Pension and Postretirement Benefits other than Pensions

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension and Postretirement Benefits other than Pensions

Pension and Postretirement Benefits Other Than Pensions

The components of net periodic benefit (income) cost for the Company’s defined benefit plans and other postretirement benefit plans were as follows:

	Pension Benefits
	Three Months Ended June 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	543	$	193	$	692
Interest cost	2,314		1,315		1,766		716
Expected return on plan assets	(2,113)		(308)		(2,323)		(252)
Amortization of prior service cost and actuarial loss	778		6		222		396
Net periodic benefit cost (income)	$	979	$	1,556	$	(142)	$	1,552

	Pension Benefits
	Six Months Ended June 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	—	$	1,078	$	386	$	1,413
Interest cost	4,628		2,610		3,532		1,449
Expected return on plan assets	(4,226)		(615)		(4,646)		(506)
Amortization of prior service cost and actuarial loss	1,556		12		444		811
Net periodic benefit cost (income)	$	1,958	$	3,085	$	(284)	$	3,167

	Other Postretirement Benefits
	Three Months Ended June 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	13	$	37	$	22	$	57
Interest cost	205		198		140		167
Amortization of prior service credit and actuarial (gain) loss	(609)		(21)		(394)		42
Net periodic benefit (income) cost	$	(391)	$	214	$	(232)	$	266

	Other Postretirement Benefits
	Six Months Ended June 30,
	2023				2022
	U.S.		Non-U.S.		U.S.		Non-U.S.
Service cost	$	26	$	75	$	44	$	115
Interest cost	410		395		280		335
Amortization of prior service credit and actuarial (gain) loss	(1,218)		(42)		(788)		84
Net periodic benefit (income) cost	$	(782)	$	428	$	(464)	$	534

The service cost component of net periodic benefit (income) cost is included in cost of products sold and selling, administrative and engineering expenses in the condensed consolidated statements of operations. All other components of net periodic benefit (income) cost are included in other income (expense), net in the condensed consolidated statements of operations for all periods presented.

On October 11, 2022, the Company’s Board of Directors approved a resolution to merge certain of the Company’s U.S. defined benefit pension plans, and terminate the resulting merged plan (“U.S. Pension Plan”) effective December 31, 2022. The termination of the U.S. Pension Plan is expected to take twelve to eighteen months to complete. As part of the termination process, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible plan participants and the purchase of a group annuity contract, under which future benefit obligations and administration will be transferred to a third-party insurance company. Such settlements will be funded primarily from plan assets. Ultimate settlement of benefit obligations is dependent upon the participants’ elections. As of June 30, 2023 and December 31, 2022, the U.S. Pension Plan was underfunded under U.S. generally accepted accounting principles by $5,888 and $5,759, respectively.