Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Changes in Projected Benefit Obligations

The following table summarizes the total changes in the Company’s total and foreign pension benefits and plan assets and includes a statement of the plans’ funded status.

	All Pension Benefits				Foreign Pension Benefits
	Year Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
	(In thousands)
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	242,743	$	256,022	$	99,215	$	99,401
Service cost	1,429		1,439		1,429		1,439
Interest cost	8,828		11,170		2,576		4,148
Plan amendments	(9)		175		(9)		175
Actuarial (gain) loss	(5,945)		802		1,178		335
Foreign exchange effect	(5,386)		4,079		(5,386)		4,079
Benefits paid	(21,242)		(27,720)		(4,561)		(7,138)
Settlements	(31,583)		(3,584)		(31,583)		(3,584)
Other	1,039		360		1,039		360
Projected benefit obligation, end of year	189,874		242,743		63,898		99,215
Accumulated benefit obligation, end of year	$	186,689	$	239,578	$	60,713	$	96,049
Change in plan assets:
Fair value of plan assets, beginning of year	$	211,472	$	219,050	$	65,278	$	70,821
Actual return on plan assets	12,389		19,651		2,024		1,262
Employer contributions(1)	4,309		(857)		4,175		(1,015)
Foreign exchange effect	(2,028)		3,162		(2,028)		3,162
Benefits paid	(21,242)		(27,720)		(4,561)		(7,138)
Settlements	(43,283)		(2,505)		(43,283)		(2,505)
Other	289		691		289		691
Fair value of plan assets, end of year	161,906		211,472		21,894		65,278
Funded status, end of year	$	(27,968)	$	(31,271)	$	(42,004)	$	(33,937)
Amounts recognized on the Consolidated Balance Sheets as of December 31:
Non-current assets	$	17,228	$	17,300	$	2,072	$	13,426
Current liabilities	(3,113)		(3,186)		(2,979)		(3,052)
Non-current liabilities	(42,083)		(45,385)		(41,097)		(44,311)
	$	(27,968)	$	(31,271)	$	(42,004)	$	(33,937)

(1) The employer contribution amount for the year ended December 31, 2023 includes a refund of assets totaling $5.1 million to the Company arising from a completed wind up of a foreign defined benefit plan.

Schedule of Expected Benefit Payments

The table below includes the benefit payments that are expected to be paid during each respective fiscal year.

	Pension Benefits
	All Plans		Foreign Plans
	(In thousands)
2025	$	19,136	$	5,735
2026	18,347		5,368
2027	17,986		5,455
2028	17,243		5,133
2029	16,917		5,309
2030 - 2034	76,386		26,156

Schedule of Allocation of Plan Assets

The table below shows the actual allocation percentages for the Company’s pension plan assets.

	Actual Asset Allocation December 31,
	2024		2023
United States Plans:
Equity securities:
United States	37	%	38	%
International	13	%	12	%
Fixed income	50	%	49	%
Cash and cash equivalents	0	%	1	%
Foreign Plans:
Equity securities	4	%	1	%
Fixed income securities	15	%	48	%
Cash and cash equivalents	1	%	1	%
Insurance contracts	44	%	38	%
Investment funds(1)	36	%	12	%

(1) Represents various fixed income and equity securities.

The table below summarizes the Company’s pension plan assets for each fair value hierarchy level for the periods presented (see Note 17, “Fair Value Measurements” for further description of the levels within the fair value hierarchy).

	December 31, 2024										December 31, 2023
	Measured at Net Asset Value (1)		Level One		Level Two		Level Three		Total		Measured at Net Asset Value(1)		Level One		Level Two		Level Three		Total
	(In thousands)										(In thousands)
United States Plans:
Cash and cash equivalents	$	—	$	379	$	—	$	—	$	379	$	—	$	1,237	$	—	$	—	$	1,237
Equity securities:
United States large cap	28,803		—		—		—		28,803		29,289		—		—		—		29,289
United States small/mid cap	9,456		13,481		—		—		22,937		10,130		16,033		—		—		26,163
International	17,566		—		—		—		17,566		18,078		—		—		—		18,078
Fixed income mutual funds:
United States government and corporate	69,152		—		—		—		69,152		70,283		—		—		—		70,283
Other	—		1,175		—		—		1,175		—		1,145		—		—		1,145
Foreign Plans:
Cash and cash equivalents(2)	—		238		—		—		238		—		547		—		—		547
Equity securities	—		904		—		—		904		—		921		—		—		921
Non-United States government and corporate bonds	—		3,198		—		—		3,198		—		31,147		—		—		31,147
Insurance contracts	—		—		9,608		—		9,608		—		—		24,592		—		24,592
Investment funds	—		—		7,919		—		7,919		—		—		8,050		—		8,050
Other	—		—		27		—		27		—		—		20		—		20
	$	124,977	$	19,375	$	17,554	$	—	$	161,906	$	127,780	$	51,030	$	32,662	$	—	$	211,472

(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient (the “NAV”) have not been classified in the fair value hierarchy. These investments, consisting of common/collective trusts, are valued using the NAV provided by the Trustee. The NAV is based on the underlying investments held by the fund, which are traded in an active market, less its liabilities. These investments are able to be redeemed in the near-term.

(2) The weighted-average interest crediting rates received in Cash and cash equivalents of foreign plans are immaterial relative to total plan assets.

