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Pension, Postretirement, and Other Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Plan Benefit Obligations
The following table sets forth the plan benefit obligations:
As of December 31, 2023As of December 31, 2022
(in thousands, except percentages)
Pension plans
Other
postretirement benefits
Pension plansOther postretirement benefits
Benefit obligation, beginning of year
$83,730 $35,658 $230,790 $44,884 
Service cost
1,478 60 1,371 114 
Interest cost
5,151 1,874 4,917 1,221 
Plan participants' contributions
281 — 132 — 
Actuarial (gain)/loss
6,317 (6,131)(46,995)(6,658)
Benefits paid
(6,388)(2,795)(7,946)(3,234)
Acquisitions
64,947 — — — 
Settlements and curtailments
— — (90,568)— 
Plan amendments and other
(1,985)(25)(605)
Foreign currency changes
4,792 18 (7,946)(64)
Benefit obligation, end of year
$158,323 $28,684 $83,730 $35,658 
Accumulated benefit obligation
$151,001 $— $78,153 $— 
Weighted average assumptions used to
determine benefit obligations, end of year:
Discount rate — U.S. plan
5.15 %5.21 %5.49 %5.55 %
Discount rate — non-U.S. plans
4.05 %4.70 %5.15 %5.20 %
Cash balance interest crediting rate - Switzerland pension plan1.30 %— 2.15 %— 
Compensation increase — U.S. plan
N/AN/AN/AN/A
Compensation increase — non-U.S. plans
2.89 %2.75 %3.08 %2.75 %
Schedule of Plan Assets
The following sets forth information about plan assets:
As of December 31, 2023As of December 31, 2022
(in thousands)
Pension plans
Other postretirement benefits
Pension plans
Other postretirement benefits
Fair value of plan assets, beginning of year
$74,929 $— $225,327 $— 
Actual return on plan assets, net of expenses
6,285 — (57,868)— 
Employer contributions
3,629 2,795 15,071 3,234 
Plan participants' contributions
281 — 132 — 
Benefits paid
(6,388)(2,795)(7,946)(3,234)
Acquisitions
30,941 — — — 
Settlements
— — (90,568)— 
Other
(832)— — — 
Foreign currency changes
3,843 — (9,219)— 
Fair value of plan assets, end of year
$112,688 $— $74,929 $— 
Schedule of Funded Status of Plans
The funded status of the plans was as follows:
As of December 31, 2023As of December 31, 2022
(in thousands)
Pension plansOther postretirement benefitsPension plansOther postretirement benefits
Fair value of plan assets
$112,688 $— $74,929 $— 
Benefit obligation
158,323 28,684 83,730 35,658 
Funded status
$(45,635)$(28,684)$(8,801)$(35,658)
Accrued benefit cost, end of year$(45,635)$(28,684)$(8,801)$(35,658)
Amounts recognized in the consolidated balance sheets consist of the following:
Noncurrent asset$19,296 $— $16,234 $— 
Current liability(5,500)(2,808)(1,974)(3,660)
Noncurrent liability(59,431)(25,876)(23,061)(31,998)
Net amount recognized
$(45,635)$(28,684)$(8,801)$(35,658)
Amounts recognized in accumulated other comprehensive income consist of:
Net actuarial loss$22,512 $1,991 $17,915 $8,958 
Prior service cost/(credit)(132)(484)(134)(4,574)
Net amount recognized
$22,380 $1,507 $17,781 $4,384 
Schedule of Composition of Accrued Pension Cost
The composition of the net pension plan funded status as of December 31, 2023 was as follows:
(in thousands)
U.S. planNon-U.S. plansTotal
Pension plans with pension assets
$— $19,296 $19,296 
Pension plans without pension assets
(3,799)(61,132)(64,931)
Total
$(3,799)$(41,836)$(45,635)
Schedule of Net Periodic Benefit Plan Cost
The composition of the net periodic benefit plan cost for the years ended December 31, 2023, 2022, and 2021, was as follows:
Pension plansOther postretirement benefits
(in thousands, except percentages)
202320222021202320222021
Components of net periodic benefit cost:
Service cost
$1,478 $1,371 $2,192 $60 $114 $132 
Interest cost
5,151 4,917 5,467 1,874 1,221 1,103 
Expected return on assets
(4,347)(5,979)(6,564)— — — 
Amortization of prior service cost/(credit)
(32)(8)13 (4,090)(4,488)(4,488)
Amortization of net actuarial loss
555 1,377 2,365 828 1,883 2,260 
Settlement
— 49,128 — — — — 
Curtailment (gain)/loss
— — — — — — 
Net periodic benefit cost
$2,805 $50,806 $3,473 $(1,328)$(1,270)$(993)
Weighted average assumptions used to determine net cost:
Discount rate — U.S. plan5.49 %2.63 %2.65 %5.55 %2.83 %2.38 %
Discount rate — non-U.S. plans5.15 %2.41 %1.91 %5.20 %3.05 %2.75 %
Cash balance interest crediting rate - Switzerland pension plan2.15 %0.25 %0.05 %— — — 
Expected return on plan assets — U.S. planN/A3.07 %2.74 %N/AN/AN/A
Expected return on plan assets — non-U.S. plans5.21 %3.31 %2.89 %N/AN/AN/A
Rate of compensation increase — U.S. planN/AN/AN/AN/AN/AN/A
Rate of compensation increase — non-U.S. plans3.08 %2.70 %2.71 %2.75 %2.75 %2.75 %
Schedule of (Gains)/Losses Recognized in Other Comprehensive Income
Pretax (gains)/losses on plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2023, 2022, and 2021, was as follows:
Pension plansOther postretirement benefits
(in thousands)
202320222021202320222021
Settlements/curtailments
$— $(49,128)$— $— $— $— 
Asset/liability loss/(gain)
4,365 16,828 1,927 (6,131)(6,658)(995)
Amortization of actuarial (loss)
(554)(1,377)(2,365)(828)(1,883)(2,260)
Amortization of prior service cost/(credit)
32 8 (13)4,090 3,884 4,488 
Other— — — — — — 
Currency impact
757 (944)(612)(8)15 2 
Cost/(benefit) in Other comprehensive income
$4,600 $(34,613)$(1,063)$(2,877)$(4,642)$1,235 
Schedule of Fair Value of Plan Assets As of December 31, 2023 and 2022, there were no investments expected to be sold at a value materially different than NAV.
