v3.25.2
Employee Benefits
6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
Defined Benefit Plans
According to French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement, equal to up to twelve months of their salary based on term of employment.
The following table summarizes the changes in the projected benefit obligation:
Projected benefit obligation
(in thousands)
Accumulated postretirement benefit obligation at January 1, 2024
$4,123 
Service cost
687 
Interest cost
158 
Curtailment
(192)
Actuarial losses (gains)
216 
Currency translation adjustment
(283)
Accumulated postretirement benefit obligation at December 31, 2024
$4,709 
Service cost
378 
Interest cost
97 
Actuarial losses (gains)
(328)
Currency translation adjustment
615 
Accumulated postretirement benefit obligation at June 30, 2025
$5,471 
The Company does not hold any plan assets for any of the periods presented.
The main assumptions used for the purposes of the actuarial valuations are listed below:
Six Months EndedYear Ended
June 30, 2025December 31, 2024
Discount rate (Corp AA)
4.2%3.9%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
49.0%49.0%
Expected staff turnover
—% - 18.6%
—% - 18.6%
Estimated retirement age
65 years old65 years old
Life table
TH-TF 2000-2002 shiftedTH-TF 2000-2002 shifted
Defined Contribution Plans
The total expense represents contributions payable to these plans by us at specified rates.
In some countries, the Group’s employees are eligible for pension payments and similar financial benefits. The Group provides these benefits via defined contribution plans. Under defined contribution plans, the Group has no obligation other than to pay the agreed contributions, with the corresponding expense charged to income for the year. The main contributions relate to France, the United States (for 401k plans), and the United Kingdom.
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
(in thousands)
Defined contributions plans included in personnel expenses
$6,725 $6,064 $10,967 $10,290