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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Defined Benefit Plan Disclosure [Line Items] |
Summary of Funded Status of the United Kingdom and France Defined Benefit Pension Plans | The following table summarizes the funded status of the United Kingdom and France defined benefit pension plans as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | France |  |  | United Kingdom |  |  | France |  |  | United Kingdom |
|  | (in thousands) |
Fair value of plan assets, beginning of year |  | $ | — |  |  | $ | 71,602 |  |  | $ | — |  |  | $ | 67,423 |
Actual return on assets |  |  | — |  |  |  | (6,308 | ) |  |  | — |  |  |  | 113 |
Company contribution |  |  | — |  |  |  | 3,478 |  |  |  | — |  |  |  | 3,395 |
Benefits paid |  |  | — |  |  |  | (2,728 | ) |  |  | — |  |  |  | (3,135 | )
Foreign exchange |  |  | — |  |  |  | (1,188 | ) |  |  | — |  |  |  | 3,806 |
Plan assets, end of year |  | $ | — |  |  | $ | 64,856 |  |  | $ | — |  |  | $ | 71,602 |
Projected pension obligation, beginning of year |  | $ | (2,806 | ) |  | $ | (75,678 | ) |  | $ | (2,758 | ) |  | $ | (68,870 | )
Service costs |  |  | (132 | ) |  |  | — |  |  |  | (135 | ) |  |  | — |
Interest costs |  |  | (79 | ) |  |  | (3,323 | ) |  |  | (83 | ) |  |  | (3,314 | )
Actuarial gains (losses) |  |  | (115 | ) |  |  | 10,110 |  |  |  | (28 | ) |  |  | (2,681 | )
Benefits paid |  |  | 390 |  |  |  | 2,728 |  |  |  | 303 |  |  |  | 3,135 |
Foreign exchange |  |  | 173 |  |  |  | 1,308 |  |  |  | (105 | ) |  |  | (3,948 | )
Projected pension obligation, end of year |  |  | (2,569 | ) |  |  | (64,855 | ) |  |  | (2,806 | ) |  |  | (75,678 | )
Overfunded (underfunded) status, end of year |  | $ | (2,569 | ) |  | $ | 1 |  |  | $ | (2,806 | ) |  | $ | (4,076 | )
Summary of Accumulated Benefit Obligation |
|  | December 31, 2024 |  |  | December 31, 2023 |
|  | France |  |  | United Kingdom |  |  | France |  |  | United Kingdom |
|  | (In thousands) |
Accumulated benefit obligation, end of year |  | $ | 1,960 |  |  | $ | 63,478 |  |  | $ | 2,207 |  |  | $ | 73,510 |
Accumulated benefit obligation, beginning of year |  |  | 2,207 |  |  |  | 73,510 |  |  |  | 2,126 |  |  |  | 67,283 |
Summary of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in accumulated other comprehensive loss consist of the following amounts:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Cumulative gross unrecognized, net actuarial loss |  | $ | (3,964 | ) |  | $ | (4,348 | )
Related tax impact |  |  | 952 |  |  |  | 1,092 |
Total included in accumulated other comprehensive loss |  | $ | (3,012 | ) |  | $ | (3,256 | )
Schedule of Net periodic Benefit Cost Charged to Consolidated Statement of Operations | The net periodic benefit cost charged to the Consolidated Statements of Operations includes the following components (in thousands):
|  | Year ended December 31 |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Service cost |  | $ | 132 |  |  | $ | 135 |  |  | $ | 148 |
Interest cost |  |  | 3,402 |  |  |  | 3,397 |  |  |  | 2,141 |
Expected return on plan assets |  |  | (3,406 | ) |  |  | (3,207 | ) |  |  | (3,390 | )
Amortization of net (gain) loss |  |  | (76 | ) |  |  | (78 | ) |  |  | (655 | )
|  | $ | 52 |  |  | $ | 247 |  |  | $ | (1,756 | )
Schedule of Principal Long-term Assumptions | The principal long-term assumptions on which the valuation was based are as follows:
|  | France |  |  | United Kingdom |  |  | France |  |  | United Kingdom |
|  | 2024 |  |  | 2024 |  |  | 2023 |  |  | 2023 |
Discount rate to determine benefit obligations |  |  | 3.40 | % |  |  | 5.54 | % |  |  | 3.25 | % |  |  | 4.55 | %
Discount rate – to determine net periodic benefit cost |  |  | 3.40 | % |  |  | 4.55 | % |  |  | 3.10 | % |  |  | 4.77 | %
Compensation growth rate |  |  | 3.00 | % |  |  | 3.83 | % |  |  | 3.00 | % |  |  | 3.71 | %
Expected return on plan assets – Scheme |  | n/a |  |  |  | 6.10 | % |  | n/a |  |  |  | 4.83 | %
