Pension and Other Postretirement Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits, Description [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

The components of net periodic benefit cost (income) are as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	Pension Benefits				Other Postretirement Benefits				Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022		2023		2022		2023		2022
Service cost	$	109	$	166	$	—	$	1	$	320	$	520	$	—	$	1
Interest cost	2,487		1,272		14		8		7,452		3,949		51		19
Expected return on plan assets	(2,033)		(1,942)		—		—		(6,056)		(6,038)		—		—
Actuarial loss (gain) amortization	103		238		(36)		(23)		308		743		(95)		(70)
Prior service cost (income) amortization	18		3		(4)		(8)		26		8		(12)		(17)
Net periodic benefit cost (income)	$	684	$	(263)	$	(26)	$	(22)	$	2,050	$	(818)	$	(56)	$	(67)

In July 2023, one of the Company’s pension plans in the U.K. liquidated approximately $50 million of its invested assets and subsequently funded and entered into an insurance annuity contract, which will provide for the pension plan’s defined benefit obligations to participants.

Employer Contributions

As of September 30, 2023, $3.4 million and $0.1 million of contributions have been made to the Company’s U.S. and foreign pension plans and its other postretirement benefit plans, respectively. Taking into consideration current minimum cash contribution requirements, the Company currently expects to make full year cash contributions of approximately $5.2 million to its U.S. and foreign pension plans and approximately $0.2 million to its other postretirement benefit plans in 2023.