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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Costs of Retirement Plans
Net periodic pension benefit expense recorded in the Company's consolidated statement of operations for defined benefit pension plans include the following components (dollars in thousands):
 Pension Benefit
 202220212020
Service cost$690 $1,280 $1,230 
Interest cost890 800 930 
Expected return on plan assets(1,590)(1,530)(1,450)
Settlements and curtailments150 — — 
Amortization of net loss570 910 890 
Net periodic benefit expense$710 $1,460 $1,600 
Schedule of Assumptions Used Weighted average assumptions used in accounting for the U.S. defined benefit pension plans are as follows:
 Pension Benefit
 202220212020
Discount rate for obligations5.24 %3.06 %2.79 %
Discount rate for benefit costs3.06 %2.79 %3.41 %
Rate of increase in compensation levelsN/AN/AN/A
Expected long-term rate of return on plan assets6.13 %6.13 %6.13 %
The Company utilizes a high-quality (Aa or greater) corporate bond yield curve as the basis for its domestic discount rate for its pension benefit plans. Management believes this yield curve removes the impact of including additional required corporate bond yields (potentially considered in the above-median curve) resulting from the uncertain economic climate that does not necessarily reflect the general trend in high-quality interest rates.
Weighted average assumptions used in accounting for the non-U.S. defined benefit pension plans are as follows:
 Pension Benefit
 202220212020
Discount rate for obligations4.90 %2.10 %1.50 %
Discount rate for benefit costs2.10 %1.50 %2.10 %
Rate of increase in compensation levels4.80 %3.30 %2.80 %
Expected long-term rate of return on plan assets4.20 %3.90 %4.10 %
Schedule of Changes in Projected Benefit Obligations and Fair Value of Plan Assets
The following provides a reconciliation of the changes in the Company's defined benefit pension plans' projected benefit obligations and fair value of assets for each of the years ended December 31, 2022 and 2021 and the funded status as of December 31, 2022 and 2021 (dollars in thousands):
Pension Benefit
20222021
Changes in Projected Benefit Obligations 
Benefit obligations at January 1$(37,560)$(40,830)
Service cost(690)(1,280)
Interest cost(890)(800)
Participant contributions(10)(50)
Actuarial gain (a)
10,260 3,290 
Benefit payments1,310 1,840 
Change in foreign currency2,020 270 
Projected benefit obligations at December 31$(25,560)$(37,560)
Changes in Plan Assets
Fair value of plan assets at January 1$38,130 $36,060 
Actual return on plan assets(10,070)2,060 
Employer contributions1,520 2,050 
Participant contributions10 50 
Benefit payments(1,310)(1,840)
Change in foreign currency(2,810)(250)
Fair value of plan assets at December 31$25,470 $38,130 
Funded status at December 31$(90)$570 
__________________________
(a) The actuarial gain for the year ended December 31, 2022 was primarily due to an increase in the discount rate utilized in measuring the projected benefit obligations, partially offset by experience losses. The actuarial gain for the year ended December 31, 2021 was primarily due to an increase in the discount rate utilized in measuring the projected benefit obligations as well as other assumptions and experience gains.
Schedule of Amounts Recognized in Balance Sheet
Pension Benefit
20222021
Amounts Recognized in Balance Sheet
Other assets$4,860 $7,740 
Current liabilities(310)(300)
Noncurrent liabilities(4,640)(6,870)
Net asset (liability) recognized at December 31$(90)$570 
Schedule of Accumulated Other Comprehensive Income
Pension Benefit
20222021
Amounts Recognized in Accumulated Other Comprehensive Loss
Unrecognized prior service cost$160 $310 
Unrecognized net loss7,370 6,550 
Total accumulated other comprehensive loss recognized at December 31$7,530 $6,860 
Changes in AOCI by component for the year ended December 31, 2022 are summarized as follows, net of tax (dollars in thousands):
Defined Benefit Plans Derivative InstrumentsForeign Currency TranslationTotal
Balance, December 31, 2021$(4,830)$5,910 $(850)$230 
Net unrealized gains (losses) arising during the period (a)
(1,070)9,410 (17,710)(9,370)
Less: Net realized losses reclassified to net income (b)
(520)— — (520)
Net current-period other comprehensive income (loss)(550)9,410 (17,710)(8,850)
Balance, December 31, 2022$(5,380)$15,320 $(18,560)$(8,620)
__________________________
(a) Defined benefit plans, net of income tax of $0.3 million. See Note 17, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax of $3.2 million. See Note 13, "Derivative Instruments," for further details.
