Pensions and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan

Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables:


	Pension Benefits				Other Benefits
(In thousands)	2022		2021		2022		2021
Change in Benefit Obligations
Benefit obligations at January 1	$	654,362	$	670,857	$	29,831	$	32,225
Service cost	12,281		12,910		327		398
Interest cost	14,377		11,518		590		476
Participant contributions	257		287		259		345
Plan amendments	154		(243)		—		—
Actuarial gains(a)	(156,214)		(10,277)		(5,884)		(1,518)
Benefits paid	(26,377)		(25,117)		(2,585)		(3,021)
Curtailments	(286)		(439)		—		—
Settlements	(260)		(3,190)		—		—

Transfers(b)	—		(19,312)		—		—
Acquisitions	—		26,231		—		926
Currency translation	(7,929)		(8,863)		—		—
Benefit obligations at December 31	$	490,365	$	654,362	$	22,538	$	29,831
Change in Plan Assets
Fair value of plan assets at January 1	$	651,986	$	586,822	$	—	$	—
Actual return on plan assets	(115,105)		80,366		—		—
Employer contributions	5,032		5,543		2,326		2,676
Participant contributions	257		287		259		345
Acquisitions	—		25,476		—		—
Settlements	(260)		(1,365)		—		—
Benefits paid	(26,377)		(25,117)		(2,585)		(3,021)

Transfers(b)	—		(19,312)		—		—
Administrative expenses paid	(54)		(67)		—		—
Currency translation	(1,261)		(647)		—		—
Fair value of plan assets at December 31	$	514,218	$	651,986	$	—	$	—
Funded Status
Funded status at December 31	$	23,853	$	(2,376)	$	(22,538)	$	(29,831)

Unrecognized prior service credit (cost)	1,224		1,186		(429)		(767)
Unrecognized net actuarial losses	90,212		95,674		6,445		13,570
Net amount recognized	$	115,289	$	94,484	$	(16,522)	$	(17,028)
Amounts Recognized in the Balance Sheets
Noncurrent assets	$	141,643	$	163,283	$	—	$	—
Current liabilities	(3,712)		(6,569)		(2,226)		(2,739)
Noncurrent liabilities	(114,078)		(159,090)		(20,312)		(27,092)
Net amount recognized	$	23,853	$	(2,376)	$	(22,538)	$	(29,831)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial losses	$	90,212	$	95,674	$	6,445	$	13,570
Prior service cost (credit)	1,224		1,186		(429)		(767)

Total (before tax effects)	$	91,436	$	96,860	$	6,016	$	12,803
Accumulated Benefit Obligations for all Defined Benefit Plans	$	459,630	$	608,436	$	—	$	—

(a)Actuarial gains for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2022 and 2021, respectively.

(b)Transfers consist of Netherlands defined benefit plan conversion to a defined contribution plan.

Components of Net Periodic Benefit (Credit) Cost


	Pension Benefits								Other Benefits
(In thousands)	2022		2021			2020			2022		2021		2020
Components of Net Periodic Benefit (Income) Cost
Service cost	$	12,281	$	12,910		$	12,094		$	327	$	398	$	396
Interest cost	14,377		11,518			14,905			590		476		716
Expected return on plan assets	(49,646)		(37,368)			(34,029)			—		—		—

Amortization of prior service cost (credit)	139		164			178			(338)		(358)		(394)
Recognized net actuarial losses	11,704		17,458			15,799			1,242		1,597		1,145
Settlement/curtailment (gain) loss	(354)		(2,234)		(b)	1,135		(b)	—		—		—

Net periodic benefit (income) cost(a)	$	(11,499)	$	2,448		$	10,082		$	1,821	$	2,113	$	1,863

(a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income.

(b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" in the Consolidated Statements of Income.

Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation in excess of plan assets:


	Pension Benefits
(In thousands)	2022		2021
Aggregate accumulated benefit obligations (ABO)	$	116,531	$	181,511

Aggregate fair value of plan assets	4,454		22,265

Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with a projected benefit obligation in excess of plan assets:


	Pension Benefits
(In thousands)	2022		2021

Aggregate projected benefit obligations (PBO)	$	122,229	$	187,924
Aggregate fair value of plan assets	4,454		22,265

Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost


	Pension Benefits				Other Benefits
	2022		2021		2022		2021
Assumptions used to determine benefit obligations
Average discount rate	5.01	%	2.70	%	5.09	%	2.66	%
Rate of compensation increase	4.61	%	4.58	%	3.00	%	2.91	%
Assumptions used to determine net periodic benefit cost
Average discount rate - Service cost	3.12	%	2.80	%	2.84	%	2.42	%
Average discount rate - Interest cost	2.17	%	1.69	%	2.04	%	1.48	%
Expected return on plan assets	8.77	%	7.13	%	—		—
Rate of compensation increase	4.58	%	2.90	%	2.91	%	3.00	%

Schedule of Expected Return on Assets for Net Periodic Pension Cost


	Pension Plan Assets at December 31,
	2022		2021
Equity securities	56	%	51	%
Fixed income securities	26		25
Pooled investment funds	15		22
Cash and cash equivalents	2		1
Insurance contracts	1		1
Total	100	%	100	%

Summary of Pension Plan Assets Measured at Fair Value on a Recurring Basis by Fair Value Hierarchy

The fair values at December 31, 2022, were as follows:


					Fair Value
(In thousands)	Total		NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	288,006	$	44,583	$	243,423	$	—	$	—
Fixed income securities	132,659		—		63,522		69,137		—
Pooled investment funds	79,853		79,853		—		—		—
Cash and cash equivalents	9,246		7,954		1,292		—		—
Insurance contracts	4,454		—		—		—		4,454
Total	$	514,218	$	132,390	$	308,237	$	69,137	$	4,454

The fair values of the Company's pension plan assets at December 31, 2021, were as follows:


					Fair Value
(In thousands)	Total		NAV		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Equity securities	$	329,795	$	66,897	$	262,898	$	—	$	—
Fixed income securities	161,965		—		86,543		75,422		—
Pooled investment funds	146,081		146,081		—		—		—
Cash and cash equivalents	9,934		8,637		1,297		—		—
Insurance contracts	4,211		—		—		—		4,211
Total	$	651,986	$	221,615	$	350,738	$	75,422	$	4,211

Schedule of Reconciliation of Level 3 Assets

The following table presents a reconciliation of Level 3 assets:


(In thousands)	Insurance Contracts
Balance January 1, 2021	$	24,396
Net realized and unrealized gains	(881)
Net purchases, issuances and settlements	(19,304)

Balance December 31, 2021	4,211
Net realized and unrealized gains	(119)
Net purchases, issuances and settlements	362

Balance December 31, 2022	$	4,454

Schedule of Level 3 Assets Recognized in Accumulated Other Comprehensive Loss

The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss:


(In thousands)	Insurance Contracts
Net actuarial losses	$	(1,781)
Prior service cost	744
Total (before tax effects)	$	(1,037)