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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Costs of Retirement Plans | Net periodic pension benefit expense recorded in the Company's consolidated statement of operations for defined benefit pension plans include the following components (dollars in thousands):
|  | Pension Benefit |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |
Service cost |  | $ | 690 |  |  | $ | 1,280 |  |  | $ | 1,230 |  |  |  |  |  |  |
Interest cost |  | 890 |  |  | 800 |  |  | 930 |  |  |  |  |  |  |
Expected return on plan assets |  | (1,590) |  |  | (1,530) |  |  | (1,450) |  |  |  |  |  |  |
Settlements and curtailments |  | 150 |  |  | — |  |  | — |  |  |  |  |  |  |
Amortization of net loss |  | 570 |  |  | 910 |  |  | 890 |  |  |  |  |  |  |
Net periodic benefit expense |  | $ | 710 |  |  | $ | 1,460 |  |  | $ | 1,600 |  |  |  |  |  |  |
Schedule of Assumptions Used | Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:
|  | Pension Benefit |  |
|  | 2022 |  | 2021 |  | 2020 |  |  |  |  |  |
Discount rate for obligations |  | 5.24 | % |  | 3.06 | % |  | 2.79 | % |  |  |  |  |  |
Discount rate for benefit costs |  | 3.06 | % |  | 2.79 | % |  | 3.41 | % |  |  |  |  |  |
Rate of increase in compensation levels |  | N/A |  | N/A |  | N/A |  |  |  |  |  |
Expected long-term rate of return on plan assets |  | 6.13 | % |  | 6.13 | % |  | 6.13 | % |  |  |  |  |  |
The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates. Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows:
|  | Pension Benefit
|  | 2022 |  | 2021 |  | 2020
Discount rate for obligations |  | 4.90 | % |  | 2.10 | % |  | 1.50 | %
Discount rate for benefit costs |  | 2.10 | % |  | 1.50 | % |  | 2.10 | %
Rate of increase in compensation levels |  | 4.80 | % |  | 3.30 | % |  | 2.80 | %
Expected long-term rate of return on plan assets |  | 4.20 | % |  | 3.90 | % |  | 4.10 | %
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets | The following provides a reconciliation of the changes in the Company's defined benefit pension plans' projected benefit obligations and fair value of assets for each of the years ended December 31, 2022 and 2021 and the funded status as of December 31, 2022 and 2021 (dollars in thousands):
|  | Pension Benefit
|  | 2022 |  | 2021
Changes in Projected Benefit Obligations |  |  |  |
Benefit obligations at January 1 |  | $ | (37,560) |  |  | $ | (40,830) |
Service cost |  | (690) |  |  | (1,280) |
Interest cost |  | (890) |  |  | (800) |
Participant contributions |  | (10) |  |  | (50) |
Actuarial gain (a) |  | 10,260 |  |  | 3,290 |
Benefit payments |  | 1,310 |  |  | 1,840 |
Change in foreign currency |  | 2,020 |  |  | 270 |
Projected benefit obligations at December 31 |  | $ | (25,560) |  |  | $ | (37,560) |
Changes in Plan Assets |  |  |  |
Fair value of plan assets at January 1 |  | $ | 38,130 |  |  | $ | 36,060 |
Actual return on plan assets |  | (10,070) |  |  | 2,060 |
Employer contributions |  | 1,520 |  |  | 2,050 |
Participant contributions |  | 10 |  |  | 50 |
Benefit payments |  | (1,310) |  |  | (1,840) |
Change in foreign currency |  | (2,810) |  |  | (250) |
Fair value of plan assets at December 31 |  | $ | 25,470 |  |  | $ | 38,130 |
Funded status at December 31 |  | $ | (90) |  |  | $ | 570 |
__________________________ (a) The actuarial gain for the year ended December 31, 2022 was primarily due to an increase in the discount rate utilized in measuring the projected benefit obligations, partially offset by experience losses. The actuarial gain for the year ended December 31, 2021 was primarily due to an increase in the discount rate utilized in measuring the projected benefit obligations as well as other assumptions and experience gains.
