XML 36 R19.htm IDEA: XBRL DOCUMENT v3.24.1
EMPLOYEE BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
Employee Retirement Plan
Effective May 9, 1997, the Company adopted a Defined Contribution 401(k) and Profit Sharing Plan (the “401(k) Plan”) for its United States and Canada employees. The 401(k) Plan covers all regular full-time and part-time employees who have completed three months of service and attained the age of twenty-one. United States employees can contribute up to 100 percent of their annual compensation but are limited to the maximum annual dollar amount allowable under the Internal Revenue Code. The 401(k) Plan permits matching and discretionary employer contributions. The Company’s matching contributions for its United States and Canada employees vest ratably over a five-year period. During the years ended December 31, 2023 and 2022, the Company contributed approximately $0.2 million and $0.3 million to the 401(k) Plan for matching contributions, respectively.
The Company also sponsors a non-U.S. defined benefit plan covering its employees in its Japan subsidiary (the “Benefit Plan”). Benefits under the Benefit Plan are based on a point system for position grade and years of service. The Company utilizes actuarial methods. Inherent in the application of these actuarial methods are key assumptions, including, but not limited to, discount rates and expected long-term rates of return on plan assets. Changes in the related Benefit Plan costs may occur in the future due to changes in the underlying assumptions, changes in the number and composition of plan participants, and changes in the level of benefits provided. The Company uses a measurement date of December 31 to evaluate and record any post-retirement benefits related to the Benefit Plan.

Projected Benefit Obligation and Fair Value of Plan Assets
The Benefit Plan’s projected benefit obligation and valuation of plan assets were as follows for the years ended December 31 (in thousands):
Projected benefit obligation:20232022
Balance, beginning of year$220 $213 
Service cost35 40 
Interest cost1 — 
Liability (gain) loss(18)(6)
Benefits paid to participants(10)— 
Foreign currency(15)(27)
Balance, end of year$213 $220 
Plan assets:20232022
Fair value, beginning of year$— $— 
Company contributions10 — 
Benefits paid to participants(10)— 
Fair value, end of year$— $— 
Funded status of the Benefit Plan as of December 31 (in thousands):
20232022
Benefit obligation$(213)$(220)
Fair value of plan assets— — 
Excess of benefit obligation over fair value of plan assets$(213)$(220)
Amounts recognized in the accompanying Consolidated Balance Sheets consist of, as of December 31 (in thousands):
20232022
Accrued benefit liability$(213)$(220)
Transition obligation and unrealized gain(64)(89)
Net amount recognized in the consolidated balance sheets$(277)$(309)
 Years Ended December 31,
Other changes recognized in comprehensive income (in thousands):
20232022
Net periodic cost$(3)$3 
Current year actuarial gain(18)(6)
Amortization of transition obligation— (3)
Total recognized in other comprehensive loss(18)(9)
Total recognized in comprehensive (loss) income$(21)$(6)
 Years Ended December 31,
Amounts not yet reflected in net periodic benefit cost and included in accumulated other comprehensive gain (in thousands):
20232022
Transition obligation$43 $45 
Prior service cost3 38 
Net actuarial gain18 6 
Total recognized in accumulated other comprehensive gain $64 $89 
 As of December 31,
Amounts included in Accumulated Other Comprehensive Income (Loss) (in thousands):
20232022
Net actuarial gain$675 $657 
Deferred tax provision$(263)$(257)
Net cumulative amount included in accumulated other comprehensive income (loss)$412 $400 
Estimated amounts of amortized transition obligation (in thousands):
20232022
Transition obligation$— $(3)
 As of December 31,
Aggregate Benefit Plan information and accumulated benefit obligation in excess of plan assets (in thousands):20232022
Projected benefit obligation$213 $220 
Accumulated benefit obligation213 220 
Fair value of plan assets— — 

The weighted-average assumptions to determine the benefit obligation and net cost are as follows:
 20232022
Discount rate0.90 %0.50 %
Rate of increase in compensation levels— — 
Components of Expense
Service Cost for the Benefit Plan is included within selling and administrative expenses in the statement of operations and all other items noted in the table below (Interest Cost, Amortization of Transition Obligation, Loss and Prior Service Cost) are included within other (expense), net. Pension costs, which are included within Consolidated Statement of Operations are detailed below for the years ended December 31 (in thousands):
 20232022
Service cost$35 $40 
Interest cost1 — 
Amortization of transition obligation— 3 
Loss(5)(4)
Prior service cost(34)(36)
Total pension expense (benefit)$(3)$3 
Estimated Benefits and Contributions
The Company expects to contribute approximately $18,000 to the Benefit Plan in 2024. As of December 31, 2023, benefits expected to be paid by the Benefit Plan for the next ten years is approximately as follows (in thousands):
2024$18 
202529 
202623 
202726 
202830 
Next five years152 
Total expected benefits to be paid$278