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Pension and Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Assumptions Related to Plans
The following are assumptions related to the U.S. defined benefit pension plans:
 Year Ended December 31,
 202420232022
Weighted average assumptions used to determine Benefit Obligations:   
Discount rate5.73 %5.41 %5.73 %
Rate of increase in compensation levels4.00 4.00 3.50 
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets6.00 %6.00 %5.75 %
Discount rate5.41 5.73 3.00 
Rate of increase in compensation levels4.00 3.50 3.50 
Weighted-average interest crediting rates4.00 %4.00 %3.79 %
The following are assumptions related to the non-U.S. defined benefit pension plans:
 Year Ended December 31,
 202420232022
Weighted average assumptions used to determine Benefit Obligations:   
Discount rate4.71 %4.22 %4.46 %
Rate of increase in compensation levels3.51 3.24 3.61 
Weighted average assumptions used to determine net pension expense:
Long-term rate of return on assets4.65 %3.97 %2.43 %
Discount rate4.22 4.46 1.71 
Rate of increase in compensation levels3.24 3.62 3.18 
Weighted-average interest crediting rates2.06 %2.29 %1.49 %
The following are assumptions related to postretirement benefits:
 Year Ended December 31,
 202420232022
Weighted average assumptions used to determine Benefit Obligation:   
Discount rate5.78 %5.57 %5.83 %
Weighted average assumptions used to determine net expense:
Discount rate5.57 %5.83 %2.83 %
Components of Net Periodic Cost for Pension and Postretirement Benefits
Net pension expense for the U.S. defined benefit pension plans (including both qualified and non-qualified plans) was:
 Year Ended December 31,
 202420232022
 (Amounts in thousands)
Service cost$23,935 $21,341 $24,680 
Interest cost20,759 20,480 13,157 
Expected return on plan assets(23,235)(23,931)(25,345)
Settlement loss
— 15 — 
Amortization of unrecognized prior service cost194 185 175 
Amortization of unrecognized net (gain) loss
— (13)3,461 
U.S. net pension expense$21,653 $18,077 $16,128 
Net pension expense for non-U.S. defined benefit pension plans was:
 Year Ended December 31,
 202420232022
 (Amounts in thousands)
Service cost$6,381 $4,611 $5,984 
Interest cost12,401 11,897 6,506 
Expected return on plan assets(7,740)(6,659)(5,883)
Amortization of unrecognized net loss2,561 1,270 2,729 
Amortization of unrecognized prior service cost 296 300 293 
Settlement (gain) loss and other
(63)(23)(75)
Non-U.S. net pension expense$13,836 $11,396 $9,554 
Net postretirement benefit cost for postretirement medical plans was:
 Year Ended December 31,
 202420232022
 (Amounts in thousands)
Interest cost$678 $761 $464 
Amortization of unrecognized prior service cost122 122 122 
Amortization of unrecognized net loss (gain)
69 53 192 
Net postretirement benefit expense $869 $936 $778 
Schedule of Funded Status
The following summarizes the net pension (liability) asset for U.S. plans:
 December 31,
 20242023
 (Amounts in thousands)
Plan assets, at fair value$352,517 $361,174 
Benefit Obligation(415,236)(417,648)
Funded status$(62,719)$(56,474)
The following summarizes the net pension liability for non-U.S. plans:
 December 31,
 20242023
 (Amounts in thousands)
Plan assets, at fair value$167,508 $179,450 
Benefit Obligation(285,498)(297,600)
Funded status - Underfunded$(117,990)$(118,150)
The following summarizes the accrued postretirement benefits liability for the postretirement medical plans:
 December 31,
 20242023
 (Amounts in thousands)
Postretirement Benefit Obligation$11,761 $12,417 
Funded status$(11,761)$(12,417)
Schedule of Amounts Recognized in Balance Sheet
The following summarizes amounts recognized in the balance sheet for U.S. plans:
 December 31,
 20242023
 (Amounts in thousands)
Current liabilities(154)(169)
Noncurrent liabilities(62,565)(56,305)
Funded status$(62,719)$(56,474)
