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Pension Plan and Life Insurance Contract
 12 Months Ended
Dec. 31, 2024
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.
20242023
Benefit obligation at January 1,$14,416 $13,951 
Interest cost429 555 
Actuarial gain (loss)(319)769 
Benefits paid(1,237)(1,296)
Cumulative translation adjustment(885)437 
Benefit obligation at December 31,$12,404 $14,416 

The benefit obligation amounts recognized in the Consolidated Balance Sheets are as follows:
 December 31,
 20242023
Current liabilities$1,136 $1,289 
Non-current liabilities11,268 13,127 
Total$12,404 $14,416 
The components of and assumptions used to determine the net periodic benefit cost are as follows:
 December 31,
202420232022
Net period benefit cost:
Interest cost$429 $555 $181 
Amortization of net loss— — 195 
Net periodic benefit cost$429 $555 $376 
Weighted average assumptions
Discount rate (1)3.45 %4.09 %1.03 %
Rate of compensation increase— %— %— %

Assumptions to determine the Company’s benefit obligation are as follows:
 December 31,
202420232022
Discount rate (1)3.32 %3.45 %4.09 %
Rate of compensation increase— %— %— %
Measurement date12/31/202412/31/202312/31/2022
 
(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, 2024, and 2023, that had not yet been recognized as components of net periodic benefit cost were $1.0 million and $1.4 million, respectively. As of December 31, 2024, an insignificant amount of the accumulated other comprehensive income is expected to be recognized as a component of net periodic benefit cost in 2025.

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, 2024, and 2023, was $11.1 million and $12.4 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, 2024, and 2023, 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:
2025$1,136 
20261,111 
20271,081 
20281,047 
20291,008 
2030 through 2035$4,343