Employee Benefits |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Employee Benefits | |
| Employee Benefits | Note 16. Employee Benefits 401(k) Plan The Company has a defined contribution 401(k) plan, or the Plan, whereby eligible employees voluntarily contribute up to a defined percentage of their annual compensation. The Company matches contributions at a rate of 50% on the first 6% of employee contributions, and pays the administrative costs of the Plan. Total employer contributions for the three months ended March 31, 2026 and 2025, were approximately $0.7 million and $0.7 million, respectively. Defined Benefit Pension Plan The Company’s French subsidiary, has an obligation associated with a defined-benefit plan for its eligible employees. This plan provides benefits to the employees from the date of retirement and is based on the employee’s length of time employed by the Company. The calculation is based on a statistical calculation combining a number of factors that include the employee’s age, length of service, and employee turnover rate. The liability under the plan is based on a discount rate of 3.95% as of March 31, 2026 and December 31, 2025. The liability is included in other long-term liabilities in the accompanying condensed consolidated balance sheets. The plan is currently unfunded, and the benefit obligation under the plan was $2.6 million and $2.7 million at March 31, 2026 and December 31, 2025, respectively. The Company did t incur any expense under the plan for the three months ended March 31, 2026. The Company recorded an amount of expense under the plan for the three months ended March 31, 2025. Gain or loss due to change in actuarial valuation of the Company’s defined benefit pension plan was not material. Non-qualified Deferred Compensation Plan In December 2019, the Company established a non-qualified deferred compensation plan. The plan allows certain eligible participants to defer a portion of their cash compensation and provides a matching contribution at the discretion of the Company. The plan obligations are payable upon retirement, termination of employment and/or certain other times in a lump-sum distribution or in installments, as elected by the participant in accordance with the plan. Participants can allocate their deferred compensation amongst various investment options with earnings accruing to the participant. The Company has established a Rabbi Trust to fund the plan obligations and to hold the plan assets. Eligible participants began contributing to the plan in January 2020. The plan assets were valued at approximately $14.4 million and $14.5 million as of March 31, 2026 and December 31, 2025, respectively. The plan liabilities were valued at approximately $15.0 million and $15.0 million as of March 31, 2026 and December 31, 2025, respectively. The plan assets and liabilities are included in other long-term assets and other long-term liabilities, respectively, on the Company’s condensed consolidated balance sheets. |