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Pension
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Pensions Pension
The Company maintains defined benefit pension plans covering certain employees located in the United States as well as certain international locations. The majority of these plans are frozen, and all are closed to new employees. Benefits generally are based on compensation, length of service and age for salaried employees and on length of service for hourly employees. The Company’s policy is to fund pension plans such that sufficient assets will be available to meet future benefit requirements and contribute amounts deductible for United States federal income tax purposes or amounts required by local statute.
Pension Plan Termination
On October 11, 2022, the Company’s Board of Directors (the “Board”) 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 be completed during the year ended December 31, 2024. 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 are being funded primarily from plan assets. In the fourth quarter of 2023, the Company paid $48,553 of lump sum payments to eligible participants from plan assets, resulting in a settlement loss of $16,285 during the year ended December 31, 2023. Ultimate settlement of the remaining benefit obligations is dependent upon market conditions at the time of settlement. The Company recognized a curtailment loss of $3,092 during the year ended December 31, 2022 associated with the planned termination of the U.S. Pension Plan, primarily due to prior service cost resulting from a 2022 plan amendment impacting the benefits of certain participants in the U.S. Pension Plan. The U.S. Pension Plan was underfunded by $3,948 as of December 31, 2023 and underfunded by $5,759 as of December 31, 2022 under U.S. generally accepted accounting principles.
Pension Plan Funded Status Reconciliation
Information related to the Company’s defined benefit pension plans was as follows:
  Year Ended December 31,
 20232022
  U.S. Non-U.S. U.S. Non-U.S.
Change in projected benefit obligations:
Projected benefit obligations at beginning of period$212,688 $116,653 $257,108 $164,957 
Service cost— 2,161 771 2,755 
Interest cost9,254 5,198 7,062 2,782 
Net actuarial (gain) loss(112)5,876 (41,026)(34,354)
Benefits paid(11,464)(5,633)(14,283)(5,535)
Foreign exchange translation— 4,417 — (10,012)
Settlements(48,553)(1,935)— (1,760)
Plan amendments— — 3,056 — 
Other— 58 — (2,180)
Projected benefit obligations at end of period$161,813 $126,795 $212,688 $116,653 
Change in plan assets:
Fair value of plan assets at beginning of period$196,434 $32,811 $273,448 $48,047 
Actual return on plan assets10,004 3,013 (63,769)(9,774)
Employer contributions1,036 5,523 1,038 4,970 
Benefits paid(11,464)(5,633)(14,283)(5,535)
Foreign exchange translation— 771 — (3,138)
Settlements(48,553)(1,935)— (1,759)
Fair value of plan assets at end of period$147,457 $34,550 $196,434 $32,811 
Funded status of the plans$(14,356)$(92,245)$(16,254)$(83,842)
 December 31, 2023December 31, 2022
  U.S. Non-U.S. U.S. Non-U.S.
Amounts recognized in the consolidated balance sheet:
Other assets$— $3,039 $— $3,239 
Accrued liabilities(4,958)(4,104)(1,005)(3,849)
Pension benefits (long term)(9,398)(91,180)(15,249)(83,232)
Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit cost (income) as of December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
 U.S. Non-U.S. U.S. Non-U.S.
Prior service cost$— $(11)$— $(31)
Actuarial losses(53,684)(11,714)(74,744)(6,910)
The Company uses the corridor approach when amortizing actuarial gains or losses. Under the corridor approach, net unrecognized actuarial losses in excess of 10% of the greater of i) the projected benefit obligations or ii) the fair value of plan assets for a particular plan are amortized over the average future service period of the employees in that plan.
The accumulated benefit obligations for all domestic and international defined benefit pension plans was $161,813 and $118,760 as of December 31, 2023 and $212,688 and $112,963 as of December 31, 2022, respectively. As of December 31, 2023, the fair value of plan assets for one of the Company’s defined benefit plans exceeded the projected benefit obligations of $19,422 by $3,039.
The components of net periodic benefit cost (income) for the Company’s defined benefit plans were as follows:
  Year Ended December 31,
 202320222021
  U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Service cost$— $2,161 $771 $2,755 $891 $3,345 
Interest cost9,254 5,198 7,062 2,782 6,516 2,558 
Expected return on plan assets(8,451)(1,230)(9,293)(949)(14,257)(1,320)
Amortization of prior service cost and actuarial loss3,110 24 886 1,574 1,670 2,635 
Settlement loss (gain)16,285 (248)— (410)— 1,279 
Curtailment loss— — 3,092 — — — 
Other— — — — — 118 
Net periodic benefit cost (income)$20,198 $5,905 $2,518 $5,752 $(5,180)$8,615 
Plan Assumptions
Weighted average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 were as follows:
 
 December 31, 2023December 31, 2022
  U.S. Non-U.S. U.S. Non-U.S.