(b) Defined benefit plans, net of income tax of $0.2 million. See Note 17, "Employee Benefit Plans," for additional details.
Changes in AOCI by component for the year ended December 31, 2021 are summarized as follows, net of tax (dollars in thousands):
Defined Benefit Plans Derivative InstrumentsForeign Currency TranslationTotal
Balance, December 31, 2020$(8,620)$(3,580)$6,580 $(5,620)
Net unrealized gains (losses) arising during the period (a)
3,150 9,490 (7,430)5,210 
Less: Net realized losses reclassified to net income (b)
(640)— — (640)
Net current-period other comprehensive income (loss)3,790 9,490 (7,430)5,850 
Balance, December 31, 2021$(4,830)$5,910 $(850)$230 
__________________________
(a) Defined benefit plans, net of income tax of $0.8 million. See Note 17, "Employee Benefit Plans," for additional details. Derivative instruments, net of income tax expense of $3.1 million. See Note 13, "Derivative Instruments," for further details.
(b) Defined benefit plans, net of income tax of $0.2 million. See Note 17, "Employee Benefit Plans," for additional details.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
 Accumulated Benefit ObligationsProjected Benefit Obligations
 2022202120222021
Benefit Obligations at December 31,
Total benefit obligations$(25,400)$(35,970)$(25,560)$(37,560)
Plans with benefit obligations exceeding plan assets    
Benefit obligations$(13,000)$(16,630)$(13,170)$(16,780)
Plan assets$8,220 $9,610 $8,220 $9,610 
Schedule of Effect of Change in Discount Rate and Expected Return on Assets on Benefit Obligations and Expense A 25 basis point change in benefit obligation discount rates or 50 basis point change in expected return on plan assets would have the following effect (dollars in thousands):
 Pension Benefit
 December 31, 2022
Benefit Obligation
2022 Expense
Discount rate  
25 basis point increase$(810)$(60)
25 basis point decrease$860 $60 
Expected return on assets
50 basis point increaseN/A$(160)
50 basis point decreaseN/A$160 
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, 2022 and 2021 and target allocations by class, were as follows:
 Domestic PensionForeign Pension
 ActualActual
 Target20222021Target20222021
Equity securities60 %60 %62 %12 %14 %34 %
Fixed income36 %37 %37 %70 %66 %44 %
Diversified growth(a)
— %— %— %18 %19 %22 %
Cash and other%%%— %— %
Total100 %100 %100 %100 %100 %100 %
________________________________________
(a) Diversified growth funds invest in a broad range of asset classes including equities, investment grade and high yield bonds, commodities, property, private equity, infrastructure and currencies.
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, 2022 (dollars in thousands):
 TotalLevel 1Level 2Level 3
Plan assets subject to leveling    
Investment funds
Equity securities$4,870 $4,870 $— $— 
Fixed income 3,030 3,030 — — 
Cash and cash equivalents160 160 — — 
Plan assets measured at net asset value(a)
Investment funds
Equity securities2,350 
Fixed income11,410 
Diversified growth3,330 
Cash and cash equivalents320 
Total$25,470 $8,060 $— $— 
________________________________________
(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 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):
 Pension
Benefit
2023$1,220 
20241,240 
20251,310 
20261,340 
20271,420 
Years 2028-20328,410