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Postretirement Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items]  
Obligations and Funded Status

Obligations and Funded Status at December 31

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in benefit obligation

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

131,783

 

 

$

130,467

 

 

$

13,750

 

 

$

13,286

 

Interest cost

 

 

6,605

 

 

 

6,949

 

 

 

647

 

 

 

669

 

Actuarial (income) loss

 

 

(2,251

)

 

 

3,634

 

 

 

(1,071

)

 

 

(92

)

Benefits paid

 

 

(9,802

)

 

 

(9,267

)

 

 

(714

)

 

 

(804

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(212

)

 

 

691

 

Benefit obligation at end of year

 

$

126,335

 

 

$

131,783

 

 

$

12,400

 

 

$

13,750

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Change in plan assets

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

137,985

 

 

$

136,744

 

 

$

16,091

 

 

$

15,163

 

Actual return on plan assets

 

 

(1,520

)

 

 

10,237

 

 

 

(961

)

 

 

470

 

Employer contributions

 

 

225

 

 

 

271

 

 

 

 

 

 

464

 

Benefits paid

 

 

(9,802

)

 

 

(9,267

)

 

 

(714

)

 

 

(804

)

Foreign exchange impact

 

 

 

 

 

 

 

 

(241

)

 

 

798

 

Fair value of plan assets at end of year

 

$

126,888

 

 

$

137,985

 

 

$

14,175

 

 

$

16,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Over funded status at end of year

 

$

553

 

 

$

6,202

 

 

$

1,775

 

 

$

2,341

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Non-current assets

 

$

5,924

 

 

$

8,627

 

 

$

1,775

 

 

$

2,341

 

Current liability

 

 

(167

)

 

 

(308

)

 

 

 

 

 

 

Non-current liability

 

 

(5,204

)

 

 

(2,117

)

 

 

 

 

 

 

Net amount recognized

 

$

553

 

 

$

6,202

 

 

$

1,775

 

 

$

2,341

 

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)

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net actuarial loss

 

$

28,515

 

 

$

20,755

 

 

$

6,283

 

 

$

5,989

 

Information for Pension Plans with Projected Benefit Obligations in Excess of Plan Assets

Below is information for pension plan with projected benefit obligations in excess of plan assets at December 31, 2024. There were no pension plans with projected benefit obligations in excess of plan assets at December 31, 2023.

 

 

 

United States

 

(In thousands)

 

2024

 

 

2023

 

Projected benefit obligation

 

$

101,379

 

 

$

 

Accumulated benefit obligation

 

$

101,379

 

 

 

 

Fair value of plan assets

 

$

97,595

 

 

 

 

 

Components of Net Periodic Benefit Cost

Net periodic benefit costs for the years ended December 31, 2024, 2023 and 2022, were as follows:

 

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Interest cost

 

$

6,605

 

 

$

6,949

 

 

$

4,923

 

 

$

647

 

 

$

669

 

 

$

374

 

Expected return on plan assets

 

 

(8,479

)

 

 

(8,533

)

 

 

(8,802

)

 

 

(735

)

 

 

(695

)

 

 

(399

)

Amortization of net actuarial (gain) loss

 

 

(12

)

 

 

(23

)

 

 

2,277

 

 

 

324

 

 

 

334

 

 

 

9

 

Net periodic benefit cost

 

$

(1,886

)

 

$

(1,607

)

 

$

(1,602

)

 

$

236

 

 

$

308

 

 

$

(16

)

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, 2024, 2023 and 2022, were as follows:

 

 

United States

 

 

United Kingdom

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Net actuarial (gain) loss

 

$

7,748

 

 

$

1,930

 

 

$

1,570

 

 

$

618

 

 

$

135

 

 

$

2,430

 

Amortization of net actuarial gain (loss)

 

 

12

 

 

 

23

 

 

 

(2,277

)

 

 

(324

)

 

 

(334

)

 

 

(9

)

Total recognized in other comprehensive
   income

 

