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Employee Benefit Plans (Notes)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Pension and Profit-Sharing Benefits
The Company provides a defined contribution profit sharing plan for the benefit of substantially all the Company's domestic salaried and non-union hourly employees. The plan contains both contributory and noncontributory profit sharing arrangements, as defined. Aggregate charges included in the accompanying consolidated statement of income under this plan were $5.1 million, $4.6 million and $3.7 million in 2024, 2023 and 2022, respectively. Certain of the Company's non-U.S. and union hourly employees participate in defined benefit pension plans.
Plan Assets, Expenses and Obligations
During the fourth quarter 2024, the Company entered into a buy-in contract with a third party insurer for the Company’s United Kingdom defined benefit obligations. The buy-in insurance contract covers substantially all future benefit plan payments for the U.K plan. The primary benefit obligation remains with the Company and the insurance contract remains an asset of the U.K. pension plan. The insurance contract is classified as a Level 3 investment and is valued on an insurer pricing basis based on the purchase price adjusted for changes in discount rates and other actuarial assumptions, which approximates fair value. The buy-in arrangement is a precursor to a possible future conversion into a buy-out arrangement where the insurance company would assume full responsibility for the U.K. pension plan pension obligations, at which time the Company would derecognize the assets and liabilities of the pension plan and realize a settlement charge as a component of the net periodic pension cost.
Net periodic pension benefit expense recorded in the Company's consolidated statement of income for defined benefit pension plans include the following components (dollars in thousands):
 Pension Benefit
 202420232022
Service cost$510 $490 $690 
Interest cost1,300 1,290 890 
Expected return on plan assets(2,040)(2,140)(1,590)
Settlements and curtailments— 1,020 150 
Amortization of net loss190 120 570 
Net periodic benefit expense (income) (a)
$(40)$780 $710 
__________________________
(a) The net periodic benefit expense for the U.S. defined benefit pension plans was $0.5 million, $0.5 million and $0.9 million for 2024, 2023 and 2022, respectively. The net periodic benefit expense (income) for the non-U.S. defined benefit pension plans was $(0.5) million, $0.3 million and $(0.2) million for 2024, 2023 and 2022, respectively.
The service cost component of net periodic benefit expense is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.
During 2023, the Company recognized a one-time, pre-tax settlement charge of $1.0 million related to the purchase of an annuity contract to transfer the Company's Canadian defined benefit obligations to an insurance company.
During 2022, the Company recorded a non-cash curtailment expense of $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan.
Actuarial valuations of the Company's defined benefit pension plans were prepared as of December 31, 2024, 2023 and 2022. Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:
 Pension Benefit
 202420232022
Discount rate for obligations5.73 %5.05 %5.24 %
Discount rate for benefit costs5.05 %5.24 %3.06 %
Rate of increase in compensation levelsN/AN/AN/A
Expected long-term rate of return on plan assets6.13 %6.13 %6.13 %
The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates.
Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows:
 Pension Benefit
 202420232022
Discount rate for obligations3.90 %4.70 %4.90 %
Discount rate for benefit costs4.70 %4.90 %2.10 %
Rate of increase in compensation levels5.50 %5.50 %4.80 %
Expected long-term rate of return on plan assets5.80 %6.60 %4.20 %
The following provides a reconciliation of the changes in the Company's defined benefit pension plans' projected benefit obligations and fair value of assets for each of the years ended December 31, 2024 and 2023 and the funded status as of December 31, 2024 and 2023 (dollars in thousands):
Pension Benefit
20242023
Changes in Projected Benefit Obligations 
Benefit obligations at January 1$(27,470)$(25,560)
Service cost(510)(490)
Interest cost(1,300)(1,290)
Actuarial (loss) gain (a)
(270)(780)
Benefit payments1,690 1,300 
Settlements— 90 
Change in foreign currency390 (740)
Projected benefit obligations at December 31 (b)
$(27,470)$(27,470)
Changes in Plan Assets
Fair value of plan assets at January 1$27,800 $25,470 
Actual return on plan assets(1,050)1,540 
Employer contributions1,340 1,260 
Benefit payments(1,690)(1,300)
Settlements— (90)
Change in foreign currency(270)920 
Fair value of plan assets at December 31 (c)
$26,130 $27,800 
Funded status at December 31$(1,340)$330 
__________________________
(a) The actuarial loss for the year ended December 31, 2024 was driven by a loss due to changes in financial assumptions and experience loss in the Non-U.S more than offsetting gains from an increase in the discount rate and demographic experience in the U.S. The actuarial loss for the year ended December 31, 2023 was primarily due to changes in demographic assumptions as well as a decrease in the discount rate utilized in measuring the projected benefit obligations, partially offset by experience gains.
(b) U.S. projected benefit obligations were $12.5 million and $13.2 million at December 31, 2024 and 2023, respectively. Non-U.S. projected benefit obligations were $15.0 million and $14.3 million at December 31, 2024 and 2023, respectively.
