XML 52 R30.htm IDEA: XBRL DOCUMENT
v3.25.4

NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS | 12 Months Ended
--- | ---
Dec. 31, 2025
NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS |
NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS | (23) NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS The Company has defined benefit retirement plans that cover certain employees at various international locations. The Company’s policy is to contribute amounts at least sufficient to satisfy the minimum amount required by applicable law and regulations or to directly pay benefits where appropriate. Benefits under the defined benefit plans are typically based either on years of service and the employee’s compensation (generally during a fixed number of years immediately before retirement) or on annual credits. The range of assumptions that are used for these non-U.S. defined benefit plans reflect the different economic environments within the various countries. ​ A reconciliation of the changes in the benefit obligations and fair value of the assets of the defined benefit plans for the years ended December 31, 2025 and 2024, the funded status of the plans, and the amounts recognized in the consolidated balance sheets as of December 31, 2025 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31,
​ | ​ | 2025 | ​ | 2024
Changes in projected benefit obligations: |  | ​ | ​ |  | ​ | ​
Projected benefit obligation, beginning of year | ​ | $ | 22,137 | ​ | $ | 20,769
Service cost | ​ |  | 1,389 | ​ |  | 1,325
Interest cost | ​ |  | 925 | ​ |  | 926
Net actuarial loss on obligation | ​ |  | 1,862 | ​ |  | 343
Settlement | ​ |  | (1,197) | ​ |  | (945)
Benefits paid | ​ |  | (394) | ​ |  | (281)
Projected benefit obligation, end of year | ​ | $ | 24,722 | ​ | $ | 22,137
​ | ​ | ​ | ​ | ​ | ​ | ​
Changes in plan assets: | ​ |  | ​ | ​ |  | ​
Fair value of plan assets, beginning of year | ​ | $ | 14,486 | ​ | $ | 13,609
Actual return on plan assets | ​ |  | 2,874 | ​ |  | 1,367
Employer contributions | ​ |  | 657 | ​ |  | 707
Participant contributions | ​ |  | 36 | ​ |  | 29
Benefits paid | ​ |  | (1,444) | ​ |  | (1,226)
Fair value of plan assets, end of year | ​ | $ | 16,609 | ​ | $ | 14,486
​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status at end of year | ​ | $ | (8,113) | ​ | $ | (7,651)
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in accumulated other comprehensive income consist of: | ​ |  | ​ | ​ |  | ​
Prior service (credit) cost | ​ | $ | (2,521) | ​ | $ | (2,841)
Net actuarial (gain) loss | ​ |  | (479) | ​ |  | (1,148)
​ | ​ | $ | (3,000) | ​ | $ | (3,989)
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the consolidated balance sheets consist of: | ​ |  | ​ | ​ |  | ​
Other assets (non-current pension asset) | ​ | $ | 731 | ​ | $ | 1,567
Accrued expenses and other (current pension liability) | ​ |  | (606) | ​ |  | (848)
Other long-term liabilities (non-current pension liability) | ​ |  | (8,238) | ​ |  | (8,370)
Net amount recognized | ​ | $ | (8,113) | ​ | $ | (7,651)
​ The increase in the underfunded status of the Company’s defined benefit plans at December 31, 2025 compared to December 31, 2024 was primarily due to normal benefit accruals combined with significant lump sum payments in Israel of $1.2 million. Plans with underfunded or non-funded accumulated benefit obligations at December 31, 2025 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Aggregate projected benefit obligation | ​ | $ | 12,839 | ​ | $ | 11,997
Aggregate accumulated benefit obligation | ​ | $ | 10,479 | ​ | $ | 9,586
Aggregate fair value of plan assets | ​ | $ | 3,995 | ​ | $ | 2,779
​ ​ Plans with overfunded accumulated benefit obligations at December 31, 2025 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31,
​ | ​ | 2025 | ​ | 2024
Aggregate projected benefit obligation | ​ | $ | 11,883 | ​ | $ | 10,140
Aggregate accumulated benefit obligation | ​ | $ | 9,781 | ​ | $ | 8,160
Aggregate fair value of plan assets | ​ | $ | 12,614 | ​ | $ | 11,707
​ Net periodic benefit costs for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Service cost | ​ | $ | 1,389 | ​ | $ | 1,325 | ​ | $ | 1,193
Interest cost | ​ |  | 925 | ​ |  | 926 | ​ |  | 938
Expected return on plan assets | ​ |  | (590) | ​ |  | (592) | ​ |  | (607)
Settlement (credit) charge | ​ |  | (138) | ​ |  | (234) | ​ |  | (417)
Amortization of prior service cost | ​ |  | (320) | ​ |  | (320) | ​ |  | (320)
Amortization of net (gain) loss | ​ |  | (161) | ​ |  | (150) | ​ |  | (165)
Net periodic benefit costs | ​ | $ | 1,105 | ​ | $ | 955 | ​ | $ | 622
​ Expected benefit payments for the next ten years are as follows (in thousands):
​ | ​ | ​ | ​
Years ending December 31, | ​ ​ ​ | ​ | ​
2026 | ​ | $ | 1,632
2027 | ​ |  | 1,943
2028 | ​ |  | 2,678
2029 | ​ |  | 2,466
2030 | ​ |  | 2,078
2031 to 2035 | ​ |  | 13,017
​ | ​ | $ | 23,814
