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Employee Benefit Plans
3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Defined Contribution Plans
The Company maintains a 401(k) plan for its employees in the US whereby eligible employees may contribute up to a specified percentage of their earnings, on a pretax basis, subject to the maximum amount permitted by the Internal Revenue Code. Under the 401(k) plan, the Company made discretionary contributions to the plan in 2023. For the three months ended March 31, 2024, the Company recorded an expense of $0.2 million. For the three months ended March 31, 2023, the Company recorded an expense of $0.3 million.
Defined Benefit Plans
The Company sponsors defined benefit plans for its employees in Germany. Defined benefit plans provide pension benefits based on compensation and years of service. The Germany plans were frozen as of September 30, 2003, and have not been offered to new employees after that date. The Company has recorded the underfunded status as of March 31, 2024, and December 31, 2023 as a long-term liability on the unaudited condensed consolidated balance sheets. The accumulated benefit obligation for the plan in Germany was $11.1 million and $11.5 million as of March 31, 2024, and December 31, 2023, respectively. Periodic benefit costs for each of the three months ended March 31, 2024, and March 31, 2023 were $0.1 million.
The Company holds pension insurance contracts, with the Company as beneficiary, in the amount of $2.2 million as of both March 31, 2024,and December 31, 2023 related to individuals under the pension plans. The Company records these insurance contracts based on their cash surrender value at the balance sheet dates. These insurance contracts are classified as other assets on the Company’s unaudited condensed consolidated balance sheet. The Company intends to use any proceeds from these policies to fund the pension plans. However, since the Company is the beneficiary on these policies, these assets have not been designated pension plan assets.