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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | 12 Months Ended
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Dec. 31, 2023
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS |
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | NOTE 15. EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS Defined Contribution Plans We have a 401(k) profit-sharing and retirement savings plan covering substantially all full-time U.S. employees. Participants may defer up to the maximum amount permitted by law. Participants are immediately vested in both their own contributions and profit-sharing contributions. Profit-sharing contributions, which are discretionary, are approved by the Board. For the years ended December 31, 2023 and 2022, we based our profit-sharing contribution on matching 100% of employee contributions up to 3% of compensation plus an additional match of 50% on the next 2% of compensation. For the year ended December 31, 2021 we based our profit-sharing contribution on matching 50% of employee contributions up to 6% of the employee’s compensation. During the years ended December 31, 2023, 2022, and 2021 we recognized total defined contribution plan costs of $5.1 million, $4.5 million, and $3.1 million, respectively. Defined Benefit Plans We maintain defined benefit pension plans for certain of our non-U.S. employees in the United Kingdom, Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations. To measure the expense and related benefit obligation, we make various assumptions, including discount rates used to value the obligation, expected return on plan assets used to fund these expenses, and estimated future inflation rates. We base these assumptions on historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with pension benefits. The information provided below includes one pension plan which is part of discontinued operations. As such, for all periods presented, all related expenses are reported in discontinued operations in the Consolidated Statements of Operations. Our projected benefit obligation and plan assets for defined benefit pension plans and the related assumptions used to determine the related liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
​ |  | 2023 |  | 2022
Projected benefit obligation, beginning of year | ​ | $ | 56,520 | ​ | $ | 85,776
Service cost | ​ |  | 1,016 | ​ |  | 1,133
Interest cost | ​ |  | 2,909 | ​ |  | 1,819
Actuarial loss (gain) | ​ |  | 4,808 | ​ |  | (23,677)
Benefits paid | ​ |  | (1,452) | ​ |  | (1,502)
Translation adjustment | ​ |  | 1,852 | ​ |  | (7,029)
Projected benefit obligation, end of year | ​ | ​ | 65,653 | ​ | ​ | 56,520
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | $ | 12,489 | ​ | $ | 18,521
Expected return | ​ |  | 654 | ​ |  | 535
Contributions | ​ |  | 1,443 | ​ |  | 1,430
Benefits paid | ​ |  | (1,140) | ​ |  | (1,124)
Actuarial gain (loss) | ​ |  | 17 | ​ |  | (5,060)
Translation adjustment | ​ |  | 652 | ​ |  | (1,813)
Fair value of plan assets, end of year | ​ | ​ | 14,115 | ​ | ​ | 12,489
Funded status of plan | ​ | $ | (51,538) | ​ | $ | (44,031)
​ The components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2023 |  | 2022 |  | 2021
Service cost | ​ | $ | 1,016 | ​ | $ | 1,133 | ​ | $ | 1,282
Interest cost | ​ | ​ | 2,909 | ​ | ​ | 1,819 | ​ | ​ | 1,452
Expected return on plan assets | ​ |  | (654) | ​ |  | (535) | ​ |  | (642)
Amortization of actuarial gains and losses | ​ |  | (404) | ​ |  | 322 | ​ |  | 820
Net periodic pension cost | ​ | $ | 2,867 | ​ | $ | 2,739 | ​ | $ | 2,912
​ Assumptions used in the determination of the net periodic pension cost are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
Discount rate used for net periodic pension costs |  | 5.1 | % | 2.6 | % | 1.6 | %
Discount rate used for pension benefit obligations | ​ | 4.4 | % | 5.1 | % | 2.6 | %
Expected long-term return on plan assets |  | 5.2 | % | 3.2 | % | 3.2 | %
​ ​ The fair value of our qualified pension plan assets by category was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Fund | ​ | $ | — | ​ | $ | 11,606 | ​ | $ | — | ​ | $ | 11,606
Corporate Bonds | ​ |  | — | ​ | ​ | 1,212 | ​ | ​ | — | ​ | ​ | 1,212
Insurance Contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 799 | ​ | ​ | 799
Cash | ​ |  | 498 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 498
Total | ​ | $ | 498 | ​ | $ | 12,818 | ​ | $ | 799 | ​ | $ | 14,115
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Fund | ​ | $ | — | ​ | $ | 9,100 | ​ | $ | — | ​ | $ | 9,100
Corporate Bonds | ​ |  | — | ​ |  | 2,333 | ​ |  | — | ​ |  | 2,333
Insurance Contracts | ​ | ​ | — | ​ |  | — | ​ |  | 798 | ​ |  | 798
Cash | ​ |  | 258 | ​ |  | — | ​ |  | — | ​ |  | 258
Total | ​ | $ | 258 | ​ | $ | 11,433 | ​ | $ | 798 | ​ | $ | 12,489
​ Expected future payments during the next ten years for our defined benefit pension plans are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2024 | ​ | $ | 3,884
2025 | ​ | ​ | 2,205
2026 | ​ | ​ | 4,224
2027 | ​ | ​ | 2,927
2028 | ​ | ​ | 3,217
2029 to 2033 | ​ | ​ | 21,309
​

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