Retirement And Other Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2023

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch pension plans for the years ended December 31:


(In thousands)	2023		2022
Projected Benefit Obligation
Projected benefit obligation at beginning of period	$	12,186	$	85,593
Interest cost	455		1,403
Net service cost	—		2,836
Curtailment	—		(2,030)
Employee contributions	—		666
Benefits paid	(64)		(975)
Actuarial loss (gain), net	27		(69,445)
Unrealized loss (gain) on foreign exchange	448		(5,862)
Projected benefit obligation at end of period	13,052		12,186

Fair Value of Plan Assets
Fair value of plan assets at beginning of period	$	7,386	$	52,296
Increase in plan asset value	292		910
Employer contributions	—		1,626
Employee contributions	—		666
Benefits and administrative expenses paid	(64)		(1,349)
Actuarial gain (loss), net	649		(43,180)
Unrealized gain (loss) on foreign exchange	286		(3,583)
Fair value of plan assets at end of period	8,549		7,386

Underfunded status of the plans at end of the period	$	4,503	$	4,800

Accumulated benefit obligation	$	13,052	$	12,186

Defined Benefit Plan, Assumptions

The following actuarial assumptions were used to determine the actuarial present value of the projected benefit obligation and the net periodic pension costs for the Dutch pension plans at December 31:


	2023		2022
Discount rate	3.37	%	3.75	%
Expected return on plan assets	3.37	%	3.75	%
Wage inflation	—	%	2.00	%

Schedule of Defined Benefit Plans Disclosures

Amounts recognized for the Dutch pension plans in the Consolidated Balance Sheets consisted of the following at December 31:


(In thousands)	2023		2022
Deferred taxes	$	1,162	$	1,200
Other long-term liabilities	4,503		4,800
Accumulated other comprehensive income	29,061		28,125

Expected benefit payments to eligible participants under the Dutch pension plans for the next ten years are as follows (in thousands):


2024	$	74
2025	90
2026	113
2027	147
2028	155
2029 - 2033	1,297

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Dutch pension plans included the following for the years ended December 31:


(In thousands)	2023		2022		2021
Net service cost	$	—	$	2,836	$	4,352
Interest cost	455		1,403		652
Expected return on plan assets	(292)		(910)		(424)
Amortization of actuarial gain	(696)		(262)		—
Amortization of curtailment	—		(2,030)		—
Administrative charges	—		374		280
Net periodic pension (income) cost	$	(533)	$	1,411	$	4,860