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Pension and Other Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Components of Net Periodic Benefit Cost for Company's Defined Benefit Plans | The components of net periodic benefit cost for the Company’s defined benefit plans for the years ended December 31, 2023, 2022 and 2021 were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |  |  | 2023 |  |  | 2022 |  |  | 2021 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 115 |  |  |  | 56 |  |  |  | 42 |  |  |  | 217 |  |  |  | 92 |  |  |  | 91 |
Expected return on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (115 | ) |  |  | (109 | ) |  |  | (120 | )
Amortization of prior service cost and actuarial loss |  |  | — |  |  |  | 22 |  |  |  | 26 |  |  |  | 23 |  |  |  | 114 |  |  |  | 133 |
Net periodic benefit cost |  | $ | 115 |  |  | $ | 78 |  |  | $ | 68 |  |  | $ | 125 |  |  | $ | 97 |  |  | $ | 104 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.65 | % |  |  | 1.80 | % |  |  | 1.20 | % |  |  | 4.10 | % |  |  | 1.08 | % |  |  | 1.06 | %
Long-term return on assets |  | N/A |  |  | N/A |  |  | N/A |  |  |  | 3.20 | % |  |  | 2.90 | % |  |  | 2.90 | %
Reconciliation of Change in Benefit Obligation, Change in Plan Assets and Balance Sheet Classification | A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2023 and 2022 is as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 2,811 |  |  | $ | 3,446 |  |  | $ | 5,398 |  |  | $ | 8,102 |
Interest cost |  |  | 115 |  |  |  | 56 |  |  |  | 217 |  |  |  | 92 |
Paid pension distributions |  |  | (342 | ) |  |  | (342 | ) |  |  | (290 | ) |  |  | (281 | )
Actuarial loss (gain) |  |  | 18 |  |  |  | (349 | ) |  |  | (89 | ) |  |  | (2,001 | )
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | 170 |  |  |  | (514 | )
Balance at end of year |  | $ | 2,602 |  |  | $ | 2,811 |  |  | $ | 5,406 |  |  | $ | 5,398 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  | — |  |  |  | — |  |  |  | 3,918 |  |  |  | 4,069 |
Actual return on plan assets |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | 89 |
Contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Paid pension distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | 129 |  |  |  | (240 | )
Balance at end of year |  | $ | — |  |  | $ | — |  |  | $ | 4,145 |  |  | $ | 3,918 |
Underfunded Status |  | $ | (2,602 | ) |  | $ | (2,811 | ) |  | $ | (1,261 | ) |  | $ | (1,480 | )
Balance sheet classification: |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (357 | ) |  | $ | (342 | ) |  | $ | (297 | ) |  | $ | (314 | )
Pension benefit obligation |  |  | (2,245 | ) |  |  | (2,469 | ) |  |  | (964 | ) |  |  | (1,166 | )
Accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  |  | 223 |  |  |  | 205 |  |  |  | 899 |  |  |  | 965 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.45 | % |  |  | 4.65 | % |  |  | 4.56 | % |  |  | 4.10 | %
Summary of Pre-tax Amounts in AOCI Expected to Be Recognized in Net Periodic Benefit Cost | Pre-tax amounts included in AOCI that are expected to be recognized in net periodic benefit cost during the year ended December 31, 2024 are as follows:
|  | U.S Plan |  |  | German Plan |
Actuarial losses |  | $ | — |  |  | $ | 20 |
Summary of Accumulated Benefit Obligations | The accumulated benefit obligations were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Accumulated benefit obligation |  | $ | 2,602 |  |  | $ | 2,811 |  |  | $ | 5,406 |  |  | $ | 5,398 |
Schedule of Future Expected Pension Payments | The schedule of future expected pension payments is as follows:
|  | Projected Pension Benefit Payments |
Year |  | U.S Plan |  |  | German Plan |
2024 |  | $ | 342 |  |  | $ | 324 |
2025 |  |  | 342 |  |  |  | 314 |
2026 |  |  | 342 |  |  |  | 303 |
2027 |  |  | 342 |  |  |  | 292 |
2028 |  |  | 342 |  |  |  | 279 |
2029-2032 |  |  | 1,368 |  |  |  | 2,893 |
Total |  | $ | 3,078 |  |  | $ | 4,405 |

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