v3.25.1
Pensions and Other Postretirement Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Pensions and Other Postretirement Benefit Plans Pensions and Other Postretirement Benefit Plans
The Company has defined benefit pension plans covering certain U.S. and non-U.S. employees. The Company also provides certain postretirement benefits to retired employees in the U.S. and Canada. The Company accrues the cost of providing these benefits during the active service period of the employees.
The composition of the net periodic benefit cost/(income) for the three months ended March 31, 2025 and 2024, was as follows:
Pension plans
Other postretirement benefits
(in thousands)
2025202420252024
Components of net periodic benefit cost/(income):
Service cost
$371 $497 $10 $12 
Interest cost1,450 1,532 353 354 
Expected return on assets
(1,232)(1,358)— — 
Curtailment cost/(income)
(3,770)— — — 
Settlement cost/(income)
2,170 — — — 
Amortization of prior service cost/(income)(6)(7)(31)(31)
Amortization of net actuarial loss
295 187 (8)(9)
Net periodic benefit cost/(credit)
$(722)$851 $324 $326 
The amount of net benefit cost/(credit) is determined at the beginning of each year and generally only varies from quarter to quarter when a significant event occurs, such as a curtailment or a settlement. In the first three months of 2025, we took action to settle certain pension plan liabilities related to an MC pension plan in Switzerland. This resulted in a net gain totaling $1.6 million related to curtailments and settlements.There were no material curtailments or settlements during the first three months of 2024.
Service cost for defined benefit pension and postretirement plans are reported in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. Other components of net periodic benefit cost are included in the line item Other (income)/expense, net in the Consolidated Statements of Income.