Schedule of Amounts Recognized in Balance Sheet |
|  | Pension Benefit |  |
|  | 2022 |  | 2021 |  |  |  |
Amounts Recognized in Balance Sheet |  |  |  |  |  |  |  |
Other assets |  | $ | 4,860 |  |  | $ | 7,740 |  |  |  |  |
Current liabilities |  | (310) |  |  | (300) |  |  |  |  |
Noncurrent liabilities |  | (4,640) |  |  | (6,870) |  |  |  |  |
Net asset (liability) recognized at December 31 |  | $ | (90) |  |  | $ | 570 |  |  |  |  |
Schedule of Accumulated Other Comprehensive Income |
|  | Pension Benefit |  |
|  | 2022 |  | 2021 |  |  |  |
Amounts Recognized in Accumulated Other Comprehensive Loss |  |  |  |  |  |  |  |
Unrecognized prior service cost |  | $ | 160 |  |  | $ | 310 |  |  |  |  |
Unrecognized net loss |  | 7,370 |  |  | 6,550 |  |  |  |  |
Total accumulated other comprehensive loss recognized at December 31 |  | $ | 7,530 |  |  | $ | 6,860 |  |  |  |  |
Changes in AOCI by component for the year ended December 31, 2022 are summarized as follows, net of tax (dollars in thousands):
|  | Defined Benefit Plans |  | Derivative Instruments |  | Foreign Currency Translation |  | Total
Balance, December 31, 2021 |  | $ | (4,830) |  |  | $ | 5,910 |  |  | $ | (850) |  |  | $ | 230 |
Net unrealized gains (losses) arising during the period (a) |  | (1,070) |  |  | 9,410 |  |  | (17,710) |  |  | (9,370) |
Less: Net realized losses reclassified to net income (b) |  | (520) |  |  | — |  |  | — |  |  | (520) |
Net current-period other comprehensive income (loss) |  | (550) |  |  | 9,410 |  |  | (17,710) |  |  | (8,850) |
Balance, December 31, 2022 |  | $ | (5,380) |  |  | $ | 15,320 |  |  | $ | (18,560) |  |  | $ | (8,620) |
__________________________ (a) Defined benefit plans, net of income tax of $0.3 million. See Note 17, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $3.2 million. See Note 13, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.2 million. See Note 17, "Employee Benefit Plans," for additional details. Changes in AOCI by component for the year ended December 31, 2021 are summarized as follows, net of tax (dollars in thousands):
|  | Defined Benefit Plans |  | Derivative Instruments |  | Foreign Currency Translation |  | Total
Balance, December 31, 2020 |  | $ | (8,620) |  |  | $ | (3,580) |  |  | $ | 6,580 |  |  | $ | (5,620) |
Net unrealized gains (losses) arising during the period (a) |  | 3,150 |  |  | 9,490 |  |  | (7,430) |  |  | 5,210 |
Less: Net realized losses reclassified to net income (b) |  | (640) |  |  | — |  |  | — |  |  | (640) |
Net current-period other comprehensive income (loss) |  | 3,790 |  |  | 9,490 |  |  | (7,430) |  |  | 5,850 |
Balance, December 31, 2021 |  | $ | (4,830) |  |  | $ | 5,910 |  |  | $ | (850) |  |  | $ | 230 |
__________________________ (a) Defined benefit plans, net of income tax of $0.8 million. See Note 17, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $3.1 million. See Note 13, "Derivative Instruments," for further details. (b) Defined benefit plans, net of income tax of $0.2 million. See Note 17, "Employee Benefit Plans," for additional details.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets |
|  | Accumulated Benefit Obligations |  | Projected Benefit Obligations
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Benefit Obligations at December 31, |  |  |  |  |  |  |  |
Total benefit obligations |  | $ | (25,400) |  |  | $ | (35,970) |  |  | $ | (25,560) |  |  | $ | (37,560) |
Plans with benefit obligations exceeding plan assets |  |  |  |  |  |  |  |
Benefit obligations |  | $ | (13,000) |  |  | $ | (16,630) |  |  | $ | (13,170) |  |  | $ | (16,780) |
Plan assets |  | $ | 8,220 |  |  | $ | 9,610 |  |  | $ | 8,220 |  |  | $ | 9,610 |
Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense | A 25 basis point change in benefit obligation discount rates or 50 basis point change in expected return on plan assets would have the following effect (dollars in thousands):
|  | Pension Benefit |  |
|  | December 31, 2022 Benefit Obligation |  |  |  | 2022 Expense |  |
Discount rate |  |  |  |  |  |  |  |
25 basis point increase |  | $ | (810) |  |  |  |  | $ | (60) |  |  |
25 basis point decrease |  | $ | 860 |  |  |  |  | $ | 60 |  |  |
Expected return on assets |  |  |  |  |  |  |  |
50 basis point increase |  | N/A |  |  |  | $ | (160) |  |  |
50 basis point decrease |  | N/A |  |  |  | $ | 160 |  |  |
Schedule of Allocation of Plan Assets | The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2022 and 2021 and target allocations by class, were as follows:
|  | Domestic Pension |  | Foreign Pension
|  |  |  | Actual |  |  |  | Actual
|  | Target |  | 2022 |  | 2021 |  | Target |  | 2022 |  | 2021
Equity securities |  | 60 | % |  | 60 | % |  | 62 | % |  | 12 | % |  | 14 | % |  | 34 | %
Fixed income |  | 36 | % |  | 37 | % |  | 37 | % |  | 70 | % |  | 66 | % |  | 44 | %
Diversified growth(a) |  | — | % |  | — | % |  | — | % |  | 18 | % |  | 19 | % |  | 22 | %
Cash and other |  | 4 | % |  | 3 | % |  | 1 | % |  | — |  |  | 1 | % |  | — | %
Total |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
________________________________________ (a) Diversified growth funds invest in a broad range of asset classes including equities, investment grade and high yield bonds, commodities, property, private equity, infrastructure and currencies.
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | The following table summarizes the level under the fair value hierarchy (see Note 3, "Summary of Significant Accounting Policies") that the Company's pension plan assets are measured, on a recurring basis as of December 31, 2022 (dollars in thousands):
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Plan assets subject to leveling |  |  |  |  |  |  |  |
Investment funds |  |  |  |  |  |  |  |
Equity securities |  | $ | 4,870 |  |  | $ | 4,870 |  |  | $ | — |  |  | $ | — |
Fixed income |  | 3,030 |  |  | 3,030 |  |  | — |  |  | — |
Cash and cash equivalents |  | 160 |  |  | 160 |  |  | — |  |  | — |
Plan assets measured at net asset value(a) |  |  |  |  |  |  |  |
Investment funds |  |  |  |  |  |  |  |
Equity securities |  | 2,350 |  |  |  |  |  |  |
Fixed income |  | 11,410 |  |  |  |  |  |  |
Diversified growth |  | 3,330 |  |  |  |  |  |  |
Cash and cash equivalents |  | 320 |  |  |  |  |  |  |
Total |  | $ | 25,470 |  |  | $ | 8,060 |  |  | $ | — |  |  | $ | — |
________________________________________ (a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets.
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (dollars in thousands):
|  | Pension Benefit
2023 |  | $ | 1,220 |
2024 |  | 1,240 |
2025 |  | 1,310 |
2026 |  | 1,340 |
2027 |  | 1,420 |
Years 2028-2032 |  | 8,410 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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