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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs
NPPC from continuing operations for U.S. and international plans for 2023, 2022 and 2021 is as follows:
U.S. PlansInternational Plans
(In thousands)202320222021202320222021
Net Periodic Pension Cost (Income):
Defined benefit pension plans:     
Service cost$ $— $— $1,221 $1,867 $1,805 
Interest cost10,173 5,716 4,813 30,166 16,500 12,652 
Expected return on plan assets(7,000)(10,795)(12,199)(31,198)(38,891)(45,018)
Recognized prior service costs — — 519 534 582 
Recognized losses4,601 4,732 5,538 14,316 13,060 18,119 
Settlement/curtailment loss (gain) — — (42)(33)(6)
Defined benefit pension plan cost (income)7,774 (347)(1,848)14,982 (6,963)(11,866)
Multiemployer pension plans595 642 640 1,209 1,114 1,035 
Defined contribution plans6,656 5,401 5,660 4,123 4,122 4,196 
Net periodic pension cost (income)$15,025 $5,696 $4,452 $20,314 $(1,727)$(6,635)
Schedule of Net Funded Status
The change in the financial status of the defined benefit pension plans and amounts recognized on the Consolidated Balance Sheets at December 31, 2023 and 2022 are as follows:
U.S. PlansInternational Plans
(In thousands)2023202220232022
Change in benefit obligation:    
Benefit obligation at beginning of year$209,182 $277,007 $597,190 $1,022,198 
Service cost — 1,221 1,867 
Interest cost10,173 5,716 30,166 16,500 
Plan participants' contributions — 13 14 
Amendments — 74 — 
Actuarial (gain) loss5,736 (57,841)17,899 (299,841)
Settlements/curtailments — (203)(132)
Benefits paid(15,914)(15,700)(36,650)(37,135)
Effect of foreign currency — 31,785 (106,281)
Benefit obligation at end of year$209,177 $209,182 $641,495 $597,190 
Change in plan assets:    
Fair value of plan assets at beginning of year$177,044 $232,947 $607,234 $973,252 
Actual return on plan assets18,123 (41,909)40,507 (250,002)
Employer contributions1,674 1,706 24,715 22,614 
Plan participants' contributions — 13 14 
Settlements/curtailments — (203)(132)
Benefits paid(15,914)(15,700)(36,650)(37,135)
Effect of foreign currency — 31,908 (101,377)
Fair value of plan assets at end of year$180,927 $177,044 $667,524 $607,234 
Funded status at end of year$(28,250)$(32,138)$26,029 $10,044 
Schedule of Amounts Recognized in Balance Sheet
Amounts recognized on the Consolidated Balance Sheets for defined benefit pension plans consist of the following at December 31, 2023 and 2022:
U.S. PlansInternational Plans
December 31December 31
(In thousands)2023202220232022
Noncurrent assets$ $— $44,241 $26,033 
Current liabilities1,832 1,851 726 924 
Noncurrent liabilities26,418 30,287 17,486 15,065 
AOCI95,016 105,005 358,763 346,068 
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in AOCI for defined benefit pension plans consist of the following at December 31, 2023 and 2022:
 U.S. PlansInternational Plans
(In thousands)2023202220232022
Net actuarial loss$95,016 $105,005 $350,601 $337,849 
Prior service cost  — 8,162 8,219 
Total$95,016 $105,005 $358,763 $346,068 
Schedule of Expected Benefit Payments
Expected benefit payments for defined benefit pension plans over the next ten years are as follows:
(In millions)20242025202620272028
2029-2033
U.S. Plans$26.0 $16.3 $16.2 $16.1 $15.9 $75.1 
International Plans37.2 37.8 38.8 39.8 41.3 221.3 
Schedule of Assumptions Used
The weighted-average actuarial assumptions used to determine the defined benefit pension plan NPPC for 2023, 2022 and 2021 were as follows:
U.S. Plans
December 31
International Plans
December 31
Global Weighted-Average
December 31
202320222021202320222021202320222021
Discount rates5.3 %2.7 %2.4 %5.1 %1.9 %1.4 %5.1 %2.1 %1.6 %
Expected long-term rates of return on plan assets7.0 %6.3 %6.8 %5.1 %4.4 %4.7 %5.5 %4.7 %5.1 %
The weighted-average actuarial assumptions used to determine the defined benefit pension plan obligations at December 31, 2023 and 2022 were as follows:
U.S. PlansInternational PlansGlobal Weighted-Average
December 31December 31December 31
202320222023202220232022
