XML 55 R33.htm IDEA: XBRL DOCUMENT v3.22.4
RETIREMENT BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Costs
Net periodic benefit costs for the Company’s defined benefit pension plans for the years ended December 31, 2022 and 2021 included the following (amounts in thousands):
Year ended December 31,
20222021
Service cost$2,419 $2,741 
Interest cost194 100 
Expected return on plan assets(1,381)(893)
Amortization of prior service cost (credit)(326)(281)
Recognized actuarial losses9 186 
Settlements— 51 
Net period benefit cost$915 $1,904 
Schedule of Weighted Average Assumptions Used
The following weighted average assumptions were used to develop net periodic pension benefit costs and the actuarial present values of projected pension benefit obligations for the years ended December 31, 2022 and 2021, respectively:
As of December 31,
20222021
Discount rate2.44 %0.37 %
Expected return on plan assets3.61 %3.59 %
Rate of compensation increase1.97 %2.10 %
Interest crediting rate for cash balance plans1.00 %1.00 %
Schedule of Benefit Obligations and Plan Assets
The following sets forth the change in projected benefit obligations and the change in plan assets for the years ended December 31, 2022 and 2021 and a reconciliation of the funded status at December 31, 2022 and 2021, respectively (amounts in thousands):
Year ended December 31,
20222021
Change In Projected Benefit Obligations
Projected benefit obligations, beginning of year$65,184 $72,869 
Interest cost194 100 
Service cost2,419 2,741 
Actuarial (gain) loss(14,822)(5,044)
Plan amendments(390)(586)
Plan settlements(20)(655)
Employee contribution999 917 
Premiums paid(391)(373)
Benefit payment(999)(2,128)
Effect of foreign currency exchange rates(1,810)(2,657)
Projected benefit obligations, end of year$50,364 $65,184 
Year ended December 31,
20222021
Change In Plan Assets
Plan assets at fair value, beginning of year$39,914 $37,825 
Actual return on plan assets(2,863)3,371 
Employer contributions2,356 2,254 
Employee contributions999 917 
Plan settlements— (633)
Benefits paid(998)(2,128)
Premiums paid(391)(373)
Effect of foreign currency exchange rates(964)(1,319)
Plan assets at fair value, end of year$38,053 $39,914 
Schedule of Funded Status
Year ended December 31,
20222021
Reconciliation Of Funded Status
Fair value of plan assets$38,053 $39,914 
Benefit obligations50,364 65,184 
Unfunded benefit obligations$12,311 $25,270 
Schedule of Expected Benefit Payments
The following table is the summary of expected future benefit payments (in thousands):
2023$2,211 
2024$2,045 
2025$2,050 
2026$1,929 
2027$1,868 
Next five years$11,068