Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of Reconciliation of Changes in Projected Benefit Obligation

The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2023 and 2022:

(in thousands)	2023		2022
Reconciliation of benefit obligation:
Obligation as of January 1	$	5,215	$	9,074
Service cost	59		103
Interest cost	220		99
Actuarial (gain) loss	541		(3,387)
Benefit payments	(173)		(162)
Effect of foreign currency exchange rate changes	165		(512)
Benefit obligation as of December 31	6,027		5,215
Fair value of assets as of December 31	3,691		3,463
Funded status as of December 31	$	(2,336)	$	(1,752)

Schedule of Amounts Recognized in Consolidated Balance Sheets

We recognized the following amounts in the consolidated balance sheets at December 31, 2023 and 2022:

(in thousands)	2023		2022
Other assets	$	3,691	$	3,463
Accrued and other liabilities	(175)		(165)
Other liabilities	(5,852)		(5,050)
Net liability	$	(2,336)	$	(1,752)

Schedule of Accumulated and Projected Benefit Obligations

Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2023 and 2022:

(in thousands)	2023		2022
Projected benefit obligation	$	6,027	$	5,215
Accumulated benefit obligation	$	5,776	$	4,984

The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021:

(in thousands)	2023		2022		2021
Net periodic benefit cost:
Service cost	$	59	$	103	$	187
Interest cost	220		99		130
Amortization of actuarial (gain) loss	(46)		45		259
Total net periodic pension cost	233		247		576
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net (gain) loss	541		(3,387)		(234)
Amortization of prior years' unrecognized gain (loss)	46		(45)		(259)
Total recognized as other comprehensive income (loss), excluding tax	587		(3,432)		(493)
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss)	$	820	$	(3,185)	$	83

Schedule of Assumptions Used to Determine Benefit Obligations

The following assumptions are used to determine the benefit obligations as of December 31, 2023 and 2022:

	2023	2022
Discount rate	3.6%	4.2%
Rate of compensation	3.0%	3.0%

Schedule of Estimated Future Benefit Payments

The following benefit payments, including expected future service cost, are expected to be paid:

(in thousands)
Estimated future benefit payments for the years ending December 31:
2024	$	185
2025	187
2026	218
2027	244
2028	273
2029 through 2033	1,723