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Retirement Plans
 6 Months Ended
Jun. 30, 2022
Retirement Benefits [Abstract]  
Retirement Plans Retirement Plans
Deferred Compensation Plan
Under the Company’s unfunded amended and restated Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan (the “DCP”), certain officers and key employees may defer all or any part of their incentive compensation, and the Company may make discretionary awards on behalf of such participants. Elective participant deferrals and discretionary Company awards are received in the form of phantom shares of the Company’s Class B Common Stock, which are valued for tax and accounting purposes in the same manner as actual shares of Class B Common Stock, and are recorded as stock‑based compensation expense in the consolidated statements of operations (see Note 15).
DCP participants’ holdings in phantom shares of the Company’s Class B Common Stock are equity classified as they will be settled in shares of Class B Common Stock upon eventual distribution.
In August 2021, the Company’s board of directors approved an amendment to the DCP, which offered to certain active executives in the DCP a one‑time, short‑term election to reallocate a limited portion of their DCP holdings from phantom shares of the Company’s Class B Common Stock into other phantom investment funds. For further discussion of the aforementioned DCP reallocation, see Note 12 to the Company’s consolidated financial statements included in Part II, Item 8 of the Company’s 2021 Annual Report on Form 10‑K.
DCP participants’ holdings in phantom investment funds are classified as liabilities in either Accruals and other current liabilities or Deferred compensation plan liabilities in the consolidated balance sheets as they will be settled in cash upon eventual distribution. The deferred compensation plan liabilities are marked to market at the end of each reporting period, with changes in the liabilities recorded as an expense (income) to Deferred compensation plan in the consolidated statements of operations.
Deferred compensation plan (income) expense was $(12,159) and $195 for the three months ended June 30, 2022 and 2021, respectively, and $(17,297) and $362 for the six months ended June 30, 2022 and 2021, respectively.
For the six months ended June 30, 2022 and 2021, DCP elective participant deferrals were $3,108 and $1,493, respectively. No discretionary contributions were made to the DCP during the three and six months ended June 30, 2022 and 2021. As of June 30, 2022 and December 31, 2021, phantom shares of the Company’s Class B Common Stock issuable by the DCP were 21,570,161 and 25,384,449, respectively.
The total liabilities related to the DCP is included in the consolidated balance sheets as follows:
June 30, 2022December 31, 2021
Accruals and other current liabilities$2,041 $7,309 
Deferred compensation plan liabilities75,525 94,890 
Total DCP liabilities$77,566 $102,199