Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Reconciliation of Changes in Projected Benefit Obligation

The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021:

(in thousands)	2022		2021
Reconciliation of benefit obligation:
Obligation as of January 1	$	9,074	$	10,391
Service cost	103		187
Interest cost	99		130
Actuarial (gain) loss	(3,387)		(234)
Benefit payments	(162)		(627)
Effect of foreign currency exchange rate changes	(512)		(773)
Benefit obligation as of December 31	5,215		9,074
Fair value of assets as of December 31	3,463		3,577
Funded status as of December 31	$	(1,752)	$	(5,497)

Summary of Amounts Recognized in Consolidated Balance Sheets

We recognized the following amounts in the consolidated balance sheets at December 31, 2022 and 2021:

(in thousands)	2022		2021
Other assets	$	3,463	$	3,577
Accrued and other liabilities	(165)		(163)
Other liabilities	(5,050)		(8,911)
Net liability	$	(1,752)	$	(5,497)

Schedule of Accumulated and Projected Benefit Obligations

Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2022 and 2021:

(in thousands)	2022		2021
Projected benefit obligation	$	5,215	$	9,074
Accumulated benefit obligation	$	4,984	$	8,635

The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020:

(in thousands)	2022		2021		2020
Net periodic benefit cost:
Service cost	$	103	$	187	$	204
Interest cost	99		130		84
Amortization of actuarial loss	45		259		351
Total net periodic pension cost	247		576		639
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net (gain) loss	(3,387)		(234)		(1,223)
Amortization of prior years' unrecognized loss	(45)		(259)		(351)
Total recognized as other comprehensive income (loss), excluding tax	(3,432)		(493)		(1,574)
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss)	$	(3,185)	$	83	$	(935)

Assumptions Used to Determine Benefit Obligations

The following assumptions are used to determine the benefit obligations as of December 31, 2022 and 2021:

	2022	2021
Discount rate	4.2%	1.2%
Rate of compensation	3.0%	3.0%

Summary of Estimated Future Benefit Payments

The following benefit payments, including expected future service cost, are expected to be paid:

(in thousands)
Estimated future benefit payments for the years ending December 31:
2023	$	174
2024	$	176
2025	$	177
2026	$	208
2027	$	234
2028 through 2032	$	1,578