Employee Benefit Expenses (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Defined Benefit Plan Disclosure [Line Items] |
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| Schedule of Components of Net Periodic Cost |
The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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| (in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Service cost |
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$ |
43 |
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$ |
125 |
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$ |
83 |
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$ |
246 |
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Interest cost |
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175 |
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182 |
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345 |
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357 |
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Amortization of net actuarial loss |
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7 |
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22 |
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15 |
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44 |
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Net periodic cost |
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$ |
225 |
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$ |
329 |
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$ |
443 |
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$ |
647 |
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| Schedule of Net Periodic Cost Recognized in Selling, General and Administrative Expenses |
The components of net periodic cost recognized in selling, general and administrative expenses in our condensed consolidated statements of income consisted of the following:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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| (in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Service cost |
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$ |
43 |
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$ |
125 |
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$ |
83 |
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$ |
246 |
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Interest cost |
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175 |
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182 |
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345 |
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357 |
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Amortization of net actuarial loss |
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7 |
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22 |
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15 |
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44 |
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Net periodic cost |
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$ |
225 |
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$ |
329 |
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$ |
443 |
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$ |
647 |
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| Schedule of The Weighted Average Assumptions Used To Determine Net Periodic |
The following table sets forth the weighted average assumptions used to determine net periodic cost for these plans for the years ended December 31, 2025 and 2024:
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2025 |
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2024 |
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Norway |
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Germany |
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Norway |
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Germany |
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Discount rate |
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4.5% |
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3.7% |
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4.7% |
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3.1% |
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Expected long-term return on plan assets |
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— |
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— |
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— |
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— |
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Interest crediting rate |
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4.0% |
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2.6% |
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3.5% |
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2.6% |
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| HMH Holding BV And Subsidiaries [Member] |
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| Defined Benefit Plan Disclosure [Line Items] |
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| Schedule of Components of Net Periodic Cost |
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The components of net periodic cost recognized in Selling, general and administrative expenses in the consolidated statements of income consisted of the following for the years ended December 31, 2025 and 2024:
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| Pension benefits |
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2025 |
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2024 |
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Service cost |
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$ |
163 |
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$ |
492 |
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Interest cost |
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749 |
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764 |
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Amortization of net actuarial loss |
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71 |
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54 |
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Net periodic cost |
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$ |
983 |
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$ |
1,310 |
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| Schedule of The Accumulated Benefit Obligation |
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The following table sets forth the accumulated benefit obligation in Norway and Germany as of December 31, 2025 and 2024:
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2025 |
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2024 |
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Change in benefit obligations |
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Benefit obligation at the beginning of the year |
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$ |
18,458 |
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$ |
20,174 |
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Service cost |
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163 |
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492 |
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Interest cost |
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749 |
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764 |
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Actuarial (gain) loss |
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(1,740) |
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124 |
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Benefits paid |
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(1,457) |
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(1,419) |
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Foreign currency translation adjustment |
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2,354 |
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(1,589) |
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Other |
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(91) |
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(88) |
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Benefit obligation at the end of the year |
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$ |
18,436 |
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$ |
18,458 |
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Change in plan assets |
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Fair value of plan assets at the beginning of year |
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— |
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— |
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Employer contribution |
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734 |
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712 |
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Benefits paid |
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(643) |
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(624) |
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Other |
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(91) |
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(88) |
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Fair value of plan assets at the end of year |
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— |
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— |
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Funded status—underfunded at the end of year |
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(18,436) |
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(18,458) |
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Accumulated benefit obligation |
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$ |
(18,436) |
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$ |
(18,458) |
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| Schedule of The Amounts Recognized in The Consolidated Balance Sheets |
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The amounts recognized in the consolidated balance sheets consisted of the following as of December 31, 2025 and 2024:
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2025 |
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2024 |
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Pension benefits |
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Current liabilities |
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$ |
995 |
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$ |
911 |
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Non-current liabilities |
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17,441 |
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17,547 |
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Net amount recognized |
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$ |
18,436 |
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$ |
18,458 |
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| Schedule of The Plans With Projected Benefit Obligations and Accumulated Benefit |
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Information for the plans with projected benefit obligations and accumulated benefit obligations in excess of plan assets consisted of the following as of December 31, 2025 and 2024:
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2025 |
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2024 |
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Pension benefits |
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Projected benefit obligation |
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$ |
18,436 |
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$ |
18,458 |
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Accumulated benefit obligation |
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18,436 |
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18,458 |
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| Schedule of Net Periodic Cost Recognized in Selling, General and Administrative Expenses |
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The components of net periodic cost recognized in Selling, general and administrative expenses in the consolidated statements of income consisted of the following for the years ended December 31, 2025 and 2024:
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| Pension benefits |
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2025 |
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2024 |
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Service cost |
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$ |
163 |
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$ |
492 |
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Interest cost |
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749 |
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764 |
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Amortization of net actuarial loss |
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71 |
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54 |
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Net periodic cost |
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$ |
983 |
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$ |
1,310 |
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| Schedule of Amount Recorded Before-Tax in Accumulated Other Comprehensive Income (Loss) |
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The amount recorded before-tax in accumulated other comprehensive income (loss) related to the Company’s defined benefit plans consisted of the following for the years ended December 31, 2025 and 2024:
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2025 |
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2024 |
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Net actuarial loss (gain) |
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$ |
(1,811) |
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$ |
70 |
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| Schedule of The Current Life Expectancy After Retirement |
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The current life expectancy after retirement underlying the values of the defined benefit obligation at the reporting date is shown below in years.
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2025 |
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2024 |
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Norway |
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Germany |
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Norway |
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Germany |
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Life expectancy of male pensioners after retirement |
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23.0 |
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21.0 |
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22.8 |
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20.9 |
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Life expectancy of female pensioners after retirement |
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26.3 |
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24.4 |
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26.1 |
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24.3 |
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| Schedule of The Pension Plans In Norway |
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Amounts shown below are for the pension plans in Norway.
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2025 |
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Change in defined benefit obligation |
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Change in actuarial assumptions |
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Increase |
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Decrease |
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Discount rate (1% increase/decrease movement) |
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$ |
7,651 |
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$ |
7,869 |
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Future salary growth (1% increase/decrease movement) |
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7,760 |
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7,745 |
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2024 |
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Change in defined benefit obligation |
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Change in actuarial assumptions |
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Increase |
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Decrease |
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Discount rate (1% increase/decrease movement) |
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$ |
8,412 |
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$ |
8,656 |
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Future salary growth (1% increase/decrease movement) |
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8,531 |
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8,518 |
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| Schedule of The Expected Benefit Payments For Pension Benefits |
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The following table presents the expected benefit payments for pension benefits over the next 10 years. For funded Company sponsored plans, the benefit payments are made by the respective pension trust funds.
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| Year |
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Pension benefits |
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2026 |
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$ |
995 |
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2027 |
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1,047 |
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2028 |
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1,050 |
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2029 |
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|
998 |
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2030 |
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1,039 |
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2031—2035 |
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5,765 |
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