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Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Change in Benefit Obligation, Plan Assets and Funded Status

The change in benefit obligation, plan assets and funded status as of December 31 is as follows:


	Non-U.S. Pension Plan
		2023		2022
Change in benefit obligation:
Benefit obligation — Beginning of the year		$	29,885	$	48,545

Interest cost		1,418		785

Benefits paid		(1,801)		(1,744)
Actuarial (gain) loss		1,087		(12,931)
Exchange rate changes		1,583		(4,770)
Benefit obligation at end of the year		$	32,172	$	29,885
Change in plan assets:
Fair value of plan assets — Beginning of the year		$	21,537	$	38,640
Actual return on plan assets		1,053		(12,631)
Employer contributions		1,125		1,016

Benefits paid		(1,801)		(1,744)
Exchange rate changes		1,138		(3,744)
Fair value of plan assets at end of the year		23,052		21,537
Funded status		$	(9,120)	$	(8,348)

Amounts Recognized in Consolidated Balance Sheets

Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of:


	Non-U.S. Pension Plan
		2023		2022


Noncurrent liabilities		(9,120)		(8,348)
Amount recognized		$	(9,120)	$	(8,348)

Components of Net Periodic Cost (Benefit)

The components of net periodic cost (benefit) for the years ended December 31 were as follows:


	U.S. Pension and Other Post-Retirement Benefit Plans						Non-U.S. Pension Plan
	2023		2022		2021		2023		2022		2021

Interest cost	$	—	$	617	$	827	$	1,418	$	785	$	638
Expected return on plan assets	—		(681)		(2,212)		(1,221)		(1,016)		(1,000)
Amortization of prior service cost 1	—		9,208		6		48		48		54
Recognized actuarial loss	—		373		283		757		603		953
Net periodic cost (benefit)	$	—	$	9,517	$	(1,096)	$	1,002	$	420	$	645

1 Includes $9.2 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2022.

Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in Other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows:


	U.S. Pension and Other Post-Retirement Benefit Plans						Non-U.S. Pension Plan
	2023		2022		2021		2023		2022		2021
Net actuarial loss	$	—	$	(148)	$	10,875	$	14,165	$	13,603	$	13,923
Prior service cost	—		27		33		572		618		687
	$	—	$	(121)	$	10,908	$	14,737	$	14,221	$	14,610

Amounts Recognized as Other Changes in Plan Assets and Benefit Obligations in Other Comprehensive Income (Loss)

Amounts recognized as other changes in plan assets and benefit obligations in comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows:


	U.S. Pension and Other Post-Retirement Plans				Non-U.S. Pension Plan
	2023		2022		2023		2022
Actuarial (gain) loss	$	—	$	(1,435)	$	1,186	$	615
Amortization of actuarial (loss) gain	—		(9,575)		(716)		(672)
Prior service credit	—		(6)		(46)		(54)
Total recognized in other comprehensive income (loss)	$	—	$	(11,016)	$	424	$	(111)

Weighted-Average Assumptions Used to Determine Benefit Obligations and Net Periodic Benefit Cost

Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:


	Non-U.S. Pension Plan
		2023		2022
Discount rate		4.45	%	4.75	%

Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows:


	Non-U.S. Pension Plan
		2023		2022		2021
Discount rate		4.45	%	1.80	%	1.20	%
Expected return on plan assets		5.65	%	2.90	%	2.60	%

Fair Values of Pension Plan Assets by Asset Category and by Level

Our investment allocation target for our non-U.S. pension plan for 2023 and our weighted-average asset allocations of our pension assets for the years ended December 31, by asset category, are as follows:


	Target Allocation %		Actual Allocations %
	2023	2022		2023	2022

Cash and cash equivalents	—	—		1	—
Equity/Balanced securities	23	42		23	42
Fixed income securities	77	58		76	58

	100%	100%		100%	100%

The fair values of our pension plan assets by asset category and by level as described in Note 1, Significant Accounting Policies, for the years ended December 31, 2023 and 2022 are as follows:


	December 31, 2023
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Insurance contracts and other	$	23,052	$	—	$	23,052	$	—















Total pension fund assets	$	23,052	$	—	$	23,052	$	—


	December 31, 2022
			Quoted Prices in Active Markets for Identical Assets		Significant Observable Inputs 2		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Insurance contract and other	$	21,537	$	—	$	21,537	$	—















Total pension fund assets 1	$	21,537	$	—	$	21,537	$	—

1.Not included in the table are the remaining $4.0 million of plan assets under the U.S. pension plan which has been invested in Cash and cash equivalents (NAV) as of December 31, 2022.

2.During 2023, the Company corrected an immaterial error in the presentation of asset category and level of the non-U.S. pension plan assets as of December 31, 2022. The assets were previously disclosed as Net Asset Value per share (NAV) rather than Level 2. Additionally, the asset category previously disclosed was the underlying assets of the insurance contract rather than the insurance contract itself. The correction had no impact on investment values and had no impact on the consolidated balance sheets, statements of operations or statements of cash flows.

Expected Future Benefit Payments of Pension and Other Post-Retirement Benefit Plans

The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans:


Year Ending December 31,	Pension Plans
2024	$	1,815
2025	$	1,780
2026	$	1,848
2027	$	1,859
2028	$	1,934
2029 to 2033	$	9,703