Discount rates5.0 %5.3 %4.8 %5.1 %4.8 %5.1 %
Schedule of Accumulated Benefit Obligations
The accumulated benefit obligation for all defined benefit pension plans at December 31, 2023 and 2022 was as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2023202220232022
Accumulated benefit obligation$209.2 $209.2 $636.4 $593.4 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for defined benefit pension plans with accumulated benefit obligations in excess of plan assets at December 31, 2023 and 2022 were as follows:
U.S. PlansInternational Plans
December 31December 31
(In millions)2023202220232022
Projected benefit obligation$209.2 $209.2 $27.8 $25.3 
Accumulated benefit obligation209.2 209.2 24.1 22.6 
Fair value of plan assets180.9 177.0 9.7 9.4 
Schedule of Allocation of Plan Assets
The asset allocations attributable to the Company's international defined benefit pension plans at December 31, 2023 and 2022 and the long-term target allocation of plan assets, by asset category, are as follows:
International Plans Asset CategoryTarget Long-Term
Allocation
Percentage of Plan Assets
December 31
20232022
Equity securities16.0 %10.8 %24.8 %
Fixed income securities78.0 %83.3 %65.5 %
Cash and cash equivalents— 0.5 %1.5 %
Other (b)
6.0 %5.4 %8.2 %
(b)     Investments within this caption include diversified growth funds and real estate funds.
U.S. Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
At December 31, 2023 and 2022, the asset allocations attributable to the Company's U.S. defined benefit pension plans and the long-term target allocation of plan assets, by asset category, are as follows:
Target  Long-Term
Allocation
Percentage of Plan Assets
December 31
U.S. Plans Asset Category20232022
Domestic equity securities
6%-16%
10.7 %21.0 %
International equity securities
22%-32%
24.3 %22.2 %
Fixed income securities
51%-61%
52.8 %44.6 %
Cash and cash equivalents
Less than 5%
0.9 %1.0 %
Other (a)
1%-11%
11.3 %11.2 %
(a)    Investments within this caption include diversified global asset allocation funds and credit collection funds.
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2023 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value (c)
Domestic equities:  
Common stocks$2,791 $2,791 $ 
Mutual funds—equities16,583 16,583  
International equities:
Mutual funds—equities43,994 43,994  
Fixed income investments: 
U.S. Treasuries and collateralized securities13,920 13,920  
Mutual funds—bonds81,634 81,634  
Other—mutual funds4,913 4,913  
Cash and money market accounts1,661 1,661  
Other—partnerships/joint ventures15,431  15,431 
Total$180,927 $165,496 $15,431 
The fair values of the Company's U.S. defined benefit pension plans' assets at December 31, 2022 by asset class are as follows:
(In thousands)TotalLevel 1Investments Valued at Net Asset Value
Domestic equities:  
Common stocks$1,951 $1,951 $— 
Mutual funds—equities35,177 35,177 — 
International equities:
Mutual funds—equities39,287 39,287 — 
Fixed income investments: 
Mutual funds—bonds78,943 78,943 — 
Other—mutual funds6,699 6,699 — 
Cash and money market accounts1,780 1,780 — 
Other - partnerships/joint ventures13,207 — 13,207 
Total$177,044 $163,837 $13,207 
International Plans | Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Allocation of Plan Assets
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2023 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$71,755 $ $71,755 
Fixed income investments:  
Mutual funds—bonds551,701  551,701 
Insurance contracts4,631  4,631 
Other:  
Other mutual funds36,188  36,188 
Cash and money market accounts3,249 3,249  
Total$667,524 $3,249 $664,275 
The fair values of the Company's international defined benefit pension plans' assets at December 31, 2022 by asset class are as follows:
(In thousands)TotalLevel 1Level 2
Equity securities:   
Mutual funds—equities$150,813 $— $150,813 
Fixed income investments:   
Mutual funds—bonds392,960 — 392,960 
Insurance contracts4,636 — 4,636 
Other:  
Other mutual funds49,805 — 49,805 
Cash and money market accounts9,020 9,020 — 
Total$607,234 $9,020 $598,214