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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

130,467

 

 

$

174,863

 

 

$

13,286

 

 

$

23,276

 

Interest cost

 

 

6,949

 

 

 

4,923

 

 

 

669

 

 

 

374

 

Actuarial (income) loss

 

 

3,634

 

 

 

(40,420

)

 

 

(92

)

 

 

(7,333

)

Benefits paid

 

 

(9,267

)

 

 

(8,899

)

 

 

(804

)

 

 

(709

)

Foreign exchange impact

 

 

 

 

 

 

 

 

691

 

 

 

(2,322

)

Benefit obligation at end of year

 

$

131,783

 

 

$

130,467

 

 

$

13,750

 

 

$

13,286

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

136,744

 

 

$

178,574

 

 

$

15,163

 

 

$

27,464

 

Actual return on plan assets

 

 

10,237

 

 

 

(33,187

)

 

 

470

 

 

 

(9,393

)

Employer contributions

 

 

271

 

 

 

256

 

 

 

464

 

 

 

536

 

Benefits paid

 

 

(9,267

)

 

 

(8,899

)

 

 

(804

)

 

 

(709

)

Foreign exchange impact

 

 

 

 

 

 

 

 

798

 

 

 

(2,735

)

Fair value of plan assets at end of year

 

$

137,985

 

 

$

136,744

 

 

$

16,091

 

 

$

15,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over funded status at end of year

 

$

6,202

 

 

$

6,277

 

 

$

2,341

 

 

$

1,877

 

Schedule of Amounts Recognized in Balance Sheets

The amounts recognized in the consolidated balance sheets at December 31 consisted of:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Non-current assets

 

$

8,627

 

 

$

8,700

 

 

$

2,341

 

 

$

1,877

 

Current liability

 

 

(308

)

 

 

(278

)

 

 

 

 

 

 

Non-current liability

 

 

(2,117

)

 

 

(2,145

)

 

 

 

 

 

 

Net amount recognized

 

$

6,202

 

 

$

6,277

 

 

$

2,341

 

 

$

1,877

 

Amounts Recognized in Accumulated Other Comprehensive Income

The amounts recognized in accumulated other comprehensive income at December 31 consisted of:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net actuarial loss

 

$

20,755

 

 

$

18,801

 

 

$

5,989

 

 

$

6,188

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2023, 2022 and 2021, were as follows:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Interest cost

 

$

6,949

 

 

$

4,923

 

 

$

4,671

 

 

$

669

 

 

$

374

 

 

$

357

 

Expected return on plan assets

 

 

(8,533

)

 

 

(8,802

)

 

 

(10,348

)

 

 

(695

)

 

 

(399

)

 

 

(320

)

Amortization of net actuarial (gain) loss

 

 

(23

)

 

 

2,277

 

 

 

4,444

 

 

 

334

 

 

 

9

 

 

 

129

 

Net periodic benefit cost

 

$

(1,607

)

 

$

(1,602

)

 

$

(1,233

)

 

$

308

 

 

$

(16

)

 

$

166

 

Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income

Other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2023, 2022 and 2021, were as follows:

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Net actuarial (gain) loss

 

$

1,930

 

 

$

1,570

 

 

$

(9,793

)

 

$

135

 

 

$

2,430

 

 

$

(757

)

Amortization of net actuarial gain (loss)

 

 

23

 

 

 

(2,277

)

 

 

(4,444

)

 

 

(334

)

 

 

(9

)

 

 

(129

)

Total recognized in other comprehensive
   income

 

$

1,953

 

 

$

(707

)

 

$

(14,237

)

 

$

(199

)

 

$

2,421

 

 

$

(886

)

Total recognized in net periodic benefit
   cost and other comprehensive income

 

$

346

 

 

$

(2,309

)

 

$

(15,470

)

 

$

109

 

 

$

2,405

 

 

$

(720

)

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United
States

 

 

United
Kingdom

 

2024

 

$

9,646

 

 

$

606

 

2025

 

 

9,841

 

 

 

628

 

2026

 

 

10,023

 

 

 

671

 

2027

 

 

10,126

 

 

 

698

 

2028

 

 

10,158

 

 

 

733

 

2029-2033

 

 

49,888

 

 

 

4,116

 

Defined Contribution Expenses for Company's Qualified Defined Contribution Plans and Statutory Profit Sharing Contributions

Defined contribution expenses for the Company’s qualified defined contribution plans and statutory profit sharing contributions were as follows:

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Retirement contributions

 

$

8,930

 

 

$

8,556

 

 

$

8,134

 

Profit sharing contributions

 

 

2,019

 

 

 

5,276

 

 

 

5,081

 

Total

 

$

10,949

 

 

$

13,832

 

 

$

13,215

 

United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.S. pension plans at December 31, 2023 and 2022, by asset category, were as follows:

