Pension and Other Postretirement Benefits

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
Pensions	2023		2022		2023		2022
Service cost	$	622	$	1,462	$	1,972	$	4,345
Interest cost	4,796		3,643		14,492		10,511
Expected return on plan assets	(7,453)		(7,264)		(22,436)		(21,801)
Amortization of prior service cost	88		97		258		304
Amortization of actuarial losses	402		3,098		1,240		9,755
Curtailment loss (gain)	—		1,158		(668)		1,158
Settlement gain	—		—		(731)		—
Special termination benefits	—		259		—		395
Net periodic benefit (income) cost	$	(1,545)	$	2,453	$	(5,873)	$	4,667

	Three Months Ended September 30,				Nine Months Ended September 30,
Other Postretirement Benefits	2023		2022		2023		2022
Service cost	$	10	$	19	$	29	$	58
Interest cost	282		197		842		606
Amortization of prior service cost	3		9		8		27
Amortization of actuarial gains	(37)		(1)		(110)		(2)
Net periodic benefit cost	$	258	$	224	$	769	$	689

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 expense (income), net on the Condensed Consolidated Statements of (Loss) Income. See Note 14.

In July 2022, the Company authorized restructuring actions, which resulted in pension curtailment and settlement gains of $668 and $476, respectively, during the nine months ended September 30, 2023. See Note 17.

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.