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Pension and Postretirement Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Pension and Postretirement Benefits

NOTE 17. PENSION AND POSTRETIREMENT BENEFITS

The components of net periodic benefit cost of our pension and postretirement benefit plans for the three months ended June 30, 2025 and 2024 consist of the following:

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

—

 

 

$

—

 

 

$

6

 

 

$

6

 

 

$

—

 

 

$

50

 

Interest cost

 

 

142

 

 

 

201

 

 

 

107

 

 

 

91

 

 

 

75

 

 

 

77

 

Expected return on plan assets

 

 

(67

)

 

 

(57

)

 

 

—

 

 

 

—

 

 

 

(52

)

 

 

(79

)

Amortization of prior service cost

 

 

(431

)

 

 

(10

)

 

 

9

 

 

 

19

 

 

 

11

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

5,970

 

 

 

79

 

 

 

(56

)

 

 

(38

)

 

 

5

 

 

 

23

 

Net periodic benefit cost

 

$

5,614

 

 

$

213

 

 

$

66

 

 

$

78

 

 

$

39

 

 

$

71

 

The components of net periodic benefit cost of our pension and postretirement benefit plans for the six months ended June 30, 2025 and 2024 consist of the following:

 

 

Domestic Plans

 

 

 

 

 

 

 

 

 

Pension Plans

 

 

Postretirement Benefit Plans

 

 

Foreign Pension Plans

 

(in thousands)

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Service cost

 

$

—

 

 

$

—

 

 

$

11

 

 

$

12

 

 

$

—

 

 

$

101

 

Interest cost

 

 

350

 

 

 

402

 

 

 

216

 

 

 

182

 

 

 

147

 

 

 

155

 

Expected return on plan assets

 

 

(130

)

 

 

(114

)

 

 

—

 

 

 

—

 

 

 

(102

)

 

 

(159

)

Amortization of prior service cost

 

 

(441

)

 

 

(20

)

 

 

17

 

 

 

38

 

 

 

21

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

6,033

 

 

 

158

 

 

 

(80

)

 

 

(76

)

 

 

12

 

 

 

47

 

Net periodic benefit cost

 

$

5,812

 

 

$

426

 

 

$

164

 

 

$

156

 

 

$

78

 

 

$

144

 

We expect to contribute $1.9 million to our funded pension plans, $1.4 million to our unfunded pension plans, and $0.8 million to our postretirement benefit plans in 2025. During the six months ended June 30, 2025, we contributed $1.8 million to our funded pension plans, $1.1 million to our unfunded pension plans, and $0.3 million to our postretirement benefit plans. Additionally, during the three and six months ended June 30, 2025, we completed the termination and settlement of the Giltspur, Inc. Employees’ Pension Plan, which resulted in a reclassification of previously recorded prior service cost and net actuarial loss within AOCL to other expense, net of approximately $5.4 million.