ | 10,158 |  |  | $ | 2,316 |  |  | $ | 9,225 |  |  | $ | 2,789 |  |  | $ | 11,840 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2024 |  |  | 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.50 | % |  |  | 3.43 | % |  |  | 5.25 | % |  |  | 3.36 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 3.37 | % |  |  | 0.00 | % |  |  | 3.12 | %
The following weighted average assumptions were used to determine the net periodic pension costs:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | 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 | %
Expected return on plan assets |  |  | 0.00 | % |  |  | 3.41 | % |  |  | 0.00 | % |  |  | 4.11 | %
Estimated future benefit payments | Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2025 |  | $ | 3,377 |  |  | $ | 15,486 |
2026 |  |  | 1,985 |  |  |  | 16,191 |
2027 |  |  | 1,973 |  |  |  | 13,770 |
2028 |  |  | 8,343 |  |  |  | 14,012 |
2029 |  |  | 3,099 |  |  |  | 14,799 |
2030-2035 |  |  | 8,990 |  |  |  | 68,871 |
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, 2024 |  |  | December 31, 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Change in benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation at beginning of year |  | $ | 4,260 |  |  | $ | 7,563 |  |  | $ | 4,328 |  |  | $ | 6,715 |
Service cost |  |  | 21 |  |  |  | 241 |  |  |  | 21 |  |  |  | 221 |
Interest cost |  |  | 210 |  |  |  | 245 |  |  |  | 225 |  |  |  | 251 |
Actuarial (gains) losses |  |  | (43 | ) |  |  | (169 | ) |  |  | 183 |  |  |  | 801 |
Benefits paid |  |  | (510 | ) |  |  | (344 | ) |  |  | (497 | ) |  |  | (681 | )
Currency translation |  |  | - |  |  |  | (450 | ) |  |  | - |  |  |  | 256 |
Benefit obligation at end of year |  | $ | 3,938 |  |  | $ | 7,086 |  |  | $ | 4,260 |  |  | $ | 7,563 |
Fair value of plan assets at end of year |  | $ | - |  |  | $ | - |  |  | $ | - |  |  | $ | - |
Funded status at end of year |  | $ | (3,938 | ) |  | $ | (7,086 | ) |  | $ | (4,260 | ) |  | $ | (7,563 | )
Amounts recognized in consolidated balance sheet | Amounts recognized in the accompanying consolidated balance sheets consist of the following:
| December 31, 2024 |  | December 31, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Accrued benefit liability - current |  | $ | (520 | ) |  | $ | (799 | ) |  | $ | (510 | ) |  | $ | (390 | )
Accrued benefit liability - non-current |  |  | (3,418 | ) |  |  | (6,287 | ) |  |  | (3,750 | ) |  |  | (7,173 | )
Accumulated other comprehensive (income) loss |  |  | (1,329 | ) |  |  | 1,158 |  |  |  | (1,527 | ) |  |  | 1,488 |
|  | $ | (5,267 | ) |  | $ | (5,928 | ) |  | $ | (5,787 | ) |  | $ | (6,075 | )
Components of actuarial items | Actuarial items consist of the following:
| December 31, 2024 |  | December 31, 2023 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Unrecognized net actuarial loss (gain) |  | $ | (1,329 | ) |  | $ | 1,158 |  |  | $ | (1,527 | ) |  | $ | 1,488 |
|  | $ | (1,329 | ) |  | $ | 1,158 |  |  | $ | (1,527 | ) |  | $ | 1,488 |
Components of the net periodic benefit costs | The following table sets forth the components of net periodic benefit cost:
| Years ended December 31, |
| 2024 |  | 2023 |  | 2022 |
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |
Service cost |  | $ | 21 |  |  | $ | 241 |  |  | $ | 21 |  |  | $ | 221 |  |  | $ | 39 |  |  | $ | 237 |
Interest cost |  |  | 210 |  |  |  | 245 |  |  |  | 225 |  |  |  | 251 |  |  |  | 178 |  |  |  | 55 |
Amortization of actuarial (gains) losses |  |  | (240 | ) |  |  | 82 |  |  |  | (321 | ) |  |  | 8 |  |  |  | 342 |  |  |  | 85 |
Curtailment and settlement losses |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 89 |  |  |  | - |  |  |  | - |
Net periodic benefit cost (benefit) |  | $ | (9 | ) |  | $ | 568 |  |  | $ | (75 | ) |  | $ | 569 |  |  | $ | 559 |  |  | $ | 377 |
Weighted average assumptions used | The following weighted average assumptions were used to determine benefit obligations at December 31 of the respective years:
|  | 2024 |  |  | 2023 |
|  | U.S. Plans |  |  | Non-U.S. Plans |  |  | U.S. Plans |  |  | Non-U.S. Plans |
Discount rate |  |  | 5.50 | % |  |  | 3.25 | % |  |  | 5.25 | % |  |  | 3.40 | %
Rate of compensation increase |  |  | 0.00 | % |  |  | 3.50 | % |  |  | 0.00 | % |  |  | 4.00 | %
The following weighted average assumptions were used to determine the net periodic benefit costs:
|  | Years ended December 31, |
|  | 2024 |  |  | 2023 |
|  | 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 | %
Estimated future benefit payments | Estimated future benefit payments are as follows:
|  | U.S. Plans |  |  | Non-U.S. Plans |
2025 |  | $ | 520 |  |  | $ | 799 |
2026 |  |  | 491 |  |  |  | 188 |
2027 |  |  | 449 |  |  |  | 1,409 |
2028 |  |  | 434 |  |  |  | 623 |
2029 |  |  | 401 |  |  |  | 474 |
2030-2035 |  |  | 1,461 |  |  |  | 4,802 |

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