Retirement Plans (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Retirement Benefits [Abstract] |
|
| Summary of Reconciliation of Benefit Obligation, Plan Assets, and Funded Status |
The following table provides a reconciliation of the benefit obligation, plan assets, and the funded status of the pension plans for U.S. and non-U.S. locations at the measurement dates.
|
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|
|
|
U.S.
Pension Plans |
|
|
Non-U.S.
Pension Plan |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Accumulated benefit obligation |
|
$ |
788 |
|
|
$ |
814 |
|
|
$ |
1,083 |
|
|
$ |
1,771 |
|
Change in projected benefit obligation: |
|
|
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at January 1 |
|
$ |
814 |
|
|
$ |
1,008 |
|
|
$ |
2,146 |
|
|
$ |
2,335 |
|
Service cost |
|
|
— |
|
|
|
— |
|
|
|
22 |
|
|
|
20 |
|
Interest cost |
|
|
38 |
|
|
|
18 |
|
|
|
37 |
|
|
|
13 |
|
Benefits paid |
|
|
(103 |
) |
|
|
(103 |
) |
|
|
(387 |
) |
|
|
(238 |
) |
Actuarial (gain) loss |
|
|
39 |
|
|
|
(109 |
) |
|
|
(394 |
) |
|
|
239 |
|
Foreign exchange impact |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(223 |
) |
Projected benefit obligation at December 31 |
|
$ |
788 |
|
|
$ |
814 |
|
|
$ |
1,422 |
|
|
$ |
2,146 |
|
Change in plan assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Assets at fair value at January 1 |
|
$ |
— |
|
|
$ |
49,382 |
|
|
$ |
1,376 |
|
|
$ |
1,421 |
|
Actual return on assets |
|
|
— |
|
|
|
2,134 |
|
|
|
28 |
|
|
|
116 |
|
Company contributions |
|
|
103 |
|
|
|
103 |
|
|
|
184 |
|
|
|
213 |
|
Benefits paid |
|
|
(103 |
) |
|
|
(103 |
) |
|
|
(387 |
) |
|
|
(238 |
) |
Qualified replacement plan transfer |
|
|
— |
|
|
|
(17,500 |
) |
|
|
— |
|
|
|
— |
|
Asset reversion |
|
|
— |
|
|
|
(34,016 |
) |
|
|
— |
|
|
|
— |
|
Foreign exchange impact |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
|
|
(136 |
) |
Assets at fair value at December 31 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,199 |
|
|
$ |
1,376 |
|
Funded status (plan assets less projected benefit obligations) |
|
$ |
(788 |
) |
|
$ |
(814 |
) |
|
$ |
(223 |
) |
|
$ |
(770 |
) |
The following table provides a reconciliation of the benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.
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|
|
|
|
|
|
|
|
|
Post-Retirement
Life Insurance Plan |
|
|
|
2023 |
|
|
2022 |
|
Accumulated benefit obligation |
|
$ |
4,145 |
|
|
$ |
4,018 |
|
Change in projected benefit obligation: |
|
|
|
|
|
|
Projected benefit obligation at January 1 |
|
$ |
4,018 |
|
|
$ |
5,231 |
|
Service cost |
|
|
1 |
|
|
|
1 |
|
Interest cost |
|
|
192 |
|
|
|
102 |
|
Benefits paid |
|
|
(146 |
) |
|
|
(147 |
) |
Actuarial (gain) loss |
|
|
80 |
|
|
|
(1,169 |
) |
Projected benefit obligation at December 31 |
|
$ |
4,145 |
|
|
$ |
4,018 |
|
Change in plan assets: |
|
|
|
|
|
|
Assets at fair value at January 1 |
|
$ |
— |
|
|
$ |
— |
|
Company contributions |
|
|
146 |
|
|
|
147 |
|
Benefits paid |
|
|
(146 |
) |
|
|
(147 |
) |
Other |
|
|
— |
|
|
|
— |
|
Assets at fair value at December 31 |
|
$ |
— |
|
|
$ |
— |
|
Funded status (plan assets less projected benefit obligations) |
|
$ |
(4,145 |
) |
|
$ |
(4,018 |
) |
|
| Components of Accrued Cost |
The components of the accrued cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:
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|
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|
