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Defined Benefit Plan (Tables) | 12 Months Ended
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Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items] |
Summary of Net Periodic Benefit Cost | Net periodic benefit cost consists of the following:
| Year ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Service cost | $ | 369 |  |  | $ | 432 |  |  | $ | 422 |
Interest cost | 257 |  |  | 42 |  |  | 38 |
Expected return on plan assets | (184) |  |  | (73) |  |  | (73) |
Amortization of unrecognized gain (loss) | (37) |  |  | (27) |  |  | (12) |
Effect of settlement | (1) |  |  | (40) |  |  | — |
Effect of curtailment | — |  |  | — |  |  | 111 |
Net periodic benefit cost | $ | 404 |  |  | $ | 334 |  |  | $ | 486 |
Summary of Assumptions Used to Determine the Benefit Obligations and Components of the Net Periodic Benefit Cost | Assumptions used to determine the benefit obligations and components of the net periodic benefit cost at December 31, 2023 and 2022:
| December 31,
| 2023 |  | 2022
Discount rate | 1.85 | % |  | 2.25 | %
Expected return on plan assets | 1.85 | % |  | 2.25 | %
Rate of compensation increase | 4.00 | % |  | 4.00 | %
Summary of Expected Foreign Plan Benefit Payments | The following presents the benefit payments which are expected to be paid for the plan in each year indicated (in thousands):
2024 | $ | 595 |
2025 | 624 |
2026 | 782 |
2027 | 1,088 |
2028 | 812 |
Thereafter | 4,262 |
| $ | 8,163 |
Summary of Allocation of Assets in Swiss Life's Group Life Portfolio | The allocation of pension plan assets by category in Swiss Life’s group life portfolio is as follows at December 31, 2023:
Fixed income bonds and securities | 60 | %
Real estate | 24 | %
Equities and investment funds | 14 | %
Certificates of deposit and cash and cash equivalents | 1 | %
Other investments | 1 | %
| 100 | %

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- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -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 assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (k) -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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