​ The changes in plan assets and benefit obligations recognized in other comprehensive income (loss) before tax for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31,
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
Net loss (gain) | ​ | $ | 370 | ​ | $ | (432) | ​ | $ | 22
Amortization of net gain | ​ |  | 161 | ​ |  | 150 | ​ |  | 165
Amortization of prior service credit | ​ |  | 320 | ​ |  | 320 | ​ |  | 320
Settlement credit | ​ |  | 138 | ​ |  | 234 | ​ |  | 417
Total recognized in other comprehensive income (loss) | ​ | $ | 989 | ​ | $ | 272 | ​ | $ | 924
​ The Company defers all actuarial gains and losses resulting from variances between actual results and economic estimates or actuarial assumptions. The unrecognized actuarial gains and losses are recorded as unrealized pension actuarial gains (losses) in the Company’s consolidated balance sheets as a component of Accumulated other comprehensive income. These unrecognized gains and losses are amortized as a component of net periodic benefit cost when the net gains and losses exceed 10% of the greater of the market value of plan assets or the projected benefit obligation at the beginning of the year. The principal weighted average assumptions used to determine the benefit obligation at December 31, 2025 and 2024 were as follows:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | December 31, |
​ | ​ | 2025 | ​ ​ ​ | 2024 |
Discount rate |  | 4.09 | % | 4.33 | %
Rate of compensation increase |  | 3.98 | % | 4.06 | %
Interest crediting rate | ​ | 1.25 | % | 1.25 | %
​ The principal weighted average assumptions used to determine net period benefit cost for the years ended December 31, 2025, 2024 and 2023 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year ended December 31, |
​ | ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Discount rate |  | 4.33 | % | 4.65 | % | 4.74 | %
Expected long-term return on plan assets |  | 3.80 | % | 4.19 | % | 4.34 | %
Rate of compensation increase |  | 4.19 | % | 4.08 | % | 4.02 | %
Interest crediting rate | ​ | 1.25 | % | 1.25 | % | 1.25 | %
​ Assumed discount rates are used in the measurement of the projected and accumulated benefit obligations, as well as the service and interest cost components of net periodic pension cost. Estimated discount rates reflect the rates at which the pension benefits could be effectively settled. For each defined benefit plan, the Company chooses an estimated discount rate from a readily available market index rate, based upon high-quality fixed income investments, specific to the country or economic zone in which the benefits are paid and taking into account the duration of the plan and the number of participants. The Company’s plans in both the Netherlands and Switzerland are funded through insurance contracts, which have historically provided guaranteed interest credit. The fair value of these contracts is derived from the insurance companies’ assessment of the minimum value of the benefits provided by the insurance contracts. Due to the plan amendment in 2020 that changed the benefit structure of the Netherlands plan, the Company no longer has any obligation related to this plan beyond the payment of insurance premiums. Therefore, there is no projected benefit obligation and no plan assets in the Netherlands. The methodology used to value the Switzerland plan assets assumes that the value of the plan assets equals the guaranteed insured benefits. For consistency, the same discount rate used in the valuation of the benefit obligations is used to place a value on the plan assets. The assets are assumed to grow each year in line with the discount rate, and therefore, the expected return on the assets is set equal to the discount rate. The fair value of the plan assets in Switzerland was $3.2 million at December 31, 2025 and $2.8 million at December 31, 2024. The Company classifies the fair value of its plan assets as Level 2 in the fair value hierarchy as discussed in Note 5. During the years ended December 31, 2025 and 2024, employees in Switzerland made contributions aggregating $36,000 and $29,000 each year, respectively. Employee contributions to this plan are based on a fixed 5% of the relevant pensionable earnings. The Company funds this plan by contributing at least the minimum amount required by applicable regulations and as recommended by an independent actuary. During the years ended December 31, 2025, 2024 and 2023, the Company contributed $0.7 million, $0.7 million and $1.0 million, respectively, in total to its defined benefit plans. The Company expects to contribute $1.4 million in total to its defined benefit plans in 2026.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480266/715-60-50-3 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480794/715-70-50-1 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480482/715-20-55-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/715/tableOfContent Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration