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Pensions and Other Postretirement Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Plan Benefit Obligations
The following table sets forth the plan benefit obligations:
As of December 31, 2022As of December 31, 2021
(in thousands)
Pension plans
Other
postretirement benefits
Pension plans
Other postretirement benefits
Benefit obligation, beginning of year
$230,790 $44,884 $245,800 $47,977 
Service cost
1,371 114 2,192 132 
Interest cost
4,917 1,221 5,467 1,103 
Plan participants' contributions
132 — 175 — 
Actuarial (gain)/loss
(46,995)(6,658)(7,163)(995)
Benefits paid
(7,946)(3,234)(9,399)(3,338)
Settlements and curtailments
(90,568)— (3,694)— 
Plan amendments and other
(25)(605)(122)— 
Foreign currency changes
(7,946)(64)(2,466)5 
Benefit obligation, end of year
$83,730 $35,658 $230,790 $44,884 
Accumulated benefit obligation
$78,153 $— $223,320 $— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
5.49 %5.55 %2.63 %2.83 %
Discount rate — non-U.S. plans
5.15 %5.20 %2.41 %3.05 %
Cash balance interest crediting rate - Switzerland pension plan2.15 %— 0.25 %— 
Compensation increase — U.S. plan
N/AN/A— — 
Compensation increase — non-U.S. plans
3.08 %2.75 %2.70 %2.75 %
Schedule of Plan Assets
The following sets forth information about plan assets:
As of December 31, 2022As of December 31, 2021
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets, beginning of year
$225,327 $— $239,051 $— 
Actual return on plan assets, net of expenses
(57,868)— (2,648)— 
Employer contributions
15,071 3,234 2,431 3,338 
Plan participants' contributions
132 — 175 — 
Benefits paid
(7,946)(3,234)(9,399)(3,338)
Settlements
(90,568)— (3,694)— 
Foreign currency changes
(9,219)— (589)— 
Fair value of plan assets, end of year
$74,929 $— $225,327 $— 
Schedule of Funded Status of Plans
The funded status of the plans was as follows:
As of December 31, 2022As of December 31, 2021
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets
$74,929 $— $225,327 $— 
Benefit obligation
83,730 35,658 230,790 44,884 
Funded status
$(8,801)$(35,658)$(5,463)$(44,884)
Accrued benefit cost, end of year
$(8,801)$(35,658)$(5,463)$(44,884)
Amounts recognized in the consolidated balance sheet consist of the following:
Noncurrent asset
$16,234 $— $32,504 $— 
Current liability
(1,974)(3,660)(7,116)(3,627)
Noncurrent liability
(23,061)(31,998)(30,851)(41,257)
Net amount recognized
$(8,801)$(35,658)$(5,463)$(44,884)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss
$17,915 $8,958 $52,138 $17,483 
Prior service cost/(credit)
(134)(4,574)256 (8,458)
Net amount recognized
$17,781 $4,384 $52,394 $9,025 
Schedule of Composition of Accrued Pension Cost
The composition of the net pension plan funded status as of December 31, 2022 was as follows:
(in thousands)
U.S. plan
Non-U.S. plans
Total
Pension plans with pension assets
$— $16,234 $16,234 
Pension plans without pension assets
(4,161)(20,874)(25,035)
Total
$(4,161)$(4,640)$(8,801)
Schedule of Net Periodic Benefit Plan Cost
The composition of the net periodic benefit plan cost for the years ended December 31, 2022, 2021, and 2020, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
202220212020202220212020
Components of net periodic benefit cost:
Service cost
$1,371 $2,192 $2,279 $114 $132 $200 
Interest cost
4,917 5,467 6,172 1,221 1,103 1,712 
Expected return on assets
(5,979)(6,564)(6,853)— — — 
Amortization of prior service cost/(credit)
(8)13 14 (4,488)(4,488)(4,488)
Amortization of net actuarial loss
1,377 2,365 2,412 1,883 2,260 2,592 
Settlement
49,128 — 148 — — — 
Curtailment (gain)/loss
— — 263 — — — 
Net periodic benefit cost
$50,806 $3,473 $4,435 $(1,270)$(993)$16 
Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan
2.63 %2.65 %3.40 %2.83 %2.38 %3.27 %
Discount rate — non-U.S. plans
2.41 %1.91 %2.31 %3.05 %2.75 %3.05 %
Cash balance interest crediting rate - Switzerland pension plan0.25 %0.05 %0.25 %— — — 
Expected return on plan assets — U.S. plan
3.07 %2.74 %3.54 %— — — 
