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Defined Benefit Plan
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Defined Benefit Plan Defined Benefit Plan
In connection with the acquisition of Arnold, the company has a defined benefit plan covering substantially all of Arnold’s employees at its Lupfig, Switzerland location. The benefits are based on years of service and the employees’ highest average compensation during the specific period.
The unfunded liability of $4.2 million is recognized in the consolidated balance sheet as a component of other non-current liabilities at September 30, 2024. Net periodic benefit cost consists of the following for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Service cost$142 $90 $406 $271 
Interest cost64 60 184 182 
Expected return on plan assets(53)(54)(150)(163)
Amortization of unrecognized loss(12)(9)(34)(27)
Effect of settlement30 — 30 (13)
Net periodic benefit cost$171 $87 $436 $250 
During the nine months ended September 30, 2024, per the terms of the pension agreement, Arnold contributed approximately $0.5 million to the plan. For the remainder of 2024, the expected contribution to the plan will be approximately $0.1 million.
The plan assets are pooled with assets of other participating employers and are not separable; therefore, the fair values of the pension plan assets at September 30, 2024 were considered Level 3.