(c) The fair value of U.S. plan assets was $10.5 million and $9.5 million at December 31, 2024 and 2023, respectively. The fair value of non-U.S. plan assets was $15.6 million and $18.3 million at December 31, 2024 and 2023, respectively.
Pension Benefit
20242023
Amounts Recognized in Balance Sheet
Other assets$1,290 $4,680 
Current liabilities(250)(310)
Noncurrent liabilities(2,380)(4,040)
Net asset (liability) recognized at December 31$(1,340)$330 
Pension Benefit
20242023
Amounts Recognized in Accumulated Other Comprehensive Loss
Unrecognized prior service cost$10 $20 
Unrecognized net loss10,860 7,740 
Total accumulated other comprehensive loss recognized at December 31$10,870 $7,760 
 Accumulated Benefit ObligationsProjected Benefit Obligations
 2024202320242023
Benefit Obligations at December 31,
Total benefit obligations$(27,270)$(27,260)$(27,470)$(27,470)
Plans with benefit obligations exceeding plan assets    
Benefit obligations$(12,910)$(13,590)$(13,110)$(13,800)
Plan assets$10,490 $9,450 $10,490 $9,450 
The assumptions regarding discount rates and expected return on plan assets can have a significant impact on amounts reported for benefit plans. A 25 basis point change in benefit obligation discount rates or 50 basis point change in expected return on plan assets would have the following effect (dollars in thousands):
 Pension Benefit
 December 31, 2024
Benefit Obligation		2024 Expense
Discount rate  
25 basis point increase$(730)$(30)
25 basis point decrease$730 $50 
Expected return on assets
50 basis point increaseN/A$(70)
50 basis point decreaseN/A$70 
The Company expects to make contributions of $1.2 million to fund its pension plans during 2025.
Plan Assets
The Company's overall investment goal is to provide for capital growth with a moderate level of volatility by investing assets in targeted allocation ranges. Specific long term investment goals include total investment return, diversity to reduce volatility and risk, and to achieve an asset allocation profile that reflects the general nature and sensitivity of the plans' liabilities. Investment goals are established after a comprehensive review of current and projected financial statement requirements, plan assets and liability structure, market returns and risks as well as special requirements of the plans. The Company reviews investment goals and actual results annually to determine whether stated objectives are still relevant and the continued feasibility of achieving the objectives.
The actual weighted average asset allocation of the Company's domestic and foreign pension plans' assets at December 31, 2024 and 2023 and target allocations by class, were as follows:
 Domestic PensionForeign Pension
 ActualActual
 Target20242023Target20242023
Equity securities47 %48 %60 %— %— %— %
Fixed income50 %48 %38 %— %— %99 %
Insurance contracts— %— %— %90 %91 %— %
Cash and other3 %4 %2 %10 %9 %1 %
Total100 %100 %100 %100 %100 %100 %
Actual allocations to each asset vary from target allocations due to periodic investment strategy changes, market value fluctuations and the timing of benefit payments and contributions. The expected long-term rate of return for both the domestic and foreign plans' total assets is based on the expected return of each of the above categories, weighted based on the target allocation for each class. Actual allocation is reviewed regularly and investments are rebalanced to their targeted allocation range when deemed appropriate.
In managing the plan assets, the Company reviews and manages risk associated with the funded status risk, interest rate risk, market risk, liquidity risk and operational risk. Investment policies reflect the unique circumstances of the respective plans and include requirements designed to mitigate these risks by including quality and diversification standards.
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, 2024 and 2023 (dollars in thousands):
As of December 31, 2024
 TotalLevel 1Level 2Level 3
Plan assets subject to leveling    
Investment funds
Equity securities$5,020 $5,020 $— $— 
Cash and cash equivalents1,870 1,870 — — 
Insurance contracts14,240 — — 14,240 
Plan assets measured at net asset value(a)
Common/collective trusts
Fixed income5,000 
Total$26,130 $6,890 $— $14,240 
As of December 31, 2023
TotalLevel 1Level 2Level 3
Plan assets subject to leveling
Investment funds
Equity securities$5,720 $5,720 $— $— 
Cash and cash equivalents200 200 — — 
Plan assets measured at net asset value(a)
Investment funds
Fixed income21,710 
Cash and cash equivalents170 
Total$27,800 $5,920 $— $— 
________________________________________
(a) Certain investments that are measured at fair value using the net asset value per share as a practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amount presented in the fair value of plan assets.
The following table provides a reconciliation of changes in Level 3 plan assets for the period ended December 31, 2024 (dollars in thousands):
Level 3 Assets
2024
Balance at beginning of period$— 
Gain (loss)(430)
Purchases14,670 
Balance at end of period$14,240 
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid during the following years (dollars in thousands):
Year ended December 31,Pension
Benefit
2025$1,380 
20261,410 
20271,480 
20281,590 
20291,630 
Years 2030-20349,390