The December 31 balances of these defined benefit pension plans assets and obligations are shown below:


	2023						2022
	United States			Foreign			United States			Foreign
	(in thousands)
Assets and Obligations
Change in benefit obligation:
Projected benefit obligation:
Beginning of year	$	143,814		$	29,935		$	192,472		$	45,774
Service cost		1,063			446			1,588			784
Interest cost		6,888			1,057			4,886			482
Actuarial loss (gain)		3,229			2,738			(45,932	)		(13,181	)
Benefits paid		(10,807	)		(947	)		(9,200	)		(863	)
Liability (gain) loss due to settlement		—			(254	)		—			—
Non-U.S. currency movement		—			1,009			—			(3,061	)
End of year		144,187			33,984			143,814			29,935
Change in plan assets:
Fair value of plan assets:
Beginning of year		111,760			2,087			149,578			2,017
Actual return on plan assets		8,613			43			(31,835	)		153
Company contributions		3,051			1,028			3,217			949
Benefits paid		(10,807	)		(947	)		(9,200	)		(863	)
Settlements gain		—			(254	)		—			—
Non-U.S. currency movement		—			(28	)		—			(169	)
End of year		112,617			1,929			111,760			2,087
Funded status	$	(31,570	)	$	(32,055	)	$	(32,054	)	$	(27,848	)

Information for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31:


	2023				2022
	United States		Foreign		United States		Foreign
	(in millions)
Projected benefit obligation	$	43.1	$	34.0	$	43.8	$	29.9
Accumulated benefit obligation		42.6		32.5		42.3		28.6
Fair value of plan assets		—		1.9		—		2.1

Weighted Average Assumptions to Determine Net Periodic Pension Cost at January 1:


	2023						2022						2021
	United States			Foreign			United States			Foreign			United States			Foreign
Discount rate		3.5	%		3.5	%		2.5	%		1.1	%		2.2	%		0.7	%
Expected return on plan assets		4.8			1.8			2.0			4.0			2.4			3.5
Salary progression rate		2.4			2.1			2.4			2.2			2.4			2.3

Weighted Average Assumptions to Determine Pension Obligations at December 31:

The target asset allocation and the index for each asset category for the U.S. Plan, per the investment policy, are as follows:


Asset Category:	Policy Index:	Target Allocation
U.S. corporate fixed income	Bloomberg U.S. Corporate A or Better Index, 20+ Year Index		43	%
U.S. corporate fixed income	Bloomberg U.S. Corporate A or Better Index, 5- 20 Year Index		32
U.S. government fixed income	Bloomberg U.S. 3 - 10 year Treasury Bond Index		14
Global equity	MSCI World Index		5
High yield fixed income	ICE BofA BB-B U.S. High Yield Constrained Index		5
Cash	ICE BofA 3-Month Treasury Bill Index		1

Future benefit payments are expected to be paid as follows:

The following table provides amounts recorded within the account line items of financial position as of December 31:


	2023			2022
	(in thousands)
Accrued employees’ compensation and withholdings	$	(1,508	)	$	(853	)
Retirement plans liabilities		(5,425	)		(4,492	)
Funded status	$	(6,933	)	$	(5,345	)

For the years ended December 31, 2023, 2022, and 2021, Teradyne’s net periodic postretirement benefit cost (income) was comprised of the following:


	2023			2022			2021
	(in thousands)
Components of Net Periodic Postretirement Benefit Cost (income):
Service cost	$	34		$	64		$	64
Interest cost		299			177			170
Amortization of prior service credit		(9	)		(9	)		(9	)
Net actuarial loss (gain)		155			(1,155	)		(433	)
Special termination benefits		2,513			—			—
Total net periodic postretirement benefit cost (income)		2,992			(923	)		(208	)
Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income:
Reversal of amortization items:
Prior service credit		9			9			9
Total recognized in other comprehensive income		9			9			9
Total recognized in net periodic postretirement cost (income) and other comprehensive income	$	3,001		$	(914	)	$	(199	)

Future benefit payments are expected to be paid as follows: