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Retirement Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Deferred Compensation Plan
Under the Company’s amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”), certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B common stock, which are valued for accounting purposes in the same manner as actual shares of Class B common stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15). The DCP has 50,000,000 shares of Class B common stock reserved for issuance. As of March 31, 2025, shares of Class B common stock available for future issuance under the DCP were 4,329,074.
For the three months ended March 31, 2025 and 2024, DCP elective participant deferrals were $0 and $58, respectively. No discretionary contributions were made to the DCP during the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, phantom shares of the Company’s Class B common stock issuable by the DCP were 12,060,481 and 12,728,808, respectively.
In August 2021, the Company’s Board of Directors approved an amendment to the DCP, which offered to certain active executives in the DCP a one‑time, short‑term election to reallocate a limited portion of their DCP holdings from phantom shares of the Company’s Class B common stock into other phantom investment funds. DCP participants’ holdings in phantom investment funds are classified as liabilities in either Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets as they will be settled in cash upon eventual distribution. The deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations.
Deferred compensation plan (income) expense was $(1,246) and $5,799 for the three months ended March 31, 2025 and 2024, respectively.
The total liabilities related to the DCP is included in the consolidated balance sheets as follows:
March 31, 2025December 31, 2024
Accruals and other current liabilities$3,748 $3,798 
Deferred compensation plan liabilities94,962 96,684 
Total DCP liabilities$98,710 $100,482