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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS
 12 Months Ended
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

​