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Employee Benefits | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Employee Benefits | (14) 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% of contributions on the first 6% of the participant’s eligible compensation. For the years ended December 31, 2023, 2022 and 2021, we expense d $2,558, $2,254 and $2,039, respectively, for matching contributions related to the Plan. International Retirement Plan We sponsor a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary. We maintain outside of the plan 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, 2023 and 2022:
(in thousands) |  | 2023 |  | 2022
Reconciliation of benefit obligation: |  |  |  |
Obligation as of January 1 |  | $ | 5,215 |  |  | $ | 9,074 |
Service cost |  | 59 |  |  | 103 |
Interest cost |  | 220 |  |  | 99 |
Actuarial (gain) loss |  | 541 |  |  | (3,387) |
Benefit payments |  | (173) |  |  | (162) |
Effect of foreign currency exchange rate changes |  | 165 |  |  | (512) |
Benefit obligation as of December 31 |  | 6,027 |  |  | 5,215 |
Fair value of assets as of December 31 |  | 3,691 |  |  | 3,463 |
Funded status as of December 31 |  | $ | (2,336) |  |  | $ | (1,752) |
We recognized the following amounts in the consolidated balance sheets at December 31, 2023 and 2022:
(in thousands) |  | 2023 |  | 2022
Other assets |  | $ | 3,691 |  |  | $ | 3,463 |
Accrued and other liabilities |  | (175) |  |  | (165) |
Other liabilities |  | (5,852) |  |  | (5,050) |
Net liability |  | $ | (2,336) |  |  | $ | (1,752) |
Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2023 and 2022:
(in thousands) |  | 2023 |  | 2022
Projected benefit obligation |  | $ | 6,027 |  |  | $ | 5,215 |
Accumulated benefit obligation |  | $ | 5,776 |  |  | $ | 4,984 |
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, 2023, 2022 and 2021:
(in thousands) |  | 2023 |  | 2022 |  | 2021
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 59 |  |  | $ | 103 |  |  | $ | 187 |
Interest cost |  | 220 |  |  | 99 |  |  | 130 |
Amortization of actuarial (gain) loss |  | (46) |  |  | 45 |  |  | 259 |
Total net periodic pension cost |  | 233 |  |  | 247 |  |  | 576 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |
Net (gain) loss |  | 541 |  |  | (3,387) |  |  | (234) |
Amortization of prior years' unrecognized gain (loss) |  | 46 |  |  | (45) |  |  | (259) |
Total recognized as other comprehensive income (loss), excluding tax |  | 587 |  |  | (3,432) |  |  | (493) |
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | 820 |  |  | $ | (3,185) |  |  | $ | 83 |
The following assumptions are used to determine the benefit obligations as of December 31, 2023 and 2022:
|  | 2023 |  | 2022
Discount rate |  | 3.6% |  | 4.2%
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: |
2024 | $ | 185 |
2025 | 187 |
2026 | 218 |
2027 | 244 |
2028 | 273 |
2029 through 2033 | 1,723 |

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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 -Topic 710 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//710/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 712 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//712/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
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