Pension and Other Postretirement Benefits (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Components of Actuarial (Gains) Losses in Projected Benefit Obligations

Actuarial (gains) losses in projected benefit obligations for each of the years were comprised of the following components:

	U.S. Pension Benefits					Foreign Pension Benefits					Other Postretirement Benefits
	2024			2023		2024			2023		2024			2023
Changes in assumptions	$	(7,239	)	$	6,007	$	(2,636	)	$	469	$	(352	)	$	217
Impact from lump-sum window, net		(977	)		—		—			—		—			—
Other		7			108		(199	)		1,158		(486	)		(396	)
Total actuarial (gains) losses	$	(8,209	)	$	6,115	$	(2,835	)	$	1,627	$	(838	)	$	(179	)

Reconciliation of Projected Benefit Obligations (PBO), Plan Assets, the Funded Status of the Plans and the Amounts Recognized in the Consolidated Balance Sheets

The following tables provide a reconciliation of projected benefit obligations (“PBO”), plan assets and the funded status of the plans for the Corporation’s defined benefit plans calculated using a measurement date as of the end of the respective years.

	U.S. Pension Benefits(a)						Foreign Pension Benefits(b)						Other Postretirement Benefits
	2024			2023			2024			2023			2024			2023
Change in projected benefit obligations:
PBO at January 1	$	194,365		$	193,670		$	42,447		$	39,319		$	7,748		$	7,644
Service cost		29			37			145			304			168			170
Interest cost		9,317			9,941			1,834			1,859			362			390
Foreign currency exchange rate changes		—			—			(930	)		2,006			—			—
Actuarial (gains) losses		(8,209	)		6,115			(2,835	)		1,627			(838	)		(179	)
Plan amendment		—			—			—			—			—			146
Participant contributions		—			—			—			—			45			42
Benefits paid from plan assets		(18,573	)		(14,630	)		(2,642	)		(2,165	)		—			—
Benefits paid by the Corporation		(768	)		(768	)		(401	)		(503	)		(417	)		(465	)
PBO at December 31	$	176,161		$	194,365		$	37,618		$	42,447		$	7,068		$	7,748
Change in plan assets:
Fair value of plan assets at January 1	$	163,929		$	161,374		$	42,338		$	41,679		$	—		$	—
Actual return on plan assets		7,910			16,845			(3,053	)		649			—			—
Foreign currency exchange rate changes		—			—			(541	)		2,175			—			—
Corporate contributions		6,206			1,108			400			503			372			423
Participant contributions		—			—			—			—			45			42
Gross benefits paid		(19,341	)		(15,398	)		(3,043	)		(2,668	)		(417	)		(465	)
Fair value of plan assets at December 31	$	158,704		$	163,929		$	36,101		$	42,338		$	—		$	—
Funded status of the plans:
Fair value of plan assets	$	158,704		$	163,929		$	36,101		$	42,338		$	—		$	—
Less benefit obligations		176,161			194,365			37,618			42,447			7,068			7,748
Funded status at December 31	$	(17,457	)	$	(30,436	)	$	(1,517	)	$	(109	)	$	(7,068	)	$	(7,748	)

(a)Includes the nonqualified defined benefit pension plan.

(b)Includes the over-funded U.K. defined benefit pension plan and two smaller unfunded defined benefit pension plans.

The following tables provide a summary of amounts recognized in the consolidated balance sheets at December 31, 2024 and 2023.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2024			2023			2024			2023			2024			2023
Employee benefit obligations:
Prepaid pensions(a)	$	—		$	—		$	3,652		$	4,951		$	—		$	—
Accrued payrolls and employee benefits(b)		(723	)		(725	)		—			—			(767	)		(835	)
Employee benefit obligations(c)		(16,734	)		(29,711	)		(5,169	)		(5,060	)		(6,301	)		(6,913	)
Total employee benefit obligations	$	(17,457	)	$	(30,436	)	$	(1,517	)	$	(109	)	$	(7,068	)	$	(7,748	)
Accumulated other comprehensive loss:(d)
Net actuarial loss (gain)	$	45,248		$	47,889		$	20,388		$	19,900		$	(3,410	)	$	(2,887	)
Prior service cost (credit)		—			1			(5,614	)		(5,984	)		(2,574	)		(3,598	)
Total accumulated other comprehensive loss	$	45,248		$	47,890		$	14,774		$	13,916		$	(5,984	)	$	(6,485	)

(a)Represents the over-funded U.K. defined benefit pension plan which is recorded as a noncurrent asset in the consolidated balance sheets.

(b)Recorded as a current liability in the consolidated balance sheets.

