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Pension Benefits
 12 Months Ended
Dec. 31, 2023
Pension Benefits  
Pension Benefits

10.        Pension Benefits

U.S. Defined Contribution Pension Plan - The Company has a defined contribution plan qualified under Section 401(k) of the Internal Revenue Code, pursuant to which substantially all of its U.S. employees are eligible to participate after completing six months of service. Participants may elect to contribute a portion of their compensation to the plan. Under the plan, the Company has the discretion to match a portion of participants’ contributions. For the years ended December 31, 2023 and 2022, the Company did not make any matching contributions.

Most of the non-U.S. subsidiaries provide for government-mandated defined pension benefits. For certain of these subsidiaries, vested eligible employees are provided a lump sum payment upon retiring from the Company at a defined age. The lump sum amount is based on the salary and tenure as of retirement date. Other non-U.S. subsidiaries provide for a lump sum payment to vested employees on retirement, death, incapacitation or termination of employment, based upon the salary and tenure as of the date employment ceases. The liability for such defined benefit obligations is determined and provided on the basis of actuarial valuations. As of December 31, 2023, these plans were unfunded. Pension expense for our foreign subsidiaries totaled approximately $1.2 million and $1.1 million for the years ended December 31, 2023 and 2022, respectively.

The following tables set out the status of the non-U.S. pension benefits and the amounts recognized in the Company’s consolidated financial statements and the components of pension costs for the years ended December 31, 2023 and 2022 were as follows (in thousands):

Benefit Obligations:

​

​

​

​

​

​

​

​

​

    

2023

    

2022

​

​

​

​

​

​

​

Projected benefit obligation at beginning of the year

​

$

5,906

​

$

6,839

Service cost

​

 

568

​

 

592

Interest cost

​

 

478

​

 

352

Actuarial loss (gain)

​

 

324

​

 

(713)

Foreign currency exchange rates changes

​

 

54

​

 

(862)

Curtailment

​

 

-

​

 

(48)

Benefits paid

​

 

(202)

​

 

(254)

Projected benefit obligation at end of the year

​

$

7,128

​

$

5,906

​

The Company incurred an actuarial loss of $0.3 million for the year ended December 31, 2023, and an actuarial gain of $0.7 million for the year ended December 31, 2022. This was mainly due to changes in the discount rates used. Actuarial (gains) losses are recorded as part of other comprehensive income and are not reflected as part of net periodic pension cost.

​

Components of Net Periodic Pension Cost:

​

​

​

​

​

​

​

​

​

    

2023

    

2022

​

​

​

​

​

​

​

Service cost

​

$

568

​

$

592

Interest cost

​

 

478

​

 

352

Curtailment

​

 

-

​

 

(16)

Actuarial loss recognized

​

 

147

​

 

210

Net periodic pension cost

​

$

1,193

​

$

1,138

​

The accumulated benefit obligation, which represents benefits earned to date, was approximately $3.9 million and $3.2 million for each of the years ended December 31, 2023 and 2022.

Amounts recognized in the consolidated balance sheets for the years ended December 31, 2023 and 2022 consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

    

2023

    

2022

​

​

​

​

​

​

​

Current accrued benefit cost

​

$

880

 

$

828

Non-current accrued benefit cost

​

 

6,248

 

 

5,078

Total amount recognized

​

$

7,128

 

$

5,906

​

Current accrued benefit cost for pension benefits was included in the current portion of long-term obligations in the consolidated balance sheets. Non-current accrued benefit cost for pension benefits was included in long-term obligations, net of current portion, in the consolidated balance sheets.

Actuarial assumptions for all non-U.S. plans are described below. The discount rates are used to measure the year-end benefit obligations and the earnings effects for the subsequent year. The assumptions for the years ended December 31, 2023 and 2022 were as follows:

​

​

​

​

​

​

​

    

2023

    

2022

​

​

​

​

​

Discount rate

 

6.73%-12.8%

​

5.13%-20%

Rate of increase in compensation level

 

7.5%-14.5%

​

7.5%-20%

​

Estimated Future Benefit Payments:

As of December 31, 2023, the following benefit payments, which reflect expected future service, as appropriate, were expected to be paid (in thousands):

​

​

​

​

​

Year

    

​

Amount

​

​

​

​

2024

​

$

889

2025

​

 

431

2026

​

 

267

2027

​

​

749

2028

​

​

175

2029 to 2032

​

 

5,108

​

​

$

7,619

​