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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Projected Benefit Obligation and Plan Assets Changes | The following table summarizes information for the pension plans:
| As of December 31,
| 2023 |  | 2022
| (In thousands)
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 3,502 |  |  | $ | 3,874 |
Service cost | 264 |  |  | 268 |
Interest cost | 146 |  |  | 35 |
Actuarial loss (gain) | 13 |  |  | (418) |
Benefits paid | (41) |  |  | — |
Taxes, insurance premiums and administrative expenses | (61) |  |  | (50) |
Impact of foreign currency translation | 104 |  |  | (207) |
Benefit obligation at end of year | $ | 3,927 |  |  | $ | 3,502 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of year | $ | 3,181 |  |  | $ | 2,958 |
Return on plan assets | 41 |  |  | 26 |
Actuarial gain | — |  |  | 72 |
Employer contribution | 393 |  |  | 332 |
Benefits paid | (41) |  |  | — |
Taxes, insurance premiums and administrative expenses | (61) |  |  | (50) |
Impact of foreign currency translation | 94 |  |  | (157) |
Fair value of plan assets at end of year | 3,607 |  |  | 3,181 |
Funded status, net liability | $ | 320 |  |  | $ | 321 |
Schedule of Defined Benefit Plan With Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes information for the Company’s pension plans with an accumulated benefit obligation in excess of plan assets:
| As of December 31,
| 2023 |  | 2022
| (In thousands)
Projected benefit obligation | $ | 3,927 |  |  | $ | 3,502 |
Accumulated benefit obligation | 3,623 |  |  | 3,265 |
Fair value of plan assets | 3,607 |  |  | 3,181 |
Schedule of Accumulated Benefit Obligation in Excess of Plan Assets | Pretax amounts for net periodic benefit cost and other amounts for the defined benefit pension plans consisted of the following components:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Service cost | $ | 264 |  |  | $ | 268 |  |  | $ | 396 |
Interest cost | 146 |  |  | 35 |  |  | 21 |
Return on plan assets | (41) |  |  | (26) |  |  | (14) |
Amortization of actuarial gain | (27) |  |  | — |  |  | — |
Net periodic pension cost | 342 |  |  | 277 |  |  | 403 |
Changes in plan assets and benefit obligations included in other comprehensive loss: |  |  |  |  |
Unrecognized net actuarial (gain) loss beginning of year | (705) |  |  | (227) |  |  | 17 |
Actuarial gain recognized during year | 27 |  |  | — |  |  | — |
Actuarial loss (gain) on benefit obligation | 13 |  |  | (418) |  |  | (237) |
Actuarial gain on fair value of plan assets | — |  |  | (72) |  |  | (6) |
Impact of foreign currency translation | (118) |  |  | 12 |  |  | (1) |
Total included in other comprehensive loss (before tax effect) | (783) |  |  | (705) |  |  | (227) |
Total recognized in net periodic benefit cost and included in other comprehensive loss | $ | (441) |  |  | $ | (428) |  |  | $ | 176 |
Schedule Significant Pension Benefit Costs Assumptions | Significant assumptions used in determining benefit obligations and net periodic benefit cost are as follows:
| Year ended December 31,
| 2023 |  | 2022 |  | 2021
Defined benefit obligations: |  |  |  |  |
Discount rate | 3.25 | % |  | 3.80 | % |  | 0.90 | %
Rate of salary increase | 2.70 | % |  | 4.67 | % |  | 4.27 | %
Inflation | 1.80 | % |  | 2.30 | % |  | 1.80 | %
Defined benefit cost: |  |  |  |  |
Discount rate | 3.25 | % |  | 3.80 | % |  | 0.90 | %
Rate of salary increase | 2.70 | % |  | 4.67 | % |  | 4.27 | %
Rate of return on plan assets | 1.80 | % |  | 1.20 | % |  | 0.90 | %
Inflation | 1.80 | % |  | 2.30 | % |  | 1.80 | %
Schedule of Major Categories of Plan Assets | The major categories of plan assets are as follows:
| As of December 31,
| 2023 |  | 2022
| (In thousands)
Assets held by: |  |  |
Insurance companies (collective and individual) | $ | 3,607 |  |  | $ | 3,181 |

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