Defined Benefit Plans

6 Months Ended

Jun. 30, 2023

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Defined Benefit Plans

Defined Benefit Plans

Net periodic pension benefit costs for the Company's defined benefit pension plans cover certain foreign employees, union hourly employees and salaried employees. The components of net periodic pension cost (income) are as follows (dollars in thousands):

	Three months ended June 30,				Six months ended June 30,
	2023		2022		2023		2022
Service costs	$	120	$	160	$	240	$	360
Interest costs	310		230		630		460
Expected return on plan assets	(520)		(420)		(1,050)		(830)
Settlement and curtailment losses	1,020		—		1,020		150
Amortization of net loss	40		150		70		290
Net periodic benefit cost	$	970	$	120	$	910	$	430

The service cost component of net periodic benefit cost is recorded in cost of goods sold and selling, general and administrative expenses, while non-service cost components are recorded in other income (expense), net in the accompanying consolidated statement of income.

During the three and six months ended June 30, 2023, the Company recognized a one-time, pre-tax settlement charge of $1.0 million related to the purchase of an annuity contract to transfer the Company's Canadian defined benefit obligations to an insurance company.

During the six months ended June 30, 2022, the Company recorded a non-cash curtailment expense of $0.2 million, as it transitioned certain active employees previously participating in a defined benefit plan in the United Kingdom to a defined contribution plan, thereby eliminating future service cost accruals for all employees under this defined benefit plan.

The Company contributed $0.4 million and $0.7 million to its defined benefit pension plans during the three and six months ended June 30, 2023, respectively. The Company expects to contribute $1.2 million to its defined benefit pension plans for the full year 2023.