The following summarizes amounts recognized in the balance sheet for non-U.S. plans:
 December 31,
 20242023
(Amounts in thousands)
Noncurrent assets$12,211 $9,563 
Current liabilities(9,282)(7,682)
Noncurrent liabilities(120,919)(120,031)
Funded status$(117,990)$(118,150)
The following summarizes amounts recognized in the balance sheet for postretirement Benefit Obligation:
 December 31,
 20242023
 (Amounts in thousands)
Current liabilities$(1,985)$(2,037)
Noncurrent liabilities(9,776)(10,380)
Funded status$(11,761)$(12,417)
Schedule of Benefit Obligations and Accumulated Benefit Obligations
The following is a summary of the changes in the U.S. defined benefit plans’ pension obligations:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$417,648 $382,959 
Service cost23,935 21,341 
Interest cost20,759 20,480 
Plan amendments and settlements— (3,103)
Actuarial loss (gain) (1)
(6,588)31,912 
Benefits paid(40,518)(35,941)
Balance — December 31$415,236 $417,648 
Accumulated benefit obligations at December 31$415,236 $417,648 
_______________________________________
(1)The actuarial gain in 2024 and loss in 2023 primarily reflect the impact of changes in the discount rate. The increase in the interest crediting rate assumption also contributed to the actuarial loss in 2023.
The following is a reconciliation of the non-U.S. plans’ defined benefit pension obligations:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$297,600 $268,364 
Service cost6,381 4,611 
Interest cost12,401 11,897 
Employee contributions80 80 
Settlements and other(3)
13,051 (982)
Actuarial losses (gains)(1)
(13,012)17,082 
Net benefits and expenses paid(17,393)(15,181)
Currency translation impact(2)(13,610)11,729 
Balance — December 31$285,498 $297,600 
Accumulated benefit obligations at December 31$264,367 $279,760 
_______________________________________
(1)Actuarial losses (gains) primarily reflects the impact of changes in the discount rates for all plans.
(2)In 2024, the currency translation gain reflects the strengthening of the U.S. dollar against the Euro and the British pound, while in 2023, the currency translation loss reflects the weakening of the U.S. dollar against the Euro and the British pound.
(3)Includes $13.6 million for Middle East Pension Plans and $0.6 million for settlements.
The following is a reconciliation of the postretirement Benefit Obligation:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$12,417 $13,353 
Interest cost678 761 
Employee contributions303 379 
Medicare subsidies receivable55 60 
Actuarial gain
(239)(49)
Net benefits and expenses paid(1,453)(2,087)
Balance — December 31$11,761 $12,417 
Schedule of Expected Cash Activity
The following table summarizes the expected cash benefit payments for the U.S. defined benefit pension plans in the future (amounts in millions):
2025$43.1 
202640.2 
202738.3 
202835.3 
202933.5 
2030-2034150.6 
The following table summarizes the expected cash benefit payments for the non-U.S. defined benefit plans in the future (amounts in millions):
2025$29.2 
202618.3 
202718.1 
202819.8 
202920.1 
2030-2034102.7 
The following presents expected benefit payments for future periods (amounts in millions):
Expected
Payments
2025$2.0 
20261.8 
20271.6 
20281.5 
20291.3 
2030-20344.5 
Schedule of Accumulated Other Comprehensive Income (Loss)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for U.S. plans, net of tax:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$(62,602)$(44,455)
Amortization of net (gain) loss
— (10)
Amortization of prior service cost 148 141 
Net loss arising during the year
(4,143)(20,362)
Settlement loss and other
— 2,140 
Prior service cost arising during the year— (56)
Balance — December 31$(66,597)$(62,602)
Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20242023
 (Amounts in thousands)
Unrecognized net loss$(66,024)$(61,904)
Unrecognized prior service cost(573)(698)