Assets at Fair Value as of December 31, 2023
(in thousands)Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant 
unobservable inputs Level 3		Total
Common Stocks and equity funds$— $4,159 $— $4,159 
Debt securities— 56,838 — 56,838 
Insurance contracts— — 3,478 3,478 
Real Estate
— — 3,451 3,451 
Hedge Funds
— — 668 668 
Cash and short-term investments5,740 — — 5,740 
Total investments in the fair value hierarchy$5,740 $60,997 $7,597 74,334 
Investments at net asset value:
Common Stocks and equity funds12,608 
Fixed income funds25,746 
Limited partnerships— 
Total plan assets$112,688 
Assets at Fair Value as of December 31, 2022
(in thousands)
Quoted prices in active markets Level 1Significant other observable inputs Level 2Significant unobservable inputs Level 3Total
Common Stocks and equity funds
$— $— $— $— 
Debt securities
— 37,234 — 37,234 
Insurance contracts
— — 2,418 2,418 
Real Estate
— — — — 
Hedge Funds
— — — — 
Cash and short-term investments
548 — — 548 
Total investments in the fair value hierarchy
$548 $37,234 $2,418 40,200 
Investments at net asset value:
Common Stocks and equity funds
13,069 
Fixed income funds
21,660 
Limited partnerships
— 
Total plan assets
$74,929 
Schedule of Reconciliation of Level 3 Assets
The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2023 and 2022:
(in thousands)
December 31, 2022Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements		Net transfers (out of) Level 3December 31, 2023
Insurance contracts -
total level 3 assets
$2,418 $— $18 $5,161 $— $7,597 
(in thousands)
December 31, 2021Net realized gainsNet unrealized gainsNet purchases, issuances
and settlements		Net transfers (out of) Level 3December 31, 2022
Insurance contracts -
total level 3 assets
$3,861 $— $20 $(1,463)$— $2,418 
Schedule of Asset Allocation
The asset allocation for the Company’s U.S. and non-U.S. pension plans for 2023 and 2022, and the target allocation, by asset category, are as follows:
United States PlanNon-U.S. Plans
Target
Allocation		Percentage of plan assets at plan measurement dateTarget
Allocation		Percentage of plan assets at plan measurement date
Asset category2023202220232022
Equity securities
N/AN/AN/A14 %13 %15 %
Debt securities
N/AN/AN/A71 %73 %76 %
Real estate
N/AN/AN/A3 %3 %1 %
Other(1)
N/AN/AN/A12 %11 %8 %
— %— %— %100 %100 %100 %
(1)Other includes hedged equity and absolute return strategies, as well as private equity. The Company has procedures to closely monitor the performance of these investments and compares asset valuations to audited financial statements of the funds.
Schedule of Pension Plans with Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets
At the end of 2023 and 2022, the projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with projected benefit obligation and an accumulated benefit obligation in excess of plan assets were as follows:
Plans with projected
benefit obligation in
excess of plan assets
(in thousands)
20232022
Projected benefit obligation
$81,972 $28,458 
Fair value of plan assets
17,041 3,422 

Plans with accumulated
benefit obligation in
excess of plan assets
(in thousands)20232022
Accumulated benefit obligation$77,688 $25,941 
Fair value of plan assets17,041 3,422 
Schedule of Expected Cash Flows
Information about expected cash flows for the pension and other benefit obligations are as follows:
(in thousands)
Pension plansOther postretirement benefits
Expected employer contributions and direct employer payments in the next fiscal year
$6,335 $2,808 
Expected benefit payments
2024 10,716 2,808 
2025 10,972 2,714 
2026 10,938 2,626 
2027 10,089 2,538 
2028 10,333 2,448 
2029 to 203350,314 10,873