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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of net periodic pension cost | 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 |
Summary of net unfunded status of pension plans | 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) |
Schedule of change in the fair value of plan assets | 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 |
Schedule of change in benefit obligations | 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 |
Summary of weighted average assumptions | 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
Schedule of projected future pension benefits | 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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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (b) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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