Retirement Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Retirement Plans

8. RETIREMENT PLANS

Defined Benefit Plan

Cinos Korea has a noncontributory defined benefit pension plan covering substantially all of its employees upon their retirement. Fluid Solutions has a noncontributory defined benefit pension plans covering its employees in Israel upon their retirement. The benefits for these plans are based on expected years of service and average compensation. The net period costs are recognized as employees render the services necessary to earn the postretirement benefits. The Company records annual amounts relating to the pension plan based on calculations that incorporate various actuarial and other assumptions, including discount rates, mortality, assumed rates of return, compensation increases and turnover rates. The Company reviews its assumptions on an annual basis and makes modifications to the assumptions based on current and expected rates of return and trends when it is appropriate to do so. The effect of modifications to those assumptions is recorded in accumulated other comprehensive income and amortized to net periodic cost over future periods using the corridor method. The Company believes that the assumptions utilized in recording its obligations under the plans are reasonable based on its experience and market conditions.

As of June 30, 2023 , the benefit obligation of the plan was $9.8 million and the fair value of the benefit plan assets was $9.7 million which are invested in several fixed deposit accounts with financial institutions. As of June 30, 2023, the underfunded balance of the plans of $0.1 million has been recorded by the Company and is included in other liabilities. Amounts recognized in accumulated other comprehensive loss for the three and six months ended June 30, 2023 were $0.4 million and $0.2 million, respectively. The Company and its subsidiaries contributed $0.1 million during the three and six months ended June 30, 2023. During the three and six months ended July 1, 2022, there were no amounts recognized in accumulated other comprehensive loss and the Company and its subsidiaries made immaterial contributions to the plans.

As of June 30, 2023, the Company's future estimated payment obligations for the respective fiscal years are as follows:

Employee Savings and Retirement Plan

(In millions)
2023	$	—
2024		1.0
2025		2.0
2026		1.0
2027		1.1
Thereafter		5.4
Total	$	10.5

The Company sponsors a 401(k) savings and retirement plan (the “401(k) Plan”) for all U.S. employees who meet certain eligibility requirements. Participants could elect to contribute to the 401(k) Plan, on a pre-tax basis, up to 25% of their salary to a maximum of the IRS limit. The Company matches 50.0% of each employee's contribution, up to a maximum of 6% of the employee's eligible earnings. The Company made $0.8 million and $1.6 million discretionary employer contributions to the 401(k) Plan for the three and six months ended June 30, 2023 and $0.7 million and $1.6 million for the three and six months ended July 1, 2022.