Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Plans [Abstract]

Funded Status of Defined Benefit Plan

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(In thousands)	2023			2022
Benefit obligation at beginning of year	$	32,367		$	41,780
Service cost		1,741			1,622
Interest cost		1,886			953
Foreign currency exchange rate changes		999			(1,488	)
Benefits and settlements paid		(2,737	)		(1,724	)
Actuarial loss (gain)		2,157			(8,776	)
Benefit obligation at end of year		36,413			32,367
Plan assets at beginning of year		19,929			32,982
Company contributions		1,598			1,027
Foreign currency exchange rate changes		920			(2,430	)
Benefits paid		(2,737	)		(1,724	)
Actual gain (loss) on plan assets		1,560			(9,926	)
Plan assets at end of year		21,270			19,929
Funded status	$	(15,143	)	$	(12,438	)
Accumulated benefit obligation	$	34,786		$	31,472

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets at December 31:

(In thousands)	2023			2022
Accrued employee and retiree benefits	$	(19,165	)	$	(16,822	)
Other accrued expenses		(726	)		(745	)
Other assets		4,748			5,129
Net liability	$	(15,143	)	$	(12,438	)

Annual Benefit Cost

Components of annual benefit cost:

(In thousands)	2023			2022			2021
Service cost	$	1,741		$	1,622		$	1,740
Interest cost		1,886			953			851
Expected return on plan assets		(1,007	)		(785	)		(728	)
Recognized actuarial (gain) loss		(656	)		32			267
Settlement income		-			-			(151	)
Defined benefit expense	$	1,964		$	1,822		$	1,979

Weighted Average Assumptions

Weighted average liability assumptions as of December 31:

	2023			2022
Discount rate		5.15	%		5.12	%
Expected return on plan assets		4.91	%		4.89	%
Rate of compensation increase		1.14	%		0.90	%

Weighted average cost assumptions for the year ended December 31:

	2023			2022			2021
Discount rate		5.12	%		2.35	%		1.87	%
Expected return on plan assets		4.89	%		2.54	%		2.17	%
Rate of compensation increase		0.90	%		1.02	%		1.07	%

Amounts Recognized in Accumulated Other Comprehensive Loss

Amounts in accumulated other comprehensive loss at December 31 were as follows:

(In thousands)	2023		2022
Unrecognized net actuarial loss	$	2,936	$	2,210
Prior service cost		155		153
Total before tax effects	$	3,091	$	2,363

Pension Adjustments Recognized in Accumulated Other Comprehensive Income

The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)	2023			2022			2021
Net actuarial gain (loss) arising during the period	$	192		$	(1,466	)	$	1,528
Amortization of actuarial (gain) loss, included in defined benefit expense		(479	)		27			84
Pension adjustment, net of tax	$	(287	)	$	(1,439	)	$	1,612

Pension Plan Assets by Asset Category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2023 and 2022:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2023 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2022 Using Fair Value Hierarchy
(In thousands)	2023		Level 1		Level 2		Level 3		2022		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	5,623	$	5,623	$	—	$	—	$	5,208	$	5,208	$	—	$	—
International		47		—		47		—		55		—		55		—
International Fixed Income Funds		14,486		1,574		12,912		—		14,551		1,060		13,491		—
Other investments		1,114		1,097		17		—		115		84		31		—
Total assets at fair value	$	21,270	$	8,294	$	12,976	$	—	$	19,929	$	6,352	$	13,577	$	—