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,
	2022		2021
Interest cost	$	1,586	$	1,282
Settlement cost	—		70
Expected return on plan assets	(2,362)		(2,006)
Amortization of prior service cost	31		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,
	2022		2021
Discount rate	5.0	%	2.0	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.2	%	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,
	2022		2021
Discount rate	2.0	%	1.3	%
Expected long-term return on plan assets	2.8	%	2.1	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.3	%	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,
	2022		2021
Projected benefit obligation:
Beginning of year	$	91,262	$	100,244
Service cost	—		—
Interest cost	1,586		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 year	94,164		94,962
Actual gain (loss) on plan assets	(26,919)		1,195
Employer contributions	3,699		4,118
Benefits paid	(5,028)		(5,137)
Foreign currency translation adjustment and other	(9,348)		(974)
End of year	56,568		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
2024	3,645
2025	3,808
2026	3,756
2027	3,836
2028-2032	19,388
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 Category	Total		Quoted 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 Category	Total		Quoted 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 Allocations				Target Asset Allocations
	2022		2021		2022		2021
Equity securities and diversified growth funds1	27.0	%	24.9	%	27.5	%	27.5	%
Debt securities2	69.7	%	72.5	%	72.5	%	72.5	%
Other	3.3	%	2.6	%	—	%	—	%
Total	100	%	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, 2022		December 31, 2021
Balance at beginning of year	$	11,443	$	9,752
Actual return on plan assets	195		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