XML 153 R52.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligation
The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2024202320242023
Projected benefit obligation at beginning of year$616,118 $594,455 $23,864 $29,944 
Service cost4,641 4,877 551 1,116 
Interest cost27,715 28,724 989 1,351 
Actuarial (gain) loss(24,738)21,015 (2,717)(7,198)
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,287)(1,559)
Settlement— 2,982 — — 
Curtailment645 — (22)— 
Effects of foreign currency exchange rates(16,722)4,424 55 95 
Projected benefit obligation at end of year$563,350 $616,118 $21,600 $23,864 
Fair value of plan assets at beginning of year$532,643 $507,270 $— $— 
Actual return on plan assets20,540 63,682 — — 
Employer contributions(a)
7,685 1,923 1,012 1,430 
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,179)(1,545)
Settlement— (2,317)— — 
Effects of foreign currency exchange rates(14,619)2,444 — — 
Fair value of plan assets at end of year$501,940 $532,643 $— $— 
Funded Status at end of year$(61,410)$(83,475)$(21,600)$(23,864)
(a)The Company received cash of $6 million in 2023 related to surplus assets of unwound pension plans.
Schedule of Changes in Fair Value of Plan Assets
The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2024202320242023
Projected benefit obligation at beginning of year$616,118 $594,455 $23,864 $29,944 
Service cost4,641 4,877 551 1,116 
Interest cost27,715 28,724 989 1,351 
Actuarial (gain) loss(24,738)21,015 (2,717)(7,198)
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,287)(1,559)
Settlement— 2,982 — — 
Curtailment645 — (22)— 
Effects of foreign currency exchange rates(16,722)4,424 55 95 
Projected benefit obligation at end of year$563,350 $616,118 $21,600 $23,864 
Fair value of plan assets at beginning of year$532,643 $507,270 $— $— 
Actual return on plan assets20,540 63,682 — — 
Employer contributions(a)
7,685 1,923 1,012 1,430 
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,179)(1,545)
Settlement— (2,317)— — 
Effects of foreign currency exchange rates(14,619)2,444 — — 
Fair value of plan assets at end of year$501,940 $532,643 $— $— 
Funded Status at end of year$(61,410)$(83,475)$(21,600)$(23,864)
(a)The Company received cash of $6 million in 2023 related to surplus assets of unwound pension plans.
Schedule of Funded Status
The following tables present the changes in the projected benefit obligation and plan assets and reconciles funded status and the defined benefit pension and postretirement plan amounts recognized in the consolidated balance sheets:
 PensionPostretirement
2024202320242023
Projected benefit obligation at beginning of year$616,118 $594,455 $23,864 $29,944 
Service cost4,641 4,877 551 1,116 
Interest cost27,715 28,724 989 1,351 
Actuarial (gain) loss(24,738)21,015 (2,717)(7,198)
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,287)(1,559)
Settlement— 2,982 — — 
Curtailment645 — (22)— 
Effects of foreign currency exchange rates(16,722)4,424 55 95 
Projected benefit obligation at end of year$563,350 $616,118 $21,600 $23,864 
Fair value of plan assets at beginning of year$532,643 $507,270 $— $— 
Actual return on plan assets20,540 63,682 — — 
Employer contributions(a)
7,685 1,923 1,012 1,430 
Participant contributions652 700 167 115 
Benefits paid(44,961)(41,059)(1,179)(1,545)
Settlement— (2,317)— — 
Effects of foreign currency exchange rates(14,619)2,444 — — 
Fair value of plan assets at end of year$501,940 $532,643 $— $— 
Funded Status at end of year$(61,410)$(83,475)$(21,600)$(23,864)
(a)The Company received cash of $6 million in 2023 related to surplus assets of unwound pension plans.
