v3.24.3
Employee Benefits
9 Months Ended
Sep. 30, 2024
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.
The following table summarizes the changes in the projected benefit obligation:
Projected benefit obligation
(in thousands)
Projected benefit obligation present value at January 1, 2023
$3,708 
Service cost
707 
 Interest cost
161 
 Curtailment(306)
Actuarial losses (gains)
(290)
Currency translation adjustment
143 
Projected benefit obligation present value at December 31, 2023
$4,123 
Service cost
518 
 Interest cost
119 
Actuarial losses (gains)
101 
Currency translation adjustment
77 
Projected benefit obligation present value at September 30, 2024
$4,938 
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:
Nine Months EndedYear Ended
September 30, 2024December 31, 2023
Discount rate (Corp AA)
3.8%3.9%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
48.0%48.0%
Expected staff turnover
Company age-based tableCompany age-based table
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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Defined contributions plans included in personnel expenses
$(4,684)$(4,694)$(14,974)$(14,308)