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Pension Plan and Life Insurance Contract | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Pension Plan and Life Insurance Contract | Pension Plan and Life Insurance Contract The Company maintains a pension plan for certain current and former employees in Germany. The pensions are individually fixed Euro amounts that vary depending on the function and the eligible years of service of the employee.
|  | 2023 |  | 2022
Benefit obligation at January 1, |  | $ | 13,951 |  |  | $ | 19,594 |
Interest cost |  | 555 |  |  | 181 |
Actuarial gain (loss) |  | 769 |  |  | (3,361) |
Benefits paid |  | (1,296) |  |  | (1,257) |
Cumulative translation adjustment |  | 437 |  |  | (1,206) |
Benefit obligation at December 31, |  | $ | 14,416 |  |  | $ | 13,951 |
The benefit obligation amounts recognized in the Consolidated Balance Sheets are as follows:
|  | December 31,
|  | 2023 |  | 2022
Current liabilities |  | $ | 1,289 |  |  | $ | 1,252 |
Non-current liabilities |  | 13,127 |  |  | 12,699 |
Total |  | $ | 14,416 |  |  | $ | 13,951 |
The components of and assumptions used to determine the net periodic benefit cost are as follows:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Net period benefit cost: |  |  |  |  |  |
Interest cost |  | $ | 555 |  |  | $ | 181 |  |  | $ | 150 |
Amortization of net loss |  | — |  |  | 195 |  |  | 211 |
Net periodic benefit cost |  | $ | 555 |  |  | $ | 376 |  |  | $ | 361 |
Weighted average assumptions |  |  |  |  |  |
Discount rate (1) |  | 4.09 | % |  | 1.03 | % |  | 0.72 | %
Rate of compensation increase |  | — | % |  | — | % |  | — | %
Assumptions to determine the Company’s benefit obligation are as follows:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Discount rate (1) |  | 3.45 | % |  | 4.09 | % |  | 1.03 | %
Rate of compensation increase |  | — | % |  | — | % |  | — | %
Measurement date |  | 12/31/2023 |  | 12/31/2022 |  | 12/31/2021
(1)The discount rates are based on long-term bond indices adjusted to reflect the longer duration of the benefit obligation. The amounts in Accumulated other comprehensive income as of December 31, 2023, and 2022, that had not yet been recognized as components of net periodic benefit cost were $1.4 million and $0.7 million, respectively. As of December 31, 2023, an insignificant amount of the accumulated other comprehensive income is expected to be recognized as a component of net periodic benefit cost in 2024. The Company’s investment strategy is to support its pension obligations through reinsurance contracts. The BaFin—German Federal Financial Supervisory Authority—supervises the insurance companies and the reinsurance contracts. The BaFin requires each reinsurance contract to guarantee a fixed minimum return. The Company’s pension benefits are fully reinsured by group insurance contracts with ERGO Lebensversicherung AG, and the group insurance contracts are measured in accordance with BaFin guidelines (including mortality tables and discount rates) which are considered Level 2 inputs (See Note 7, Financial Instruments and Fair Value). The fair value at December 31, 2023, and 2022, was $12.4 million and $12.6 million, respectively. Since the pension assets are not segregated in trust from the Company’s other assets, the pension assets are not shown as an offset against the pension liabilities in the Consolidated Balance Sheets. These assets are included in the Consolidated Balance Sheets at December 31, 2023, and 2022, as a component of Other current assets and Assets designated for retirement and pension plans. The benefits expected to be paid in each of the next five years, and in the aggregate for the five years thereafter are as follows:
2024 | $ | 1,289 |
2025 | 1,267 |
2026 | 1,239 |
2027 | 1,206 |
2028 | 1,168 |
2029 through 2033 | $ | 5,103 |

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