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Defined Benefit Plan | 12 Months Ended
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Dec. 31, 2024
Postemployment Benefits [Abstract] |
Compensation and Employee Benefit Plans [Text Block] | 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 following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated balance sheets at December 31, 2024, 2023 and 2022:
| December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Change in benefit obligation: |  |  |  |  |
Benefit obligation, beginning of year | $ | 13,847 |  |  | $ | 10,649 |  |  | $ | 12,311 |
Service cost | 538 |  |  | 369 |  |  | 432 |
Interest cost | 243 |  |  | 257 |  |  | 42 |
Actuarial (gain)/loss | 1,125 |  |  | 1,090 |  |  | (1,792) |
Plan amendment | (67) |  |  | (67) |  |  | (73) |
Employee contributions and transfer | 572 |  |  | 444 |  |  | 349 |
Benefits paid | (96) |  |  | 1,037 |  |  | 74 |
Settlement | (342) |  |  | (1,139) |  |  | (518) |
Foreign currency translation | (935) |  |  | 1,207 |  |  | (176) |
Benefit obligation | $ | 14,885 |  |  | $ | 13,847 |  |  | $ | 10,649 |
Change in plan assets: |  |  |  |  |
Fair value of assets, beginning of period | $ | 11,426 |  |  | $ | 9,521 |  |  | $ | 9,449 |
Actual return on plan assets | (600) |  |  | 90 |  |  | (122) |
Company contribution | 599 |  |  | 465 |  |  | 371 |
Employee contributions and transfer | 572 |  |  | 444 |  |  | 349 |
Benefits paid | (96) |  |  | 1,037 |  |  | 74 |
Settlement | (342) |  |  | (1,139) |  |  | (518) |
Foreign currency translation | (821) |  |  | 1,008 |  |  | (82) |
Fair value of assets | 10,738 |  |  | 11,426 |  |  | 9,521 |
Funded status | $ | (4,147) |  |  | $ | (2,421) |  |  | $ | (1,128) |
The unfunded liability of $4.1 million, $2.4 million and $1.1 million at December 31, 2024, 2023 and 2022, respectively, is recognized in the consolidated balance sheet within other non-current liabilities. Net periodic benefit cost consists of the following:
| Year ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Service cost | $ | 538 |  |  | $ | 369 |  |  | $ | 432 |
Interest cost | 243 |  |  | 257 |  |  | 42 |
Expected return on plan assets | (201) |  |  | (184) |  |  | (73) |
Amortization of unrecognized gain (loss) | (45) |  |  | (37) |  |  | (27) |
Effect of settlement | 47 |  |  | (1) |  |  | (40) |
Net periodic benefit cost | $ | 582 |  |  | $ | 404 |  |  | $ | 334 |
Assumptions used to determine the benefit obligations and components of the net periodic benefit cost at December 31, 2024 and 2023:
| December 31,
| 2024 |  | 2023 |  | 2022
Discount rate | 1.05 | % |  | 1.85 | % |  | 2.25 | %
Expected return on plan assets | 1.05 | % |  | 1.85 | % |  | 2.25 | %
Rate of compensation increase | 3.00 | % |  | 4.00 | % |  | 4.00 | %
The Company considers the historical level of long-term returns and the current level of expected long-term returns for the plan assets, as well as the current and expected allocation of assets when developing its expected long-term rate of return on assets assumption. The assumptions used for the plan are based upon customary rates and practices for the location of the Company. Arnold expects to contribute approximately $0.6 million to the defined benefit plan in 2025. The following presents the benefit payments which are expected to be paid for the plan in each year indicated (in thousands):
2025 | $ | 640 |
2026 | 793 |
2027 | 850 |
2028 | 964 |
2029 | 607 |
Thereafter | 4,363 |
| $ | 8,217 |
Asset management objectives include maintaining an adequate level of diversification to reduce interest rate and market risk and providing adequate liquidity to meet immediate and future benefit payment requirements. The assets of the plan are reinsured in their entirety with Swiss Life Ltd. (“Swiss Life”) within the framework of the corresponding contracts with Swiss Life Collective BVG Foundation and Swiss Life Complementary Foundation. The assets are guaranteed by the insurance company and pooled with the assets of other participating employers. The allocation of pension plan assets by category in Swiss Life’s group life portfolio is as follows at December 31, 2024:
Fixed income bonds and securities | 59 | %
Real estate | 25 | %
Equities and investment funds | 15 | %
Other investments | 1 | %
| 100 | %
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 December 31, 2024 and 2023 were considered Level 3.

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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