Pension and post-retirement benefit obligations (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The movements in the projected benefit obligation and plan assets for the years ended December 31, 2024 and 2023 are as follows:

(in thousands)	2024		2023
Projected benefit obligation:
January 1,	$	(11,101)	$	(12,685)
Current service cost	(614)		(736)
Interest cost	(118)		(254)
Actuarial losses (gains) & change in financial assumptions	(973)		(1,445)
Benefit payments (credits)	(1,195)		99
Employer contributions	(321)		(421)
Settlement and curtailment	3,177		5,482
Plan amendment	31		33
Currency exchange difference	778		(1,174)
December 31,	$	(10,336)	$	(11,101)
Fair value of plan assets:
January 1,	$	9,909	$	12,640
Actual return on plan assets	174		58
Employer contributions	627		700
Employee contributions	321		421
Benefit payments (credits)	1,195		(100)
Settlement	(3,177)		(5,201)
Currency exchange difference	(680)		1,391
December 31,	$	8,369	$	9,909
Defined benefit pension liability	$	(1,967)	$	(1,192)

Schedule of Net Benefit Costs

The net periodic benefit cost for the years ended December 31, 2024 and 2023 is as follows:

(in thousands)	2024		2023
Net periodic benefit cost:
Service cost	$	(614)	$	(736)
Interest cost	(118)		(254)
Expected return on plan assets	182		298
Settlement loss	(70)		—
Amortization of prior service cost	165		160
Amortization due to settlement and benefit payments	—		79
Amortization of prior service cost due to reduction in service years	—		244
Net periodic benefit cost	$	(455)	$	(209)

Schedule of Actuarial Assumptions

The principal actuarial assumptions used for accounting purposes are as follows for the years ending December 31, respectively:

	2024		2023
Discount rate	0.95	%	1.45	%
Interest credited on savings accounts	1.25	%	1.45	%
Future salary increases	1.50	%	1.50	%
Future pension increases	0.00	%	0.00	%
Expected rate of return	3.03	%	2.56	%

Schedule of Expected Benefit Payments

Estimated benefit payments for the next ten years are as follows:

(in thousands)
2025	$	444
2026	459
2027	478
2028	474
2029	501
2030-2034	2,246
Total expected benefit payments	$	4,602

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The movements in “Other comprehensive (loss) income” are as follows:

(in thousands)	2024		2023
January 1,	$	325	$	2,179
Net gains	(910)		(1,483)
Prior service cost	(134)		(371)
Remeasurement of Defined Benefit Pension Liability	(1,044)		(1,854)
December 31,	$	(719)	$	325