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Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022			2021			2020
Components of the net periodic pension cost:
Interest cost	$	669		$	554		$	736
Expected return on plan assets		(1,286	)		(1,120	)		(1,340	)
Amortization of actuarial losses		380			928			686
Amortization of prior service cost		32			31			29
Net periodic pension cost	$	(205	)	$	393		$	111

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, 2022, 2021 and 2020, respectively, were as follows:


	Year Ended December 31,
	2022			2021			2020
Weighted-average discount rate		1.8	%		1.2	%		1.9	%
Weighted-average long-term rate of return on plan assets		3.2	%		2.5	%		3.6	%

The actuarial assumptions used to compute the benefit obligations as of December 31, 2022 and 2021, respectively, were as follows:


	December 31,
	2022			2021
Weighted-average discount rate		4.8	%		1.8	%
Rate of inflation		2.7	%		3.2	%

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,
	2022			2021
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	41,398		$	47,200
Interest cost		669			554
Actuarial (gains) losses (1)		(12,135	)		(3,303	)
Benefits paid		(1,191	)		(2,679	)
Prior service cost		—			36
Foreign currency exchange rate changes		(4,144	)		(410	)
Projected benefit obligation at end of year	$	24,597		$	41,398
Accumulated benefit obligation at end of year	$	24,597		$	41,398
Change in plan assets:
Fair value of plan assets at beginning of year	$	44,187		$	45,689
Actual return on plan assets		(12,927	)		592
Employer contributions		971			1,055
Benefits paid		(1,191	)		(2,679	)
Foreign currency exchange rate changes		(4,431	)		(470	)
Fair value of plan assets at end of year	$	26,609		$	44,187
Funded status at end of year	$	2,012		$	2,789
Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost:
Net actuarial losses at beginning of year	$	(7,206	)	$	(10,958	)
Net actuarial gains (losses) during the year		(2,078	)		2,775
Prior service cost arising during the year		-			(36	)
Amounts reclassified from accumulated other comprehensive income to income before income taxes		412			959
Foreign currency exchange rate changes		796			54
Net actuarial losses	$	(8,076	)	$	(7,206	)

(1)

Actuarial (gains)/losses in the U.K. Plan for the years ended December 31, 2022 and 2021, 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, 2022 (in thousands):


	Amount
2023	$	1,068
2024		1,405
2025		1,291
2026		1,498
2027		1,644
2028-2031		8,890
Total	$	15,796

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, 2022 (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)	$	17,025	$	—	$	—	$	—	$	17,025
Fixed income (2)		9,355		—		—		—		9,355
Cash		229		229		—		—		—
Total	$	26,609	$	229	$	—	$	—	$	26,380

(1)

This class comprises a diversified portfolio of global investments which seeks a balanced return between capital growth and fixed income and is allocated on a weighted average basis as follows: equities (12%), bonds (67%), other assets (20%) and cash (1%).

(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 (78%), other assets (13%), and cash (9%).

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2021 (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)	$	30,774	$	—	$	—	$	—	$	30,774
Fixed income (2)		13,250		—		—		—		13,250
Cash		163		163		—		—		—
Total	$	44,187	$	163	$	—	$	—	$	44,024

(1)

This class comprises a diversified portfolio of global investments which seeks a balanced return between capital growth and fixed income and is allocated on a weighted average basis as follows: equities (35%), bonds (39%), other assets (21%) and cash (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 (88%), other assets (6%) and cash (6%).