Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2025

The net periodic pension cost is included in other income (expense) in the consolidated statements of operations and consisted of the following components (in thousands):


	Year Ended December 31,
	2025			2024			2023
Components of the net periodic pension cost:
Interest cost	$	1,255		$	1,158		$	1,185
Expected return on plan assets		(1,500	)		(1,466	)		(1,440	)
Amortization of actuarial losses		778			851			990
Amortization of prior service cost		30			30			30
Net periodic pension cost	$	563		$	573		$	765

Actuarial Assumptions used to Compute net Periodic Pension Cost and Funded Status

The actuarial assumptions used to compute the net periodic pension cost for the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively, were as follows:


	Year Ended December 31,
	2025	2024	2023
Weighted-average discount rate	5.5%	4.5%	4.8%
Weighted-average long-term rate of return on plan assets	5.5%	5.1%	5.3%

The actuarial assumptions used to compute the benefit obligations as of December 31, 2025 and December 31, 2024, respectively, were as follows:


	December 31,
	2025	2024
Weighted-average discount rate	5.6%	5.5%
Rate of inflation	2.7%	3.1%

Reconciliation of Benefit Obligations and Plan Assets of U.K. Plan

The following table provides a reconciliation of benefit obligations and plan assets of the U.K. Plan (in thousands):


	December 31,
	2025			2024
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	22,400		$	26,259
Interest cost		1,255			1,158
Actuarial (gains) losses (1)		(104	)		(3,393	)
Benefits paid		(1,396	)		(1,374	)
Prior service cost		—			—
Foreign currency exchange rate changes		1,570			(250	)
Projected benefit obligation at end of year	$	23,725		$	22,400
Accumulated benefit obligation at end of year	$	23,725		$	22,400
Change in plan assets:
Fair value of plan assets at beginning of year	$	26,645		$	29,351
Actual return on plan assets		845			(1,311	)
Employer contributions		—			287
Benefits paid		(1,396	)		(1,374	)
Foreign currency exchange rate changes		1,862			(308	)
Fair value of plan assets at end of year	$	27,956		$	26,645
Funded status at end of year	$	4,231		$	4,245
Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost:
Net actuarial losses at beginning of year	$	(6,197	)	$	(7,772	)
Net actuarial gains (losses) during the year		(551	)		627
Prior service cost arising during the year		—			—
Amounts reclassified from accumulated other comprehensive loss to income before income taxes		808			881
Foreign currency exchange rate changes		(430	)		67
Net actuarial losses	$	(6,370	)	$	(6,197	)

(1)

Actuarial (gains)/losses in the U.K. Plan for the years ended December 31, 2025 and December 31, 2024, respectively, primarily resulted from changes in the discount rate assumptions.

Expected Future Benefit Payments for Each of Next Five Years

The following table reflects the total expected benefit payments to plan participants for each of the next five years and the following five years in aggregate and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2025 (in thousands):


	Amount
2026	$	1,680
2027		1,772
2028		1,741
2029		1,739
2030		2,232
2031-2035		10,214
Total	$	19,378

Summary of Fair Value of Plan Assets by Asset Category

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2025 (in thousands):


Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Fixed income (1)	$	27,569	$	—	$	—	$	—	$	27,569
Cash		387		387		—		—		—
Total	$	27,956	$	387	$	—	$	—	$	27,569

(1)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: cash and cash equivalents (70%), bonds (26%) and other assets (4%).

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2024 (in thousands):


Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Balanced (1)	$	5,118	$	—	$	—	$	—	$	5,118
Fixed income (2)		21,136		—		—		—		21,136
Cash		391		391		—		—		—
Total	$	26,645	$	391	$	—	$	—	$	26,254

(1)

This class comprises a diversified portfolio of global investments which seeks growth from equities and credit assets. It is allocated on a weighted average basis as follows: equities (5%), bonds (90%) and other assets (5%).

(2)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds (79%) and other assets (21%).