The December 31 balances of these defined benefit pension plans assets and obligations are shown below:


	2024						2023
	United States			Foreign			United States			Foreign
	(in thousands)
Assets and Obligations
Change in benefit obligation:
Projected benefit obligation:
Beginning of year	$	144,187		$	33,984		$	143,814		$	29,935
Service cost		881			446			1,063			446
Interest cost		6,292			953			6,888			1,057
Actuarial (gain) loss		(6,014	)		(1,972	)		3,229			2,738
Benefits paid		(11,658	)		(955	)		(10,807	)		(947	)
Retiree annuity purchase		(23,386	)		—			—			—
Liability (gain) loss due to settlement		394			(195	)		—			(254	)
Non-U.S. currency movement		—			(1,988	)		—			1,009
End of year		110,696			30,273			144,187			33,984
Change in plan assets:
Fair value of plan assets:
Beginning of year		112,617			1,929			111,760			2,087
Actual return on plan assets		779			77			8,613			43
Company contributions		3,065			1,024			3,051			1,028
Benefits paid		(11,658	)		(955	)		(10,807	)		(947	)
Retiree annuity purchase		(23,386	)		—			—			—
Settlements gain		—			(195	)		—			(254	)
Non-U.S. currency movement		—			108			—			(28	)
End of year		81,417			1,988			112,617			1,929
Funded status	$	(29,279	)	$	(28,285	)	$	(31,570	)	$	(32,055	)

Information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31:


	2024				2023
	United States		Foreign		United States		Foreign
	(in millions)
Projected benefit obligation	$	41.3	$	30.3	$	43.1	$	34.0
Accumulated benefit obligation		41.1		29.1		42.6		32.5
Fair value of plan assets		—		2.0		—		1.9

Weighted Average Assumptions to Determine Net Periodic Pension Cost at January 1:


	2024						2023						2022
	United States			Foreign			United States			Foreign			United States			Foreign
Discount rate		4.7	%		3.0	%		3.5	%		3.5	%		2.5	%		1.1	%
Expected return on plan assets		4.7			2.5			4.8			1.8			2.0			4.0
Salary progression rate		2.5			2.4			2.4			2.1			2.4			2.2

Weighted Average Assumptions to Determine Pension Obligations at December 31:

The target asset allocation and the index for each asset category for the U.S. Plan, per the investment policy, are as follows:


Asset Category:	Policy Index:	Target Allocation
U.S. corporate fixed income	Bloomberg U.S. Corporate A or Better Index, 20+ Year Index		66	%
U.S. corporate fixed income	Bloomberg U.S. Intermediate Corporate ex Baa Index		9
U.S. government fixed income	Bloomberg U.S. 3 - 10 year Treasury Bond Index		12
U.S. government fixed income	Bloomberg U.S. Government Bond Index		2
Global equity	MSCI World Index		5
High yield fixed income	ICE BofA BB-B U.S. High Yield Constrained Index		5
Cash	ICE BofA 3-Month Treasury Bill Index		1

Future benefit payments are expected to be paid as follows:

The following table provides amounts recorded within the account line items of financial position as of December 31:


	2024			2023
	(in thousands)
Accrued employees’ compensation and withholdings	$	(938	)	$	(1,508	)
Retirement plans liabilities		(4,653	)		(5,425	)
Funded status	$	(5,591	)	$	(6,933	)

For the years ended December 31, 2024, 2023, and 2022, Teradyne’s net periodic postretirement benefit cost (income) was comprised of the following:


	2024			2023			2022
	(in thousands)
Components of Net Periodic Postretirement Benefit Cost (income):
Service cost	$	37		$	34		$	64
Interest cost		289			299			177
Amortization of prior service credit		(9	)		(9	)		(9	)
Net actuarial (gain) loss		(445	)		155			(1,155	)
Special termination benefits		462			2,513			—
Total net periodic postretirement benefit cost (income)		334			2,992			(923	)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Reversal of amortization items:
Prior service credit		9			9			9
Total recognized in other comprehensive income		9			9			9
Total recognized in net periodic postretirement cost (income) and other comprehensive income	$	343		$	3,001		$	(914	)

Future benefit payments are expected to be paid as follows: