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Pensions and Other Post-retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Pension Plans and Other Postretirement Benefits Plan
Defined benefit pension plan and other post-retirement benefits plan information is provided in the following tables:
Pension BenefitsOther Benefits
(In thousands)2023202220232022
Change in Benefit Obligations
Benefit obligations at January 1$490,365 $654,362 $22,538 $29,831 
Service cost7,587 12,281 214 327 
Interest cost23,775 14,377 1,090 590 
Participant contributions347 257 276 259 
Plan amendments(194)154 — — 
Actuarial gains(a)
23,750 (156,214)(326)(5,884)
Benefits paid(26,140)(26,377)(2,406)(2,585)
Curtailments(87)(286)— — 
Settlements(1,574)(260)— — 
Currency translation3,645 (7,929)— — 
Benefit obligations at December 31$521,474 $490,365 $21,386 $22,538 
Change in Plan Assets
Fair value of plan assets at January 1$514,218 $651,986 $— $— 
Actual return on plan assets70,640 (115,105)— — 
Employer contributions5,217 5,032 2,130 2,326 
Participant contributions347 257 276 259 
Settlements(1,574)(260)— — 
Benefits paid(26,140)(26,377)(2,406)(2,585)
Administrative expenses paid(57)(54)— — 
Currency translation798 (1,261)— — 
Fair value of plan assets at December 31$563,449 $514,218 $— $— 
Funded Status
Funded status at December 31$41,975 $23,853 $(21,386)$(22,538)
Unrecognized prior service credit (cost)1,021 1,224 (184)(429)
Unrecognized net actuarial losses82,796 90,212 5,568 6,445 
Net amount recognized$125,792 $115,289 $(16,002)$(16,522)
Amounts Recognized in the Balance Sheets
Noncurrent assets$172,161 $141,643 $— $— 
Current liabilities(8,427)(3,712)(2,167)(2,226)
Noncurrent liabilities(121,759)(114,078)(19,219)(20,312)
Net amount recognized$41,975 $23,853 $(21,386)$(22,538)
Amounts Recognized in Accumulated Other Comprehensive Loss
Net actuarial losses$82,796 $90,212 $5,568 $6,445 
Prior service cost (credit)1,021 1,224 (184)(429)
Total (before tax effects)$83,817 $91,436 $5,384 $6,016 
Accumulated Benefit Obligations for all Defined Benefit Plans$487,167 $459,630 $— $— 
(a)Actuarial gains for both periods relate primarily to the increase/decrease in discount rates used in measuring plan obligations as of December 31, 2023 and 2022, respectively.
Components of Net Periodic Benefit (Credit) Cost
Pension BenefitsOther Benefits
(In thousands)202320222021202320222021
Components of Net Periodic Benefit (Income) Cost
Service cost$7,587 $12,281 $12,910 $214 $327 $398 
Interest cost23,775 14,377 11,518 1,090 590 476 
Expected return on plan assets(39,639)(49,646)(37,368)— — — 
Amortization of prior service cost (credit)161 139 164 (245)(338)(358)
Recognized net actuarial losses186 11,704 17,458 550 1,242 1,597 
Settlement/curtailment loss (gain)15 (354)(2,234)
(b)
— — — 
Net periodic benefit (income) cost(a)
$(7,915)$(11,499)$2,448 $1,609 $1,821 $2,113 
(a) Components of net periodic benefit (income) cost other than service cost are included in the line item Other income, net, and service costs are included in the line items Cost of products sold and Selling, general and administrative in the Consolidated Statements of Income.
(b) Relates primarily to the conversion of our Netherlands pension plan into a defined contribution plan and is included in "Restructuring charges" in the Consolidated Statements of Income.
Schedule of Pension Plans with Accumulated Benefit Obligation in Excess of Plan Assets
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Pension Benefits
(In thousands)20232022
Aggregate accumulated benefit obligations (ABO)$129,921 $116,531 
Aggregate fair value of plan assets5,622 4,454 
Schedule of Pension Plans with Projected Benefit Obligation in Excess of Plan Assets
Information for pension plans with a projected benefit obligation in excess of plan assets:
Pension Benefits
(In thousands)20232022
Aggregate projected benefit obligations (PBO)$135,809 $122,229 
Aggregate fair value of plan assets5,622 4,454 
Schedule of Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost
Pension BenefitsOther Benefits
2023202220232022
Assumptions used to determine benefit obligations
Average discount rate4.75 %5.01 %4.88 %5.09 %
Rate of compensation increase3.78 %4.61 %3.00 %3.00 %
Assumptions used to determine net periodic benefit cost
Average discount rate - Service cost5.23 %3.12 %5.15 %2.84 %
Average discount rate - Interest cost4.91 %2.17 %5.09 %2.04 %
Expected return on plan assets6.86 %8.77 %— — 
Rate of compensation increase4.61 %4.58 %3.00 %2.91 %
Schedule of Expected Return on Assets for Net Periodic Pension Cost
Pension Plan Assets at
December 31,
20232022
Equity securities58 %56 %
Fixed income securities30 26 
Pooled investment funds9 15 
Cash and cash equivalents2 2 
Insurance contracts1 1 
Total100 %100 %
Summary of Pension Plan Assets Measured at Fair Value on a Recurring Basis by Fair Value Hierarchy
The fair values at December 31, 2023, were as follows:
Fair Value
(In thousands)TotalNAVQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Equity securities$327,699 $45,441 $282,258 $— $— 
Fixed income securities169,321 — 94,706 74,615 — 
Pooled investment funds50,553 50,553 — — — 
Cash and cash equivalents10,254 8,645 1,609 — — 
Insurance contracts5,622 — — — 5,622 
Total$563,449 $104,639 $378,573 $74,615 $5,622 
The fair values of the Company's pension plan assets at December 31, 2022, were as follows:
Fair Value
(In thousands)TotalNAVQuoted Prices
in Active
Markets for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Equity securities$288,006 $44,583 $243,423 $— $— 
Fixed income securities132,659 — 63,522 69,137 — 
Pooled investment funds79,853 79,853 — — — 
Cash and cash equivalents9,246 7,954 1,292 — — 
Insurance contracts4,454 — — — 4,454 
Total$514,218 $132,390 $308,237 $69,137 $4,454 
Schedule of Reconciliation of Level 3 Assets
The following table presents a reconciliation of Level 3 assets:
(In thousands)Insurance
Contracts
Balance January 1, 2022$4,211 
Net realized and unrealized gains(119)
Net purchases, issuances and settlements362 
Balance December 31, 20224,454 
Net realized and unrealized gains208 
Net purchases, issuances and settlements960 
Balance December 31, 2023$5,622 
Schedule of Level 3 Assets Recognized in Accumulated Other Comprehensive Loss
The following table presents amounts related to Level 3 assets recognized in accumulated other comprehensive loss:
(In thousands)Insurance
Contracts
Net actuarial losses$(178)
Prior service cost490 
Total (before tax effects)$312