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Pension Plans and Other Postretirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024Year Ended December 31, 2023
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Change in benefit obligations:
Benefit obligation at January 1$512,902 $195,918 $514,971 $180,561 
Service cost545 5,391 499 5,686 
Interest cost25,580 7,204 26,924 7,153 
Actuarial (gain) loss(11,604)(7,034)11,957 10,078 
Benefits paid(42,355)(9,423)(41,449)(9,051)
Employee contributions— 70 — 60 
Foreign exchange (gain) loss— (7,920)— 7,137 
Settlements/curtailments— (6,197)— (5,606)
Other— (56)— (100)
Benefit obligation at December 31$485,068 $177,953 $512,902 $195,918 
Change in plan assets:
Fair value of plan assets at January 1$484,131 $65,514 $469,828 $58,229 
Actual return on plan assets33,707 (1,317)54,785 4,395 
Employer contributions1,911 15,498 967 14,496 
Benefits paid(42,355)(9,423)(41,449)(9,051)
Employee contributions— 70 — 60 
Foreign exchange (loss) gain— (1,771)— 3,091 
Settlements/curtailments— (6,197)— (5,606)
Other— (56)— (100)
Fair value of plan assets at December 31$477,394 $62,318 $484,131 $65,514 
Funded status at December 31$(7,674)$(115,635)$(28,771)$(130,404)
December 31, 2024December 31, 2023
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(928)$(6,189)$(912)$(7,951)
Noncurrent liabilities (pension benefits)(6,746)(109,446)(27,859)(122,453)
Net pension liability$(7,674)$(115,635)$(28,771)$(130,404)
Amounts recognized in accumulated other comprehensive loss:
Prior service benefit$— $(441)$— $(531)
Net amount recognized$— $(441)$— $(531)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.65 %4.04 %5.21 %3.73 %
Rate of compensation increase— %3.65 %— %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,
20242023
Other Postretirement BenefitsOther Postretirement Benefits
Change in benefit obligations:
Benefit obligation at January 1$28,889 $35,990 
Service cost46 47 
Interest cost1,441 1,873 
Actuarial loss (gain)6,072 (6,618)
Benefits paid(1,970)(2,403)
Benefit obligation at December 31$34,478 $28,889 
Change in plan assets:
Fair value of plan assets at January 1$— $— 
Employer contributions1,970 2,403 
Benefits paid(1,970)(2,403)
Fair value of plan assets at December 31$— $— 
Funded status at December 31$(34,478)$(28,889)
December 31,
20242023
Other Postretirement BenefitsOther Postretirement Benefits
Amounts recognized in consolidated balance sheets:
Current liabilities (accrued expenses)$(2,548)$(2,642)
Noncurrent liabilities (postretirement benefits)(31,930)(26,247)
Net postretirement liability$(34,478)$(28,889)
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.67 %5.21 %
Rate of compensation increase3.50 %— %
Schedule of Net Benefit Costs
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2024December 31, 2023December 31, 2022
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$545 $5,391 $499 $5,686 $904 $3,700 
Interest cost25,580 7,204 26,924 7,153 18,827 3,363 
Expected return on assets(31,862)(3,867)(30,875)(2,872)(40,288)(3,252)
Actuarial (gain) loss(13,530)(2,569)(11,951)8,593 (8,008)(18,818)
Amortization of prior service benefit— 79 — 81 — 89 
Total net pension benefits (credit) cost$(19,267)$6,238 $(15,403)$18,641 $(28,565)$(14,918)
Weighted-average assumption percentages:
Discount rate5.21 %3.73 %5.46 %4.04 %2.86 %1.44 %
Expected return on plan assets6.88 %5.95 %6.88 %4.86 %6.89 %3.85 %
Rate of compensation increase— %3.67 %— %3.67 %— %3.12 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202420232022
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$46 $47 $85 
Interest cost1,441 1,873 1,307 
Actuarial loss (gain)6,268 (6,816)(10,163)
Total net postretirement benefits credit$7,755 $(4,896)$(8,771)
Weighted-average assumption percentages:
Discount rate5.21 %5.45 %2.85 %
Schedule of Assumptions Used
The components of pension benefits cost (credit) are as follows (in thousands):
Year EndedYear EndedYear Ended
December 31, 2024December 31, 2023December 31, 2022
U.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension PlansU.S. Pension PlansForeign Pension Plans
Service cost$545 $5,391 $499 $5,686 $904 $3,700 
Interest cost25,580 7,204 26,924 7,153 18,827 3,363 
Expected return on assets(31,862)(3,867)(30,875)(2,872)(40,288)(3,252)
Actuarial (gain) loss(13,530)(2,569)(11,951)8,593 (8,008)(18,818)
Amortization of prior service benefit— 79 — 81 — 89 
Total net pension benefits (credit) cost$(19,267)$6,238 $(15,403)$18,641 $(28,565)$(14,918)
Weighted-average assumption percentages:
Discount rate5.21 %3.73 %5.46 %4.04 %2.86 %1.44 %
Expected return on plan assets6.88 %5.95 %6.88 %4.86 %6.89 %3.85 %
Rate of compensation increase— %3.67 %— %3.67 %— %3.12 %
The components of postretirement benefits cost (credit) are as follows (in thousands):
Year Ended December 31,
202420232022
Other Postretirement BenefitsOther Postretirement BenefitsOther Postretirement Benefits
Service cost$46 $47 $85 
Interest cost1,441 1,873 1,307 
Actuarial loss (gain)6,268 (6,816)(10,163)
Total net postretirement benefits credit$7,755 $(4,896)$(8,771)
Weighted-average assumption percentages:
Discount rate5.21 %5.45 %2.85 %
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, 2024 and 2023 (in thousands):
December 31, 2024Quoted 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)
$78,124 $78,124 $— $— 
International Equity(b)
78,124 69,471 8,653 — 
Fixed Income(c)
318,036 286,549 31,487 — 
Absolute Return Measured at Net Asset Value(d)
56,888 — — — 
Cash
8,540 8,540 — — 
Total Pension Assets
$539,712 $442,684 $40,140 $— 
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 $— 
(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 securities35 %
Fixed income59 %
Absolute return6 %
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
2025$44,303 $11,655 $2,548 
2026$44,088 $10,983 $2,770 
2027$43,703 $11,760 $2,830 
2028$43,099 $11,928 $2,875 
2029$42,079 $13,427 $2,902 
2030-2034$193,724 $58,399 $14,284