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PENSIONS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit costs are as follows:

			Year ended December 31,
(in thousands of $)			2022			2021			2020
Service cost			(75)			(120)			(155)
Interest cost			(1,087)			(879)			(1,271)
Expected return on plan assets			254			214			318
Recognized actuarial loss			(774)			(1,131)			(848)
Net periodic benefit cost			(1,682)			(1,916)			(1,956)

Reconciliation of benefit obligation

The change in projected benefit obligation and plan assets and reconciliation of funded status for the year ended December 31, 2022 and 2021 are as follows:

(in thousands of $)			2022			2021
Reconciliation of benefit obligation:
Benefit obligation at January 1			47,215			54,122
Service cost			75			120
Interest cost			1,087			879
Actuarial gain (1)			(10,106)			(4,081)
Foreign currency exchange rate changes			(1,227)			(120)
Benefit payments			(2,966)			(3,705)
Benefit obligation at December 31			34,078			47,215

(1) Actuarial gain is sensitive to changes in key actuarial assumptions specifically discount rates, mortality rates and assumed future salary increases.

Reconciliation of fair value of plan assets

The accumulated benefit obligation at December 31, 2022 and 2021 was $33.9 million and $46.7 million, respectively.

(in thousands of $)			2022			2021
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1			15,858			16,864
Actual return on plan assets			(4,392)			(46)
Employer contributions			2,900			2,900
Foreign currency exchange rate changes			(1,591)			(155)
Benefit payments			(2,966)			(3,705)
Fair value of plan assets at December 31			9,809			15,858

Reconciliation of funded status

Employer contributions and benefits paid under the pension plans include $2.9 million paid from employer assets for the years ended December 31, 2022 and 2021.

(1) Our defined benefit pension plan is comprised of two schemes as follows:

			December 31, 2022									December 31, 2021
(in thousands of $)			UK Scheme			Marine Scheme			Total			UK Scheme			Marine Scheme			Total
Fair value of benefit obligation			(7,073)			(27,005)			(34,078)			(11,608)			(35,607)			(47,215)
Fair value of plan assets			8,801			1,008			9,809			15,077			781			15,858
Funded (unfunded) status at end of year			1,728			(25,997)			(24,269)			3,469			(34,826)			(31,357)

Asset allocation of retirement schemes

The fair value of our plan assets, by category, as of December 31, 2022 and 2021 are as follows:

(in thousands of $)			2022			2021
Equity securities			8,801			15,077
Cash			1,008			781
			9,809			15,858

The asset allocation for our Marine scheme at December 31, 2022 and 2021, by asset category are as follows:

Marine scheme			2022 (%)			2021 (%)
Cash			100			100
Total			100			100

The asset allocation for our UK scheme at December 31, 2022 and 2021, by asset category are as follows:

UK scheme			2022 (%)			2021 (%)
Equity			100			100
Total			100			100

Expected contributions to pension schemes

We are expected to make the following contributions to the schemes during the year ended December 31, 2023, as follows:

(in thousands of $)			UK scheme			Marine scheme
Employer contributions			—			2,900

Expected pension disbursements

We are expected to make the following pension disbursements as follows:

(in thousands of $)			UK scheme			Marine scheme
2023			340			2,600
2024			370			2,500
2025			470			2,400
2026			390			2,300
2027			400			2,200
2028 - 2032			2,140			9,500

Weighted average assumptions used

The weighted average assumptions used to determine the benefit obligation for our defined benefit pension plans for the years ended December 31 are as follows:

			2022			2021
Discount rate			4.94		%	2.43		%
Rate of compensation increase			2.61		%	2.70		%

The weighted average assumptions used to determine the net periodic benefit cost for our defined benefit pension plans for the years ended December 31 are as follows:

			2022			2021
Discount rate			4.93		%	2.44		%
Expected return on plan assets			1.81		%	1.31		%
Rate of compensation increase			2.49		%	2.75		%

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