v3.26.1
Employee Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Changes in Benefit Obligations, Plan Assets and Net Amount Recognized in Balance Sheets

The following table represents the changes in benefit obligations and plan assets and the net amount recognized on the consolidated balance sheets (in thousands):

 

 

Year ended
 December 31,

 

 

2025

 

 

2024

 

Change in benefit obligation:

 

 

 

 

 

 

Benefit obligation—beginning of period

 

$

13,115

 

 

$

12,029

 

Service cost employer

 

 

1,233

 

 

 

1,029

 

Contributions paid by employees

 

 

502

 

 

 

425

 

Interest cost

 

 

140

 

 

 

174

 

Contributions paid by plan participants

 

 

219

 

 

 

690

 

Benefits paid

 

 

(343

)

 

 

(1,276

)

Plan Amendment

 

 

—

 

 

 

(9

)

Actuarial loss

 

 

833

 

 

 

960

 

Foreign currency revaluation

 

 

2,006

 

 

 

(907

)

Benefit obligation—end of period

 

$

17,705

 

 

$

13,115

 

Change in plan assets:

 

 

 

 

 

 

Fair value of plan assets—beginning of period

 

$

9,413

 

 

$

9,316

 

Actual return on plan assets

 

 

253

 

 

 

106

 

Contributions paid by employer

 

 

973

 

 

 

826

 

Contributions paid by employees

 

 

502

 

 

 

425

 

Contributions paid by plan participants

 

 

219

 

 

 

690

 

Benefits paid

 

 

(343

)

 

 

(1,276

)

Foreign currency revaluation

 

 

1,423

 

 

 

(674

)

Fair value of plan assets—end of period

 

$

12,440

 

 

$

9,413

 

Defined benefit plan liability

 

$

5,265

 

 

$

3,702

 
Schedule of Net Pension Costs

The net pension cost was as follows (in thousands):

 

 

Year ended
December 31,

 

 

2025

 

 

2024

 

Service cost

 

$

1,233

 

 

$

1,029

 

Interest cost

 

 

140

 

 

 

174

 

Net pension cost

 

$

1,373

 

 

$

1,203

 
Schedule of Provision for Defined Benefit Plan Obligation Recognized in Other Comprehensive Loss

The provision for pension benefit obligation recognized in other comprehensive loss was as follows (in thousands):

 

 

Year ended
 December 31,

 

 

2025

 

 

2024

 

Actuarial (loss) gain arising from experience adjustments

 

$

(1,589

)

 

$

80

 

Actuarial gain (loss) arising from changes in financial assumptions

 

 

756

 

 

 

(1,040

)

Defined benefit cost for the year recognized in other comprehensive loss

 

$

(833

)

 

$

(960

)

 
Schedule of Assumptions Used to Measure Projected Benefit Obligation and Net Pension Costs

The assumptions used to measure the projected benefit obligation and net pension costs were as follows:

 

 

Year ended
 December 31,

 

2025

 

2024

Inflation rate

 

0.90%

 

1.00%

Discount rate

 

1.35%

 

1.00%

Interest rate on savings accounts

 

1.25%

 

1.00%

Expected rate of return on assets

 

1.35%

 

1.00%

Salary increase

 

1.25%

 

1.25%

Social Security increase

 

0.90%

 

1.00%

Pension increase

 

0.00%

 

0.00%

Retirement age

 

100% Male 65 Female 65

 

100% Male 65 Female 65

Mortality and disability rates

 

BVG 2020 Table

 

BVG 2020 Table
Schedule of Estimated Future Benefit Payments

Estimated benefit payments, which reflect future expected service, are expected to be paid as follows (in thousands):

 

 

December 31,

 

2026

 

$

1,166

 

2027

 

$

1,197

 

2028

 

$

1,225

 

2029

 

$

1,249

 

2030

 

$

1,272

 

2031-2035

 

$

7,419