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RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

RETIREMENT ANNUITY AND GUARANTEED CONTINUOUS EMPLOYMENT PLANS

Obligations and Funded Status

Obligations and Funded Status


		December 31,
		2023						2022
		U.S. pension			Non-U.S.			U.S. pension			Non-U.S.
		plans			pension plans			plans			pension plans
Change in benefit obligations
Benefit obligations at beginning of year		$	9,374		$	118,489		$	10,930		$	164,005
Service cost			166			955			199			1,077
Interest cost			466			4,867			262			2,644
Plan participants' contributions			—			48			—			54
Acquisitions & other adjustments			(821)			84			2,689			(341)
Actuarial (gain) loss ⁽¹⁾			990			5,633			(4,706)			(30,229)
Benefits paid			—			(7,265)			—			(7,066)
Settlements/curtailments			(1,805)			(1,700)			—			(398)
Currency translation			—			4,919			—			(11,257)
Benefit obligations at end of year			8,370			126,030			9,374			118,489

Change in plan assets
Fair value of plan assets at beginning of year			—			86,543			68,458			114,557
Actual return on plan assets			—			4,087			59			(16,319)
Employer contributions			—			2,080			—			1,634
Plan participants' contributions			—			48			—			54
Acquisitions & other adjustments			—			—			(68,517)			(195)
Benefits paid			—			(5,120)			—			(4,757)
Settlements			—			(599)			—			—
Currency translation			—			4,183			—			(8,431)
Fair value of plan assets at end of year			—			91,222			—			86,543

Funded status at end of year			(8,370)			(34,808)			(9,374)			(31,946)
Unrecognized actuarial net loss			2,387			3,070			1,734			2,073
Unrecognized prior service cost			—			(56)			—			(73)
Unrecognized transition assets, net			—			24			—			25
Net amount recognized		$	(5,983)		$	(31,770)		$	(7,640)		$	(29,921)

(1)	Actuarial gains in 2022 were primarily the result of an increase in the Company’s pension plan discount rates.

Amounts Recognized in Consolidated Balance Sheets

Amounts Recognized in Consolidated Balance Sheets


		December 31,
		2023						2022
		U.S. pension			Non-U.S.			U.S. pension			Non-U.S.
		plans			Pension plans			plans			pension plans
Prepaid pensions ⁽¹⁾		$	—		$	2,891		$	—		$	1,603
Accrued pension liability, current ⁽²⁾			(732)			(95)			(2,403)			(523)
Accrued pension liability, long-term ⁽³⁾			(7,638)			(37,605)			(6,971)			(33,026)
Accumulated other comprehensive loss, excluding tax effects			2,387			3,039			1,734			2,025
Net amount recognized in the balance sheets		$	(5,983)		$	(31,770)		$	(7,640)		$	(29,921)

(1)	Included in Other assets.

(2)	Included in Other current liabilities.

(3)	Included in Other liabilities.

Schedule of components of Pension Cost for Defined Benefit Plans

Components of Pension Cost for Defined Benefit Plans


			Year Ended December 31,
			2023						2022						2021
			U.S. pension			Non-U.S.			U.S. pension			Non-U.S.			U.S. pension			Non-U.S.
			plans			pension plans			plans			pension plans			plans			pension plans
Service cost			$	166		$	955		$	199		$	1,077		$	194		$	1,413
Interest cost				466			4,867			262			2,644			8,926			2,567
Expected return on plan assets				—			(3,839)			—			(3,525)			(13,050)			(3,990)
Other adjustments				—			117			—			—			—			—
Amortization of prior service cost				—			(8)			—			—			—			8
Amortization of net loss				80			(374)			132			299			1,966			882
Settlement and curtailment charges (gains) ⁽¹⁾				256			949			(3,735)			367			126,055			(42)
Defined benefit plans			$	968		$	2,667		$	(3,142)		$	862		$	124,091		$	838

(1)	Pension settlement net charges resulting from lump sum pension payments and the purchase of a group annuity contract in 2021.

