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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our defined benefit pension plans (in thousands):
Year Ended December 31, 2023Year Ended December 31, 2022
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1$514,971 $180,561 $680,696 $255,234 
Service cost499 5,686 904 3,700 
Interest cost26,924 7,153 18,827 3,363 
Actuarial gain11,957 10,078 (144,288)(49,380)
Benefits paid(41,449)(9,051)(41,168)(11,049)
Employee contributions— 60 — 64 
Foreign exchange loss (gain)— 7,137 — (18,562)
Settlements/curtailments— (5,606)— (1,028)
Other— (100)— (1,781)
Benefit obligation at December 31$512,902 $195,918 $514,971 $180,561 
Change in plan assets:
Fair value of plan assets at January 1$469,828 $58,229 $605,991 $94,256 
Actual return on plan assets54,785 4,395 (95,925)(29,694)
Employer contributions967 14,496 930 12,451 
Benefits paid(41,449)(9,051)(41,168)(11,049)
Employee contributions— 60 — 64 
Foreign exchange gain (loss)— 3,091 — (9,004)
Settlements/curtailments— (5,606)— (1,028)
Other— (100)— 2,233 
Fair value of plan assets at December 31$484,131 $65,514 $469,828 $58,229 
Funded status at December 31$(28,771)$(130,404)$(45,143)$(122,332)
December 31, 2023December 31, 2022
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(912)$(7,951)$(947)$(6,957)
Noncurrent liabilities (pension benefits)(27,859)(122,453)(44,196)(115,375)
Net pension liability$(28,771)$(130,404)$(45,143)$(122,332)
Amounts recognized in accumulated other comprehensive (loss) income:
Prior service benefit$— $(531)$— $(615)
Net amount recognized$— $(531)$— $(615)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.21 %3.73 %5.46 %4.04 %
Rate of compensation increase— %3.67 %— %3.67 %
The following provides a reconciliation of benefit obligations, plan assets and funded status, as well as a summary of significant assumptions, for our postretirement benefit plans (in thousands):
Year Ended December 31,
20232022
Other Postretirement BenefitsOther Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1$35,990 $47,493 
Service cost47 85 
Interest cost1,873 1,307 
Actuarial gain(6,618)(10,164)
Benefits paid(2,403)(2,731)
Benefit obligation at December 31$28,889 $35,990 
Change in plan assets:
Fair value of plan assets at January 1$— $— 
Employer contributions2,403 2,731 
Benefits paid(2,403)(2,731)
Fair value of plan assets at December 31$— $— 
Funded status at December 31$(28,889)$(35,990)

December 31,
20232022
Other Postretirement BenefitsOther Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(2,642)$(3,239)
Noncurrent liabilities (postretirement benefits)(26,247)(32,751)
Net postretirement liability$(28,889)$(35,990)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.21 %5.45 %
Rate of compensation increase— %— %
Schedule of Net Benefit Costs
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2023December 31, 2022December 31, 2021
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$499 $5,686 $904 $3,700 $869 $3,697 
Interest cost26,924 7,153 18,827 3,363 18,005 2,427 
Expected return on assets(30,875)(2,872)(40,288)(3,252)(39,972)(3,593)
Actuarial (gain) loss(11,951)8,593 (8,008)(18,818)(34,857)(19,494)
Amortization of prior service benefit— 81 — 89 — 115 
Total net pension benefits (credit) cost$(15,403)$18,641 $(28,565)$(14,918)$(55,955)$(16,848)
Weighted-average assumption percentages:
Discount rate5.46 %4.04 %2.86 %1.44 %2.50 %0.86 %
Expected return on plan assets6.88 %4.86 %6.89 %3.85 %6.88 %3.98 %
Rate of compensation increase— %3.67 %— %3.12 %— %3.26 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202320222021
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$47 $85 $123 
Interest cost1,873 1,307 1,238 
Actuarial gain(6,816)(10,163)(2,568)
Total net postretirement benefits credit$(4,896)$(8,771)$(1,207)