Discount rate4.70%4.00%4.55%4.45%
Rate of compensation increaseN/A3.20%N/A1.58%
Cash balance interest credit rate2.41%N/A2.41%N/A
Weighted average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2023, 2022 and 2021 were as follows:
Year Ended December 31,
 202320222021
  U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Discount rate4.55%4.45%2.84%2.39%2.48%1.63%
Expected return on plan assets4.50%3.84%3.50%2.15%5.50%2.48%
Rate of compensation increaseN/A3.01%N/A2.39%N/A1.99%
To develop the expected return on plan assets assumption, the Company considered the historical returns and the future expected returns for each asset class, as well as the target asset allocation of the pension portfolio. As the U.S. plans are frozen, the rate of compensation increase was not applicable in determining net periodic benefit cost (income).
Plan Assets
The goals and investment objectives of the asset strategy are to ensure that there is an adequate level of assets to meet benefit obligations to participants and retirees over the life of the participants and maintain liquidity in the plan assets sufficient to cover monthly benefit obligations. Risk is managed by investing in a broad range of investment vehicles, e.g., equity mutual funds, bond mutual funds, real estate mutual funds, hedge funds, etc. There are no equity securities of the Company in the equity asset category.
Investments in equity securities and debt securities are valued at fair value using a market approach and observable inputs, such as quoted market prices in active markets (Level 1). Investments in balanced funds are valued at fair value using a market approach and inputs that are primarily directly or indirectly observable (Level 2). Investments in equity securities and balanced funds in which the Company holds participation units in a fund, the net asset value of which is based on the underlying
assets and liabilities of the respective fund, are considered an unobservable input (Level 3). Investments in real estate funds are primarily valued at net asset value depending on the investment.
The fair value of the Company’s pension plan assets by category using the three-level hierarchy (see Note 11. “Fair Value Measurements and Financial Instruments”) as of December 31, 2023 and 2022 was as follows:
December 31, 2023Level 1Level 2
Assets measured at NAV (1)
Total
Equity funds$— $7,167 $— $7,167 
Bond funds— 25,236 — 25,236 
Bond funds measured at net asset value— — 123,366 123,366 
Real estate measured at net asset value— — 8,121 8,121 
Cash and cash equivalents18,117 — — 18,117 
Total$18,117 $32,403 $131,487 $182,007 
December 31, 2022Level 1Level 2
Assets measured at NAV (1)
Total
Equity funds$5,661 $7,418 $— $13,079 
Equity funds measured at net asset value— — 5,638 5,638 
Bond funds— 25,098 — 25,098 
Bond funds measured at net asset value— — 173,092 173,092 
Real estate measured at net asset value— — 10,331 10,331 
Cash and cash equivalents2,007 — — 2,007 
Total$7,668 $32,516 $189,061 $229,245 
(1) Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. These assets are included in this table to present total pension plan assets at fair value.
There were no transfers of Level 3 assets and no Level 3 assets in the ending balance for the years ended December 31, 2023 and December 31, 2022.
Expected Future Benefit Payments
The Company estimates its benefit payments for domestic and foreign pension plans during the next ten years to be as follows: 
Years Ending December 31, U.S. Non-U.S. Total
2024$154,179 $6,144 $160,323 
20251,016 6,381 7,397 
2026996 6,521 7,517 
2027974 7,345 8,319 
2028950 8,414 9,364 
2029 - 20334,315 49,837 54,152 
As previously noted, as part of the planned termination of the U.S. Pension Plan, the Company expects to settle benefit obligations under the U.S. Pension Plan through a combination of lump sum payments to eligible participants and the purchase of a group annuity contract. Lump sum payments to eligible participants were made during 2023, while expected payments associated with the group annuity purchase are reflected in the table above during the year 2024.
Contributions
The Company estimates it will make minimum funding cash contributions of approximately $9,955 to its U.S. pension plans and minimum funding cash contributions of approximately $357 to its non-U.S. pension plans in 2024.