Schedule of Net Benefit Costs

The following table sets forth the components of net periodic benefit (income) cost and Other comprehensive income of the Company’s total and foreign defined benefit pension plans.

	All Pension Benefits						Foreign Pension Benefits
	Year Ended December 31,						Year Ended December 31,
	2024		2023		2022		2024		2023		2022
	(In thousands)
Components of Net Periodic Benefit Cost (Income):
Service cost	$	1,429	$	1,439	$	1,684	$	1,429	$	1,439	$	1,684
Interest cost	8,828		11,170		5,874		2,576		4,148		2,161
Amortization	1,634		1,206		4,313		130		40		687
Settlement loss (gain)	12,155		—		(9,114)		12,155		—		(9,114)
Other	(179)		—		92		(179)		(331)		92
Expected return on plan assets	(9,410)		(11,391)		(11,519)		(1,038)		(2,475)		(2,063)
Net periodic benefit cost (income)	$	14,457	$	2,424	$	(8,670)	$	15,073	$	2,821	$	(6,553)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Transfer from Former Parent(1)	$	—	$	—	$	53,134	$	—	$	—	$	—
Current year net actuarial (gain) loss	(9,598)		(7,021)		949		(483)		1,984		(12,262)
Current year prior service cost	(9)		175		862		(9)		175		862
Less amounts included in net periodic benefit cost:
Amortization of net (loss)	(1,676)		(1,575)		(4,340)		(172)		(78)		(714)
Settlement / divestiture / other loss	(455)		(1,079)		(67)		(454)		(1,079)		(67)
Amortization of prior service cost	42		38		(1,067)		42		38		(1,067)
Total recognized in Other comprehensive income	$	(11,696)	$	(9,462)	$	49,471	$	(1,076)	$	1,040	$	(13,248)

(1)As part of the Separation, certain United States defined benefit plans, formerly sponsored by the Former Parent were transferred to the Company as of March 21, 2022 (“Transfer Date”).

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

The following table sets forth the components of net periodic benefit (income) cost and Other comprehensive income of the Company’s total and foreign defined benefit pension plans.

	All Pension Benefits						Foreign Pension Benefits
	Year Ended December 31,						Year Ended December 31,
	2024		2023		2022		2024		2023		2022
	(In thousands)
Components of Net Periodic Benefit Cost (Income):
Service cost	$	1,429	$	1,439	$	1,684	$	1,429	$	1,439	$	1,684
Interest cost	8,828		11,170		5,874		2,576		4,148		2,161
Amortization	1,634		1,206		4,313		130		40		687
Settlement loss (gain)	12,155		—		(9,114)		12,155		—		(9,114)
Other	(179)		—		92		(179)		(331)		92
Expected return on plan assets	(9,410)		(11,391)		(11,519)		(1,038)		(2,475)		(2,063)
Net periodic benefit cost (income)	$	14,457	$	2,424	$	(8,670)	$	15,073	$	2,821	$	(6,553)
Change in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Gain) Loss:
Transfer from Former Parent(1)	$	—	$	—	$	53,134	$	—	$	—	$	—
Current year net actuarial (gain) loss	(9,598)		(7,021)		949		(483)		1,984		(12,262)
Current year prior service cost	(9)		175		862		(9)		175		862
Less amounts included in net periodic benefit cost:
Amortization of net (loss)	(1,676)		(1,575)		(4,340)		(172)		(78)		(714)
Settlement / divestiture / other loss	(455)		(1,079)		(67)		(454)		(1,079)		(67)
Amortization of prior service cost	42		38		(1,067)		42		38		(1,067)
Total recognized in Other comprehensive income	$	(11,696)	$	(9,462)	$	49,471	$	(1,076)	$	1,040	$	(13,248)

Schedule of Net Periodic Benefit Cost Not yet Recognized

The table below shows the components of net unrecognized pension benefit cost included in AOCL in the Consolidated Balance Sheets that have not been recognized as a component of net periodic benefit cost.

	Pension Benefits
	December 31,
	2024		2023
	(In thousands)
Net actuarial loss	$	49,917	$	61,573
Prior service income	(122)		(81)
	$	49,795	$	61,492

Schedule of Assumptions Used

The key economic assumptions used in the measurement of the Company’s pension benefits are included in the table below.

	Pension Benefits
	December 31,
	2024		2023
Weighted-average discount rate:
All plans	4.8	%	4.4	%
Foreign plans	3.7	%	3.9	%
Weighted-average rate of increase in compensation levels for active foreign plans(1)	3.1	%	3.1	%

(1)Weighted-average rate of increase is only applicable to plans with compensation increase assumptions.

The key economic assumptions used in the computation of net periodic benefit cost are as included in the table below.

	Pension Benefits
	Year Ended December 31,
	2024		2023		2022
Weighted-average discount rate:
All plans	4.4	%	4.6	%	2.2	%
Foreign plans	3.9	%	4.3	%	1.9	%
Weighted-average expected return on plan assets:
All plans	5.1	%	5.0	%	4.8	%
Foreign plans	4.4	%	4.1	%	3.2	%
Weighted-average rate of increase in compensation levels for active foreign plans(1)	3.1	%	3.2	%	3.2	%

 

(1)Weighted-average rate of increase is only applicable to plans with compensation increase assumptions.