v3.25.4
Employee Defined Contribution Plans
12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Defined Contribution Plans Employee Defined Contribution Plans
Full-time employees of the Company in mainland China participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund, and other welfare benefits are provided to employees. Chinese labor regulations require that the Company’s subsidiaries in mainland China make contributions to the government for these benefits primarily based on certain percentages of the employees’ salaries subject to certain caps and other government requirements. The total amounts for such employee benefits, which were expensed as incurred, were $24.9 million, $26.0 million, and $25.8 million for 2025, 2024, and 2023, respectively.
The Company’s employees who are U.S. taxpayers and who meet certain age and service requirements are eligible to participate in a broad-based, defined contribution retirement plan which is qualified under Section 401 of the Internal Revenue Code (the “401(k) plan”). The Company makes a matching contribution equal to 100% in 2025, 2024, and 2023 of the first 5.0% of the employee’s elective contributions under the plan, up to 5.0% of an employee’s eligible compensation. Contributions made by the Company vest 100% upon contribution. The total amounts for such employee benefits, which were expensed as incurred, were $0.9 million, $1.1 million, and $1.0 million in 2025, 2024, and 2023, respectively.
The Company also provides required Mandatory Provident Fund contribution for its full-time employees located in Hong Kong and provides social benefits contribution for its full-time employees located in Taiwan. The total amounts for these contributions, which were expensed as incurred, was $0.1 million, $0.2 million, and $0.2 million in each of 2025, 2024, and 2023.
There is no forfeiture of contribution related to any of the Company’s employee defined contribution plans as described above.