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets

Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets


		December 31,
		2023						2022
		U.S. pension			Non-U.S.			U.S. pension			Non-U.S.
		plans			pension plans			plans			pension plans
Projected benefit obligation		$	8,326		$	88,290		$	9,331		$	82,378
Accumulated benefit obligation			8,002			86,317			8,937			80,444
Fair value of plan assets			—			50,758			—			48,974

Benefits expected to be paid for the Plans

Benefit Payments for Plans

Benefits expected to be paid for the plans are as follows:


		U.S. pension			Non-U.S.
		Plans			pension plans
Estimated Payments
2024		$	754		$	39,045
2025			1,077			7,421
2026			1,099			6,576
2027			1,114			5,888
2028			1,053			6,446
2029 through 2033			5,426			30,724

Weighted average assumptions used to measure the benefit obligations and net bet periodic benefit cost for the Company's significant defined benefit plans

Assumptions

Weighted average assumptions used to measure the benefit obligation for the Company’s significant defined benefit plans as of December 31, 2023 and 2022 were as follows:


		December 31,
		2023				2022
		U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
		plans		pension plans		plans		pension plans
Discount Rate		6.0	%	3.9	%	5.8	%	4.2	%
Rate of increase in compensation		3.0	%	4.8	%	3.0	%	3.7	%

Weighted average assumptions used to measure the net periodic benefit cost for the Company’s significant defined benefit plans for each of the three years ended December 31 were as follows:


		December 31,
		2023				2022				2021
		U.S. pension		Non-U.S.		U.S. pension		Non-U.S.		U.S. pension		Non-U.S.
		plans		pension plans		plans		pension plans		plans		pension plans
Discount rate		5.8	%	4.2	%	2.5	%	1.8	%	2.2	%	1.3	%
Rate of increase in compensation		3.0	%	3.7	%	3.0	%	3.1	%	2.5	%	2.7	%
Expected return on plan assets		—		4.4	%	—	%	3.4	%	3.0	%	3.3	%

Pension plans' assets by level within the fair value hierarchy

The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2023:


		Pension Plans' Assets at Fair Value as of December 31, 2023
		Quoted Prices in
		Active Markets						Significant
		for Identical			Significant Other			Unobservable
		Assets			Observable Inputs			Inputs
		(Level 1)			(Level 2)			(Level 3)			Total
Cash and cash equivalents		$	22,347		$	—		$	—		$	22,347
Fixed income securities ⁽¹⁾
Corporate debt and other obligations			—			5,894			—			5,894
Investments measured at NAV ⁽²⁾
Common trusts and 103-12 investments ⁽³⁾			—			—			—			62,981
Total investments at fair value		$	22,347		$	5,894		$	—		$	91,222

The following table sets forth, by level within the fair value hierarchy, the pension plans’ assets as of December 31, 2022:


		Pension Plans' Assets at Fair Value as of December 31, 2022
		Quoted Prices in
		Active Markets						Significant
		for Identical			Significant Other			Unobservable
		Assets			Observable Inputs			Inputs
		(Level 1)			(Level 2)			(Level 3)			Total
Cash and cash equivalents		$	16,694		$	—		$	—		$	16,694
Fixed income securities ⁽¹⁾
Corporate debt and other obligations			—			4,912			—			4,912
Investments measured at NAV ⁽²⁾
Common trusts and 103-12 investments ⁽³⁾			—			—			—			64,937
Total investments at fair value		$	16,694		$	4,912		$	—		$	86,543

(1)

Fixed income securities are primarily comprised of governmental and corporate bonds directly held by the plans. Governmental and corporate bonds are valued using both market observable inputs for similar assets that are traded on an active market and the closing price on the active market on which the individual securities are traded.

(2)	Certain assets that are measured at fair value using the net asset value ("NAV") practical expedient have not been classified in the fair value hierarchy.

(3)

Common trusts and 103-12 investments (collectively "Trusts") are comprised of a number of investment funds that invest in a diverse portfolio of assets including equity securities, corporate and governmental bonds, equity and credit indexes and money markets. Trusts are valued at the NAV as determined by their custodian. NAV represents the accumulation of the unadjusted quoted close prices on the reporting date for the underlying investments divided by the total shares outstanding at the reporting dates.