Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Schedule of the Projected Benefit Obligation, Fair Value of Plan Assets, and the Funded Status

The following table sets forth the projected benefit obligation, fair value of plan assets, and the funded status of the Company’s plan as of December 31, 2023 and 2022 (in thousands):

	December 31,
	2023			2022
Change in benefit obligation
Benefit obligation at beginning of year	$	2,051		$	1,017
Prior service cost		47			—
Service cost		246			120
Interest cost		60			6
Contributions paid by plan participants		169			92
Benefits deposited		1,692			692
Actuarial loss		598			114
Exchange rate adjustments		393			10
Benefit obligation at end of year		5,256			2,051
Fair value of plan assets at end of year		4,414			1,739
Funded status - deficit	$	(842	)	$	(312	)

Summary of Components of Net Periodic Benefit Cost

The components of net periodic benefit cost recognized in operating expense in the consolidated statements of operations and comprehensive loss and other amounts recognized in adjustment to pension liability in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 and 2022 were as follows (in thousands):

	December 31,
	2023			2022
Service cost	$	246		$	120
Interest cost		60			6
Expected return on plan assets		(72	)		(33	)
Amortization of net loss		7			—
Total recognized in operating expense		241			93
Adjustment to pension liability		620			281
Total recognized other comprehensive loss		620			281
Total costs recognized in consolidated comprehensive loss	$	861		$	374

Schedule of Weighted Average Actuarial Assumptions used to Determine Net Periodic Benefit Cost

The weighted average actuarial assumptions used to determine net periodic benefit cost for the years ended December 31, 2023 and 2022 were as follows:

	December 31,
	2023			2022
Discount rate		1.5	%		1.9	%
Inflation rate		1.0	%		1.0	%
Expected rate of return on plan assets		3.0	%		2.5	%
Rate of compensation increase		1.0	%		1.0	%

Schedule of Pension Plan Benefits Expected to be Paid

As of December 31, 2023, the pension plan benefits expected to be paid over the next ten years are as follows (in thousands):

	December 31, 2023
Years ending December 31:
2024	$	5
2025		10
2026		14
2027		19
2028		24
2029-2033		200
Total expected benefits to be paid	$	272