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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Pension Benefit Plan Obligations and Funded Status

The pension benefit plan obligations and funded status as of December 31, 2023 and 2022, were as follows:

(In thousands)

 

2023

 

 

2022

 

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

59,344

 

 

$

73,779

 

(1)

Service cost

 

 

1,579

 

 

 

1,426

 

 

Interest cost

 

 

1,851

 

 

 

1,168

 

 

Actuarial loss (gain) - experience

 

 

1,181

 

 

 

(2,039

)

 

Actuarial loss (gain) - assumptions

 

 

1,791

 

 

 

(11,128

)

 

Benefit payments

 

 

(1,966

)

 

 

(1,400

)

 

Plan amendments

 

 

966

 

 

 

 

 

Effects of foreign currency exchange rate changes

 

 

3,151

 

 

 

(2,462

)

 

Projected benefit obligation at end of period

 

 

67,897

 

 

 

59,344

 

 

Change in plan assets:

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

48,720

 

 

 

55,084

 

(1)

Actual gain (loss) on plan assets

 

 

3,125

 

 

 

(4,372

)

 

Contributions

 

 

1,215

 

 

 

382

 

 

Benefit payments

 

 

(231

)

 

 

 

 

Effects of foreign currency exchange rate changes

 

 

2,389

 

 

 

(2,374

)

 

Fair value of plan assets at end of period

 

 

55,218

 

 

 

48,720

 

 

Unfunded status at end of period

 

$

(12,679

)

 

$

(10,624

)

 

(1)
In connection with the Business Combination, we acquired $29.6 million of additional projected benefit obligations and $22.3 million of plan assets whose beginning of period measurement date is July 15, 2022.
Summary of Net Amounts Recognized in Consolidated Balance Sheets for the Unfunded Pension Liability

The net amounts recognized in the Consolidated Balance Sheets for the unfunded pension liability as of December 31, 2023 and 2022 were as follows:

(In thousands)

 

2023

 

 

2022

 

Current pension liability

 

$

136

 

 

$

 

Non-current pension liability

 

 

12,543

 

 

 

10,624

 

Total

 

$

12,679

 

 

$

10,624

 

Components of Net Periodic Pension Cost and Amounts Recognized Other Comprehensive (Loss) Income

The components of net periodic pension cost, other than the service cost component, are included in other income, net in the Consolidated Statements of Loss. The components of net periodic pension cost and amounts recognized in other comprehensive (loss) income for the years ended December 31, 2023, 2022 and 2021 were as follows:

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,579

 

 

$

1,426

 

 

$

1,229

 

Interest cost

 

 

1,851

 

 

 

1,168

 

 

 

339

 

Expected return on plan assets

 

 

(1,750

)

 

 

(2,129

)

 

 

(1,842

)

Amortization of actuarial losses

 

 

26

 

 

 

355

 

 

 

1,088

 

Net periodic benefit cost

 

 

1,706

 

 

 

820

 

 

 

814

 

Other changes in plan assets and benefit obligations
   recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

Net actuarial loss (gain)

 

 

2,304

 

 

 

(6,549

)

 

 

(4,984

)

Amortization of actuarial losses

 

 

(145

)

 

 

(113

)

 

 

(825

)

Amount recognized in other comprehensive income (loss)

 

 

2,159

 

 

 

(6,662

)

 

 

(5,809

)

Total recognized in net periodic benefit cost and other
   comprehensive income (loss)

 

$

3,865

 

 

$

(5,842

)

 

$

(4,995

)

 

Accumulated Other Comprehensive (Loss) Income

The amounts recognized in accumulated other comprehensive income as of December 31, 2023 and 2022 were as follows:

(In thousands)

 

2023

 

 

2022

 

Net actuarial loss

 

$

(3,231

)

 

$

(1,073

)

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted-average assumptions that were used to determine the net periodic benefit cost for the years ended December 31, 2023, 2022 and 2021 were as follows:

 

 

2023

 

 

2022

 

 

2021

 

Discount rate

 

 

2.84

%

 

 

3.24

%

 

 

1.16

%

Rate of compensation increase

 

 

2.22

%

 

 

2.17

%

 

 

2.00

%

Expected long-term rates of return

 

 

4.83

%

 

 

4.65

%

 

 

5.90

%

Weighted-Average Assumptions Used to Determine Benefit Obligation

The weighted-average assumptions that were used to determine the benefit obligation as of December 31, 2023 and 2022:

 

 

2023

 

 

2022

 

 

2021

 

Discount rate

 

 

3.17

%

 

 

3.10

%

 

 

1.16

%

Rate of compensation increase

 

 

2.22

%

 

 

2.17

%

 

 

2.00

%

Schedule of Pension Benefit Payments Expected Future Service

The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid to participants:

 

(In thousands)

 

 

 

2024

 

$

2,851

 

2025

 

 

3,725

 

2026

 

 

3,183

 

2027

 

 

3,683

 

2028

 

 

3,313

 

2029 - 2032

 

 

18,498

 

Total

 

$

35,253

 

Schedule of Cash Equivalents and Investments Held at Fair Value

We have categorized our cash equivalents and our investments held at fair value into this hierarchy as follows:

 

 

Fair Value Measurements at December 31, 2023 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash and cash equivalents

 

$

987

 

 

$

987

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds

 

 

20,155

 

 

 

18,840

 

 

 

1,315

 

 

 

 

Equity funds

 

 

21,525

 

 

 

21,288

 

 

 

237

 

 

 

 

Other funds

 

 

6,054

 

 

 

5,343

 

 

 

711

 

 

 

 

Insuarance contracts

 

 

353

 

 

 

 

 

 

353

 

 

 

 

Real estate funds

 

 

6,144

 

 

 

546

 

 

 

2,326

 

 

 

3,272

 

Available-for-sale securities

 

 

54,231

 

 

 

46,017

 

 

 

4,942

 

 

 

3,272

 

Total

 

$

55,218

 

 

$

47,004

 

 

$

4,942

 

 

$

3,272

 

 

 

 

Fair Value Measurements at December 31, 2022 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Cash and cash equivalents

 

$

1,423

 

 

$

1,423

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

13,256

 

 

 

11,667

 

 

 

1,590

 

 

 

 

Government bonds

 

 

5,490

 

 

 

5,490

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

Global equity

 

 

15,452

 

 

 

15,150

 

 

 

301

 

 

 

 

Balanced fund

 

 

5,190

 

 

 

4,148

 

 

 

1,042

 

 

 

 

Emerging markets

 

 

1,707

 

 

 

1,707

 

 

 

 

 

 

 

Large cap value

 

 

194

 

 

 

194

 

 

 

 

 

 

 

Global real estate fund

 

 

6,008

 

 

 

742

 

 

 

1,577

 

 

 

3,689

 

Available-for-sale securities

 

 

47,297

 

 

 

39,098

 

 

 

4,510

 

 

 

3,689

 

Total

 

$

48,720

 

 

$

40,521

 

 

$

4,510

 

 

$

3,689

 

Fair Value of Assets Held by Trust and Amounts Payable to Plan Participants The fair value of the assets held by the Trust and the amounts payable to the plan participants as of December 31, 2023 and 2022 were as follows:

(In thousands)

 

2023

 

 

2022

 

Fair Value of Plan Assets

 

 

 

 

 

 

Long-term investments

 

$

26,838

 

 

$

22,943

 

Total Fair Value of Plan Assets

 

$

26,838

 

 

$

22,943

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

Deferred compensation liability

 

$

29,039

 

 

$

26,668

 

Total Amounts Payable to Plan Participants

 

$

29,039

 

 

$

26,668