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Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The majority of the Company's defined benefit pension plans have projected benefit obligations in excess of the fair value of plan assets. For these plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

278,389

 

 

$

311,336

 

Fair value of plans' assets

 

 

255,389

 

 

 

285,243

 

Schedule Of Fair Value Of Plan Assets In Excess Of Benefit Obligations Table Text Block

Certain of the Company's U.K. Plans have fair values of plan assets that exceed the projected benefit obligations. For these plans, and certain Other International Plans, the projected benefit obligations and the fair value of plan assets were as follows as of December 31, 2024 and 2023:

 

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected benefit obligations

 

$

161,567

 

 

$

146,960

 

Fair value of plans' assets

 

 

170,747

 

 

 

157,914

 

Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets

A reconciliation of the beginning and ending balances of the projected benefit obligations and the fair value of plans' assets for the Company's defined benefit pension plans as of the plans' most recent measurement dates is as follows:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

Projected Benefit Obligations:

 

 

 

 

 

 

Beginning of measurement period

 

$

458,296

 

 

$

485,573

 

Service cost

 

 

1,531

 

 

 

1,423

 

Interest cost

 

 

23,163

 

 

 

23,915

 

Employee contributions

 

 

22

 

 

 

23

 

Actuarial gain

 

 

(3,504

)

 

 

(11,023

)

Plan settlements

 

 

(296

)

 

 

 

Plan curtailments

 

 

48

 

 

 

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

9,764

 

 

 

9,617

 

End of measurement period

 

 

439,956

 

 

 

458,296

 

Fair Value of Plans' Assets:

 

 

 

 

 

 

Beginning of measurement period

 

 

443,157

 

 

 

477,728

 

Actual return on plans' assets

 

 

18,268

 

 

 

2,712

 

Employer contributions

 

 

3,561

 

 

 

3,265

 

Employee contributions

 

 

22

 

 

 

23

 

Plan settlements

 

 

(296

)

 

 

 

Benefits paid

 

 

(49,068

)

 

 

(51,232

)

Foreign currency effects

 

 

10,492

 

 

 

10,661

 

End of measurement period

 

 

426,136

 

 

 

443,157

 

Unfunded Status

 

$

(13,820

)

 

$

(15,139

)

Schedule of Net Funded Status

The funded status of the Company's defined benefit pension plans recognized in the Consolidated Balance Sheets at December 31 consisted of:

 

December 31,

 

2024

 

 

2023

 

 

 

(In thousands)

 

U.S. Qualified Plan

 

$

18,991

 

 

$

22,317

 

Other international plans

 

 

2,092

 

 

 

1,688

 

Subtotal, included in "Accrued pension liabilities"

 

 

21,083

 

 

 

24,006

 

U.K. prepaid pension asset included in "Other noncurrent assets"

 

 

(9,176

)

 

 

(10,876

)

Other international plans

 

 

(4

)

 

 

(78

)

Subtotal, included in "Other noncurrent assets"

 

 

(9,180

)

 

 

(10,954

)

Unfunded status of nonqualified defined benefit deferred pension plans included in "Other accrued liabilities"

 

 

201

 

 

 

230

 

Unfunded status of nonqualified defined benefit pension plans included in "Other noncurrent liabilities"

 

 

1,716

 

 

 

1,858

 

Total underfunded status

 

$

13,820

 

 

$

15,139

 

Accumulated other comprehensive loss, before income taxes

 

$

(257,116

)

 

$

(261,102

)

Schedule of Net Unrecognized Actuarial Gain (loss)

The following tables set forth the changes in accumulated other comprehensive loss during 2024 and 2023 for the Company's defined benefit retirement plans on a combined basis:

 

 

Defined Benefit
Pension Plans

 

 

 

(In thousands)

 

Net unrecognized actuarial loss, December 31, 2022

 

$

(256,695

)

Amortization of net loss

 

 

12,019

 

Net loss arising during the year

 

 

(13,432

)

Currency translation

 

 

(2,993

)

Net unrecognized actuarial loss, December 31, 2023

 

 

(261,102

)

Amortization of net loss

 

 

12,580

 

Net loss arising during the year

 

 

(4,109

)

Currency translation

 

 

(4,484

)

Net unrecognized actuarial loss, December 31, 2024

 

$

(257,116

)

Schedule of Defined Benefit Plans Disclosures

Net periodic benefit (credit) cost related to all of the Company's defined benefit pension plans recognized in the Company's Consolidated Statements of Operations for the years ended December 31, 2024, 2023, and 2022 included the following components:

 

Year Ended December 31,

 

2024

 

 

2023

 

 

2022

 

 

 

(In thousands)

 

Service cost

 

$

1,531

 

 

$

1,423

 

 

$

1,219

 

Interest cost

 

 

23,163

 

 

 

23,915

 

 

 

12,903

 

Expected return on assets

 

 

(25,882

)

 

 

(27,168

)

 

 

(24,600

)

Amortization of actuarial loss

 

 

12,580

 

 

 

12,020

 

 

 

10,198

 

Curtailment loss recognized

 

 

48

 

 

 

 

 

 

 

Net periodic benefit cost (credit)

 

$

11,440

 

 

$

10,190

 

 

$

(280

)

Schedule of Expected Benefit Payments

Over the next ten years, the following benefit payments are expected to be required to be made from the Company's U.S. and U.K. defined benefit pension plans:

 

 

Year Ending December 31,

 

Expected Benefit
Payments

 

 

 

(In thousands)

 

2025

 

$

35,188

 

2026

 

 

34,690

 

2027

 

 

34,412

 

2028

 

 

34,586

 

2029

 

 

33,951

 

2030-2034

 

 

157,645

 

 

Schedule of Assumptions Used Certain assumptions used in computing the benefit obligations and net periodic benefit cost for the U.S. and U.K. defined benefit pension plans were as follows:

 

U.S. Qualified Plan:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.57

%

 

 

4.94

%

Discount rate used to compute periodic benefit cost

 

 

4.94

%

 

 

5.13

%

Expected long-term rates of return on plans' assets

 

 

5.90

%

 

 

6.20

%

 

U.K. Defined Benefit Plans:

 

2024

 

 

2023

 

Discount rate used to compute benefit obligations

 

 

5.30

%

 

 

5.78

%

Discount rate used to compute periodic benefit cost

 

 

5.78

%

 

 

4.93

%

Expected long-term rates of return on plans' assets

 

 

6.20

%

 

 

5.40

%

Schedule of Allocation of Plan Assets

Asset allocations at the respective measurement dates, by asset category, for the Company's U.S. and U.K. qualified defined benefit pension plans were as follows:

 

 

 

 

U.S. Qualified Plan

 

 

U.K. Plans

 

December 31,

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Equity securities

 

 

14.7

%

 

 

14.6

%

 

 

 

 

 

 

Fixed income securities

 

 

77.9

%

 

 

75.8

%

 

 

73.6

%

 

 

74.1

%

Alternative strategies

 

 

4.2

%

 

 

4.6

%

 

 

25.9

%

 

 

24.4

%

Cash, cash equivalents and short-term investment funds

 

 

3.2

%

 

 

5.0

%

 

 

0.4

%

 

 

1.5

%

Total asset allocation

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%

 

 

100.0

%