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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Change in the projected benefit obligation, plan assets at fair value and funded status
The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans.
Domestic PlansForeign Plans
2023202220232022
Change in benefit obligation:
Benefit obligation at beginning of year$163,872 $255,457 $93,999 $123,386 
Service cost9,638 15,784 5,915 7,547 
Interest cost8,631 6,970 3,642 1,388 
Curtailment/Settlement— — (606)68 
Prior service cost— — (1,134)813 
Actuarial loss (gain)
13,989 (92,724)6,906 (26,826)
Benefits paid(10,117)(21,615)(6,788)(4,615)
Foreign currency translation adjustment (loss) gain
— — 2,823 (7,762)
Benefit obligation at end of year$186,013 $163,872 $104,757 $93,999 
Domestic PlansForeign Plans
2023202220232022
Change in plan assets:
Fair value of plan assets at beginning of year$162,151 $193,770 $72,523 $85,421 
Actual return on plan assets21,207 (25,517)3,978 (4,897)
Employer contribution495 15,513 477 1,871 
Benefits paid(10,117)(21,615)(6,788)(4,615)
Foreign currency translation adjustment— — 2,244 (5,257)
Fair value of plan assets at end of year$173,735 $162,151 $72,434 $72,523 
Funded status at end of year$(12,278)$(1,721)$(32,323)$(21,476)
Schedule of funded status amounts recognized in the Consolidated Balance Sheet
The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2023 and 2022.
Domestic PlansForeign Plans
2023202220232022
Non-current assets$2,528 $9,304 $1,664 $— 
Current liabilities(530)(515)(32)(31)
Non-current liabilities(14,276)(10,510)(33,955)(21,445)
$(12,278)$(1,721)$(32,323)$(21,476)
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss
The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive (gain) loss as of December 31, 2023 and 2022.
Domestic PlansForeign Plans
2023202220232022
Net actuarial loss (gain)
$1,823 $(3,338)$15,661 $11,383 
Net prior service cost— — (162)1,150 
Tax effects1,029 2,271 (6,463)(5,518)
$2,852 $(1,067)$9,036 $7,015 
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income
Changes in benefit obligations and plan assets recognized in other comprehensive income in 2023, 2022 and 2021 are as follows:
Domestic Plans
202320222021
Current year actuarial (loss) gain
$(5,161)$54,295 $28,714 
Amortization of net loss— 6,670 10,099 
$(5,161)$60,965 $38,813 
Foreign Plans
202320222021
Current year actuarial (loss) gain
$(5,315)$19,181 $6,257 
Current year prior service cost1,135 (818)— 
Transfer actuarial loss124 17 — 
Amortization of net loss914 1,688 2,325 
Amortization of prior service cost177 177 166 
$(2,966)$20,245 $8,748 
Components of net periodic benefit cost
Components of net periodic benefit cost:
Domestic Plans
202320222021
Service cost$9,638 $15,784 $16,356 
Interest cost8,631 6,970 6,366 
Expected return on plan assets(12,378)(12,912)(12,293)
Amortization of net loss— 6,670 10,099 
Net periodic benefit cost$5,891 $16,512 $20,528 
Foreign Plans
202320222021
Service cost$5,915 $7,547 $8,159 
Interest cost3,642 1,388 843 
Expected return on plan assets(2,340)(2,728)(2,838)
Amortization of net loss914 1,688 2,325 
Amortization of prior service cost177 177 166 
Net periodic benefit cost$8,308 $8,072 $8,655 
Curtailment(1)(24)5 
Total Net periodic benefit cost$8,307 $8,048 $8,660 
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets
The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2023 and 2022.
Domestic PlansForeign Plans
2023202220232022
Projected benefit obligation$14,806 $11,025 $56,881 $54,455 
Accumulated benefit obligation12,156 10,087 40,312 40,481 
Fair value of plan assets— — 29,372 34,446 
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets
The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2023 and 2022.
