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EMPLOYEEE BENEFITS
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
EMPLOYEEE BENEFITS
NOTE 13 - EMPLOYEEE 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, 2025, 2024 and 2023, we expensed $2.3 million, $2.5 million and $2.6 million, 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 insurance contracts outside of the plan that provide an annuity that is used to fund the current obligations under this plan. The fair value of the insurance contract assets under the plan are $2.2 million as of December 31, 2025 and 2024 and are recorded in other assets on the Company’s consolidated balance sheets. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2025 and 2024:

(in thousands)20252024
Reconciliation of benefit obligation:
Obligation as of January 1$5,896 $6,027 
Service cost63 59 
Interest cost227 210 
Actuarial (gain) loss
(934)145 
Benefit payments(199)(187)
Effect of foreign currency exchange rate changes1,508 (358)
Benefit obligation as of December 31$6,561 $5,896 

We recognized the following amounts in the consolidated balance sheets at December 31, 2025 and 2024:

(in thousands)20252024
Accrued and other liabilities203 180 
Other liabilities6,358 5,716 
Total liability
$6,561 $5,896 

Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2025 and 2024:

(in thousands)20252024
Projected benefit obligation$6,561 $5,896 
Accumulated benefit obligation$5,678 $5,672 
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, 2025, 2024 and 2023:


(in thousands)202520242023
Net periodic benefit cost:
Service cost$63 $59 $59 
Interest cost227 210 220 
Amortization of actuarial gain
(93)— (46)
Total net periodic pension cost197 269 233 
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net loss (gain)
(841)145 541 
Amortization of prior years' unrecognized gain (loss)
— — 46 
Total recognized as other comprehensive income (loss), excluding tax(841)145 587 
Total (gain) expenses recognized in net periodic benefit cost and other comprehensive (loss) income
$(644)$414 $820 

The following assumptions are used to determine the benefit obligations as of December 31, 2025 and 2024:

20252024
Discount rate4.4%3.6%
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: 
2026$232 
2027258 
2028287 
2029321 
2030353 
2031 through 2035
1,885