 

 

 

December 31, 2023

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

8,196

 

 

$

 

 

$

 

 

$

8,196

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

14,942

 

 

 

 

 

 

 

 

 

14,942

 

Non-U.S. Equities

 

 

 

 

 

 

 

 

 

 

 

 

Employer Securities

 

 

12,316

 

 

 

 

 

 

 

 

 

12,316

 

Total Equities

 

 

27,258

 

 

 

 

 

 

 

 

 

27,258

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

57,595

 

 

 

 

 

 

57,595

 

U.S. Government and Agency Bonds

 

 

30,278

 

 

 

3,533

 

 

 

 

 

 

33,811

 

Other Bonds

 

 

 

 

 

11,125

 

 

 

 

 

 

11,125

 

Total Fixed Income

 

 

30,278

 

 

 

72,253

 

 

 

 

 

 

102,531

 

Total

 

$

65,732

 

 

$

72,253

 

 

$

 

 

$

137,985

 

 

 

 

December 31, 2022

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

7,531

 

 

$

 

 

$

 

 

$

7,531

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

21,279

 

 

 

 

 

 

 

 

 

21,279

 

Non-U.S. Equities

 

 

9,788

 

 

 

 

 

 

 

 

 

9,788

 

Employer Securities

 

 

17,970

 

 

 

 

 

 

 

 

 

17,970

 

Total Equities

 

 

49,037

 

 

 

 

 

 

 

 

 

49,037

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

51,444

 

 

 

 

 

 

51,444

 

U.S. Government and Agency Bonds

 

 

15,627

 

 

 

2,628

 

 

 

 

 

 

18,255

 

Other Bonds

 

 

 

 

 

10,477

 

 

 

 

 

 

10,477

 

Total Fixed Income

 

 

15,627

 

 

 

64,549

 

 

 

 

 

 

80,176

 

Total

 

$

72,195

 

 

$

64,549

 

 

$

 

 

$

136,744

 

United Kingdom [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Company's Asset Allocations for its U.S. and U.K Pension Plans

The Company’s asset allocations for its U.K. pension plans at December 31, 2023 and 2022, by asset category, were as follows:

 

 

 

December 31, 2023

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

 

 

 

$

1,308

 

 

$

 

 

$

1,308

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

1,017

 

 

 

 

 

 

1,017

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

12,860

 

 

 

 

 

 

12,860

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

146

 

 

 

 

 

 

146

 

Insurance Contracts

 

 

 

 

 

 

 

 

760

 

 

 

760

 

Total

 

$

 

 

$

15,331

 

 

$

760

 

 

$

16,091

 

 

 

 

December 31, 2022

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

 

 

$

1,448

 

 

$

 

 

$

1,448

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

1,688

 

 

 

 

 

 

1,688

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

11,350

 

 

 

 

 

 

11,350

 

Insurance Contracts

 

 

 

 

 

 

 

 

677

 

 

 

677

 

Total

 

$

 

 

$

14,486

 

 

$

677

 

 

$

15,163

 

 

Fair Value Changes within Asset Categories for which Fair Value Measurements Use Significant Unobservable Inputs (Level 3) Defined Benefit United States Plans and United Kingdom Plans

Fair value changes within asset categories for which fair value measurements use significant unobservable inputs (Level 3) were as follows during 2023 and 2022:

 

(In thousands)

 

Insurance Contracts

 

Fair value, December 31, 2021

 

$

1,003

 

Sale proceeds (benefit payments)

 

 

(104

)

Change in unrealized gain

 

 

(120

)

Foreign exchange impact

 

 

(102

)

Fair value, December 31, 2022

 

$

677

 

Sale proceeds (benefit payments)

 

 

(123

)

Change in unrealized gain

 

 

169

 

Foreign exchange impact

 

 

37

 

Fair value, December 31, 2023

 

$

760

 

Defined Benefit Plan Periodic Costs [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine net periodic benefit costs for years ended December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2023

 

 

2022

 

 

2021

 

 

2023

 

 

2022

 

 

2021

 

Discount rate

 

 

5.50

%

 

 

2.90

%

 

 

2.60

%

 

 

5.00

%

 

 

1.80

%

 

 

1.40

%

Expected long-term return on plan assets

 

 

5.50

%

 

 

5.50

%

 

 

6.75

%

 

 

4.47

%

 

 

1.61

%

 

 

1.13

%

Benefit Obligation [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Weighted-Average Assumptions Used to Determine Benefit Obligations/Net Periodic Benefit Costs

The weighted-average assumptions used to determine benefit obligations at December 31 were as follows:

 

 

 

United States

 

 

United Kingdom

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Discount rate

 

 

5.20

%

 

 

5.50

%

 

 

4.80

%

 

 

5.00

%