Domestic PlansForeign Plans
2023202220232022
Projected benefit obligation$14,806 $11,025 $81,534 $71,730 
Accumulated benefit obligation12,156 10,087 56,969 52,173 
Fair value of plan assets— — 47,544 47,236 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Assumptions:
Domestic PlansForeign Plans
202320222021202320222021
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate4.95 %5.15 %2.75 %3.20 %3.69 %1.09 %
Rate of compensation increase3.24 %3.20 %3.17 %3.20 %3.21 %3.05 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate5.15 %2.75 %2.40 %3.69 %1.20 %0.66 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %3.23 %3.53 %3.56 %
Rate of compensation increase3.20 %3.17 %3.17 %3.20 %3.20 %3.05 %
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category
Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2023 and 2022 by asset category are as follows:
Plan Assets:
Domestic Plans Assets at December 31,Foreign Plans Assets at December 31,
2023202220232022
Equity securities48 %47 %3 %5 %
Fixed income securities26 %27 %1 %1 %
Corporate debt securities— — 1 %1 %
Infrastructure8 %8 %— — 
Hedge funds11 %10 %— — 
Money market1 %1 %1 %1 %
Investment Funds— — 94 %92 %
Real estate5 %7 %— — 
Total100 %100 %100 %100 %
Summary of fair value of pension plan assets
Domestic Fair Value Measurement at December 31, 2023Foreign Fair Value Measurement at December 31, 2023
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,949 $1,949 $— $— $514 $514 $— $— 
USD— 1,949 — — — — — — 
EUR— — — — — 506 — — 
Others— — — — — 8 — — 
Equity Securities (a)$73,483 $73,483 $— $— $2,106 $2,106 $— $— 
U.S. Large Cap Equities— 43,156 — — — — — — 
U.S. Small Cap Equities— 8,864 — — — — — — 
International Equities— 21,463 — — — 2,106 — — 
Fixed Income (a)(b)$29,171 $29,171 $— $— $831 $831 $— $— 
Corporate debts securities$— $— $— $— $1,231 $1,231 $— $— 
Euro Corporate Bonds (a)— — — — — 1,231 — — 
Investment Funds$— $— $— $— $67,752 $23,513 $44,239 $— 
Mutual Funds in Equities (a)— — — — — 5,411 — — 
Mutual Funds in Bonds (a)— — — — — 17,256 — — 
Mutual Funds Diversified (a)(b)— — — — — 846 44,239 — 
Total Investments in Fair Value Hierarchy$104,603 $104,603 $— $— $72,434 $28,195 $44,239 $— 
Investments at Net Asset Value per Share69,132 — — — — — — — 
Total Investments$173,735 $104,603 $— $— $72,434 $28,195 $44,239 $— 
Domestic Fair Value Measurement at December 31, 2022Foreign Fair Value Measurement at December 31, 2022
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,260 $1,260 $— $— $516 $516 $— $— 
USD— 1,260 — — — — — — 
EUR— — — — — 505 — — 
Others— — — — — 11 — — 
Equity Securities (a)$66,338 $66,338 $— $— $3,769 $3,769 $— $— 
U.S. Large Cap Equities— 37,537 — — — — — — 
U.S. Small Cap Equities— 7,918 — — — — — — 
International Equities— 20,883 — — — 3,769 — — 
Fixed Income (a)(b)$28,443 $28,443 $— $— $723 $723 $— $— 
Corporate debts securities$— $— $— $— $1,135 $1,135 $— $— 
Euro Corporate Bonds (a)— — — — — 1,135 — — 
Investment Funds$— $— $— $— $66,380 $21,952 $44,428 $— 
Mutual Funds in Equities (a)— — — — — 5,221 — — 
Mutual Funds in Bonds (a)— — — — — 15,901 — — 
Mutual Funds Diversified (a)(b)— — — — — 830 44,428 — 
Total Investments in Fair Value Hierarchy$96,041 $96,041 $— $— $72,523 $28,095 $44,428 $— 
Investments at Net Asset Value per Share66,110 — — — — — — — 
Total Investments$162,151 $96,041 $— $— $72,523 $28,095 $44,428 $— 
(a)Based on third party quotation from financial institution.
(b)Based on observable market transactions.
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years
As of December 31, 2023, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next 10 years:
Domestic PlansForeign Plans
2024$10,189 $3,738 
202510,891 3,516 
202611,191 4,184 
202711,212 6,726 
202812,178 5,295 
2029 - 203372,294 38,398