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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

The net periodic pension cost is included in other income (expense) in the consolidated statements of operations and consisted of the following components (in thousands):


	Year Ended December 31,
	2023			2022			2021
Components of the net periodic pension cost:
Interest cost	$	1,185		$	669		$	554
Expected return on plan assets		(1,440	)		(1,286	)		(1,120	)
Amortization of actuarial losses		990			380			928
Amortization of prior service cost		30			32			31
Net periodic pension cost	$	765		$	(205	)	$	393

Actuarial Assumptions used to Compute net Periodic Pension Cost and Funded Status

The actuarial assumptions used to compute the net periodic pension cost for the years ended December 31, 2023, 2022 and 2021, respectively, were as follows:


	Year Ended December 31,
	2023	2022	2021
Weighted-average discount rate	4.8%	1.8%	1.2%
Weighted-average long-term rate of return on plan assets	5.3%	3.2%	2.5%

The actuarial assumptions used to compute the benefit obligations as of December 31, 2023 and 2022, respectively, were as follows:


	December 31,
	2023	2022
Weighted-average discount rate	4.5%	4.8%
Rate of inflation	2.8%	2.7%

Reconciliation of Benefit Obligations and Plan Assets of U.K. Plan

The following table provides a reconciliation of benefit obligations and plan assets of the U.K. Plan (in thousands):


	December 31,
	2023			2022
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	24,597		$	41,398
Interest cost		1,185			669
Actuarial (gains) losses (1)		445			(12,135	)
Benefits paid		(1,257	)		(1,191	)
Prior service cost		—			—
Foreign currency exchange rate changes		1,289			(4,144	)
Projected benefit obligation at end of year	$	26,259		$	24,597
Accumulated benefit obligation at end of year	$	26,259		$	24,597
Change in plan assets:
Fair value of plan assets at beginning of year	$	26,609		$	44,187
Actual return on plan assets		1,575			(12,927	)
Employer contributions		1,007			971
Benefits paid		(1,257	)		(1,191	)
Foreign currency exchange rate changes		1,417			(4,431	)
Fair value of plan assets at end of year	$	29,351		$	26,609
Funded status at end of year	$	3,092		$	2,012
Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost:
Net actuarial losses at beginning of year	$	(8,076	)	$	(7,206	)
Net actuarial gains (losses) during the year		(310	)		(2,078	)
Prior service cost arising during the year		-			-
Amounts reclassified from accumulated other comprehensive loss to income before income taxes		1,020			412
Foreign currency exchange rate changes		(406	)		796
Net actuarial losses	$	(7,772	)	$	(8,076	)

(1)

Actuarial (gains)/losses in the U.K. Plan for the years ended December 31, 2023 and 2022, respectively, primarily resulted from changes in the discount rate assumptions.

Expected Future Benefit Payments for Each of Next Five Years

The following table reflects the total expected benefit payments to plan participants for each of the next five years and the following five years in aggregate and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2023 (in thousands):


	Amount
2024	$	1,363
2025		1,365
2026		1,568
2027		1,661
2028		1,723
2029-2033		9,436
Total	$	17,116

Summary of Fair Value of Plan Assets by Asset Category

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2023 (in thousands):


Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Balanced (1)	$	18,978	$	—	$	—	$	—	$	18,978
Fixed income (2)		10,129		—		—		—		10,129
Cash		244		244		—		—		—
Total	$	29,351	$	244	$	—	$	—	$	29,107

(1)

This class comprises a diversified portfolio of global investments which seeks growth from equities and credit assets. It is allocated on a weighted average basis as follows: equities (11%), bonds (64%) and other assets (25%).

(2)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds (95%) and other assets (5%).

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2022 (in thousands):


Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Balanced (1)	$	17,025	$	—	$	—	$	—	$	17,025
Fixed income (2)		9,355		—		—		—		9,355
Cash		229		229		—		—		—
Total	$	26,609	$	229	$	—	$	—	$	26,380

(1)

This class comprises a diversified portfolio of global investments which is allocated on a weighted average basis as follows: equities (12%), bonds (67%), other assets (20%) and cash (1%).

(2)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds (78%), other assets (13%) and cash (9%).