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EMPLOYEE BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Benefit Cost (Credit)
Net pension cost (credit) included the following components (in thousands):
Twelve Months Ended
December 31,
20222021
Interest cost$1,586 $1,282 
Settlement cost— 70 
Expected return on plan assets(2,362)(2,006)
Amortization of prior service cost31 32 
Net pension cost (credit)$(745)$(622)
Schedule of Assumptions Used
The weighted-average assumptions used to determine benefit obligations as of December 31, 2022 and 2021 are as follows:
December 31,
20222021
Discount rate5.0 %2.0 %
Rate of compensation increase1
Not applicableNot applicable
Inflation3.2 %3.3 %
______________
1    Not applicable due to plan curtailment.
The weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2022 and 2021 are as follows:
Twelve Months Ended
December 31,
20222021
Discount rate2.0 %1.3 %
Expected long-term return on plan assets2.8 %2.1 %
Rate of compensation increase1
Not applicableNot applicable
Inflation3.3 %2.9 %
_______________
1    Not applicable due to plan curtailment.
Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets
The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, 2022 and 2021 (in thousands):
Twelve Months Ended
December 31,
20222021
Projected benefit obligation:
Beginning of year$91,262 $100,244 
Service cost— — 
Interest cost1,586 1,282 
Actuarial (gain) loss(22,444)(4,237)
Benefits paid(5,028)(5,137)
Foreign currency translation adjustment and other(9,206)(890)
End of year$56,170 $91,262 
Fair value of plan assets:
Beginning of year94,164 94,962 
Actual gain (loss) on plan assets(26,919)1,195 
Employer contributions3,699 4,118 
Benefits paid(5,028)(5,137)
Foreign currency translation adjustment and other(9,348)(974)
End of year56,568 94,164 
Excess projected obligation under (over) fair value of plan assets at end of year$398 $2,902 
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss$(10,980)$(4,624)
Prior service cost(520)(601)
Total$(11,500)$(5,225)
Schedule of Expected Benefit Payments
As of December 31, 2022, expected future benefit payments are as follows for the years ended December 31, (in thousands):
2023$3,738 
20243,645 
20253,808 
20263,756 
20273,836 
2028-203219,388 
Total$38,171 
Schedule of Allocation of Plan Assets
The following tables summarize the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, 2022 and 2021 (in thousands):
December 31, 2022
Asset CategoryTotalQuoted Prices in
Active Markets 
for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash$1,861 $1,861 $— $— 
Equity securities:
Diversified growth fund (a)15,285 — 4,848 10,437 
Fixed income securities:
U.K. government fixed income securities (b)6,471 — 6,471 — 
U.K. government index-linked securities (c)7,942 — 7,942 — 
Corporate bonds (e)25,009 — 25,009 — 
Total$56,568 $1,861 $44,270 $10,437 
December 31, 2021
Asset CategoryTotalQuoted Prices in
Active Markets 
for
Identical Assets
(Level 1)		Significant
Observable
Inputs
(Level 2) (a)		Significant
Unobservable
Inputs
(Level 3)
Cash$2,411 $2,411 $— $— 
Equity securities:
Diversified growth fund (a)23,582 — 12,139 11,443 
Fixed income securities:
U.K. government fixed income securities (b)9,487 — 9,487 — 
U.K. government index-linked securities (c)16,393 — 16,393 — 
Global absolute return bond fund (d)12,111 — 12,111 — 
Corporate bonds (e)30,297 — 30,297 — 
Total$94,281 $2,411 $80,427 $11,443 
a)This category includes investments in a diversified portfolio of equity, alternatives and cash markets that aims to achieve capital growth returns.
b)This category includes investments in funds with the objective to provide a leveraged return to U.K. government fixed income securities (bonds) that have maturity periods ranging from 2030 to 2060.
c)This category includes investments in funds with the objective to provide a leveraged return to various U.K. government indexed-linked securities (gilts), with maturity periods ranging from 2027 to 2062. The funds invest in U.K. government bonds and derivatives.
d)This category includes investments in funds predominantly in a wide range of fixed and floating rate investment grade and below investment grade debt instruments traded on regulated markets worldwide with the objective to achieve a return of 3% above 1 month LIBOR over a 3-year basis.
e)This category includes investments in a diversified pool of debt and debt like assets to generate capital and income returns.
The following table sets forth the weighted-average asset allocation and target asset allocations as of December 31, 2022 and 2021 by asset category:
Asset AllocationsTarget Asset Allocations
2022202120222021
Equity securities and diversified growth funds1
27.0 %24.9 %27.5 %27.5 %
Debt securities2
69.7 %72.5 %72.5 %72.5 %
Other3.3 %2.6 %— %— %
Total100 %100 %100 %100 %
______________________________
1Diversified growth funds refer to actively managed absolute return funds that hold a combination of equity and debt securities.
2Includes investments in funds with the objective to provide leveraged returns to U.K. government fixed income securities, U.K. government indexed-linked securities, global bonds, and corporate bonds.
Schedule of Changes in the Fair Value Measurements of Level 3 Investments
The following table summarizes the changes in the fair value measurements of Level 3 investments for the pension plans (in thousands):
December 31, 2022December 31, 2021
Balance at beginning of year$11,443 $9,752 
Actual return on plan assets195 1,790 
Purchases/ sales/ settlements— — 
Transfer in/out of level 3— — 
Changes due to foreign exchange(1,201)(99)
Balance at end of year$10,437 $11,443