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Pension and Other Postretirement Benefits (Tables)
9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Contributions for Pension and Other Postretirement Benefits

Contributions to the Corporation’s employee benefit plans were as follows:

 

 

Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

U.S. defined benefit pension plans

 

$

4,641

 

 

$

207

 

U.S. defined benefit nonqualified pension plans (e.g. payments)

 

$

576

 

 

$

576

 

Foreign defined benefit pension plans

 

$

327

 

 

$

377

 

Other postretirement benefits (e.g., net payments)

 

$

273

 

 

$

325

 

U.K. defined contribution pension plan

 

$

200

 

 

$

175

 

U.S. defined contribution plan

 

$

2,457

 

 

$

2,002

 

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs included the following components:

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

U.S. Defined Benefit Pension Plans (a)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service cost

 

$

2

 

 

$

10

 

 

$

22

 

 

$

29

 

Interest cost

 

 

2,331

 

 

 

2,483

 

 

 

6,988

 

 

 

7,450

 

Expected return on plan assets

 

 

(3,443

)

 

 

(3,596

)

 

 

(10,245

)

 

 

(10,788

)

Amortization of prior service cost

 

 

-

 

 

 

2

 

 

 

1

 

 

 

5

 

Amortization of actuarial loss

 

 

45

 

 

 

30

 

 

 

136

 

 

 

91

 

Net benefit income

 

$

(1,065

)

 

$

(1,071

)

 

$

(3,098

)

 

$

(3,213

)

 

a) Includes the nonqualified defined benefit pension plan.

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Foreign Defined Benefit Pension Plans

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service cost

 

$

63

 

 

$

87

 

 

$

102

 

 

$

225

 

Interest cost

 

 

467

 

 

 

468

 

 

 

1,375

 

 

 

1,391

 

Expected return on plan assets

 

 

(490

)

 

 

(487

)

 

 

(1,443

)

 

 

(1,446

)

Amortization of prior service credit

 

 

(72

)

 

 

(70

)

 

 

(213

)

 

 

(207

)

Amortization of actuarial loss

 

 

185

 

 

 

152

 

 

 

546

 

 

 

451

 

Net benefit expense

 

$

153

 

 

$

150

 

 

$

367

 

 

$

414

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

Other Postretirement Benefit Plans

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Service cost

 

$

42

 

 

$

43

 

 

$

126

 

 

$

128

 

Interest cost

 

 

90

 

 

 

98

 

 

 

271

 

 

 

293

 

Amortization of prior service credit

 

 

(256

)

 

 

(256

)

 

 

(768

)

 

 

(768

)

Amortization of actuarial gain

 

 

(79

)

 

 

(81

)

 

 

(236

)

 

 

(242

)

Net benefit income

 

$

(203

)

 

$

(196

)

 

$

(607

)

 

$

(589

)