Pensions and Other Postretirement Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pensions and Other Postretirement Benefit Plans

Pensions and Other Postretirement Benefit Plans

The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.

The composition of the net periodic benefit cost/ (income) for the six months ended June 30, 2023 and 2022, was as follows:

	Pension plans				Other postretirement benefits
(in thousands)	2023		2022		2023		2022
Components of net periodic benefit cost/(income):
Service cost	$	565	$	708	$	30	$	57
Interest cost	2,141		2,828		937		611
Expected return on assets	(1,955)		(3,405)		—		—
Amortization of prior service cost/(income)	(16)		(1)		(2,045)		(2,244)
Amortization of net actuarial loss	279		997		414		941
Net periodic benefit cost/(income)	$	1,014	$	1,127	$	(664)	$	(635)

The amount of net benefit cost/(income) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. There were no such events in the first six months of 2023 or 2022.

Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.