Accumulated other comprehensive loss, net of tax$(66,597)$(62,602)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for non-U.S. plans, net of tax:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$(59,968)$(42,421)
Amortization of net loss2,662 1,631 
Net (losses) gains arising during the year
5,107 (16,039)
Settlement (gains) losses
(61)(23)
Prior service gain (cost) arising during the year
— 10 
Currency translation impact and other1,935 (3,126)
Balance — December 31$(50,325)$(59,968)
Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20242023
 (Amounts in thousands)
Unrecognized net loss$(47,404)$(56,698)
Unrecognized prior service cost(2,921)(3,270)
Accumulated other comprehensive loss, net of tax$(50,325)$(59,968)
The following table shows the change in accumulated other comprehensive loss attributable to the components of the net cost and the change in Benefit Obligations for postretirement benefits, net of tax:
20242023
 (Amounts in thousands)
Balance — January 1$(325)$(496)
Amortization of net loss
52 41 
Amortization of prior service cost94 93 
Net gain arising during the year
183 37 
Balance — December 31$4 $(325)

Amounts recorded in accumulated other comprehensive loss consist of:
 December 31,
 20242023
 (Amounts in thousands)
Unrecognized net gain
$(259)$130 
Unrecognized prior service cost263 (455)
Accumulated other comprehensive income, net of tax$4 $(325)
Reconciliation of Plan Assets
The following is a reconciliation of the U.S. defined benefit pension plans’ assets:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$361,174 $365,044 
Gain (loss) on plan assets11,121 29,323 
Company contributions20,740 3,143 
Benefits paid(40,518)(35,941)
Settlements— (395)
Balance — December 31$352,517 $361,174 
The following is a reconciliation of the non-U.S. plans’ defined benefit pension assets:
December 31,
20242023
 (Amounts in thousands)
Balance — January 1$179,450 $172,276 
Return (Loss) on plan assets
1,372 4,444 
Employee contributions80 80 
Company contributions10,733 10,221 
Settlements(581)(967)
Currency translation impact(6,153)8,577 
Net benefits and expenses paid(17,393)(15,181)
Balance — December 31$167,508 $179,450 
Allocation of Plan Assets The asset allocations for the qualified plan at the end of 2024 and 2023 by asset category, are as follows:
Target Allocation
at December 31,		Percentage of Actual Plan Assets at December 31,
Asset category2024202320242023
Cash and cash equivalents1 %1 %1 %2 %
Cash and cash equivalents1 %1 %1 %2 %
Global Equity24 %20 %24 %21 %
Global Real Assets18 %14 %19 %15 %
Equity securities42 %34 %43 %36 %
Diversified Credit 18 %14 %18 %15 %
Liability-Driven Investment39 %51 %38 %47 %
Fixed income57 %65 %56 %62 %
The plan’s financial instruments, shown below, are presented at fair value. See Note 1, "Significant Accounting Policies and Accounting Developments," for further discussion on how the hierarchical levels of the fair values of the Plan’s investments are determined. The fair values of our U.S. defined benefit plan assets were:
At December 31, 2024At December 31, 2023
  Hierarchical Levels Hierarchical Levels
 TotalIIIIIITotalIIIIII
 (Amounts in thousands)(Amounts in thousands)
Cash and cash equivalents$3,497 $3,497 $— $— $5,798 $5,798 $— $— 
Commingled Funds:  
Equity securities  
Global Equity(a)85,158 — 85,158 — 76,217 — 76,217 — 
Global Real Assets(b)68,263 — 68,263 — 54,025 — 54,025 — 
Fixed income securities 
Diversified Credit(c)63,873 — 63,873 — 54,756 — 54,756 — 
Liability-Driven Investment(d)131,726 — 131,726 — 170,378 — 170,378 — 
 $352,517 $3,497 $349,020 $— $361,174 $5,798 $355,376 $— 
_______________________________________
(a)Global Equity fund seeks to closely track the performance of the MSCI All Country World Index.
(b)Global Real Asset funds seek to provide exposure to the listed global real estate investment trusts and infrastructure markets.