Schedule of Amounts Recognized in Consolidated Balance Sheet
 PensionPostretirement
2024202320242023
Non-current assets$— $— $— $— 
Current liabilities(4,390)(4,474)(1,381)(1,372)
Non-current liabilities(57,020)(79,001)(20,219)(22,492)
Net amount recognized$(61,410)$(83,475)$(21,600)$(23,864)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Net gain (loss) recognized in other comprehensive income for the three years ended December 31 was as follows:
 PensionPostretirement
 202420232022202420232022
Net gain$13,053 $9,202 $30,531 $2,928 $6,639 $7,574 
Prior service costs$— $(2,982)$— $— $— $— 
Net gain (loss) and prior service cost (credit) reclassified from other comprehensive income and recognized as a component of pension and postretirement expense for the three years ended December 31 were as follows:
 PensionPostretirement
 202420232022202420232022
Amortization of (gain) loss$379 $(490)$5,462 $(737)$(215)$72 
Amortization of prior service cost (credit)435 294 147 (98)(98)(122)
Schedule of Net Periodic Benefit Cost Not yet Recognized
Net gain (loss), prior service cost (credit) and plan amendments that have not yet been included in pension and postretirement expense and have been recognized as a component of AOCI for the three years ended December 31 were as follows:
 PensionPostretirement
 202420232022202420232022
Prior service cost (credit)$(3,600)$(3,852)$(1,204)$561 $659 $757 
Net gain (loss)(37,097)(50,796)(67,770)12,341 10,343 3,920 
Curtailment— — 8,000 — — — 
Deferred income tax (expense) benefit9,664 12,630 13,750 (2,929)(2,521)(1,147)
Accumulated other comprehensive income (loss)$(31,033)$(42,018)$(47,224)$9,973 $8,481 $3,530 
Schedule of Accumulated and Projected Benefit Obligations
For defined benefit pension plans, the projected and accumulated benefit obligations and the fair value of plan assets were as follows:
December 31,
 20242023
Projected benefit obligation$563,350 $616,118 
Accumulated benefit obligation553,973 606,072 
Fair value of plan assets501,940 532,643 
Schedule of Net Benefit Costs
The following table presents the components of net periodic benefit cost of the plans:
 PensionPostretirement
202420232022202420232022
Service cost$4,641 $4,877 $7,906 $551 $1,116 $1,516 
Interest cost27,715 28,724 21,028 989 1,351 818 
Expected return on plan assets(32,361)(31,425)(32,419)— — — 
Amortization of prior service cost (credit)435 294 147 (98)(98)(122)
Amortization of (gain) loss379 (490)5,553 (737)(215)72 
Pension settlement loss— 2,317 964 — — — 
Curtailment736 — — — — — 
Other — — — 18 (556)(173)
Net periodic benefit cost(a)
$1,545 $4,297 $3,179 $723 $1,598 $2,111 
(a)Service cost is included in “cost of sales” or “selling, general and administrative expense” in the consolidated statements of operations, as appropriate. Interest cost, expected return on plan assets, amortization of prior service cost (credit) and amortization of (gain) loss are included in “components of pension and OPEB, excluding service costs” on the consolidated statements of operations.
Schedule of Assumptions Used
The following table presents the weighted average principal assumptions inherent in the determination of benefit obligations and net periodic benefit cost of the pension and postretirement plans:
 PensionPostretirement
202420232022202420232022
Assumptions used to determine benefit obligations at December 31:
Discount rate5.16 %4.71 %4.95 %5.23 %4.72 %4.93 %
Rate of compensation increase2.50 %2.50 %2.66 %4.19 %3.11 %3.53 %
Assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate4.78 %4.97 %4.21 %4.67 %4.94 %4.94 %
Expected long-term return on plan assets5.92 %5.92 %5.88 %N/AN/AN/A
Rate of compensation increase2.50 %2.50 %2.66 %4.19 %3.11 %3.53 %
Schedule of Health Care Cost Trend Rates The following table sets forth the assumed health care cost trend rates as of period end:
 Postretirement
 20242023
U.S.CanadaU.S.Canada
Health care cost trend rate assumed for next year7.50 %5.87 %6.80 %5.93 %
Rate to which cost trend is assumed to decline (ultimate trend rate)4.00 %5.00 %4.00 %5.00 %
Year that ultimate trend rate is reached2031203720312037
Schedule of Allocation of Plan Assets The Company’s weighted average defined benefit pension plan asset allocations at December 31, by asset category, were as follows:
 Percentage of Plan Assets
20242023
U.S. fixed income securities33 %32 %
International fixed income securities24 %18 %
U.S. equity securities21 %23 %
International equity securities16 %22 %
Other(a)
%%
Total100 %100 %
(a)Includes cash balances related to the timing of portfolio management activities.
The following tables present, by level within the fair value hierarchy (see Note 13—Fair Value Measurements), the assets of the plans:
December 31, 2024
Level 1Level 2Level 3Total
Mutual funds and collective trusts$129,584 $— $— $129,584 
Corporate bonds— 150,823 — 150,823 
U.S. government securities— 33,308 — 33,308 
Non-U.S. government securities— 4,803 — 4,803 
Derivative instruments— 1,242 — 1,242 
Investments at net asset value:
Common collective trust funds182,180 
Total assets at fair value$501,940 
December 31, 2023
Level 1Level 2Level 3Total
Mutual funds and collective trusts$141,043 $— $— $141,043 
Corporate bonds— 96,069 — 96,069 
U.S. government securities— 78,652 — 78,652 
Derivative instruments— 421 — 421 
Investments at net asset value:
Common collective trust funds216,458 
Total assets at fair value$532,643 
Schedule of Expected Benefit Payments
Expected benefit payments for the next ten years were as follows:
 PensionPostretirement
2025$39,387 $1,522 
202639,922 1,630 
202740,262 1,632 
202840,460 1,685 
202940,301 1,731 
2030 - 2034199,227 8,013