Expected return on plan assets – Plan |  | n/a |  |  |  | 5.47 | % |  | n/a |  |  |  | 4.79 | %
Schedule of Allocation of Plan Assets | The fair value of plan assets for the United Kingdom defined benefit plans by major category were as follows:
|  | As of December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Cash |  | $ | 3,546 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,546 |
Equity funds: |  |  |  |  |  |  |  |  |  |  |  |
International equities |  |  | — |  |  |  | 6,492 |  |  |  | — |  |  |  | 6,492 |
Emerging market equities |  |  | — |  |  |  | 907 |  |  |  | — |  |  |  | 907 |
Fixed income funds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. and international government bonds |  |  | — |  |  |  | 25,494 |  |  |  | — |  |  |  | 25,494 |
Corporate bonds |  |  | — |  |  |  | 11,699 |  |  |  | 4,305 |  |  |  | 16,004 |
Emerging market bonds |  |  | — |  |  |  | 1,784 |  |  |  | — |  |  |  | 1,784 |
Real estate and property funds |  |  | — |  |  |  | — |  |  |  | 7,489 |  |  |  | 7,489 |
Hedge funds |  |  | — |  |  |  | 1,988 |  |  |  | — |  |  |  | 1,988 |
Other funds |  |  | — |  |  |  | — |  |  |  | 1,152 |  |  |  | 1,152 |
Fair value of pension assets |  | $ | 3,546 |  |  | $ | 48,364 |  |  | $ | 12,946 |  |  | $ | 64,856 |
The fair value of plan assets for the United Kingdom defined benefit plans by major category were as follows:
|  | As of December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Cash |  | $ | 165 |  |  | $ | — |  |  | $ | — |  |  | $ | 165 |
Equity funds: |  |  |  |  |  |  |  |  |  |  |  |
International equities |  |  | — |  |  |  | 7,321 |  |  |  | — |  |  |  | 7,321 |
Emerging market equities |  |  | — |  |  |  | 913 |  |  |  | — |  |  |  | 913 |
Fixed income funds: |  |  |  |  |  |  |  |  |  |  |  |
U.S. and international government bonds |  |  | — |  |  |  | 32,944 |  |  |  | — |  |  |  | 32,944 |
Corporate bonds |  |  | — |  |  |  | 13,892 |  |  |  | 3,658 |  |  |  | 17,550 |
Emerging market bonds |  |  | — |  |  |  | 2,185 |  |  |  | — |  |  |  | 2,185 |
Real estate and property funds |  |  | — |  |  |  | — |  |  |  | 7,859 |  |  |  | 7,859 |
Hedge funds |  |  | — |  |  |  | 1,356 |  |  |  | — |  |  |  | 1,356 |
Other funds |  |  | — |  |  |  | — |  |  |  | 1,309 |  |  |  | 1,309 |
Fair value of pension assets |  | $ | 165 |  |  | $ | 58,611 |  |  | $ | 12,826 |  |  | $ | 71,602 |
Schedule of Level 3 Pension Assets | The following table represents the reconciliation of the Level 3 pension assets measured at fair value:
|  | Corporate Bonds funds |  |  | Real Estate and Property funds |  |  | Other funds |  |  | Total |
|  | (in thousands) |
Balance, December 31, 2022 |  |  | 5,969 |  |  |  | 5,396 |  |  |  | 1,406 |  |  |  | 12,771 |
Purchases |  |  | — |  |  |  | 2,612 |  |  |  | 4 |  |  |  | 2,616 |
Sales |  |  | (3,268 | ) |  |  | (199 | ) |  |  | (9 | ) |  |  | (3,476 | )
Change in market value: |  |  | 620 |  |  |  | 138 |  |  |  | (559 | ) |  |  | 199 |
Foreign exchange |  |  | 337 |  |  |  | (88 | ) |  |  | 467 |  |  |  | 716 |
Balance, December 31, 2023 |  | $ | 3,658 |  |  | $ | 7,859 |  |  | $ | 1,309 |  |  | $ | 12,826 |
Sales |  |  | — |  |  |  | (482 | ) |  |  | (13 | ) |  |  | (495 | )
Change in market value: |  |  | 711 |  |  |  | 259 |  |  |  | (69 | ) |  |  | 901 |
Foreign exchange |  |  | (64 | ) |  |  | (147 | ) |  |  | (75 | ) |  |  | (286 | )
Balance, December 31, 2024 |  | $ | 4,305 |  |  | $ | 7,489 |  |  | $ | 1,152 |  |  | $ | 12,946 |
Schedule of Estimated Benefit Payments | Future estimated benefit payments over the next 10 years from the United Kingdom and France defined benefit plans for the years ending December 31 and thereafter are as follows (in thousands) :
2025 |  | $ | 2,942 |
2026 |  |  | 2,964 |
2027 |  |  | 3,081 |
2028 |  |  | 3,448 |
2029 |  |  | 3,474 |
Thereafter (2030-2034) |  |  | 18,192 |
Total |  | $ | 34,101 |

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