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Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
Defined Contribution Plan - We sponsor a defined contribution plan covering eligible employees. Eligible employees can contribute on a pre-tax basis to the plan. In accordance with the terms of the 401(k) plan, we elect to match a certain percentage of the participants’ contributions to the plan, as defined. We recognized expense associated with the plan of $4.8 million, $4.6 million and $4.0 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Pension and Other Post-Retirement Benefit Plans - We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the U.S. and United Kingdom. Each of the plans are frozen to new participants and to additional service credits earned. Our policy is to make annual contributions to the plans to fund the minimum contributions, as required by local regulations.
As of December 31, 2022, the Company settled its U.S. Pension Plan liabilities through lump-sum payments and purchase of an annuity contract. The lump-sum payments of $4.4 million and the annuity contract totaling $25.2 million were paid out of plan assets and resulted in an $9.2 million non-cash settlement charge, which was recorded in Other comprehensive income in the Consolidated Statements of Comprehensive Income (Loss) during the year ended December 31, 2022.
The change in benefit obligation, plan assets and funded status as of December 31 is as follows:
 Non-U.S. Pension Plan
 20232022
Change in benefit obligation:
Benefit obligation — Beginning of the year$29,885 $48,545 
Interest cost1,418 785 
Benefits paid(1,801)(1,744)
Actuarial (gain) loss1,087 (12,931)
Exchange rate changes1,583 (4,770)
Benefit obligation at end of the year$32,172 $29,885 
Change in plan assets:
Fair value of plan assets — Beginning of the year$21,537 $38,640 
Actual return on plan assets1,053 (12,631)
Employer contributions1,125 1,016 
Benefits paid(1,801)(1,744)
Exchange rate changes1,138 (3,744)
Fair value of plan assets at end of the year23,052 21,537 
Funded status$(9,120)$(8,348)

Actuarial Gain - The projected Non-U.S. benefit obligation includes a net loss of $1.1 million for the year ended December 31, 2023 driven primarily by a decrease in the discount rate assumption.
Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of:
 Non-U.S. Pension Plan
 20232022
Noncurrent liabilities(9,120)(8,348)
Amount recognized$(9,120)$(8,348)

The components of net periodic cost (benefit) for the years ended December 31 were as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202320222021202320222021
Interest cost$— $617 $827 $1,418 $785 $638 
Expected return on plan assets— (681)(2,212)(1,221)(1,016)(1,000)
Amortization of prior service cost 1
— 9,208 6 48 48 54 
Recognized actuarial loss— 373 283 757 603 953 
Net periodic cost (benefit)$— $9,517 $(1,096)$1,002 $420 $645 
1 Includes $9.2 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2022.

Net periodic cost (benefit) components, not inclusive of service costs, are recognized in Other (income) expense within the Consolidated Statements of Operations.

Amounts Recognized in Other Comprehensive Income (Loss) - Amounts recognized in Other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202320222021202320222021
Net actuarial loss$— $(148)$10,875 $14,165 $13,603 $13,923 
Prior service cost— 27 33 572 618 687 
$— $(121)$10,908 $14,737 $14,221 $14,610 
Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Income (Loss) - Amounts recognized as other changes in plan assets and benefit obligations in comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows:
 U.S. Pension and Other Post-Retirement PlansNon-U.S. Pension Plan
 2023202220232022
Actuarial (gain) loss$— $(1,435)$1,186 $615 
Amortization of actuarial (loss) gain— (9,575)(716)(672)
Prior service credit— (6)(46)(54)
Total recognized in other comprehensive income (loss)$— $(11,016)$424 $(111)
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
 Non-U.S. Pension Plan
 20232022
Discount rate4.45 %4.75 %
Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows:
 Non-U.S. Pension Plan
 202320222021
Discount rate4.45 %1.80 %1.20 %
Expected return on plan assets5.65 %2.90 %2.60 %
The rate of return assumptions are based on projected long-term market returns for the various asset classes in which the plans are invested, weighted by the target asset allocations. An incremental amount for active plan asset management and diversification, where appropriate, is included in the rate of return assumption. Our pension plan investment strategy is reviewed periodically, but no less frequently than annually.
We employ a total return investment approach whereby a mix of equities, fixed income and real estate investments are intended to maximize the long-term return of plan assets taking into consideration a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity, balanced, fixed income and real estate investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and large and small capitalizations. Other assets, such as real estate, are used judiciously to perhaps enhance long-term returns and to improve portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis in light of annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. We expect to contribute approximately $1.1 million to our non-U.S. pension plan and our other post-retirement benefit plans in 2024.
Our investment allocation target for our non-U.S. pension plan for 2023 and our weighted-average asset allocations of our pension assets for the years ended December 31, by asset category, are as follows:
Target Allocation %Actual Allocations %
 2023202220232022
Cash and cash equivalents——1—
Equity/Balanced securities23422342
Fixed income securities77587658
100%100%100%100%
    
The non-U.S. pension plan assets are held in a pooled separate account which represents an insurance contract under which plan assets are administered through pooled funds. The contract portfolio includes cash and cash equivalents, equity/ balanced securities, and fixed income securities. The contract is valued daily based on the market value of the underlying net assets. The majority of the underlying net assets have observable Level 1 and/or 2 quoted pricing inputs which are used to determine the unit value of the contract, which is not publicly quoted and therefore classified as Level 2 of the fair value hierarchy. See Note 1, Significant Accounting Policies, for further detail on fair value hierarchy.

The assets within the insurance contract can be described as follows:
Equity Securities - Includes common stocks issued by U.S., United Kingdom and other international companies, equity funds that invest in common stocks and unit linked insurance policies. Equity investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Balanced Securities - Includes funds primarily invested in a mix of equity and fixed income securities where the allocations are at the discretion of the investment manager. Investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Fixed Income Securities - Includes U.S. dollar-denominated and United Kingdom and other international marketable bonds and convertible debt securities as well as fixed income funds that invest in these instruments. Investments generally allow near-term liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
The fair values of our pension plan assets by asset category and by level as described in Note 1, Significant Accounting Policies, for the years ended December 31, 2023 and 2022 are as follows:
 December 31, 2023
  Quoted Prices in
Active Markets for
Identical Assets		Significant
Observable Inputs		Significant
Unobservable Inputs
 TotalLevel 1Level 2Level 3
Insurance contracts and other$23,052 $— $23,052 $— 
Total pension fund assets$23,052 $— $23,052 $— 

December 31, 2022
Quoted Prices in
Active Markets for
Identical Assets
Significant
Observable Inputs 2
Significant
Unobservable Inputs
TotalLevel 1Level 2Level 3
Insurance contract and other$21,537 $— $21,537 $— 
Total pension fund assets 1
$21,537 $— $21,537 $— 
1.Not included in the table are the remaining $4.0 million of plan assets under the U.S. pension plan which has been invested in Cash and cash equivalents (NAV) as of December 31, 2022.
2.During 2023, the Company corrected an immaterial error in the presentation of asset category and level of the non-U.S. pension plan assets as of December 31, 2022. The assets were previously disclosed as Net Asset Value per share (NAV) rather than Level 2. Additionally, the asset category previously disclosed was the underlying assets of the insurance contract rather than the insurance contract itself. The correction had no impact on investment values and had no impact on the consolidated balance sheets, statements of operations or statements of cash flows.

The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans:
Year Ending December 31,Pension Plans
2024$1,815 
2025$1,780 
2026$1,848 
2027$1,859 
2028$1,934 
2029 to 2033$9,703