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Pension, Postretirement, and Other Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Plan Benefit Obligations
The following table sets forth the plan benefit obligations:
As of December 31, 2024As of December 31, 2023
(in thousands, except percentages)
Pension plans
Other
postretirement benefits
Pension plansOther postretirement benefits
Benefit obligation, beginning of year
$158,323 $28,684 $83,730 $35,658 
Service cost
1,812 46 1,478 60 
Interest cost
6,114 1,416 5,151 1,874 
Plan participants' contributions
530  281 — 
Actuarial (gain)/loss
(3,868)(709)6,317 (6,131)
Benefits paid
(9,423)(2,651)(6,388)(2,795)
Acquisitions
  64,947  
Settlements and curtailments
(7,805) — — 
Plan amendments and other
  (1,985)— 
Foreign currency changes
(8,572)(71)4,792 18 
Benefit obligation, end of year
$137,111 $26,715 $158,323 $28,684 
Accumulated benefit obligation
$132,198 $ $151,001 $— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
5.44 %5.61 %5.15 %5.21 %
Discount rate — non-U.S. plans
4.32 %4.70 %4.05 %4.70 %
Cash balance interest crediting rate - Switzerland pension plan1.15 % 1.30 %— 
Compensation increase — U.S. plan
N/AN/AN/AN/A
Compensation increase — non-U.S. plans
2.68 %2.75 %2.89 %2.75 %
Schedule of Plan Assets
The following sets forth information about plan assets:
As of December 31, 2024As of December 31, 2023
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets, beginning of year
$112,688 $ $74,929 $— 
Actual return on plan assets, net of expenses
(408) 6,285 — 
Employer contributions
8,744 2,651 3,629 2,795 
Plan participants' contributions
530  281 — 
Benefits paid
(9,423)(2,651)(6,388)(2,795)
Acquisitions
  30,941  
Settlements
(3,811) — — 
Other
  (832) 
Foreign currency changes
(5,183) 3,843 — 
Fair value of plan assets, end of year
$103,137 $ $112,688 $— 
Schedule of Funded Status of Plans
The funded status of the plans was as follows:
As of December 31, 2024As of December 31, 2023
(in thousands)
Pension plansOther postretirement benefitsPension plansOther postretirement benefits
Fair value of plan assets
$103,137 $ $112,688 $— 
Benefit obligation
137,111 26,715 158,323 28,684 
Funded status
$(33,974)$(26,715)$(45,635)$(28,684)
Accrued benefit cost, end of year$(33,974)$(26,715)$(45,635)$(28,684)
Amounts recognized in the consolidated balance sheets consist of the following:
Noncurrent asset$16,982 $ $19,296 $— 
Current liability(4,915)(2,772)(5,500)(2,808)
Noncurrent liability(46,041)(23,943)(59,431)(25,876)
Net amount recognized
$(33,974)$(26,715)$(45,635)$(28,684)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss$19,529 $1,345 $22,512 $1,991 
Prior service cost/(credit)(96)(360)(132)(484)
Net amount recognized
$19,433 $985 $22,380 $1,507 
Schedule of Composition of Accrued Pension Cost
The composition of the net pension plan funded status as of December 31, 2024 was as follows:
(in thousands)
U.S. planNon-U.S. plansTotal
Pension plans with pension assets
$ $16,982 $16,982 
Pension plans without pension assets
(3,284)(47,672)(50,956)
Total
$(3,284)$(30,690)$(33,974)
Schedule of Net Periodic Benefit Plan Cost
The composition of the net periodic benefit plan cost for the years ended December 31, 2024, 2023, and 2022, was as follows:
Pension plansOther postretirement benefits
(in thousands, except percentages)
202420232022202420232022
Components of net periodic benefit cost:
Service cost
$1,812 $1,478 $1,371 $46 $60 $114 
Interest cost
6,114 5,151 4,917 1,416 1,874 1,221 
Expected return on assets
(5,430)(4,347)(5,979) — — 
Amortization of prior service cost/(credit)
(26)(32)(8)(124)(4,090)(4,488)
Amortization of net actuarial loss
647 555 1,377 (34)828 1,883 
Settlement
(33)— 49,128  — — 
Curtailment (gain)/loss
(37)— —  — — 
Net periodic benefit cost
$3,047 $2,805 $50,806 $1,304 $(1,328)$(1,270)
Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan5.15 %5.49 %2.63 %5.21 %5.55 %2.83 %
Discount rate — non-U.S. plans4.05 %5.15 %2.41 %4.70 %5.20 %3.05 %
