Summary of Operations and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Component of Comprehensive Income

As of December 31, the accumulated balance for each component of comprehensive income is as follows:

	2024			2023			2022
Unrealized foreign currency losses	$	(75,044	)	$	(63,171	)	$	(89,059	)
Unrealized (loss) gain on cross currency and interest rate swaps, net of tax	$	(34,906	)	$	(37,294	)	$	2,122
Unrealized loss on defined benefit plan	$	(36,774	)	$	(42,762	)	$	(41,296	)

Change in Accounting Estimate – On an on-going basis, the Company evaluates inventory for a number of risk factors in the determination of net realizable value via the salability and obsolescence (“S&O”) reserve. Those risk factors include inventory aging, salability, excess inventory, shelf life, customer risk, and other risks. These factors are quantified separately via analysis of sales levels, sales projections, purchases by item, as well as raw material usage related to the Company’s manufacturing facilities, etc. and are aggregated into a single S&O reserve that is applied to the overall inventory balance to recognize that inventory at the lower of its cost or net realizable value.

In the fourth quarter of 2024, the Company completed a product obsolescence study related to its inventory. Based on the results of this study the Company increased the shelf life of certain of its products, resulting in a change in accounting estimate. This change was effective December 31, 2024 and resulted in a decrease of approximately $4.5 million in cost of goods sold and an increase in net income of approximately $3.8 million, or $0.08 per basic and diluted share, reflected in the Company’s Consolidated Statements of Income for the twelve months ended December, 31, 2024.

In the fourth quarter of 2024, after completing its total inventory reserve analysis, including all inventory risk factors, including but not limited to the product shelf life, the Company’s total inventory reserve increased approximately $5.6 million and is reflected in cost of goods sold in the Company’s Consolidated Statements of Income for the twelve months ended December 31, 2024.