Employee Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Retirement Benefits [Abstract] |
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| Schedule of Employee Benefit Plan Disclosures |
The table below presents the expense for matching contributions for the following periods:
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Year Ended |
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December 31, 2023 |
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December 31, 2022 |
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| Total expense for matching contributions |
$ |
2,367 |
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$ |
2,002 |
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| Schedule of Post Retirement Benefit Obligation |
The following table provides a summary of the funded status of the Company’s post-retirement benefit plans and the presentation of such balances within the consolidated balance sheets:
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December 31, 2023 |
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December 31, 2022 |
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Base Plan |
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Performance Plans |
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Base Plan |
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Performance Plans |
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| Projected benefit obligations |
$ |
6,649 |
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$ |
3,077 |
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$ |
5,963 |
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$ |
2,486 |
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| Fair value of plan assets |
6,423 |
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2,903 |
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5,795 |
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2,352 |
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| Funded (underfunded) status |
$ |
(226) |
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$ |
(174) |
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$ |
(168) |
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$ |
(134) |
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| Consolidated Balance Sheet line item amounts: |
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| Other non-current liabilities |
$ |
(226) |
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$ |
(174) |
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$ |
(168) |
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$ |
(134) |
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| Schedule of Reconciliation of Benefit Obligations, Plan Assets and Net Funded (Unfunded) Status |
The following table provides a reconciliation of benefit obligations, plan assets and net funded (unfunded) status of our qualified defined benefit pension plans and our retiree medical and life insurance plans:
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Base Plan |
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Performance Plans |
| Change in benefit obligations |
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Beginning balance as of December 31, 2022 |
$ |
5,963 |
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$ |
2,486 |
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| Service cost |
328 |
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449 |
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| Interest cost |
231 |
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92 |
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| Employee contributions |
235 |
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— |
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| Benefits paid |
(155) |
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— |
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| Actuarial (gain) loss |
(136) |
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(32) |
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| Foreign currency translation |
183 |
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82 |
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Ending balance as of December 31, 2023 |
$ |
6,649 |
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$ |
3,077 |
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| Change in plan assets |
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Beginning balance as of December 31, 2022 |
$ |
5,795 |
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$ |
2,352 |
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| Expected return on plan assets |
230 |
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103 |
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| Employee contributions |
245 |
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— |
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| Employer contributions |
386 |
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444 |
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| Benefits paid |
(155) |
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— |
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| Actuarial gain (loss) |
(115) |
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(65) |
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| Expenses paid |
(140) |
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(9) |
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| Foreign currency translation |
177 |
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78 |
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Ending balance as of December 31, 2023 |
$ |
6,423 |
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$ |
2,903 |
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Funded (underfunded) status as of December 31, 2022 |
$ |
(168) |
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$ |
(134) |
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Funded (underfunded) status as of December 31, 2023 |
(226) |
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(174) |
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| Schedule of Net Periodic Benefit Income |
The following table provides the components of net periodic benefit cost and other amounts recognized in the consolidated statements of operations during the periods presented:
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Year Ended December 31, 2023 |
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Two Months Ended December 31, 2022 |
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Base Plan |
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Performance Plans |
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Base Plan |
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Performance Plans |
| Net periodic benefit cost: |
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| Service cost |
$ |
328 |
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$ |
449 |
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$ |
43 |
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$ |
— |
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| Interest cost |
231 |
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92 |
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35 |
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14 |
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| Expected return on plan assets |
(230) |
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(103) |
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(34) |
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(14) |
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| Amortization of net actuarial (gain) loss |
(22) |
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32 |
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(3) |
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4 |
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| Net periodic benefit cost |
$ |
307 |
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$ |
470 |
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$ |
41 |
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$ |
4 |
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| Schedule of Defined Benefit Obligation And Periodic Benefit Cost |
The following tables provide the assumptions used to determine the fair value of projected benefit obligations and the net periodic benefit cost, as they pertain to the Company’s cash balance plans as of December 31, 2023 and 2022:
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December 31, 2023 |
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December 31, 2022 |
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Base Plan |
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Performance Plans |
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Base Plan |
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Performance Plans |
| Discount rate |
3.90 |
% |
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3.45%-3.67% |
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3.75 |
% |
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3.65 |
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| Expected return on plan assets |
3.90 |
% |
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3.45%-3.67% |
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3.75 |
% |
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3.65 |
% |
| Retirement age |
65 |
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65-67 |
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65 |
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65 |
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| Schedule of Insurance Contracts |
The following table presents the fair value of the plan assets, represented by the Company’s investment in insurance contracts as of the respective dates:
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December 31, 2023 |
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December 31, 2022 |
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Base Plan |
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Performance Plans |
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Base Plan |
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Performance Plans |
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| Insurance contracts at cash surrender value |
$ |
6,423 |
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$ |
2,903 |
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$ |
5,795 |
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$ |
2,352 |
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| Schedule of Contributions |
The following table presents contributions made by the employee and employer for the period presented as well as the following year:
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Year Ended December 31, 2023 |
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Two Months Ended December 31, 2022 |
| Contributions by: |
Base Plan |
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Performance Plans |
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Base Plan |
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Performance Plans |
| Employee |
$ |
245 |
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$ |
— |
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$ |
35 |
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$ |
— |
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| Employer |
386 |
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444 |
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61 |
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— |
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Contributions expected to be made in 2024: |
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| Employee |
$ |
269 |
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$ |
— |
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| Employer |
453 |
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— |
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| Schedule of Defined Benefit Plan, Expected Future Benefit Payment |
The following table provides the projected timing of payments for benefits earned to date and benefits expected to be earned for future service by current active employees under our defined benefit plan:
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| Year |
Base Plan |
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Performance Plans |
| 2024 |
$ |
92 |
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$ |
— |
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| 2025 |
73 |
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— |
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| 2026 |
459 |
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— |
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| 2027 |
— |
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— |
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| 2028 |
424 |
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— |
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| Years 2029 - 2033 |
1,783 |
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3,274 |
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