Employee Benefit Plans

3 Months Ended

Mar. 31, 2025

Retirement Benefits [Abstract]

Employee Benefit Plans

Employee Benefit Plans

Net periodic benefit income from our pension plans included the following components for the three months ended March 31:

	Pension Benefits
(in thousands)	2025		2024
Service cost	$	1,525	$	1,727
Interest cost	22,829		25,365
Expected return on plan assets	(29,083)		(44,404)
Amortization of prior service cost	285		281
Amortization of actuarial loss	4,622		3,567
Net periodic loss (income)	$	178	$	(13,464)

Service cost is recorded in selling, administrative and other expenses in the Condensed Consolidated Statements of Income while all other components are recorded within other non-operating expense (income). Pension benefits also include amounts related to supplemental retirement plans.

On April 29, 2024, our Board of Directors approved the termination of the frozen U.S. qualified defined benefit pension plan, effective September 30, 2024. To support this transition, during 2024 we adjusted our investment strategy to fully hedge plan obligations, including the purchase of annuity contracts using existing plan assets to fund ongoing obligations prior to termination. As a result of these changes, income from our expected return on plan assets is significantly reduced in 2025, with the investment strategy focused on minimizing funded status volatility during the termination process. The final settlement process, including transferring the management of benefits to an insurance company, is expected to be completed by late 2025 or early 2026, pending regulatory approvals.