XML 60 R34.htm IDEA: XBRL DOCUMENT v3.24.0.1
Defined Benefit Pension Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligation and Fair Value of Plan Assets
The following tables set forth the components of the changes in benefit obligations and fair value of plan assets:
 Year Ended December 31,
In thousands20232022
Change in benefit obligation:
Benefit obligation at January 1,$69,739 $112,073 
Service cost2,450 2,908 
Interest cost2,861 1,676 
Actuarial gain (loss)
1,682 (23,682)
Benefits paid(2,950)(2,753)
Foreign currency exchange rate changes2,819 (7,162)
Curtailment(114)(225)
Settlement(217)(1,499)
Release for divestiture— (11,081)
Other— (516)
Benefit obligation at December 31,$76,270 $69,739 
Change in plan assets:
Fair value of plan assets at January 1,$8,662 $9,609 
Actual return on plan assets724 (4)
Company contributions254 217 
Benefits paid(283)(278)
Foreign currency exchange rate changes401 (655)
Settlement— (227)
Other
(918)— 
Fair value of plan assets at December 31,8,840 8,662 
Net pension benefit obligation at fair value$67,430 $61,077 
Schedule of Amounts Recognized in the Consolidated Balance Sheets
Amounts recognized on the Consolidated Balance Sheets consist of:
December 31,
In thousands20232022
Assets
Plan assets in other long-term assets$80 $162 
Liabilities
Current portion of pension benefit obligation in wages and benefits payable$3,623 $3,400 
Long-term portion of pension benefit obligation63,887 57,839 
Pension benefit obligation, net$67,430 $61,077 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
Amounts recognized in OCI (pre-tax) are as follows:
Year Ended December 31,
In thousands202320222021
Net actuarial (gain) loss$1,568 $(24,316)$(14,565)
Settlement7 (166)2 
Curtailment114 20 557 
Plan asset (gain) loss
(369)316 38 
Amortization of net actuarial gain (loss)
65 (1,490)(2,183)
Amortization of prior service cost(57)(70)(71)
Other918 481 101 
Other comprehensive (income) loss$2,246 $(25,225)$(16,121)
Schedule of Net Periodic Pension Benefit Costs
Net periodic pension benefit cost for our plans include the following components:
Year Ended December 31,
In thousands202320222021
Service cost$2,450 $2,908 $4,479 
Interest cost2,861 1,676 1,383 
Expected return on plan assets(355)(312)(346)
Amortization of prior service costs57 70 71 
Amortization of actuarial net (gain) loss
(65)1,490 2,183 
Settlement(7)166 (2)
Curtailment(114)(20)(557)
Net periodic benefit cost$4,827 $5,978 $7,211 
Schedule of Assumptions Used
The significant actuarial weighted average assumptions used in determining the benefit obligations and net periodic benefit cost for our benefit plans are as follows:
 Year Ended December 31,
 202320222021
Actuarial assumptions used to determine benefit obligations at end of period:
Discount rate3.74 %4.14 %1.66 %
Expected annual rate of compensation increase4.41 %4.26 %3.88 %
Actuarial assumptions used to determine net periodic benefit cost for the period:
Discount rate4.14 %1.93 %1.10 %
Expected rate of return on plan assets3.99 %3.45 %3.45 %
Expected annual rate of compensation increase4.26 %3.88 %3.68 %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The total obligations and fair value of plan assets for plans with projected benefit obligations and accumulated benefit obligations exceeding the fair value of plan assets are as follows:
In thousandsDecember 31,
20232022
Projected benefit obligation$75,182 $68,799 
Accumulated benefit obligation68,022 62,503 
Fair value of plan assets7,672 7,560 
Fair values of the assets held by the postretirement benefits plans by asset category
The fair values of our plan investments by asset category are as follows:
Total
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Unobservable Inputs
(Level 3)
In thousandsDecember 31, 2023
Cash$— $— $— 
Insurance funds8,840 — 8,840 
Total fair value of plan assets$8,840 $— $8,840 
In thousandsDecember 31, 2022
Cash$857 $857 $— 
Insurance funds7,805 — 7,805 
Total fair value of plan assets$8,662 $857 $7,805 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2023 and 2022:
In thousandsBalance at January 1, 2023Net Realized and Unrealized GainsNet Purchases, Issuances, Settlements, and OtherEffect of Foreign CurrencyBalance at December 31, 2023
Insurance funds$7,805 $727 $(67)$375 $8,840 
In thousandsBalance at January 1, 2022
Net Realized and Unrealized Gains/(Loss)
Net Purchases, Issuances, Settlements, and OtherEffect of Foreign CurrencyBalance at December 31, 2022
Insurance funds$8,534 $(14)$(165)$(550)$7,805 
Schedule of Expected Benefit Payments
Annual benefit payments for the next 10 years, including amounts to be paid from our assets for unfunded plans and reflecting expected future service, as appropriate, are expected to be paid as follows:
Year Ending December 31,Estimated Annual Benefit Payments
In thousands
2024$4,088 
20254,203 
20264,191 
20274,656 
20284,753 
2029-203328,547