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Pension and Other Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
The accompanying balance sheets reflect the funded status of the Company’s defined benefit pension plans at December 31, 2022 and 2021. Reconciliations of the obligations and funded status of the plans follow:
 
 20222021
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Benefit obligation, January 1$442,756 $89,460 $532,216 $461,296 $96,508 $557,804 
Service cost3,869 1,820 5,689 4,378 2,169 6,547 
Interest cost13,144 964 14,108 11,963 786 12,749 
Amendments121  121 862 — 862 
Actuarial gain(94,516)(23,739)(118,255)(10,734)(3,747)(14,481)
Benefits paid(24,882)(2,592)(27,474)(25,009)(4,499)(29,508)
Transfers in 2,694 2,694 — 2,468 2,468 
Plan curtailments708  708 — (603)(603)
Plan settlements (4,527)(4,527)— (2,464)(2,464)
Special termination benefits395  395 — — — 
Participant contributions 1,034 1,034 — 1,171 1,171 
Foreign exchange rate changes (4,403)(4,403)— (2,329)(2,329)
Benefit obligation, December 31341,595 60,711 402,306 442,756 89,460 532,216 
Fair value of plan assets, January 1422,563 87,366 509,929 413,898 88,880 502,778 
Actual return on plan assets(95,573)(10,275)(105,848)30,880 2,214 33,094 
Company contributions2,773 1,321 4,094 2,794 1,403 4,197 
Participant contributions 1,034 1,034 — 1,171 1,171 
Benefits paid(24,882)(2,592)(27,474)(25,009)(4,499)(29,508)
Plan settlements (4,527)(4,527)— (2,464)(2,464)
Transfers in 2,694 2,694 — 2,468 2,468 
Foreign exchange rate changes (4,982)(4,982)— (1,807)(1,807)
Fair value of plan assets, December 31304,881 70,039 374,920 422,563 87,366 509,929 
(Underfunded) Overfunded status, December 31$(36,714)$9,328 $(27,386)$(20,193)$(2,094)$(22,287)
The accompanying balance sheets reflect the underfunded status of the Company’s other postretirement benefit plans at December 31, 2022 and 2021. Reconciliations of the obligations and underfunded status of the plans follow:
 
