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Employee Benefits (Tables)

12 Months Ended

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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