(c)Recorded as a noncurrent liability in the consolidated balance sheets.

(d)Amounts are pre-tax.

Schedule of Estimated Benefit Payments

As of December 31, 2024, estimated benefit payments for subsequent years are as follows:

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
2025	$	15,822	$	2,352	$	788
2026		15,630		2,414		617
2027		15,412		2,369		593
2028		15,141		2,552		604
2029		14,823		2,624		573
2030-2034		68,494		13,394		2,619
Total benefit payments	$	145,322	$	25,705	$	5,794

The following table summarizes target asset allocations for 2024 (within +/-5% considered acceptable) and major asset categories. Certain investments are classified differently for target asset allocation purposes and external reporting purposes. The Corporation intends to continue to liquidate the alternative investments of the U.S. pension plan to provide additional flexibility with investment allocation.

	U.S. Pension Benefits									Foreign Pension Benefits
	Target Allocation			Percentage of Plan Assets						Target Allocation			Percentage of Plan Assets
	Dec. 31, 2024			2024			2023			Dec. 31, 2024			2024			2023
Equity securities		43	%		41	%		52	%		0	%		0	%		0	%
Fixed-income securities		54	%		46	%		41	%		86	%		87	%		90	%
Alternative investments		0	%		4	%		4	%		0	%		0	%		2	%
Other (primarily cash and cash equivalents)		3	%		9	%		3	%		14	%		13	%		8	%

Summary of Significant Investment Strategies of Various Funds

The significant investment strategies of the various funds are summarized below.

Fund	Investment Strategy	Primary Investment Objective
Various Equity Funds	Each fund maintains a diversified holding in common stock of applicable companies (e.g., common stock of small capitalization companies if a small-cap fund, common stock of medium capitalization companies if a mid-cap fund, common stock of foreign corporations if an international fund, etc.).	Outperform the fund’s related index.
Various Fixed- Income Funds	Invests primarily in a diversified portfolio of fixed-income securities of varying maturities or in commingled funds which invest in a diversified portfolio of fixed-income securities of varying maturities.	Achieve a rate of return that matches or exceeds the expected growth in plan liabilities.
Alternative Investments – Managed Funds	Invests in equities and equity-like asset classes and strategies (such as public equities, venture capital, private equity, real estate, natural resources, and hedged strategies) and fixed-income securities approved by the Retirement Committee.	Generate a minimum annual inflation adjusted return of 5% and outperform a traditional 70/30 equities/bond portfolio.
Temporary Investment Fund	Invests primarily in a diversified portfolio of investment grade money market instruments.	Achieve a market level of current income while maintaining stability of principal and liquidity.

Asset Categories Based on the Nature and Risks of the Plans Assets

Asset categories based on the nature and risks of the U.S. pension benefit plan’s assets as of December 31, 2024 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	2,353	$	—	$	—	$	2,353
Consumer staples		894		—		—		894
Energy		398		—		—		398
Financial		2,696		—		—		2,696
Healthcare		2,959		—		—		2,959
Industrials		3,590		—		—		3,590
Information technology		4,280		—		—		4,280
Materials		176		—		—		176
Mutual funds and ETFs		44,830		—		—		44,830
Real estate		107		—		—		107
Telecommunications		981		—		—		981
Utilities		104		—		—		104
International
Financial		144		—		—		144
Industrials		401		—		—		401
Information technology		488		—		—		488
Materials		226		—		—		226
Total Equity Securities		64,627		—		—		64,627
Fixed-Income Securities:
U.S.
Corporate bonds		—		35,728		—		35,728
Treasury bonds		28,253		—		—		28,253
Mutual funds and ETFs		6,566		—		—		6,566
International
Corporate bonds		—		3,143		—		3,143
Total Fixed-Income Securities		34,819		38,871		—		73,690
Alternative Investments:
Managed funds(a)		436		—		5,645		6,081
Total Alternative Investments		436		—		5,645		6,081
Other:
Cash and cash equivalents(b)		14,306		—		—		14,306
Total Other		14,306		—		—		14,306
Total assets	$	114,188	$	38,871	$	5,645	$	158,704

(a)Substantially all investments are in real assets, commodities and resources, and absolute return funds.

(b)Includes investments in temporary funds.

