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Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Reconciliation of the Benefit Obligation, Plan Assets, and Funded Status to Benefit Plans | The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to pension plans (in thousands):
| December 31, 2023 |  | December 31, 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Change in benefit obligation: |  |  |  |  |  |  |
Benefit obligation at beginning of year | $ | 2,050 |  |  | $ | 15,853 |  |  | $ | 2,626 |  |  | $ | 26,157 |
Service cost (adjusted for actual employee contributions) | — |  |  | 265 |  |  | — |  |  | 308 |
Interest cost | 97 |  |  | 675 |  |  | 65 |  |  | 395 |
Actuarial loss/(gains) | 59 |  |  | 6 |  |  | (533) |  |  | (7,125) |
Benefits paid | (108) |  |  | (573) |  |  | (108) |  |  | (652) |
Curtailments and settlements | — |  |  | (310) |  |  | — |  |  | (567) |
Currency translation | — |  |  | 551 |  |  | — |  |  | (2,663) |
Benefit obligation at end of year | $ | 2,098 |  |  | $ | 16,467 |  |  | $ | 2,050 |  |  | $ | 15,853 |
Change in plan assets: |  |  |  |  |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | 16,248 |  |  | $ | — |  |  | $ | 19,717 |
Actual return on plan assets | — |  |  | 855 |  |  | — |  |  | (1,773) |
Company contributions | — |  |  | 875 |  |  | 108 |  |  | 1,064 |
Benefits paid | — |  |  | (573) |  |  | (108) |  |  | (652) |
Currency translation | — |  |  | 914 |  |  | — |  |  | (2,047) |
Fair value of plan assets at end of year | $ | — |  |  | $ | 18,319 |  |  | $ | — |  |  | $ | 16,248 |
Funded status at end of year | $ | (2,098) |  |  | $ | 1,852 |  |  | $ | (2,050) |  |  | $ | 395 |
The following table sets forth a reconciliation of the benefit obligation, plan assets, and funded status related to other postretirement benefit plans (in thousands):
| OPEB Plans
| December 31,
| 2023 |  | 2022
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 2,386 |  |  | $ | 2,885 |
Service cost (adjusted for actual employee contributions) | 17 |  |  | 29 |
Interest cost | 111 |  |  | 67 |
Contributions by participants | — |  |  | — |
Actuarial losses/(gains) | 95 |  |  | (453) |
Benefits paid | (119) |  |  | (142) |
Plan amendments and other | — |  |  | — |
Benefit obligation at end of year | $ | 2,490 |  |  | $ | 2,386 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | — |  |  | $ | — |
Company contributions | 119 |  |  | 142 |
Contributions by participants | — |  |  | — |
Benefits paid | (119) |  |  | (142) |
Fair value of plan assets at end of year | $ | — |  |  | $ | — |
Funded status at end of year | $ | (2,490) |  |  | $ | (2,386) |
Amounts Recognized in the Consolidated Balance Sheet Pretax Amounts | Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands):
| December 31, 2023 |  | December 31, 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Other assets | $ | — |  |  | $ | 4,573 |  |  | $ | — |  |  | $ | 3,301 |
Other accrued expenses | $ | (140) |  |  | $ | (85) |  |  | $ | (137) |  |  | $ | (179) |
Accrued pension and other postretirement costs | $ | (1,958) |  |  | $ | (2,636) |  |  | $ | (1,913) |  |  | $ | (2,727) |
Accumulated other comprehensive loss | $ | 196 |  |  | $ | 492 |  |  | $ | 137 |  |  | $ | 577 |
| $ | (1,902) |  |  | $ | 2,344 |  |  | $ | (1,913) |  |  | $ | 972 |
Amounts recognized in the consolidated balance sheets consist of the following pre-tax amounts (in thousands):
| OPEB Plans
| December 31,
