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Employee Benefit Plans (Tables)
12 Months Ended
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,
20232022
(In thousands)
Change in benefit obligation:
Benefit obligation at beginning of year$3,502 $3,874 
Service cost264 268 
Interest cost146 35 
Actuarial loss (gain)13 (418)
Benefits paid(41)— 
Taxes, insurance premiums and administrative expenses(61)(50)
Impact of foreign currency translation104 (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 assets41 26 
Actuarial gain— 72 
Employer contribution393 332 
Benefits paid(41)— 
Taxes, insurance premiums and administrative expenses(61)(50)
Impact of foreign currency translation94 (157)
Fair value of plan assets at end of year3,607 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,
20232022
(In thousands)
Projected benefit obligation$3,927 $3,502 
Accumulated benefit obligation3,623 3,265 
Fair value of plan assets3,607 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,
202320222021
(In thousands)
Service cost$264 $268 $396 
Interest cost146 35 21 
Return on plan assets(41)(26)(14)
Amortization of actuarial gain(27)— — 
Net periodic pension cost342 277 403 
Changes in plan assets and benefit obligations included in other comprehensive loss:
Unrecognized net actuarial (gain) loss beginning of year(705)(227)17 
Actuarial gain recognized during year27 — — 
Actuarial loss (gain) on benefit obligation13 (418)(237)
Actuarial gain on fair value of plan assets— (72)(6)
Impact of foreign currency translation(118)12 (1)
Total included in other comprehensive loss (before tax effect)(783)(705)(227)
Total recognized in net periodic benefit cost and included in other comprehensive loss$(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,
202320222021
Defined benefit obligations:
Discount rate3.25 %3.80 %0.90 %
Rate of salary increase2.70 %4.67 %4.27 %
Inflation1.80 %2.30 %1.80 %
Defined benefit cost:
Discount rate3.25 %3.80 %0.90 %
Rate of salary increase2.70 %4.67 %4.27 %
Rate of return on plan assets1.80 %1.20 %0.90 %
Inflation1.80 %2.30 %1.80 %
Schedule of Major Categories of Plan Assets
The major categories of plan assets are as follows:
As of December 31,
20232022
(In thousands)
Assets held by:
Insurance companies (collective and individual)$3,607 $3,181