XML 65 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs
NPPC for U.S. and international plans for 2024, 2023 and 2022 is as follows:
U.S. PlansInternational Plans
(In thousands)202420232022202420232022
Net Periodic Pension Cost (Income):
Defined benefit pension plans:     
Service cost$ $— $— $1,322 $1,245 $2,029 
Interest cost9,676 10,173 5,716 29,409 30,220 16,637 
Expected return on plan assets(8,944)(7,000)(10,795)(33,049)(31,281)(39,179)
Recognized prior service costs — — 492 520 534 
Recognized losses4,179 4,601 4,732 15,060 14,316 13,060 
Settlement/curtailment loss (gain) — — (1,125)(42)(33)
Defined benefit pension plan cost (income)4,911 7,774 (347)12,109 14,978 (6,952)
Multiemployer pension plans570 595 642 1,241 1,209 1,114 
Defined contribution plans9,985 8,468 7,082 5,690 5,396 5,111 
Net periodic pension cost (income)$15,466 $16,837 $7,377 $19,040 $21,583 $(727)
Schedule of Net Funded Status
The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2024 and 2023 are as follows:
U.S. PlansInternational Plans
(In thousands)2024202320242023
Change in benefit obligation:    
Benefit obligation at beginning of year$209,177 $209,182 $642,648 $598,302 
Service cost — 1,322 1,245 
Interest cost9,676 10,173 29,409 30,220 
Plan participants' contributions — 12 13 
Amendments —  74 
Actuarial (gain) loss(17,591)5,736 (57,451)17,896 
Settlements/curtailments — (1,363)(203)
Benefits paid(14,867)(15,914)(36,691)(36,705)
Effect of foreign currency — (15,803)31,806 
Benefit obligation at end of year$186,395 $209,177 $562,083 $642,648 
Change in plan assets:    
Fair value of plan assets at beginning of year$180,927 $177,044 $669,021 $608,672 
Actual return on plan assets9,931 18,123 (20,357)40,587 
Employer contributions7,301 1,674 14,778 24,715 
Plan participants' contributions — 12 13 
Settlements/curtailments — (192)(203)
Benefits paid(14,867)(15,914)(36,691)(36,705)
Effect of foreign currency — (14,904)31,942 
Fair value of plan assets at end of year$183,292 $180,927 $611,667 $669,021 
Funded status at end of year$(3,103)$(28,250)$49,584 $26,373 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2024 and 2023:
U.S. PlansInternational Plans
December 31December 31
(In thousands)2024202320242023
Noncurrent assets$9,917 $— $63,879 $44,585 
Current liabilities1,713 1,832 507 726 
Noncurrent liabilities11,307 26,418 13,788 17,486 
AOCI72,260 95,016 332,026 358,631 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI for defined benefit pension plans consist of the following at December 31, 2024 and 2023:
 U.S. PlansInternational Plans
(In thousands)2024202320242023
Net actuarial loss$72,260 $95,016 $324,661 $350,469 
Prior service cost  — 7,365 8,162 
Total$72,260 $95,016 $332,026 $358,631 
Schedule of Expected Benefit Payments
Expected benefit payments for defined benefit pension plans over the next ten years are as follows:
(In millions)20252026202720282029
2030-2034
U.S. Plans$19.7 $15.6 $15.4 $15.2 $15.0 $71.5 
International Plans36.4 37.0 37.1 38.2 39.5 192.9 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2024, 2023 and 2022 were as follows:
U.S. Plans
December 31
International Plans
December 31
Global Weighted-Average
December 31
202420232022202420232022202420232022
Discount rates5.0 %5.3 %2.7 %4.8 %5.0 %1.9 %4.8 %5.1 %2.1 %
Expected long-term rates of return on plan assets7.0 %7.0 %6.3 %5.3 %5.1 %4.4 %5.7 %5.5 %4.7 %
The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2024 and 2023 were as follows:
U.S. PlansInternational PlansGlobal Weighted-Average
December 31December 31December 31
202420232024202320242023
Discount rates5.5 %5.0 %5.4 %4.8 %5.5 %4.8 %
Schedule of Accumulated Benefit Obligations
The accumulated benefit obligation for all defined benefit pension plans at December 31, 2024 and 2023 was as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2024202320242023
Accumulated benefit obligation$186.4 $209.2 $558.4 $637.6 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2024 and 2023 were as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2024202320242023
Projected benefit obligation$13.0 $209.2 $22.1 $27.8 
Accumulated benefit obligation13.0 209.2 19.9 24.1 
Fair value of plan assets 180.9 7.9 9.7 
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2024 and 2023 and the long-term target allocation of plan assets, by asset category, are as follows:
International Plans Asset CategoryTarget Long-Term
Allocation
Percentage of Plan Assets
December 31
20242023
Equity securities12.4 %0.9 %10.8 %
Fixed income securities82.8 %95.0 %83.3 %
Cash and cash equivalents— 1.8 %0.5 %
Other (a)
4.8 %2.3 %5.4 %
(a)     Investments within this caption include diversified growth funds and real estate funds.
U.S. Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
At December 31, 2024 and 2023, the asset allocations attributable to the Company's U.S. defined benefit pension plans and the long-term target allocation of plan assets, by asset category, are as follows:
Target  Long-Term
Allocation
Percentage of Plan Assets
December 31
U.S. Plans Asset Category20242023
Domestic equity securities
4%-14%
8.8 %10.7 %
International equity securities
17%-27%
21.0 %24.3 %
Fixed income securities
61%-71%
65.4 %52.8 %
Cash and cash equivalents
Less than 5%
0.9 %0.9 %
Other (a)
0%-8%
3.9 %11.3 %
(a)    Investments within this caption include credit collection funds.
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2024 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Investments Valued at Net Asset Value (a)
Domestic equities:   
Common stocks$2,388 $2,388 $ $ 
Mutual funds—equities13,748 13,748   
International equities:
Mutual funds—equities38,398 38,398   
Fixed income investments:  
U.S. Treasuries and collateralized securities15,673  15,673  
Mutual funds—bonds104,166 104,166   
Cash and money market accounts1,681 1,681   
Other—partnerships/joint ventures7,238   7,238 
Total$183,292 $160,381 $15,673 $7,238 
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2023 by asset class are as follows:
(In thousands)TotalLevel 1Level 2Investments Valued at Net Asset Value
Domestic equities:   
Common stocks$2,791 $2,791 $— $— 
Mutual funds—equities16,583 16,583 — — 
International equities:
Mutual funds—equities43,994 43,994 — — 
Fixed income investments:  
U.S. Treasuries and collateralized securities13,920 — 13,920 — 
Mutual funds—bonds81,634 81,634 — — 
Other—mutual funds4,913 4,913 — — 
Cash and money market accounts1,661 1,661 — — 
Other - partnerships/joint ventures15,431 — — 15,431 
Total$180,927 $151,576 $13,920 $15,431 
International Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2024 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$5,342 $ $5,342 
Fixed income investments:  
Mutual funds—bonds576,540  576,540 
Insurance contracts4,394  4,394 
Other:  
Other mutual funds14,244  14,244 
Cash and money market accounts11,147 11,147  
Total$611,667 $11,147 $600,520 
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2023 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$71,980 $— $71,980 
Fixed income investments:   
Mutual funds—bonds552,898 — 552,898 
Insurance contracts4,631 — 4,631 
Other:  
Other mutual funds36,263 — 36,263 
Cash and money market accounts3,249 3,249 — 
Total$669,021 $3,249 $665,772