Company: CODI-PB
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0001345126-25-000015
Chunk: 247

Company: Compass Diversified Holdings
Filing Date: 2025-02-27
Form: 10-K
Item: Item 16
Chunk 247
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 Company’s ability to conduct its business. As of December 31, 2024, the Company was in compliance with all covenants as defined in the 2022 Credit Facility. Letters of creditThe 2022 Credit Facility allows for letters of credit in an aggregate face amount of up to $100 million. Letters of credit outstanding at December 31, 2024 and December 31, 2023 totaled $3.5 million and $2.2 million, respectively. 

F-36

COMPASS DIVERSIFIED HOLDINGSNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Interest expenseThe following details the components of interest expense in each of the years ended December 31, 2024, 2023 and 2022:Year ended December 31,(in thousands)202420232022Interest on credit facilities$38,985 $37,269 $13,842 Interest on Senior Notes67,500 67,500 67,500 Unused fee on Revolving Credit Facility1,840 1,998 1,913 Other interest expense403 363 276 Interest income(2,045)(1,951)(49)Interest expense, net$106,683 $105,179 $83,482 

Note I – Defined Benefit Plan

In connection with the acquisition of Arnold, the Company has a defined benefit plan covering substantially all of Arnold’s employees at its Lupfig, Switzerland location. The benefits are based on years of service and the employees’ highest average compensation during the specific period. The following table sets forth the plan’s funded status and amounts recognized in the Company’s consolidated balance sheets at December 31, 2024 and 2023:December 31,(in thousands)20242023Change in benefit obligation:Benefit obligation, beginning of year$13,847 $10,649 Service cost538 369 Interest cost243 257 Actuarial (gain)/loss1,125 1,090 Plan amendment(67)(67)Employee contributions and transfer572 444 Benefits paid(96)1,037 Settlement(342)(1,139)Foreign currency translation(935)1,207 Benefit obligation$14,885 $13,847 Change in plan assets:Fair value of assets, beginning of period$11,426 $9,521 Actual return on plan assets(600)90 Company contribution599 465 Employee contributions and transfer