Asset categories based on the nature and risks of the U.S. pension benefit plan’s assets as of December 31, 2023 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equity Securities:
U.S.
Consumer discretionary	$	3,491	$	—	$	—	$	3,491
Consumer staples		1,848		—		—		1,848
Energy		791		—		—		791
Financial		4,659		—		—		4,659
Healthcare		5,907		—		—		5,907
Industrials		5,117		—		—		5,117
Information technology		6,993		—		—		6,993
Materials		456		—		—		456
Mutual funds and ETFs		51,729		—		—		51,729
Real estate		209		—		—		209
Telecommunications		1,674		—		—		1,674
Utilities		211		—		—		211
International
Consumer discretionary		64		—		—		64
Financial		437		—		—		437
Healthcare		114		—		—		114
Industrials		401		—		—		401
Information technology		306		—		—		306
Materials		573		—		—		573
Total Equity Securities		84,980		—		—		84,980
Fixed-Income Securities:
U.S.
Corporate bonds		—		32,482		—		32,482
Treasury bonds		23,456		—		—		23,456
Mutual funds and ETFs		7,825		—		—		7,825
International
Corporate bonds		—		3,394		—		3,394
Total Fixed-Income Securities		31,281		35,876		—		67,157
Alternative Investments:
Managed funds(a)		321		—		5,714		6,035
Total Alternative Investments		321		—		5,714		6,035
Other:
Cash and cash equivalents(b)		5,757		—		—		5,757
Total Other		5,757		—		—		5,757
Total assets	$	122,339	$	35,876	$	5,714	$	163,929

(a)Substantially all investments are in real assets, commodities and resources, and absolute return funds.

(b)Includes investments in temporary funds.

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2024 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed-Income Securities:
Commingled funds (U.K.)	$	—	$	1,636	$	—	$	1,636
Commingled funds (International)		—		29,618		—		29,618
Total Fixed-Income Securities		—		31,254		—		31,254
Cash and cash equivalents		643		4,204		—		4,847
Total assets	$	643	$	35,458	$	—	$	36,101

Asset categories based on the nature and risks of the foreign pension benefit plan’s assets as of December 31, 2023 are summarized below.

	Quoted Prices in Active Markets for Identical Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Fixed-Income Securities:
Commingled funds (U.K.)	$	—	$	25,754	$	—	$	25,754
Commingled funds (International)		—		12,251		928		13,179
Total Fixed-Income Securities		—		38,005		928		38,933
Cash and cash equivalents		1,697		1,708		—		3,405
Total assets	$	1,697	$	39,713	$	928	$	42,338

Summary of Changes in the Fair Value of the Level 3 Plan Assets for U.S. and Foreign Pension Plans

The following table sets forth a summary of changes in the fair value of the Level 3 plan assets for the U.S. and foreign pension benefit plans for the years ended December 31, 2024 and 2023.

	U.S. Pension Benefits						Foreign Pension Benefits
	2024			2023			2024			2023
Fair value as of January 1	$	5,714		$	6,569		$	928		$	831
Transfers to other plan assets		(299	)		(627	)		(926	)		—
Realized gains		86			186			14			—
Change in net unrealized gains (losses)		144			(414	)		—			52
Other, primarily impact from changes in foreign currency    exchange rates		—			—			(16	)		45
Fair value as of December 31	$	5,645		$	5,714		$	—		$	928

Net Periodic Pension and Other Postretirement Benefit Costs

Net periodic pension and other postretirement benefit costs include the following components for each of the years.

	U.S. Pension Benefits						Foreign Pension Benefits						Other Postretirement Benefits
	2024			2023			2024			2023			2024			2023
Service cost	$	29		$	37		$	145		$	304		$	168		$	170
Interest cost		9,317			9,941			1,834			1,859			362			390
Expected return on plan assets		(13,660	)		(14,386	)		(1,926	)		(1,931	)		—			—
Amortization of:
Prior service cost (credit)		1			8			(284	)		(271	)		(1,024	)		(1,024	)
Actuarial loss (gain)		181			127			716			591			(315	)		(322	)
Total net periodic pension and other postretirement benefit costs	$	(4,132	)	$	(4,273	)	$	485		$	552		$	(809	)	$	(786	)

Discount Rates Used to Determine the Benefit Obligations

The discount rates used to determine the benefit obligations as of December 31, 2024 and 2023 are summarized below.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2024	2023	2024	2023	2024	2023
Discount rate	5.61-5.64%	5.13-5.16%	5.55%	4.65%	5.70%	5.19%

Assumptions Regarding Net Periodic Pension and Other Postretirement Benefit Costs

The following assumptions were used to determine net periodic pension and other postretirement benefit costs for the years ended December 31, 2024 and 2023.

	U.S. Pension Benefits		Foreign Pension Benefits		Other Postretirement Benefits
	2024	2023	2024	2023	2024	2023
Discount rate	5.13-5.16%	5.48-5.49%	4.65%	4.85%	5.19%	5.49%
Expected long-term rate of return	7.40%	7.70%	4.65%	4.60%	n/a	n/a