XML 39 R20.htm IDEA: XBRL DOCUMENT v3.24.0.1
Postretirement Benefits Other Than Pensions
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Postretirement Benefits Other Than Pensions Postretirement Benefits Other Than Pensions
The Company provides certain retiree health care and life insurance benefits covering certain U.S. salaried and hourly employees and employees in Canada. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of creditable service. The Company’s policy is to fund the cost of these postretirement benefits as these benefits become payable.
Information related to the Company’s postretirement benefit plans was as follows:
  Year Ended December 31,
 20232022
  U.S. Non-U.S. U.S. Non-U.S.
Change in benefit obligations:
Benefit obligations at beginning of year$15,812 $15,473 $21,211 $22,476 
Service cost52 150 89 216 
Interest cost821 788 561 628 
Net actuarial (gain) loss(3,759)1,230 (4,924)(5,663)
Benefits paid(1,163)(748)(1,125)(722)
Other— 107 — 14 
Foreign currency exchange rate effect— 408 — (1,476)
Benefit obligations at end of year$11,763 $17,408 $15,812 $15,473 
Funded status of the plan$(11,763)$(17,408)$(15,812)$(15,473)
Net amount recognized as of December 31$(11,763)$(17,408)$(15,812)$(15,473)
December 31, 2023December 31, 2022
 U.S. Non-U.S. U.S. Non-U.S.
Amounts recognized in the consolidated balance sheet:
Accrued liabilities$(1,264)$(761)$(1,452)$(709)
Postretirement benefits other than pension (long term)(10,499)(16,647)(14,360)(14,764)
Pre-tax amounts included in accumulated other comprehensive loss that have not yet been recognized in net periodic benefit cost (income) as of December 31, 2023 and 2022 were as follows:
December 31, 2023December 31, 2022
 U.S. Non-U.S. U.S. Non-U.S.
Prior service cost$— $(122)$— $(14)
Actuarial gains16,008 1,041 14,686 2,328 
The components of net periodic benefit (income) cost for the Company’s other postretirement 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$52 $150 $89 $216 $105 $357 
Interest cost821 788 561 628 531 701 
Amortization of prior service credit and actuarial (gain) loss(2,437)(85)(1,577)157 (1,396)752 
Net periodic benefit (income) cost$(1,564)$853 $(927)$1,001 $(760)$1,810 
Plan Assumptions
Weighted average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 were as follows:
 20232022
  U.S. Non-U.S. U.S. Non-U.S.
Discount rate5.10%4.65%5.45%5.20%
Weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows:
 
 202320222021
  U.S. Non-U.S. U.S. Non-U.S. U.S. Non-U.S.
Discount rate5.45%5.20%2.75%3.05%2.35%2.65%
The assumed health care cost trend rates used to measure the postretirement benefit obligations as of December 31, 2023 were as follows:
 U.S. Non-U.S.
Health care cost trend rate6.50%5.00%
Ultimate health care cost trend rate4.50%5.00%
Year that the rate reaches the ultimate trend rate2031N/A
Expected Future Postretirement Benefit Payments
The Company estimates its benefit payments for its postretirement benefit plans during the next ten years to be as follows:
Years Ending December 31, U.S. Non-U.S. Total
2024$1,296 $778 $2,074 
20251,261 790 2,051 
20261,218 811 2,029 
20271,156 827 1,983 
20281,114 850 1,964 
2029 - 20334,646 4,782 9,428 
Other
Other postretirement benefits recorded in the Company’s consolidated balance sheets include $1,794 and $1,890 as of December 31, 2023 and 2022, respectively, for termination indemnity plans in Europe.