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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
Funded status | December 31, 2021 | December 31, 2020
| (in thousands)
Projected benefit obligation | $ | (41,813) |  | $ | (43,988) |
Fair value of plan assets | 36,198 |  | 34,612 |
Funded status | $ | (5,615) |  | $ | (9,376) |
Non-current other liabilities (note 9) | $ | (5,615) |  | $ | (9,376) |
Change in benefit obligation | December 31, 2021 | December 31, 2020
| (in thousands)
Benefit obligation at beginning of year | $ | 43,988 |  | $ | 37,036 |
Service cost | 134 |  | 100 |
Interest cost | 665 |  | 746 |
Plan participants' contributions | 23 |  | 22 |
Benefits paid | (489) |  | (724) |
Actuarial (gain)/loss | (2,097) |  | 5,294 |
Foreign currency exchange rate changes | (411) |  | 1,514 |
Benefit obligation at end of year | $ | 41,813 |  | $ | 43,988 |
Change in plan assets | December 31, 2021 | December 31, 2020
| (in thousands)
Fair value of plan assets at beginning of year | $ | 34,612 |  | $ | 32,016 |
Actual return on plan assets | 2,347 |  | 2,092 |
Employer contributions | 91 |  | 109 |
Plan participants' contributions | 23 |  | 22 |
Benefits paid | (489) |  | (724) |
Foreign currency exchange rate changes | (386) |  | 1,097 |
Fair value of plan assets at end of year | $ | 36,198 |  | $ | 34,612 |
Funded status | December 31, 2021 | December 31, 2020
| (in thousands)
Projected benefit obligation | $ | (7,643) |  | $ | (8,620) |
Fair value of plan assets | 6,964 |  | 7,601 |
Funded status | $ | (679) |  | $ | (1,019) |
Non-current other liabilities (note 9) | $ | (679) |  | $ | (1,019) |
Change in benefit obligation | December 31, 2021 | December 31, 2020
| (in thousands)
Benefit obligation at beginning of year | $ | 8,620 |  | $ | 7,047 |
Service cost | 150 |  | 139 |
Interest cost | 12 |  | 21 |
Plan participants' contributions | 95 |  | 81 |
Settlement | (483) |  | — |
Prior service cost | (82) |  | (23) |
Transferred balances | 76 |  | 245 |
Actuarial (gain)/ loss | (484) |  | 406 |
Foreign currency exchange rate changes | (261) |  | 704 |
Benefit obligation at end of year | $ | 7,643 |  | $ | 8,620 |
Change in plan assets | December 31, | December 31,
| 2021 | 2020
| (in thousands)
Fair value of plan assets at beginning of year | $ | 7,601 |  | $ | 6,014 |
Expected return on plan assets | 15 |  | 21 |
Actual return on plan assets | (238) |  | 519 |
Scheme contributions | 128 |  | 105 |
Plan participants' contributions | 95 |  | 81 |
Transferred balances | 76 |  | 245 |
Settlement | (483) |  | — |
Foreign currency exchange rate changes | (230) |  | 616 |
Fair value of plan assets at end of year | $ | 6,964 |  | $ | 7,601 |
The pension costs of this plan are presented in the following tables in accordance with the requirements of ASC 715-60 'Defined Benefit Plans – Other Postretirement'.
