Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans (Tables)

v3.24.4
Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Summary of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee’s expected date of separation or retirement.
December 31, 2024 December 31, 2023
(in thousands)
Changes in projected benefit obligation:
Projected benefit obligation, beginning of period $ 1,383  $ 6,573 
Service cost —  233 
Interest cost 16  247 
Actuarial (gain) loss 29  284 
Benefits paid and settlements (951) (6,060)
Currency exchange rate changes (47) 106 
Projected benefit obligation, end of period 430  1,383 
Changes in fair value of plan assets:
Fair value of plan assets, beginning of period —  4,895 
Actual return on plan assets —  (194)
Employer contributions —  3,245 
Plan settlements —  (8,162)
Currency exchange rate changes —  216 
Fair value of plan assets, end of period —  — 
Net unfunded status $ 430  $ 1,383 
Amounts recognized in the Consolidated Balance Sheets
Other long-term liabilities $ 430  $ 1,383 
Accumulated other comprehensive (income) loss, before tax $ 1,266  $ 4,083 
Summary of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
December 31, 2024 December 31, 2023
(in thousands)
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 430  $ 1,145 
Plan assets $ —  $ — 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 430  $ 1,383 
Plan assets $ —  $ — 
Summary of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
December 31, 2024 December 31, 2023
(in thousands)
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 430  $ 1,145 
Plan assets $ —  $ — 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 430  $ 1,383 
Plan assets $ —  $ — 
Summary of Defined Benefit Plan, Assumptions
Assumptions for Pension Benefit Plans
December 31, 2024 December 31, 2023
(in thousands)
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate
3.3%
3.5% - 3.9%
Rate of compensation increase
3.8%
3.0% - 3.8%
Weighted average actuarial assumptions used to determine costs
Discount rate
3.3%
3.5%- 3.9%
Expected long-term rate of return on plan assets —  % —  %
Rate of compensation increase
3.8%
3.0% - 3.8%
Summary of Expected Benefit Payments
At December 31, 2024, the estimated benefit payments over the next five years and beyond are as follows:
Estimated Future Benefit Payments
(in thousands)
2025 $ 69 
2026 43 
2027 43 
2028 43 
2029 30 
Thereafter 60 
$ 287