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Employee Benefit Plans
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Net periodic benefit income from our pension plans included the following components for our pension benefits:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Service cost$1,576 $1,711 $3,101 $3,438 
Interest cost22,931 25,324 45,760 50,689 
Expected return on plan assets(29,222)(44,339)(58,305)(88,743)
Amortization of prior service cost285 281 570 562 
Amortization of actuarial loss4,619 3,567 9,241 7,134 
Net periodic loss (income)$189 $(13,456)$367 $(26,920)
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.