v3.25.0.1
RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2024
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
2024202320242023
Change in benefit obligation:
Benefit obligation at beginning of year$186,013 $163,872 $104,757 $93,999 
Service cost9,462 9,638 6,492 5,915 
Interest cost8,968 8,631 3,488 3,642 
Plan Amendment— — (17)— 
Curtailment/Settlement— — (1,385)(606)
Prior service cost— — — (1,134)
Actuarial (gain) loss
(18,156)13,989 1,370 6,906 
Benefits paid(11,093)(10,117)(3,776)(6,788)
Foreign currency translation adjustment (loss) gain
— — (6,733)2,823 
Benefit obligation at end of year$175,194 $186,013 $104,196 $104,757 
Domestic PlansForeign Plans
2024202320242023
Change in plan assets:
Fair value of plan assets at beginning of year$173,735 $162,151 $72,434 $72,523 
Actual return on plan assets17,624 21,207 3,605 3,978 
Employer contribution495 494 3,580 477 
Benefits paid(11,093)(10,117)(3,776)(6,788)
Foreign currency translation adjustment— — (4,593)2,244 
Fair value of plan assets at end of year$180,761 $173,735 $71,250 $72,434 
Funded status at end of year$5,567 $(12,278)$(32,946)$(32,323)
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, 2024 and 2023.
Domestic PlansForeign Plans
2024202320242023
Non-current assets$19,739 $2,528 $3,648 $1,664 
Current liabilities(546)(530)(46)(32)
Non-current liabilities(13,626)(14,276)(36,548)(33,955)
$5,567 $(12,278)$(32,946)$(32,323)
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, 2024 and 2023.
Domestic PlansForeign Plans
2024202320242023
Net actuarial (gain) loss
$(21,495)$1,823 $16,201 $15,661 
Net prior service cost— — (531)(162)
Tax effects6,713 1,029 (6,413)(6,463)
$(14,782)$2,852 $9,257 $9,036 
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 2024, 2023 and 2022 are as follows:
Domestic Plans
202420232022
Current year actuarial gain (loss)
$23,318 $(5,161)$54,295 
Amortization of net loss— — 6,670 
$23,318 $(5,161)$60,965 
Foreign Plans
202420232022
Current year actuarial (loss) gain
$(47)$(5,315)$19,181 
Current year prior service cost20 1,135 (818)
Transfer actuarial gain (loss)
(694)124 17 
Amortization of net loss201 914 1,688 
Amortization of prior service cost349 177 177 
$(171)$(2,966)$20,245 
Components of net periodic benefit cost
Components of net periodic benefit cost:
Domestic Plans
202420232022
Service cost$9,462 $9,638 $15,784 
Interest cost8,968 8,631 6,970 
Expected return on plan assets(12,463)(12,378)(12,912)
Amortization of net loss— — 6,670 
Net periodic benefit cost$5,967 $5,891 $16,512 
Foreign Plans
202420232022
Service cost$6,492 $5,915 $7,547 
Interest cost3,488 3,642 1,388 
Expected return on plan assets(2,243)(2,340)(2,728)
Amortization of net loss201 914 1,688 
Amortization of prior service cost349 177 177 
Net periodic benefit cost$8,287 $8,308 $8,072 
Curtailment(2,205)(1)(24)
Total Net periodic benefit cost$6,082 $8,307 $8,048 
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, 2024 and 2023.
Domestic PlansForeign Plans
2024202320242023
Projected benefit obligation$14,172 $14,806 $77,645 $56,881 
Accumulated benefit obligation12,412 12,156 54,460 40,312 
Fair value of plan assets— — 41,238 29,372 
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, 2024 and 2023.
Domestic PlansForeign Plans
2024202320242023
Projected benefit obligation$14,172 $14,806 $81,273 $81,534 
Accumulated benefit obligation12,412 12,156 57,494 56,969 
Fair value of plan assets— — 44,676 47,544 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Assumptions:
Domestic PlansForeign Plans
202420232022202420232022
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.60 %4.95 %5.15 %3.33 %3.20 %3.69 %
Rate of compensation increase3.24 %3.24 %3.20 %3.21 %3.20 %3.21 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate4.95 %5.15 %2.75 %3.32 %3.69 %1.20 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %3.22 %3.23 %3.53 %
Rate of compensation increase3.24 %3.20 %3.17 %3.21 %3.20 %3.20 %
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, 2024 and 2023 by asset category are as follows:
Plan Assets:
Domestic Plans Assets at December 31,Foreign Plans Assets at December 31,
2024202320242023
Equity securities50 %48 %3 %3 %
Fixed income securities25 %27 %1 %1 %
Corporate debt securities— — 2 %1 %
Infrastructure8 %8 %— — 
Hedge funds11 %11 %— — 
Money market2 %1 %— %1 %
Investment Funds— — 94 %94 %
Real estate4 %5 %— — 
Total100 %100 %100 %100 %
Summary of fair value of pension plan assets
Domestic Fair Value Measurement at December 31, 2024Foreign Fair Value Measurement at December 31, 2024
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$3,054 $3,054 $— $— $275 $275 $— $— 
USD— 3,054 — — — — — — 
EUR— — — — — 269 — — 
Others— — — — — 6 — — 
Equity Securities (a)$78,234 $78,234 $— $— $1,873 $1,873 $— $— 
U.S. Large Cap Equities— 45,294 — — — — — — 
U.S. Small Cap Equities— 10,363 — — — — — — 
International Equities— 22,577 — — — 1,873 — — 
Fixed Income (a)(b)$28,526 $28,526 $— $— $562 $562 $— $— 
Corporate debts securities$— $— $— $— $1,213 $1,213 $— $— 
Euro Corporate Bonds (a)— — — — — 1,213 — — 
Investment Funds$— $— $— $— $67,327 $24,377 $42,950 $— 
Mutual Funds in Equities (a)— — — — — 5,781 — — 
Mutual Funds in Bonds (a)— — — — — 14,634 — — 
Mutual Funds Diversified (a)(b)— — — — — 3,962 42,950 — 
Total Investments in Fair Value Hierarchy$109,814 $109,814 $— $— $71,250 $28,300 $42,950 $— 
Investments at Net Asset Value per Share70,947 — — — — — — — 
Total Investments$180,761 $109,814 $— $— $71,250 $28,300 $42,950 $— 
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 $— 
(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, 2024, 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
2025$10,191 $5,557 
202610,932 3,027 
202710,764 4,305 
202811,915 4,874 
202913,139 6,066 
2030 - 203472,913 39,041