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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefit Plans | Employee Benefit Plans U.S. Plan The Company maintains a defined contribution pension plan for U.S. employees established pursuant to Section 401(k) of the Internal Revenue Code. The plan allows voluntary employee contributions and discretionary employer contributions. For the years ended December 31, 2023, 2022, and 2021, the Company expensed contributions of $0.6 million, $0.5 million, and $0.2 million, respectively. Non-U.S. Plans The Company is subject to national mandatory pension systems and other compulsory plans, or makes contributions to social pension funds based on local regulations. When the Company's obligation is limited to the payment of the contribution into these plans or funds, the recognition of such liabilities is not required. In addition, the Company has, in some countries, defined benefit plans consisting of final retirement salary and committed pension payments. In Switzerland, the pension plan is a cash balance plan where contributions are expressed as a percentage of the pensionable salary. Contributions to Swiss plans are paid by the employees and the employer. The pension plan guarantees the amount accrued on the members’ savings accounts, as well as a minimum interest on those savings accounts. The plan assets are held in guaranteed investment contracts. The Company also maintains a pension plan for Belgian employees, in compliance with Belgian law. Contributions to Belgium plans are paid by the employees and the employer. Certain features of the plans require them to be categorized as defined benefit plans under ASC 715 due to Belgian social legislation, which prescribes a minimum annual return of 1.8% on employer contributions and 1.8% for employee contributions. The plan assets are held in guaranteed investment contracts. The Company also includes a liability related to obligations to provide retirement benefits to employees who retire from the Company’s French subsidiary, as required by law. Per French regulations, each employee is entitled to a lump sum payment upon retirement based on years of service and salary at retirement. Benefit rights vest upon the statutory retirement age of 62. The obligation recorded represents the present value of amounts the Company expects to pay. Components of net periodic pension cost included in earnings:
| Years Ended December 31,
(In thousands) | 2023 |  | 2022 |  | 2021
Service cost (gross) | $ | 879 |  |  | $ | 1,107 |  |  | $ | 1,587 |
Interest cost | 560 |  |  | 138 |  |  | 53 |
Expected return on plan assets | (358) |  |  | (288) |  |  | (302) |
Amortization of unrecognized actuarial gain | (265) |  |  | (90) |  |  | (12) |
Net periodic pension cost | $ | 816 |  |  | $ | 867 |  |  | $ | 1,326 |
The net unfunded status of the Non-U.S. pension plans as of December 31, 2023 and 2022, is as follows:
| December 31,
(In thousands) | 2023 |  | 2022
Fair value of plan assets | $ | 16,460 |  |  | $ | 15,415 |
Projected benefit obligation | (19,014) |  |  | (17,715) |
Net unfunded benefit obligation | $ | (2,554) |  |  | $ | (2,300) |
Net unfunded benefit obligation is recorded as other long-term liabilities in the consolidated balance sheets. The change in the fair value of plan assets is as follows:
| Years Ended December 31,
(In thousands) | 2023 |  | 2022
Fair value of plan assets at January 1 | $ | 15,415 |  |  | $ | 17,394 |
Employee contributions | 406 |  |  | 437 |
Actual return on plan assets | 461 |  |  | (288) |
Benefits (paid), net of transfers | (1,487) |  |  | (2,361) |
Employer contributions | 864 |  |  | 911 |
Foreign exchange adjustment | 801 |  |  | (678) |
Fair value of plan assets at December 31 | $ | 16,460 |  |  | $ | 15,415 |
The change in benefit obligations is as follows:
| Years Ended December 31,
(In thousands) | 2023 |  | 2022
Benefit obligations at January 1 | $ | 17,715 |  |  | $ | 24,855 |
Gross service cost | 879 |  |  | 1,107 |
Interest cost | 560 |  |  | 138 |
Employee contributions | 406 |  |  | 437 |
Actuarial (gains)/losses | 313 |  |  | (4,676) |
Benefits (paid), net of transfers | (1,487) |  |  | (2,361) |
Curtailments & settlements | (285) |  |  | (799) |
Foreign exchange adjustment | 913 |  |  | (986) |
Benefit obligations at December 31 | $ | 19,014 |  |  | $ | 17,715 |
The increase in benefit obligations at December 31, 2023 compared to December 31, 2022 was primarily driven by actuarial gains and foreign exchange adjustments, the strengthened Euro and Swiss Franc currencies, offset by benefits paid. The decrease in benefit obligations at December 31, 2022 compared to December 31, 2021 was primarily driven by benefits paid, actuarial gains and foreign exchange adjustments, driven by the weakened Euro and Swiss Franc currencies. The Company's investment policy meets the responsibility under local social legislation and aligns plan assets with liabilities, while minimizing risk. For the years ended December 31, 2023 and 2022, plan assets are invested in guaranteed investment contracts. Fair value of guaranteed investment contracts is surrender value. Fair value for the year ended December 31, 2023 was determined using Level 3 inputs as defined by ASC 820, Fair Value Measurements. Changes in plan assets are attributable to benefit payments and contributions as the Company has not actively traded assets during the years ended December 31, 2023 and 2022. Other The accumulated benefit obligation for the plans were $17.8 million and $16.8 million as of December 31, 2023 and 2022, respectively. The Company expects to pay approximately $0.8 million of contributions over the next twelve months. The amounts reclassified out of other comprehensive income during the years ended December 31, 2023, 2022, and 2021 were not material. Actuarial Assumptions Certain actuarial assumptions such as the discount rate and the long-term rate of return on plan assets have a significant effect on the amounts reported for net periodic cost and the benefit obligation. The assumed discount rates reflect the prevailing market rates of a universe of high-quality, non-callable, corporate bonds currently available that, if the obligation were settled at the measurement date, would provide the necessary future cash flows to pay the benefit obligation when due. In determining the long-term return on plan assets, the Company considers long-term rates of return of comparable low risk investments, such as Euro AA bonds. The following range of assumptions between all plans were utilized in the pension calculations:
| December 31,
| 2023 |  | 2022
| (%)
Discount rates | 1.40 | - | 4.10 |  | 2.15 | - | 3.50
Inflation | 1.25 | - | 2.20 |  | 1.25 | - | 2.20
Expected return on plan assets | 2.00 | - | 2.50 |  | 2.00 | - | 2.50
Rate of salary increases | 2.25 | - | 3.20 |  | 2.25 | - | 3.20
Projected future pension benefits as of December 31, 2023 (in thousands):
2024 | $ | 479 |
2025 | $ | 558 |
2026 | $ | 1,146 |
2027 | $ | 417 |
2028 | $ | 503 |
Beyond | $ | 5,681 |

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