Cash balance interest crediting rate - Switzerland pension plan1.30 %2.15 %0.25 % — — 
Expected return on plan assets — U.S. planN/AN/A3.07 %N/AN/AN/A
Expected return on plan assets — non-U.S. plans4.98 %5.21 %3.31 %N/AN/AN/A
Rate of compensation increase — U.S. planN/AN/AN/AN/AN/AN/A
Rate of compensation increase — non-U.S. plans2.89 %3.08 %2.70 %2.75 %2.75 %2.75 %
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, 2024, 2023, and 2022, was as follows:
Pension plansOther postretirement benefits
(in thousands)
202420232022202420232022
Settlements/curtailments
$70 $— $(49,128)$ $— $— 
Asset/liability loss/(gain)
(2,023)4,365 16,828 (709)(6,131)(6,658)
Amortization of actuarial (loss)
(646)(554)(1,377)34 (828)(1,883)
Amortization of prior service cost/(credit)
26 32 124 4,090 3,884 
Currency impact
(748)757 (944)28 (8)15 
Cost/(benefit) in Other comprehensive income
$(3,321)$4,600 $(34,613)$(523)$(2,877)$(4,642)
Schedule of Fair Value of Plan Assets As of December 31, 2024 and 2023, there were no investments expected to be sold at a value materially different than NAV.
Assets at Fair Value as of December 31, 2024
(in thousands)Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant 
unobservable inputs Level 3
Total
Common Stocks and equity funds$ $4,241 $ $4,241 
Debt securities 49,940  49,940 
Insurance contracts  3,528 3,528 
Real Estate
  3,244 3,244 
Hedge Funds
  836 836 
Cash and short-term investments5,323   5,323 
Total investments in the fair value hierarchy$5,323 $54,181 $7,608 67,112 
Investments at net asset value:
Common Stocks and equity funds13,124 
Fixed income funds22,901 
Limited partnerships 
Total plan assets$103,137 
Assets at Fair Value as of December 31, 2023
(in thousands)
Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant unobservable inputs Level 3Total
Common Stocks and equity funds
$— $4,159 $— $4,159 
Debt securities
— 56,838 — 56,838 
Insurance contracts
— — 3,478 3,478 
Real Estate
— — 3,451 3,451 
Hedge Funds
— — 668 668 
Cash and short-term investments
5,740 — — 5,740 
Total investments in the fair value hierarchy
$5,740 $60,997 $7,597 74,334 
Investments at net asset value:
Common Stocks and equity funds
12,608 
Fixed income funds
25,746 
Limited partnerships
— 
Total plan assets
$112,688 
Schedule of Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2024 and 2023:
(in thousands)
December 31, 2023Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements
Net transfers (out of) Level 3December 31, 2024
Insurance contracts -
total level 3 assets
$7,597 $ $58 $(47)$ $7,608 
(in thousands)
December 31, 2022Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements
Net transfers (out of) Level 3December 31, 2023
Insurance contracts -
total level 3 assets
$2,418 $— $18 $5,161 $— $7,597 
Schedule of Asset Allocation The asset allocation for the Company’s non-U.S. pension plans for 2024 and 2023, and the target allocation, by asset category, are as follows:
Non-U.S. Plans
Target
Allocation
Percentage of plan assets at plan measurement date
Asset category20242023
Equity securities
15 %15 %13 %
Debt securities
70 %70 %73 %
Real estate
3 %3 %%
Other(1)
12 %12 %11 %
100 %100 %100 %
(1)Other includes hedged equity and absolute return strategies, as well as 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 2024 and 2023, 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)
20242023
Projected benefit obligation
$55,067 $81,972 
Fair value of plan assets
4,111 17,041 

Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)20242023
Accumulated benefit obligation$52,493 $77,688 
Fair value of plan assets3,509 17,041 
Schedule of Expected Cash Flows
Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands)
Pension plansOther postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year
$5,707 $2,772 
Expected benefit payments
2025 10,249 2,772 
2026 10,244 2,672 
2027 9,732 2,573 
2028 9,963 2,474 
2029 9,855 2,375 
2030 to 2034 (expected, combined)49,316 10,418