| 2023 |  | 2022
Other accrued expenses | $ | (286) |  |  | $ | (189) |
Accrued pension and other postretirement costs | $ | (2,204) |  |  | $ | (2,197) |
Accumulated other comprehensive gain | $ | (367) |  |  | $ | (484) |
| $ | (2,857) |  |  | $ | (2,870) |
Actuarial Items | Actuarial items consist of the following (in thousands):
| December 31, 2023 |  | December 31, 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Unrecognized net actuarial loss | $ | 196 |  |  | $ | 448 |  |  | $ | 137 |  |  | $ | 532 |
Unrecognized prior service cost | — |  |  | 44 |  |  | — |  |  | 45 |
| $ | 196 |  |  | $ | 492 |  |  | $ | 137 |  |  | $ | 577 |
Actuarial items consist of the following (in thousands):
| OPEB Plans
| December 31,
| 2023 |  | 2022
Unrecognized net actuarial gain | $ | (367) |  |  | $ | (484) |
| $ | (367) |  |  | $ | (484) |
Additional Information Regarding Projected and Accumulated Benefit Obligations for the Pension Plans | The following table sets forth additional information regarding the projected and accumulated benefit obligations for the pension plans (in thousands):
| December 31, 2023
| U.S. Plans |  | Non-U.S. Plans
Accumulated benefit obligation, all plans | $ | 2,098 |  |  | $ | 14,992 |
Plans for which the accumulated benefit obligation exceeds plan assets: |  |  |
Projected benefit obligation | $ | 2,098 |  |  | $ | 2,842 |
Accumulated benefit obligation | $ | 2,098 |  |  | $ | 2,203 |
| December 31, 2022
| U.S. Plans |  | Non-U.S. Plans
Accumulated benefit obligation, all plans | $ | 2,050 |  |  | $ | 14,489 |
Plans for which the accumulated benefit obligation exceeds plan assets: |  |  |
Projected benefit obligation | $ | 2,050 |  |  | $ | 3,008 |
Accumulated benefit obligation | $ | 2,050 |  |  | $ | 2,448 |
Components of Net Periodic Costs of Benefit Plans | The following table sets forth the components of net periodic cost of pension (in thousands):
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Annual service cost | $ | — |  |  | $ | 265 |  |  | $ | — |  |  | $ | 308 |  |  | $ | — |  |  | $ | 379 |
Interest cost | 97 |  |  | 675 |  |  | 65 |  |  | 395 |  |  | 57 |  |  | 353 |
Expected return on plan assets | — |  |  | (879) |  |  | — |  |  | (454) |  |  | — |  |  | (393) |
Amortization of actuarial losses | — |  |  | 39 |  |  | 22 |  |  | 736 |  |  | 27 |  |  | 459 |
Amortization of prior service cost | — |  |  | (10) |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of transition obligation | — |  |  | — |  |  | — |  |  | (40) |  |  | — |  |  | (8) |
Curtailment and settlement losses | — |  |  | 50 |  |  | — |  |  | (512) |  |  | — |  |  | (108) |
Net periodic benefit cost | $ | 97 |  |  | $ | 140 |  |  | $ | 87 |  |  | $ | 433 |  |  | $ | 84 |  |  | $ | 682 |
The following table sets forth the components of net periodic benefit costs (in thousands):
| OPEB Plans
| Years ended December 31,
| 2023 |  | 2022 |  | 2021
| OPEB Plans |  | OPEB Plans |  | OPEB Plans
Net service cost | 17 |  |  | 29 |  |  | 36 |
Interest cost | 111 |  |  | 67 |  |  | 68 |
Amortization of actuarial (gains)/ losses | (22) |  |  | 3 |  |  | 20 |
Net periodic benefit cost | $ | 106 |  |  | $ | 99 |  |  | $ | 124 |
Weighted-average Assumptions Used for Benefit Obligations and Net Periodic Pension Costs | The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years:
| 2023 |  | 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Discount rate | 4.71 | % |  | 4.19 | % |  | 4.91 | % |  | 4.23 | %
