Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table summarizes the change in the projected benefit obligation and the fair value of plan assets for the Dutch Plan (in thousands):

	December 31,
	2022			2021
Projected Benefit Obligation:
Projected benefit obligation at beginning of year	$	63,129		$	74,683
Interest cost		581			323
Benefits paid and administrative expenses		(1,398	)		(1,426	)
Actuarial (gain) loss, net		(18,361	)		(5,281	)
Unrealized (gain) loss on foreign exchange		(3,892	)		(5,170	)
Projected benefit obligation at end of year	$	40,059		$	63,129
Fair Value of Plan Assets:
Fair value of plan assets at beginning of year	$	59,039		$	70,319
Increase (decrease) in plan asset value		(17,213	)		(5,268	)
Employer contributions		603			261
Benefits paid and administrative expenses		(1,398	)		(1,426	)
Unrealized gain (loss) on foreign exchange		(3,655	)		(4,847	)
Fair value of plan assets at end of year	$	37,376		$	59,039
Under-funded status of the plan at end of the year	$	(2,683	)	$	(4,090	)
Accumulated Benefit Obligation	$	37,391		$	63,129

Schedule of Assumptions Used

The following actuarial assumptions were used to determine the actuarial present value of our projected benefit obligation and the net periodic pension cost for the Dutch Plan:

	December 31,
	2022			2021
Weighted average assumed discount rate		3.72	%		1.00	%
Expected long-term rate of return on plan assets		3.72	%		1.00	%
Weighted average rate of compensation increase		2.60	%		1.90	%

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized for the Dutch Plan in the consolidated balance sheets consist of (in thousands):

	December 31,
	2022			2021
Deferred tax asset	$	700		$	1,023
Other long-term liabilities		2,683			4,090
Accumulated other comprehensive loss		(5,108	)		(5,595	)

Schedule of Net Benefit Costs

The components of net periodic pension cost for the Dutch Plan include (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Interest cost	$	581		$	323		$	679
Expected return on plan assets		(545	)		(306	)		(634	)
Curtailment		—			—			(1,049	)
Net periodic pension cost	$	36		$	17		$	(1,004	)

We funded the future obligations of the Dutch Plan by purchasing an insurance contract from a large multi-national insurance company with a five-year maturity. Each year we made annual premium payments to the insurance company (1) to provide for the benefit obligation of the current year of service based on each employee's age, gender and current salary, and (2) for the changes in the benefit obligation for prior years of service due to changes in participants' salary. Plan assets returns equal the

contractual rate, which are comparable with governmental debt securities. We determine the fair value of these plan assets with the assistance of an actuary using observable inputs (Level 2), which approximates the contract value of the investments. Our expected long-term rate of return assumptions are based on the weighted-average contractual rates for each contract. Dutch law dictates the minimum requirements for pension funding. Our goal is to meet these minimum funding requirements, while our insurance carrier invests to minimize risks associated with future benefit payments.

Schedule of Expected Benefit Payments

Expected benefit payments to eligible participants under this plan for the next five years are as follows (in thousands):

2023	$	1,461
2024	$	1,571
2025	$	1,648
2026	$	1,795
2027	$	1,962
Succeeding five years	$	11,313