Weighted-average assumption percentages:
Discount rate5.45 %2.85 %2.49 %
Rate of compensation increase— %— %3.50 %
Schedule of Assumptions Used
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2023December 31, 2022December 31, 2021
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$499 $5,686 $904 $3,700 $869 $3,697 
Interest cost26,924 7,153 18,827 3,363 18,005 2,427 
Expected return on assets(30,875)(2,872)(40,288)(3,252)(39,972)(3,593)
Actuarial (gain) loss(11,951)8,593 (8,008)(18,818)(34,857)(19,494)
Amortization of prior service benefit— 81 — 89 — 115 
Total net pension benefits (credit) cost$(15,403)$18,641 $(28,565)$(14,918)$(55,955)$(16,848)
Weighted-average assumption percentages:
Discount rate5.46 %4.04 %2.86 %1.44 %2.50 %0.86 %
Expected return on plan assets6.88 %4.86 %6.89 %3.85 %6.88 %3.98 %
Rate of compensation increase— %3.67 %— %3.12 %— %3.26 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202320222021
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$47 $85 $123 
Interest cost1,873 1,307 1,238 
Actuarial gain(6,816)(10,163)(2,568)
Total net postretirement benefits credit$(4,896)$(8,771)$(1,207)
Weighted-average assumption percentages:
Discount rate5.45 %2.85 %2.49 %
Rate of compensation increase— %— %3.50 %
Financial Assets Accounted for at Fair Value on Recurring Basis
The following tables set forth the assets of our pension and postretirement plans that were accounted for at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands):
December 31, 2023Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$58,906 $58,906 $— $— 
International Equity(b)
106,491 99,432 7,059 — 
Fixed Income(c)
294,140 257,299 36,841 — 
Absolute Return Measured at Net Asset Value(d)
80,542 — — — 
Cash
9,566 9,566 — — 
Total Pension Assets
$549,645 $425,203 $43,900 $— 
December 31, 2022Quoted Prices in Active Markets for Identical Items (Level 1)Quoted Prices in Active Markets for Similar Items (Level 2)Unobservable Inputs (Level 3)
Pension Assets:
Domestic Equity(a)
$98,080 $97,984 $96 $— 
International Equity(b)
88,002 79,815 8,187 — 
Fixed Income(c)
269,352 235,184 34,168 — 
Absolute Return Measured at Net Asset Value(d)
68,725 — — — 
Cash
3,898 3,898 — — 
Total Pension Assets
$528,057 $416,881 $42,451 $— 
(a)Consists primarily of U.S. stock funds that track or are actively managed and measured against the S&P 500 index.
(b)Consists primarily of international equity funds that invest in common stocks and other securities whose value is based on an international equity index or an underlying equity security or basket of equity securities.
(c)Consists primarily of debt obligations issued by governments, corporations, municipalities and other borrowers. Also includes insurance policies.
(d)Consists primarily of funds with holdings in private investment companies. See additional information about the Absolute Return investments below. Holdings in private investment companies are measured at fair value using the net asset value per share as a practical expedient and have not been categorized in the fair value hierarchy. Their fair values are included in this table to permit reconciliation to the reconciliation of plan assets table above.
Schedule of Allocation of Plan Assets
The weighted-average target allocations as of the measurement date are as follows:
Target Allocation
Equity securities38 %
Fixed income53 %
Absolute return9 %
Current Forecast of Benefit Payments, which Reflect Expected Future Service
The current forecast of benefit payments, which reflects expected future service, amounts to (in thousands):
U.S. Pension PlansForeign Pension PlansOther Postretirement Benefits
2024$43,432 $13,476 $2,446 
2025$43,600 $11,493 $2,425 
2026$43,399 $11,753 $2,400 
2027$42,985 $12,322 $2,368 
2028$42,350 $12,716 $2,330 
2029-2033$197,112 $66,160 $10,884