Pension and Other Postretirement Benefits

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Pension and Other Postretirement Benefits

Pension and other postretirement benefits (income) cost consisted of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
Pensions	2023		2022		2023		2022
Service cost	$	577	$	1,328	$	1,350	$	2,883
Interest cost	4,801		3,434		9,696		6,868
Expected return on plan assets	(7,449)		(7,257)		(14,983)		(14,538)
Amortization of prior service cost	83		99		170		207
Amortization of actuarial losses	420		3,518		838		6,657
Curtailment gain	(668)		—		(668)		—
Settlement gain	(731)		—		(731)		—
Special termination benefits	—		—		—		136
Net periodic benefit (income) cost	$	(2,967)	$	1,122	$	(4,328)	$	2,213

	Three Months Ended June 30,				Six Months Ended June 30,
Other Postretirement Benefits	2023		2022		2023		2022
Service cost	$	6	$	15	$	19	$	39
Interest cost	274		203		560		409
Amortization of prior service cost	2		9		5		18
Amortization of actuarial (gains) losses	(47)		(1)		(73)		(1)
Net periodic benefit cost	$	235	$	226	$	511	$	465

The service cost component of net periodic benefit cost is included within Cost of sales and Selling and administrative expenses. The components of net periodic benefit (income) cost other than the service cost component are included in Other income (expense) on the Condensed Consolidated Statements of Income (Loss). See Note 13.

In July 2022, the Company authorized restructuring actions, which resulted in pension curtailment and settlement gains of $668 and $476, respectively, during the three months ended June 30, 2023. See Note 16.

In February 2023, the Company elected to freeze the benefits associated with one of its U.S-based defined benefit pension plans. The action was approved in February and future benefits are scheduled to cease effective December 31, 2023. Pursuant to the applicable accounting guidance, the Company performed an interim remeasurement of its pension plan assets and obligations and recognized a curtailment gain as of January 31, 2023, represented by a $11,324 of non-cash after-tax increase in stockholders equity (through other non-owner changes to equity). This increase in stockholders equity resulted from favorable variances between expected and actual returns on pension plan assets and the net incremental change in the benefit obligation as a result of the elimination of future benefit accruals, partially offset by the impacts of changes in actuarial assumptions, primarily a decrease in discount rates.