20222021
Benefit obligation, January 1$29,839 $33,104 
Service cost77 103 
Interest cost808 819 
Actuarial gain(6,375)(2,115)
Benefits paid(2,597)(2,690)
Participant contributions141 589 
Foreign exchange rate changes71 29 
Benefit obligation, December 3121,964 29,839 
Fair value of plan assets, January 1 — 
Company contributions2,456 2,101 
Participant contributions141 589 
Benefits paid(2,597)(2,690)
Fair value of plan assets, December 31 — 
Underfunded status, December 31$21,964 $29,839 
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
Projected benefit obligations related to pension plans with benefit obligations in excess of plan assets follow:
 20222021
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Projected benefit obligation$268,811 $34,820 $303,631 $43,184 $49,272 $92,456 
Fair value of plan assets226,866 33,856 260,722 5,592 34,463 40,055 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Information related to pension plans with accumulated benefit obligations in excess of plan assets follows:
 20222021
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Accumulated benefit obligation$46,267 $34,762 $81,029 $43,108 $49,131 $92,239 
Fair value of plan assets9,813 33,856 43,669 5,592 34,463 40,055 
Schedule of Amounts Recognized in Balance Sheet
Amounts related to pensions recognized in the accompanying balance sheets consist of:
 20222021
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Other assets$5,231 $10,292 $15,523 $17,399 $12,715 $30,114 
Accrued liabilities8,369  8,369 3,160 — 3,160 
Accrued retirement benefits33,576 964 34,540 34,432 14,809 49,241 
Accumulated other non-owner changes to equity, net(108,265)(2,636)(110,901)(96,425)(13,684)(110,109)
Amounts related to other postretirement benefits recognized in the accompanying balance sheets consist of:
20222021
Accrued liabilities$2,630 $2,883 
Accrued retirement benefits19,334 26,956 
Accumulated other non-owner changes to equity, net2,261 (2,198)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts related to pensions recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2022 and 2021, respectively, consist of:
 20222021
 U.S.Non-U.S.TotalU.S.Non-U.S.Total
Net actuarial loss$(106,887)$(2,131)$(109,018)$(94,496)$(13,095)$(107,591)
Prior service costs(1,378)(505)(1,883)(1,929)(589)(2,518)
$(108,265)$(2,636)$(110,901)$(96,425)$(13,684)$(110,109)
Amounts related to other postretirement benefits recognized in accumulated other non-owner changes to equity, net of tax, at December 31, 2022 and 2021 consist of:
20222021
Net actuarial gain (loss)$2,269 $(2,141)
Prior service loss(8)(57)
$2,261 $(2,198)
The sources of changes in accumulated other non-owner changes to equity, net, during 2022 were: 
PensionOther
Postretirement
Benefits
Prior service cost$(92)$ 
Net gain (loss)(11,480)4,441 
Amortization of prior service costs636 27 
Amortization of actuarial loss9,218 (2)
Foreign exchange rate changes926 (7)
$(792)$4,459 
Schedule of Assumptions Used, Benefit Obligation
Weighted-average assumptions used to determine benefit obligations as of December 31, are:
20222021
U.S. plans:
Discount rate5.50 %2.95 %
Increase in compensation3.05 %3.03 %
Non-U.S. plans:
Discount rate3.60 %1.17 %
Increase in compensation2.76 %2.77 %
Interest crediting rate2.01 %1.34 %
Schedule of Allocation of Plan Assets
The fair values of the Company’s pension plan assets at December 31, 2022 and 2021 by asset category are as follows:
  Fair Value Measurements Using
Asset CategoryTotalQuoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant Other
Observable Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
December 31, 2022
Cash and short-term investments$3,542 $3,542 $ $— 
Equity securities:
U.S. large-cap35,734  35,734 — 
U.S. mid-cap14,205 14,205  — 
U.S. small-cap14,622 14,622  — 
International equities104,377  104,377 — 
Global equity42,154 42,154  — 
Fixed income securities:
U.S. bond funds97,170  97,170 — 
International bonds61,295  61,295 — 
Other1,821   1,821 
$374,920 $74,523 $298,576 $1,821 
December 31, 2021
Cash and short-term investments4,195 4,195 — — 
Equity securities:
U.S. large-cap49,079 — 49,079 — 
U.S. mid-cap19,469 19,469 — — 
U.S. small-cap18,795 18,795 — — 
International equities136,557 — 136,557 — 
Global equity60,393 60,393 — — 
Fixed income securities:
U.S. bond funds143,035 — 143,035 — 
       International bonds75,515 — 75,515 — 
Other2,891 — — 2,891 
$509,929 $102,852 $404,186 $2,891 
Schedule of Expected Benefit Payments
The following are the estimated future net benefit payments, which include future service, over the next 10 years:
PensionsOther
Postretirement
Benefits
2023$34,976 $2,630 
202432,411 2,400 
202532,292 2,247 
202632,165 2,079 
202728,824 1,947 
Years 2028-2032
141,030 8,196 
Total$301,698 $19,499 
Schedule of Net Benefit Costs
Pension and other postretirement benefit costs consist of the following:
 PensionsOther
Postretirement Benefits
 202220212020202220212020
Service cost$5,689 $6,547 $6,269 $77 $103 $81 
Interest cost14,108 12,749 15,084 808 819 1,041 
Expected return on plan assets(28,944)(27,858)(29,698) — — 
Amortization of prior service cost 387 332 359 36 29 27 
Recognized losses12,710 16,006 13,626 (2)258 35 
Curtailment loss/(gain)1,158 (133)484  — — 
Settlement (gain)/loss(605)205 549  — — 
Special termination benefits395 — —  — — 
Net periodic benefit cost$4,898 $7,848 $6,673 $919 $1,209 $1,184 
Schedule of Assumptions Used, Net Benefit Expense
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31 are:
 
202220212020
U.S. plans:
Discount rate2.95 %2.65 %3.40 %
Long-term rate of return7.25 %7.25 %7.75 %
Increase in compensation3.03 %2.56 %2.56 %
Non-U.S. plans:
Discount rate1.17 %0.83 %1.28 %
Long-term rate of return2.33 %1.96 %3.02 %
Increase in compensation2.77 %2.75 %2.75 %
Interest crediting rate1.34 %1.34 %1.34 %