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Pension and other postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Net Benefit Cost of Pension and Postretirement Benefit Plans
The following table provides information regarding the components of the net benefit (income) expense of the pension and postretirement benefit plans for the years ended December 31, 2023, 2022 and 2021:
PensionOther Benefits
202320222021202320222021
Service cost$1,435 $1,346 $1,467 $— $— $— 
Interest cost17,297 10,776 9,272 824 477 418 
Expected return on plan assets(25,277)(25,776)(30,726)— — — 
Net amortization and deferral8,536 7,900 8,589 (1,564)(1,258)(1,058)
Settlements45,244 — — — — — 
Net benefit expense (income)
$47,235 $(5,754)$(11,398)$(740)$(781)$(640)
Weighted Average Assumptions used in Determining Net Periodic Benefit Cost
The following table provides the weighted average assumptions for U.S. and foreign plans used in determining net benefit cost:
PensionOther Benefits
202320222021202320222021
Discount rate5.1 %2.8 %2.5 %5.1 %2.7 %2.3 %
Rate of return7.3 %5.6 %6.7 %
Initial healthcare trend rate6.1 %6.4 %6.8 %
Ultimate healthcare trend rate4.5 %4.5 %4.5 %
The following table provides the weighted average assumptions for U.S. and foreign plans used in determining benefit obligations:
PensionOther Benefits
2023202220232022
Discount rate4.7 %5.1 %5.0 %5.1 %
Rate of compensation increase3.0 %3.0 %
Initial healthcare trend rate6.6 %5.9 %
Ultimate healthcare trend rate4.5 %4.5 %
Pension and Postretirement Benefit Plans
The following table provides summarized information with respect to the pension and postretirement benefit plans, measured as of December 31, 2023 and 2022:
PensionOther Benefits
2023202220232022
Benefit obligation, beginning of year$356,757 $474,674 $18,620 $26,804 
Service cost1,435 1,346 — — 
Interest cost17,297 10,776 824 477 
Actuarial loss (gain)
11,557 (104,558)(508)(6,223)
Currency translation1,067 (3,030)— — 
Benefits paid(21,208)(21,472)(1,910)(2,491)
Liability gain due to settlement(15,272)— — — 
Medicare Part D reimbursement— — (3)53 
Plan amendments— — (7,488)— 
Settlements(73,932)— — — 
Administrative costs(2,304)(979)— — 
Projected benefit obligation, end of year275,397 356,757 9,535 18,620 
Fair value of plan assets, beginning of year357,270 469,793 
Actual return on plan assets23,740 (89,506)
Contributions1,276 1,464 
Benefits paid(95,139)(21,472)
Administrative costs(2,304)(979)
Currency translation670 (2,030)
Fair value of plan assets, end of year285,513 357,270 
Funded status, end of year$10,116 $513 $(9,535)$(18,620)
Amounts Recognized in the Consolidated Balance Sheet
The following table sets forth the amounts recognized in the consolidated balance sheet with respect to the pension and postretirement plans:
PensionOther Benefits
2023202220232022
Other assets$27,370 $16,870 $— $— 
Payroll and benefit-related liabilities(1,439)(1,408)(1,361)(2,175)
Pension and postretirement benefit liabilities(15,815)(14,949)(8,174)(16,445)
Accumulated other comprehensive loss (gain)164,139 219,555 (14,244)(7,812)
$174,255 $220,068 $(23,779)$(26,432)
Amounts Recognized in Accumulated Other Comprehensive (Income) Loss
The following tables set forth the amounts recognized in accumulated other comprehensive income with respect to the plans:
Pension
Prior Service
Cost
Net Loss or (Gain)
Deferred
Taxes
Accumulated Other Comprehensive
Loss, Net of Tax
Balance at December 31, 2021$200 $217,939 $(77,273)$140,866 
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral— (7,900)1,832 (6,068)
Amounts arising during the period:
Actuarial changes in benefit obligation— 10,724 (2,271)8,453 
Impact of currency translation— (1,408)365 (1,043)
Balance at December 31, 2022200 219,355 (77,347)142,208 
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral(9)(8,527)1,961 (6,575)
Amounts arising during the period:
Actuarial changes in benefit obligation— (47,453)10,805 (36,648)
Impact of currency translation— 573 (139)434 
Balance at December 31, 2023$191 $163,948 $(64,720)$99,419 
 
Other Benefits
Prior Service
Cost
Net (Gain) or
Loss
Deferred
Taxes
Accumulated Other Comprehensive
Loss, Net of Tax
Balance at December 31, 2021$(3,652)$805 $271 $(2,576)
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral1,017 241 (287)971 
Amounts arising during the period:
Actuarial changes in benefit obligation— (6,223)1,419 (4,804)
Balance at December 31, 2022(2,635)(5,177)1,403 (6,409)
Reclassification adjustments related to components of Net Periodic Benefit Cost recognized during the period:
Net amortization and deferral1,017 547 (359)1,205 
Amounts arising during the period:
Actuarial changes in benefit obligation— (7,996)1,830 (6,166)
Balance at December 31, 2023$(1,618)$(12,626)$2,874 $(11,370)
Fair Values of Pension Plan Assets
The following table provides the fair values of the pension plan assets at December 31, 2023 by asset category:
Fair Value Measurements
Asset Category (a)Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash$909 $909 $— $— 
Money market funds4,424 4,424 — — 
Fixed income securities:
Intermediate duration fund (e)193,674 193,674 — — 
Long duration bond fund (f)1,357 1,357 — — 
Corporate, government and foreign bonds72,037 — 72,037 — 
Absolute return credit fund (i)317 — 317 — 
Other types of investments:
Contract with insurance company (k)12,795 — — 12,795 
Total investments at fair value$285,513 $200,364 $72,354 $12,795 
