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Employee Benefits

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Abstract]

Employee Benefits

Employee Benefits

Defined Benefit Plans

According to the French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement.

The following table summarizes the changes in the projected benefit obligation:

			Projected benefit obligation
			(in thousands)
Projected benefit obligation present value at January 1, 2022			$	5,531
Service cost			1,756
Interest cost			73
Actuarial losses (gains)			(3,311)
Currency translation adjustment			(341)
Projected benefit obligation present value at December 31, 2022			$	3,708
Service cost			532
Interest cost			120
Actuarial losses (gains)			(283)
Currency translation adjustment			(43)
Projected benefit obligation present value at September 30, 2023			$	4,034

The Company does not hold any plan assets for any of the periods presented.

The main assumptions used for the purposes of the actuarial valuations are listed below:

			Nine Months Ended						Year Ended
			September 30, 2023						December 31, 2022
Discount rate (Corp AA)			4.55%						4.25%
Expected rate of salary increase			5%						5%
Expected rate of social charges			48%						48%
Expected staff turnover			0% - 17.8%						0% - 17.8%
Estimated retirement age			Progressive table						Progressive table
Life table			TH-TF 2000-2002 shifted						TH-TF 2000-2002 shifted

Defined Contribution Plans

The total expense represents contributions payable to these plans by us at specified rates.

In some countries, the Group’s employees are eligible for pension payments and similar financial benefits. The Group provides these benefits via defined contribution plans. Under defined contribution plans, the Group has no obligation other than to pay the agreed contributions, with the corresponding expense charged to income for the year. The main contributions relate to France, the United States (for 401k plans), and the United Kingdom.

			Three Months Ended									Nine Months Ended
			September 30, 2023			September 30, 2022						September 30, 2023			September 30, 2022
			(in thousands)
Defined contributions plans included in personnel expenses			$	(4,694)		$	(3,590)					$	(14,308)		$	(13,726)

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 710
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//710/tableOfContent

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 712
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//712/tableOfContent

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//718/tableOfContent

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- References

No definition available.

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