Expected return on plan assets — non-U.S. plans
3.31 %2.89 %3.45 %— — — 
Rate of compensation increase — U.S. plan
— — — — — — %
Rate of compensation increase — non-U.S. plans
2.70 %2.71 %2.81 %2.75 %2.75 %3.00 %
Schedule of (Gains)/Losses Recognized in Other Comprehensive Income
Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2022, 2021, and 2020, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
202220212020202220212020
Settlements/curtailments
$(49,128)$— $(411)$— $— $— 
Asset/liability loss/(gain)
16,828 1,927 (8,053)(6,658)(995)(4,794)
Amortization of actuarial (loss)
(1,377)(2,365)(2,412)(1,883)(2,260)(2,592)
Amortization of prior service cost/(credit)
8 (13)(14)3,884 4,488 4,488 
Other— — (204)— — — 
Currency impact
(944)(612)670 15 2 3 
Cost/(benefit) in Other comprehensive income
$(34,613)$(1,063)$(10,424)$(4,642)$1,235 $(2,895)
Schedule of Fair Value of Plan Assets As of December 31, 2022 and 2021, there were no investments expected to be sold at a value materially different than NAV.
Assets at Fair Value as of December 31, 2022
(in thousands)Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant 
unobservable inputs Level 3		Total
Common Stocks and equity funds$— $— $— $— 
Debt securities— 1,003 — 1,003 
Insurance contracts— — 2,418 2,418 
Cash and short-term investments548 — — 548 
Total investments in the fair value hierarchy$548 $1,003 $2,418 3,969 
Investments at net asset value:
Common Stocks and equity funds13,069 
Fixed income funds57,891 
Limited partnerships— 
Total plan assets$74,929 
Assets at Fair Value as of December 31, 2021
(in thousands)
Quoted prices in active markets Level 1
Significant other observable inputs Level 2
Significant unobservable inputs Level 3
Total
Common Stocks and equity funds
$— $— $— $— 
Debt securities
— 98,252 — 98,252 
Insurance contracts
— — 3,861 3,861 
Cash and short-term investments
724 — — 724 
Total investments in the fair value hierarchy
$724 $98,252 $3,861 102,837 
Investments at net asset value:
Common Stocks and equity funds
18,963 
Fixed income funds
101,843 
Limited partnerships
1,684 
Total plan assets
$225,327 
Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2022 and 2021:
(in thousands)
December 31, 2021
Net realized gains
Net unrealized gains
Net purchases, issuances
and settlements
Net transfers (out of) Level 3
December 31, 2022
Insurance contracts -
total level 3 assets
$3,861 $— $20 $(1,463)$— $2,418 
(in thousands)
December 31, 2020
Net realized gains
Net unrealized gains
Net purchases, issuances
and settlements
Net transfers (out of) Level 3
December 31, 2021
Insurance contracts -
total level 3 assets
$3,819 $— $24 $18 $— $3,861 
Schedule of Asset Allocation
The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2022 and 2021, and the target allocation, by asset category, are as follows:
United States Plan
Non-U.S. Plans
Target
Allocation
Percentage of plan assets at plan measurement date
Target
Allocation
Percentage of plan assets at plan measurement date
Asset category
2022202120222021
Equity securities
N/AN/A— %14 %15 %13 %
Debt securities
N/AN/A98 %81 %76 %80 %
Real estate
N/AN/A2 %1 %1 %1 %
Other(1)
N/AN/A— %4 %8 %6 %
— %— %100 %100 %100 %100 %
(1)Other includes hedged equity and absolute return strategies, and private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets
At the end of 2022 and 2021, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
Plans with projected
benefit obligation in
excess of plan assets
(in thousands)
20222021
Projected benefit obligation
$28,458 $142,007 
Fair value of plan assets
3,422 104,041 

Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)20222021
Accumulated benefit obligation$25,941 $139,600 
Fair value of plan assets3,422 104,041 
Schedule of Expected Cash Flows
Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands)
Pension plans
Other postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year
$2,151 $3,660 
Expected benefit payments
2023 4,495 3,660 
2024 4,809 3,541 
2025 5,181 3,408 
2026 5,513 3,281 
2027 5,337 3,158 
2028-203229,238 13,928