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Employee Benefits
 12 Months Ended
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 expensed $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)20232022
Reconciliation of benefit obligation:
Obligation as of January 1$5,215 $9,074 
Service cost59 103 
Interest cost220 99 
Actuarial (gain) loss541 (3,387)
Benefit payments(173)(162)
Effect of foreign currency exchange rate changes165 (512)
Benefit obligation as of December 316,027 5,215 
Fair value of assets as of December 31 3,691 3,463 
Funded status as of December 31$(2,336)$(1,752)

We recognized the following amounts in the consolidated balance sheets at December 31, 2023 and 2022:

(in thousands)20232022
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)20232022
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)202320222021
Net periodic benefit cost:
Service cost$59 $103 $187 
Interest cost220 99 130 
Amortization of actuarial (gain) loss
(46)45 259 
Total net periodic pension cost233 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 tax587 (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:

20232022
Discount rate3.6%4.2%
Rate of compensation3.0%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 
2025187 
2026218 
2027244 
2028273 
2029 through 2033
1,723