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Pension Benefits (Tables)

12 Months Ended

Dec. 31, 2023

Pension Benefits

Schedule of status of the non-U.S. pension benefits pertaining to benefit obligations

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

Schedule of status of the non-U.S. pension benefits pertaining to 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

Schedule of accumulated benefit obligation

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

Schedule of actuarial assumptions for all non-U.S. plans

​

​	​	​	​	​
​		2023		2022
​	​	​	​	​
Discount rate		6.73%-12.8%	​	5.13%-20%
Rate of increase in compensation level		7.5%-14.5%	​	7.5%-20%

Schedule of 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

​

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Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate.

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Tabular disclosure of the change in the accumulated postemployment benefit obligation from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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