Total$285,513 
The following table provides the fair values of the pension plan assets at December 31, 2022 by asset category:
 Fair Value Measurements
Asset Category (a)Total
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
Significant
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash$769 $769 $— $— 
Money market funds13 13 — — 
Equity securities:
Managed volatility (b)46,721 46,721 — — 
U.S. small/mid-cap equity (c)6,054 6,054 — — 
World equity (excluding U.S.) (d)28,159 28,159 — — 
Fixed income securities:
Intermediate duration fund (e)105,865 105,865 — — 
Long duration bond fund (f)87,018 87,018 — — 
Corporate bond fund (g)6,092 6,092 — — 
Emerging markets debt fund (h)6,284 6,284 — — 
Corporate, government and foreign bonds58,572 — 58,572 — 
Absolute return credit fund (i)427 — 427 — 
Asset backed – home loans153 — 153 — 
Other types of investments:
Structured credit (j)
29 29 — 
Contract with insurance company (k)11,114 — — 11,114 
Total investments at fair value$357,270 $287,004 $59,152 $11,114 
Total$357,270 
(a)Information on asset categories described in notes (b)-(l) is derived from prospectuses and other material provided by the respective funds comprising the respective asset categories.
(b)This category comprises mutual funds that invest in securities of U.S. and non-U.S. companies of all capitalization ranges that exhibit relatively low volatility.
(c)This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of small and mid-sized companies. The fund invests in common stocks or exchange traded funds holding common stock of U.S. companies with market capitalizations in the range of companies in the Russell 2500 Index.
(d)This category comprises a mutual fund that invests at least 80% of its net assets in equity securities of foreign companies. These securities may include common stocks, preferred stocks, warrants, exchange traded funds based on an international equity index, derivative instruments whose value is based on an international equity index and derivative instruments whose value is based on an underlying equity security or a basket of equity securities. The fund invests in securities of foreign issuers located in developed and emerging market countries. However, the fund will not invest more than 35% of its assets in the common stocks or other equity securities of issuers located in emerging market countries.
(e)This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including U.S. and foreign corporate obligations, fixed income securities issued by sovereigns or agencies in both developed and emerging foreign markets, debt obligations issued by governments or other municipalities, and securities issued or guaranteed by the U.S. Government and its agencies. The fund will seek to maintain an effective average duration between three and ten years, and uses derivative instruments, including interest rate swap agreements and credit default swaps, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities.
(f)This category comprises a mutual fund that invests in instruments or derivatives having economic characteristics similar to fixed income securities. The fund invests in investment grade fixed income instruments, including securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities, corporate bonds, asset-backed securities, exchange traded funds, mortgage-backed securities and collateralized mortgage-backed securities. The fund invests primarily in long duration government and corporate fixed income securities, and uses derivative instruments, including interest rate swap agreements and Treasury futures contracts, for the purpose of managing the overall duration and yield curve exposure of the Fund’s portfolio of fixed income securities.
(g)This category comprises funds that invest primarily in higher-yielding fixed income securities, including corporate bonds and debentures, convertible and preferred securities and zero coupon obligations.
(h)This category comprises a mutual fund that invests at least 80% of its net assets in fixed income securities of emerging market issuers, primarily in U.S. dollar-denominated debt of foreign governments, government-related and corporate issuers in emerging market countries and entities organized to restructure the debt of those issuers.
(i)This category comprises a mutual fund that invests primarily in investment grade bonds and similar fixed income and floating rate securities.
(j)This category comprises a fund that invests primarily in collateralized debt obligations and other structured credit vehicles and may include fixed income securities, loan participations, credit-linked notes, medium-term notes, pooled investment vehicles and derivative instruments.
(k)This category comprises the asset established out of an agreement to purchase a bulk-annuity policy from an insurer to fully cover the liabilities for members of the pension plan. The asset value is based on the fair value of the contract as determined by the insurance company using inputs that are not observable.
Expected Benefit Payments
The following table provides information about the expected benefit payments under its U.S. and foreign plans for each of the five succeeding years and the aggregate of the five years thereafter:
PensionOther Benefits
2024$23,044 $1,360 
202521,870 1,346 
202621,751 990 
202721,346 728 
202821,066 673 
Years 2029 — 203399,009 2,761