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Employee Benefits | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Employee Benefits | (12) Employee Benefits We sponsor a Section 401(k) plan (the “Plan”) covering substantially all of our eligible U.S. employees. The Plan entitles eligible employees to make contributions to the Plan after meeting certain eligibility requirements. Contributions are limited to the maximum contribution allowances permitted under the Internal Revenue Code. We match 50.0% of contributions on the first 6.0% of the participant’s eligible compensation. For the years ended December 31, 2022, 2021 and 2020, we expensed $2,254, $2,039 and $2,456, respectively, for matching contributions related to the defined contribution plan. International Retirement Plan We sponsor a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary. We maintain insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Reconciliation of benefit obligation: |  |  |  |
Obligation as of January 1 |  | $ | 9,074 |  |  | $ | 10,391 |
Service cost |  | 103 |  |  | 187 |
Interest cost |  | 99 |  |  | 130 |
Actuarial (gain) loss |  | (3,387) |  |  | (234) |
Benefit payments |  | (162) |  |  | (627) |
Effect of foreign currency exchange rate changes |  | (512) |  |  | (773) |
Benefit obligation as of December 31 |  | 5,215 |  |  | 9,074 |
Fair value of assets as of December 31 |  | 3,463 |  |  | 3,577 |
Funded status as of December 31 |  | $ | (1,752) |  |  | $ | (5,497) |
We recognized the following amounts in the consolidated balance sheets at December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Other assets |  | $ | 3,463 |  |  | $ | 3,577 |
Accrued and other liabilities |  | (165) |  |  | (163) |
Other liabilities |  | (5,050) |  |  | (8,911) |
Net liability |  | $ | (1,752) |  |  | $ | (5,497) |
Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Projected benefit obligation |  | $ | 5,215 |  |  | $ | 9,074 |
Accumulated benefit obligation |  | $ | 4,984 |  |  | $ | 8,635 |
The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020:
(in thousands) |  | 2022 |  | 2021 |  | 2020
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 103 |  |  | $ | 187 |  |  | $ | 204 |
Interest cost |  | 99 |  |  | 130 |  |  | 84 |
Amortization of actuarial loss |  | 45 |  |  | 259 |  |  | 351 |
Total net periodic pension cost |  | 247 |  |  | 576 |  |  | 639 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |
Net (gain) loss |  | (3,387) |  |  | (234) |  |  | (1,223) |
Amortization of prior years' unrecognized loss |  | (45) |  |  | (259) |  |  | (351) |
Total recognized as other comprehensive income (loss), excluding tax |  | (3,432) |  |  | (493) |  |  | (1,574) |
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | (3,185) |  |  | $ | 83 |  |  | $ | (935) |
The following assumptions are used to determine the benefit obligations as of December 31, 2022 and 2021:
|  | 2022 |  | 2021
Discount rate |  | 4.2% |  | 1.2%
Rate of compensation |  | 3.0% |  | 3.0%
The following benefit payments, including expected future service cost, are expected to be paid:
(in thousands) |
Estimated future benefit payments for the years ending December 31: |
2023 | $ | 174 |
2024 | $ | 176 |
2025 | $ | 177 |
2026 | $ | 208 |
2027 | $ | 234 |
2028 through 2032 | $ | 1,578 |

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- Definition The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI https://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI https://asc.fasb.org/topic&trid=2127225 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 + Details
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