Rate of compensation increase | N/A |  | 4.00 | % |  | N/A |  | 2.49 | %
Expected return on plan assets | N/A |  | 5.13 | % |  | N/A |  | 3.96 | %
The following weighted-average assumptions were used to determine the net periodic pension costs for the years ended December 31, 2023 and 2022:
| 2023 |  | 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Discount rate | 4.91 | % |  | 4.23 | % |  | 2.53 | % |  | 1.66 | %
Rate of compensation increase | N/A |  | 2.49 | % |  | N/A |  | 2.97 | %
Expected return on plan assets | N/A |  | 3.96 | % |  | N/A |  | 2.10 | %
The following weighted-average assumptions were used to determine benefit obligations at December 31 of the respective years:
| OPEB Plans
| December 31,
| 2023 |  | 2022
Discount rate | 4.69 | % |  | 4.88 | %
The following weighted-average assumptions were used to determine the net periodic benefit costs for the years ended December 31, 2023 and 2022:
| OPEB Plans
| December 31,
| 2023 |  | 2022
Discount rate | 4.88 | % |  | 2.46 | %
Health care trend rate | 6.50 | % |  | 6.50 | %
Composition of Plan Assets | Plan assets are comprised of:
| December 31, 2023 |  | December 31, 2022
| U.S. Plans |  | Non-U.S. Plans |  | U.S. Plans |  | Non-U.S. Plans
Equity securities | — |  |  | — | % |  | — |  |  | 48 | %
Fixed income securities | — |  |  | 84 | % |  | — |  |  | 42 | %
Cash and cash equivalents | — |  |  | 16 | % |  | — |  |  | 10 | %
Total | — |  |  | 100 | % |  | — |  |  | 100 | %
Changes in Fair Value of Plan Assets for Each Hierarchy Level | A summary of the Company’s pension plan assets for each fair value hierarchy level are as follows for the periods presented (see Note 16 for further description of the levels within the fair value hierarchy (in thousands)):
As of December 31, 2023 |  |  | Fair value measurements at reporting date using:
| Total Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Defined benefit pension plan assets |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fixed income securities | 15,417 |  |  | — |  |  | 15,417 |  |  | — |
Cash and cash equivalents | 2,902 |  |  | 1,637 |  |  | 1,265 |  |  | — |
| $ | 18,319 |  |  | $ | 1,637 |  |  | $ | 16,682 |  |  | $ | — |
As of December 31, 2022 |  |  | Fair value measurements at reporting date using:
| Total Fair Value |  | Level 1 Inputs |  | Level 2 Inputs |  | Level 3 Inputs
Defined benefit pension plan assets |  |  |  |  |  |  |
Equity securities | $ | 7,736 |  |  | $ | — |  |  | $ | 7,736 |  |  | $ | — |
Fixed income securities | 6,813 |  |  | — |  |  | 6,813 |  |  | — |
Cash and cash equivalents | 1,699 |  |  | 1,511 |  |  | 188 |  |  | — |
| $ | 16,248 |  |  | $ | 1,511 |  |  | $ | 14,737 |  |  | $ | — |
Estimated future Benefit Payments | Estimated future benefit payments are as follows (in thousands):
| US Pension Plans |  | Non-US Plans
2024 | $ | 140 |  |  | $ | 747 |
2025 | 142 |  |  | 832 |
2026 | 142 |  |  | 703 |
2027 | 142 |  |  | 885 |
2028 | 172 |  |  | 758 |
2029-2033 | 812 |  |  | 6,342 |
Estimated future benefit payments are as follows (in thousands):
| OPEB Plans |  |
2024 | $ | 286 |  |  |
2025 | 220 |  |  |
2026 | 236 |  |  |
2027 | 245 |  |  |
2028 | 234 |  |  |
2029-2033 | 773 |  |  |

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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-3 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-2 + Details
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