|
|
U.S. Pension Plans |
|
|
Non-U.S. Pension Plan |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Accrued expenses and other liabilities |
|
|
(99 |
) |
|
|
(99 |
) |
|
|
— |
|
|
|
— |
|
Long-term pension obligations |
|
|
(689 |
) |
|
|
(715 |
) |
|
|
(222 |
) |
|
|
(770 |
) |
Net accrued cost |
|
$ |
(788 |
) |
|
$ |
(814 |
) |
|
$ |
(222 |
) |
|
$ |
(770 |
) |
The components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:
|
|
|
|
|
|
|
|
|
|
|
Post-Retirement
Life Insurance Plan |
|
|
|
2023 |
|
|
2022 |
|
Accrued expenses and other liabilities |
|
$ |
(478 |
) |
|
$ |
(455 |
) |
Long-term pension obligations |
|
|
(3,667 |
) |
|
|
(3,563 |
) |
Total accrued cost |
|
$ |
(4,145 |
) |
|
$ |
(4,018 |
) |
|
| Summary of Accumulated Other Comprehensive income (loss) |
We have also recorded the following amounts to accumulated other comprehensive income (loss) for the U.S. and non-U.S. pension plans, net of tax:
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|
|
|
|
|
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|
U.S.
Pension Plans |
|
|
Non-U.S.
Pension Plan |
|
|
|
Unrecognized
Loss |
|
|
Unrecognized
Loss |
|
Balance at January 1, 2022 |
|
$ |
312 |
|
|
$ |
1,803 |
|
Amortization of retirement benefits, net of tax |
|
|
— |
|
|
|
(155 |
) |
Net actuarial (loss) gain |
|
|
(108 |
) |
|
|
132 |
|
Foreign exchange impact |
|
|
— |
|
|
|
(172 |
) |
Balance at January 1, 2023 |
|
$ |
204 |
|
|
$ |
1,608 |
|
Amortization of retirement benefits, net of tax |
|
|
— |
|
|
|
(134 |
) |
Net actuarial gain (loss) |
|
|
13 |
|
|
|
(396 |
) |
Foreign exchange impact |
|
|
— |
|
|
|
77 |
|
Balance at December 31, 2023 |
|
$ |
217 |
|
|
$ |
1,155 |
|
We have recorded the following amounts to accumulated other comprehensive income (loss) for the post-retirement life insurance plan, net of tax:
|
|
|
|
|
|
|
Unrecognized
Gain |
|
Balance at January 1, 2022 |
|
$ |
(109 |
) |
Amortization of retirement benefits, net of tax |
|
|
— |
|
Net actuarial loss |
|
|
(900 |
) |
Balance at January 1, 2023 |
|
$ |
(1,009 |
) |
Amortization of retirement benefits, net of tax |
|
|
259 |
|
Net actuarial gain |
|
|
61 |
|
Balance at December 31, 2023 |
|
$ |
(689 |
) |
|
| Summary of Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets |
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those pension plans with accumulated benefit obligation in excess of the fair value of plan assets is shown below:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2023 |
|
|
2022 |
|
Projected benefit obligation |
|
$ |
2,210 |
|
|
$ |
2,961 |
|
Accumulated benefit obligation |
|
$ |
1,871 |
|
|
$ |
2,585 |
|
Fair value of plan assets |
|
$ |
1,199 |
|
|
$ |
1,377 |
|
|
| Summary of Net Pension and Postretirement Expense |
Net pension expense includes the following components:
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|
|
|
|
|
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|
|
|
|
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|
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Years Ended
December 31, |
|
|
Years Ended
December 31, |
|
|
|
U.S. Pension Plans |
|
|
Non-U.S. Pension Plan |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Service cost |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22 |
|
|
$ |
20 |
|
|
$ |
26 |
|
Interest cost |
|
|
38 |
|
|
|
18 |
|
|
|
2,861 |
|
|
|
37 |
|
|
|
13 |
|
|
|
17 |
|