Funded status | December 31, 2021 |  |
| (in thousands) |
Projected benefit obligation | $ | (4,990) |  |  |
Fair value of plan assets | 3,017 |  |  |
Funded status | $ | (1,973) |  |  |
Non-current other liabilities (note 9) | $ | (1,973) |  |  |
Change in benefit obligation | December 31, 2021 |
| (in thousands)
Benefit obligation as at July 1, 2021 | $ | 4,890 |  |
Service cost | 207 |  |
Interest cost | 19 |  |
Plan participants’ contributions | 135 |  |
Transferred benefits paid | (113) |  |
Actuarial loss | 1 |  |
Foreign currency exchange rate changes | (149) |  |
Benefit obligation at end of year | $ | 4,990 |  |
Change in plan assets | December 31, |
| 2021 |
| (in thousands)
Fair value of plan assets at as at July 1, 2021 | $ | 2,849 |  |
Expected return on plan assets | 15 |  |
Scheme contributions | 135 |  |
Plan participants’ contributions | 135 |  |
Transferred benefits paid | (113) |  |
Foreign currency exchange rate changes | (4) |  |
Fair value of plan assets at end of year | $ | 3,017 |  |
Schedule of Components of Net Periodic Benefit Cost | The following amounts were recorded in the Consolidated Statement of Operations as components of the net periodic benefit cost:
| December 31, 2021 | December 31, 2020 | December 31, 2019
| (in thousands)
Service cost | $ | 134 |  | $ | 100 |  | $ | 107 |
Interest cost | 665 |  | 746 |  | 867 |
Expected return on plan assets | (1,171) |  | (1,214) |  | (574) |
Amortization of net loss | 625 |  | 160 |  | 67 |
Net periodic benefit cost | $ | 253 |  | $ | (208) |  | $ | 467 |
Summary of Assumptions Used in Calculating Pension Benefit Obligations | The following assumptions were used at the commencement of the year in determining the net periodic pension benefit cost for the years ended December 31, 2021, December 31, 2020 and December 31, 2019:
| December 31, 2021 | December 31, 2020 | December 31, 2019
Discount rate | 1.5 | % | 2.1 | % | 2.9 | %
Rate of compensation increase | 3.4 | % | 3.3 | % | 3.7 | %
Expected rate of return on plan assets | 3.4 | % | 4.0 | % | 2.1 | %
The following assumptions were used in determining the benefit obligation at December 31, 2021 and December 31, 2020:
| December 31, 2021 | December 31, 2020
Discount rate | 1.8 | % | 1.5 | %
Rate of compensation increase | 3.7 | % | 3.4 | %
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other comprehensive income | December 31, 2021 | December 31, 2020 | December 31, 2019
| (in thousands)
Actuarial (gain)/loss - benefit obligation | $ | (2,097) |  | $ | 5,294 |  | $ | 4,756 |
Actuarial gain – plan assets | (1,176) |  | (878) |  | (2,930) |
Actuarial loss recognized in net periodic benefit cost | (625) |  | (160) |  | (67) |
Total | $ | (3,898) |  | $ | 4,256 |  | $ | 1,759 |
Summary of Expected Long Term Rates of Return on Different Asset Classes | The expected long term rates of return on different asset classes are as follows:
Expected long-term return per annum | December 31, 2021 | December 31, 2020
Corporate Bonds (including 50% high yield bonds) | 2.8 | % | 2.8 | %
Equities | 5.5 | % | 5.2 | %
Secured Loans and Multi Asset Credit | 3.0 | % | 3.0 | %
Schedule of Underlying Asset Split of Fund | The underlying asset split of the fund is shown below.
Asset Category | December 31, 2021 | December 31, 2020
Corporate Bonds (including 50% high yield bonds) | 37 | % | 40 | %
Equities | 24 | % | 21 | %
Secured Loans and Multi Asset Credit | 39 | % | 39 | %
| 100 | % | 100 | %
Schedule of Plan Asset Fair Value Measurements |
| Quoted Prices in Active Markets for Identical Assets Level 1 |
| December 31, 2021 | December 31, 2020 |
| (in thousands) |
Cash | $ | 162 |  | $ | 11 |  |
Fixed Income Securities |  |  |
L&G Life GPBF All World Equity Index Fund | 8,743 |  | 7,460 |  |
L&G Life DC Active Corporate Bond | 6,409 |  | 6,797 |  |
Stone Harbor High Yield Bond Fund | 6,965 |  | 6,861 |  |
Ninety One Global Total Return Credit | 3,435 |  | 3,472 |  |
Stone Harbor Multi Asset Credit Portfolio | 3,359 |  | 3,389 |  |
Barings European Loan Fund Buy & Hold | 7,125 |  | 6,622 |  |
| $ | 36,198 |  | $ | 34,612 |  |
Schedule of Annual Benefit Payments which Reflect Expected Future Service | The following annual benefit payments, which reflect expected future service as appropriate, are expected to be paid.
| (in thousands)
2022 | $ | 256 |
2023 | 340 |
2024 | 417 |
2025 | 453 |
2026 | 788 |
Years 2027 - 2031 | 3,859 |

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