(c)Diversified Credit funds seek to provide exposure to the high yield, emerging markets, bank loans and securitized credit markets.
(d)LDI funds seek to invest in high quality fixed income securities that collectively closely match those found in discount curves used to value the plan's liabilities.
The asset allocations for the non-U.S. defined benefit pension plans at the end of 2024 and 2023 are as follows:
Target Allocation at
December 31,		Percentage of Actual Plan
Assets at December 31,
Asset category2024202320242023
Cash and cash equivalents1 %— %1 %— %
Cash and cash equivalents1 %— %1 %— %
U.K. Government Gilt Index32 %39 %32 %39 %
Liability-Driven Investment15 %12 %15 %12 %
Fixed income47 %51 %47 %51 %
Multi-asset21 %19 %21 %19 %
Buy-in Contracts18 %18 %18 %18 %
Other 13 %12 %13 %12 %
Other types52 %49 %52 %49 %
The fair values of the non-U.S. assets were:
At December 31, 2024At December 31, 2023
 Hierarchical Levels Hierarchical Levels
 TotalIIIIIITotalIIIIII
 (Amounts in thousands)(Amounts in thousands)
Cash$2,454 $2,454 $— — $706 $706 $— $— 
Commingled Funds:  
Fixed income securities  
U.K. Government Gilt Index(a)
54,208 — 54,208 — 69,566 — 69,566 — 
Liability-Driven Investment(b)
23,778 — 23,778 — 21,873 — 21,873 — 
Other Types of Investments:
Multi-asset(c)
35,346 — 35,346 — 34,693 — 34,693 — 
Buy-in Contracts(d)
30,647 — — 30,647 31,692 — — 31,692 
Other(e)
21,075 — — 21,075 20,920 — — 20,920 
 $167,508 $2,454 $113,332 $51,722 $179,450 $706 $126,132 $52,612 
_______________________________________
(a)U.K. Government Gilt Index represents U.K. government issued fixed income investments which are passively managed to track their respective benchmarks.
(b)LDI seeks to invest in fixed income securities that collectively closely match those found in discount curves used to value the plan's liabilities.
(c)Multi-asset seeks an attractive risk-adjusted return by investing in a diversified portfolio of strategies, including equities and fixed income.
(d)The Buy-in Contracts ("Contract" or "Contracts") represent assets held by plans, whereby the cost of providing benefits to plan participants is funded by the Contract. The Contracts are held by the plans for the benefit of plan participants in the Netherlands and United Kingdom. The fair value of these assets are based on the current present value of accrued benefits and will fluctuate based on changes in the obligations associated with covered plan members as well as the assumptions used in the present value calculation. The fair value of assets held in the Netherlands Contract as of January 1, 2024 was $16.9 million, with benefit payments of $1.0 million, contributions and return on assets of $0.3 million and negative currency adjustments of $1.0 million resulting in a fair value of $15.2 million at December 31, 2024. Similarly, the fair value of asset held in the U.K. plan Contract as of January 1, 2024 was $14.8 million, with benefit payments of $1.0 million, return on assets of $1.9 million and negative currency adjustments of $0.3 million resulting in a fair value of $15.4 million at December 31, 2024. There were no material transfers into or out of Level III.
(e)Includes assets held by plans outside the United Kingdom, the Netherlands and Canada. Details of each plan have not been provided due to immateriality. The fair value of the assets as of January 1, 2024 was $20.9 million, with contributions of $10.5 million, payments of $9.2 million, settlements and return on assets of $1.1 million and negative currency adjustments of $2.2 million resulting in a fair value of $21.1 million at December 31, 2024. There were no material transfers into or our of Level III.
Schedule of Benefit Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets
The following summarizes key pension plan information regarding U.S. and non-U.S. plans whose accumulated benefit obligations exceed the fair value of their respective plan assets.
 December 31,
 20242023
 (Amounts in thousands)
Benefit Obligation$575,538 $590,015 
Accumulated benefit obligation559,725 577,942 
Fair value of plan assets384,006 407,307