Expected return on plan assets(1) |
|
|
— |
|
|
|
(2,134 |
) |
|
|
(474 |
) |
|
|
(13 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
Amortization of unrecognized loss |
|
|
22 |
|
|
|
30 |
|
|
|
3,703 |
|
|
|
172 |
|
|
|
167 |
|
|
|
184 |
|
Settlement charges |
|
|
— |
|
|
|
— |
|
|
|
126,269 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net expense |
|
$ |
60 |
|
|
$ |
(2,086 |
) |
|
$ |
132,359 |
|
|
$ |
218 |
|
|
$ |
191 |
|
|
$ |
210 |
|
Weighted-average actuarial assumptions(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benefit obligation assumptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.83 |
% |
|
|
5.04 |
% |
|
|
2.46 |
% |
|
|
1.63 |
% |
|
|
1.75 |
% |
|
|
0.63 |
% |
Rate of compensation increase |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
3.00 |
% |
|
|
5.00 |
% |
|
|
3.00 |
% |
Pension income/expense assumptions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
5.04 |
% |
|
|
2.46 |
% |
|
|
2.10 |
% |
|
|
1.75 |
% |
|
|
0.63 |
% |
|
|
0.63 |
% |
Expected return on plan assets(1) |
|
N/A |
|
|
N/A |
|
|
|
1.44 |
% |
|
|
1.75 |
% |
|
|
0.63 |
% |
|
|
0.63 |
% |
Rate of compensation increase |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|
|
5.00 |
% |
|
|
5.00 |
% |
|
|
3.00 |
% |
(1)Expected return on plan assets is net of expected investment expenses and certain administrative expenses. (2)During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted. Net post-retirement expense includes the following components:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Post-Retirement
Life Insurance Plan |
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Service cost |
|
$ |
1 |
|
|
$ |
1 |
|
|
$ |
1 |
|
Interest cost |
|
|
192 |
|
|
|
102 |
|
|
|
80 |
|
Amortization of unrecognized gain |
|
|
(336 |
) |
|
|
— |
|
|
|
— |
|
Net expense |
|
$ |
(143 |
) |
|
$ |
103 |
|
|
$ |
81 |
|
Weighted-average actuarial assumptions(1) |
|
|
|
|
|
|
|
|
|
Benefit obligation assumptions: |
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
4.90 |
% |
|
|
5.11 |
% |
|
|
2.66 |
% |
Rate of compensation increase |
|
N/A |
|
|
N/A |
|
|
N/A |
|
Pension income/post-retirement expense assumptions: |
|
|
|
|
|
|
|
|
|
Discount rate |
|
|
5.11 |
% |
|
|
2.66 |
% |
|
|
2.27 |
% |
Rate of compensation increase |
|
N/A |
|
|
N/A |
|
|
N/A |
|
(1)During the fourth quarter of each year, we review our actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
|
| Summary of Estimated Future Benefit Payments |
Expected benefit payments under the Pension Plans and the postretirement benefit plan, for the five years subsequent to 2023 (i.e., 2024-2028, inclusive), and in the aggregate for the five years thereafter (i.e., 2029-2033, inclusive) are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Pension
Plan |
|
|
Non-U.S.
Pension
Plan |
|
|
Post-
Retirement
Life
Insurance
Plan |
|
2024 |
|
$ |
99 |
|
|
$ |
50 |
|
|
$ |
478 |
|
2025 |
|
|
94 |
|
|
|
56 |
|
|
|
439 |
|
2026 |
|
|
90 |
|
|
|
61 |
|
|
|
406 |
|
2027 |
|
|
85 |
|
|
|
96 |
|
|
|
377 |
|
2028 |
|
|
80 |
|
|
|
64 |
|
|
|
351 |
|
2029-2033 |
|
|
219 |
|
|
|
444 |
|
|
|
1,467 |
|
Total |
|
$ |
667 |
|
|
$ |
771 |
|
|
$ |
3,518 |
|
|
| Summary of 401K and Other Plan Expense |
Expenses related to defined contribution plans include the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
401(k) and other defined contribution plan expense |
|
$ |
3,858 |
|
|
$ |
3,878 |
|
|
$ |
3,242 |
|
|