$

7,760

 

 

$

1,953

 

 

$

(707

)

 

$

294

 

 

$

(199

)

 

$

2,421

 

Total recognized in net periodic benefit
   cost and other comprehensive income

 

$

5,874

 

 

$

346

 

 

$

(2,309

)

 

$

530

 

 

$

109

 

 

$

2,405

 

Estimated Future Benefit Payments

Estimated Future Benefit Payments

 

(In thousands)

 

United
States

 

 

United
Kingdom

 

2025

 

$

9,931

 

 

$

617

 

2026

 

 

10,029

 

 

 

659

 

2027

 

 

10,153

 

 

 

686

 

2028

 

 

10,232

 

 

 

721

 

2029

 

 

10,286

 

 

 

741

 

2030-2034

 

 

50,068

 

 

 

4,221

 

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)

 

2024

 

 

2023

 

 

2022

 

Retirement contributions

 

$

8,633

 

 

$

8,930

 

 

$

8,556

 

Profit sharing contributions

 

 

1,720

 

 

 

2,019

 

 

 

5,276

 

Total

 

$

10,353

 

 

$

10,949

 

 

$

13,832

 

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, 2024 and 2023, by asset category, were as follows:

 

 

 

December 31, 2024

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash and Cash Equivalents

 

$

8,416

 

 

$

 

 

$

 

 

$

8,416

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Equities

 

 

16,010

 

 

 

 

 

 

 

 

 

16,010

 

Non-U.S. Equities

 

 

 

 

 

 

 

 

 

 

 

 

Employer Securities

 

 

7,493

 

 

 

 

 

 

 

 

 

7,493

 

Total Equities

 

 

23,503

 

 

 

 

 

 

 

 

 

23,503

 

Fixed Income Securities

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Corporate Bonds

 

 

 

 

 

46,114

 

 

 

 

 

 

46,114

 

U.S. Government and Agency Bonds

 

 

38,789

 

 

 

3,218

 

 

 

 

 

 

42,007

 

Other Bonds

 

 

 

 

 

6,848

 

 

 

 

 

 

6,848

 

Total Fixed Income

 

 

38,789

 

 

 

56,180

 

 

 

 

 

 

94,969

 

Total

 

$

70,708

 

 

$

56,180

 

 

$

 

 

$

126,888

 

 

 

 

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

 

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, 2024 and 2023, by asset category, were as follows:

 

 

 

December 31, 2024

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

 

 

 

$

941

 

 

$

 

 

$

941

 

Equity Securities

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

1,691

 

 

 

 

 

 

1,691

 

Fixed Income

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

10,825

 

 

 

 

 

 

10,825

 

Real Estate

 

 

 

 

 

 

 

 

 

 

 

 

Pooled Pension Funds

 

 

 

 

 

85

 

 

 

 

 

 

85

 

Insurance Contracts

 

 

 

 

 

 

 

 

633

 

 

 

633

 

Total

 

$

 

 

$

13,542

 

 

$

633

 

 

$

14,175

 

 

 

 

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

 

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 2024 and 2023:

 

(In thousands)

 

Insurance Contracts

 

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

 

Sale proceeds (benefit payments)

 

 

(129

)

Change in unrealized gain

 

 

13

 

Foreign exchange impact

 

 

(11

)

Fair value, December 31, 2024

 

$

633

 

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

 

 

 

2024

 

 

2023

 

 

2022

 

 

2024

 

 

2023

 

 

2022

 

Discount rate

 

 

5.20

%

 

 

5.50

%

 

 

2.90

%

 

 

4.80

%

 

 

5.00

%

 

 

1.80

%

Expected long-term return on plan assets

 

 

5.50

%

 

 

5.50

%

 

 

5.50

%

 

 

4.64

%

 

 

4.47

%

 

 

1.61

%

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

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Discount rate

 

 

5.60

%

 

 

5.20

%

 

 

5.50

%

 

 

4.80

%