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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Costs of Retirement Plans

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
						2024						2023						2022
Service cost						$	510					$	490					$	690
Interest cost						1,300						1,290						890
Expected return on plan assets						(2,040)						(2,140)						(1,590)
Settlements and curtailments						—						1,020						150
Amortization of net loss						190						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.

Schedule of Assumptions Used

Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:

						Pension Benefit
						2024						2023						2022
Discount rate for obligations						5.73		%				5.05		%				5.24		%
Discount rate for benefit costs						5.05		%				5.24		%				3.06		%
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
						2024						2023						2022
Discount rate for obligations						3.90		%				4.70		%				4.90		%
Discount rate for benefit costs						4.70		%				4.90		%				2.10		%
Rate of increase in compensation levels						5.50		%				5.50		%				4.80		%
Expected long-term rate of return on plan assets						5.80		%				6.60		%				4.20		%

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, 2024 and 2023 and the funded status as of December 31, 2024 and 2023 (dollars in thousands):

						Pension Benefit
						2024						2023
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 payments						1,690						1,300
Settlements						—						90
Change in foreign currency						390						(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 contributions						1,340						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.

Schedule of Amounts Recognized in Balance Sheet

						Pension Benefit
						2024						2023
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

Schedule of Accumulated Other Comprehensive Income

						Pension Benefit
						2024						2023
Amounts Recognized in Accumulated Other Comprehensive Loss
Unrecognized prior service cost						$	10					$	20
Unrecognized net loss						10,860						7,740
Total accumulated other comprehensive loss recognized at December 31						$	10,870					$	7,760

Changes in AOCI by component for the year ended December 31, 2024 are summarized as follows, net of tax (dollars in thousands):

						Defined Benefit Plans						Derivative Instruments						Foreign Currency Translation						Total
Balance, December 31, 2023						$	(5,730)					$	13,260					$	(6,880)					$	650
Net unrealized gains (losses) arising during the period (a)						(2,370)						3,040						(19,960)						(19,290)
Less: Net realized losses reclassified to net income						(90)						—						—						(90)
Net current-period other comprehensive income (loss)						(2,280)						3,040						(19,960)						(19,200)
Balance, December 31, 2024						$	(8,010)					$	16,300					$	(26,840)					$	(18,550)

__________________________

(a) Defined benefit plans, net of income tax of $0.8 million. See Note 16, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $0.9 million. See Note 12, "Derivative Instruments," for further details.

Changes in AOCI by component for the year ended December 31, 2023, are summarized as follows, net of tax (dollars in thousands):

						Defined Benefit Plans						Derivative Instruments						Foreign Currency Translation						Total
Balance, December 31, 2022						$	(5,380)					$	15,320					$	(18,560)					$	(8,620)
Net unrealized gains (losses) arising during the period (a)						(1,040)						(2,060)						11,680						8,580
Less: Net realized losses reclassified to net income (b)						(690)						—						—						(690)
Net current-period other comprehensive income (loss)						(350)						(2,060)						11,680						9,270
Balance, December 31, 2023						$	(5,730)					$	13,260					$	(6,880)					$	650

__________________________

(a) Defined benefit plans, net of income tax of $0.4 million. See Note 16, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $0.7 million. See Note 12, "Derivative Instruments," for further details.

(b) Defined benefit plans, net of income tax of $0.2 million. See Note 16, "Employee Benefit Plans," for additional details.

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

						Accumulated Benefit Obligations												Projected Benefit Obligations
						2024						2023						2024						2023
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

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, 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 increase						N/A												$	(70)
50 basis point decrease						N/A												$	70

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, 2024 and 2023 and target allocations by class, were as follows:

						Domestic Pension																		Foreign Pension
												Actual																		Actual
						Target						2024						2023						Target						2024						2023
Equity securities						47		%				48		%				60		%				—		%				—		%				—		%
Fixed income						50		%				48		%				38		%				—		%				—		%				99		%
Insurance contracts						—		%				—		%				—		%				90		%				91		%				—		%
Cash and other						3		%				4		%				2		%				10		%				9		%				1		%
Total						100		%				100		%				100		%				100		%				100		%				100		%

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, 2024 and 2023 (dollars in thousands):

						As of December 31, 2024
						Total						Level 1						Level 2						Level 3
Plan assets subject to leveling
Investment funds
Equity securities						$	5,020					$	5,020					$	—					$	—
Cash and cash equivalents						1,870						1,870						—						—
Insurance contracts						14,240						—						—						14,240
Plan assets measured at net asset value(a)
Common/collective trusts
Fixed income						5,000
Total						$	26,130					$	6,890					$	—					$	14,240
						As of December 31, 2023
						Total						Level 1						Level 2						Level 3
Plan assets subject to leveling
Investment funds
Equity securities						$	5,720					$	5,720					$	—					$	—
Cash and cash equivalents						200						200						—						—
Plan assets measured at net asset value(a)
Investment funds
Fixed income						21,710
Cash and cash equivalents						170
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.

Schedule of Effect of Significant Unobservable Inputs, Changes in 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)
Purchases			14,670
Balance at end of period			$	14,240

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):

Year ended December 31,						Pension Benefit
2025						$	1,380
2026						1,410
2027						1,480
2028						1,590
2029						1,630
Years 2030-2034						9,390

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