XML 77 R55.htm IDEA: XBRL DOCUMENT
v3.22.4

Employee Benefits (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Retirement Benefits [Abstract] |
Schedule of Amounts Recognized in Balance Sheet | The balances recorded to the balance sheet are as follows:
| December 31, 2022 | December 31, 2021
Other receivables | $ | 6,492 |  | $ | — |
Non-current other liabilities (note 16) | (13,033) |  | (16,262) |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
Funded status | December 31, 2022 | December 31, 2021
| (in thousands)
Projected benefit obligation | $ | (19,558) |  | $ | (41,813) |
Fair value of plan assets | 26,050 |  | 36,198 |
Funded status | $ | 6,492 |  | $ | (5,615) |
The funded status as at December 31, 2022 is included in other long-term receivables on the Consolidated Balance Sheet. The funded status as at December 31, 2021 is included in non-current other liabilities on the Consolidated Balance Sheet.
Change in benefit obligation | December 31, 2022 | December 31, 2021
| (in thousands)
Benefit obligation at beginning of year | $ | 41,813 |  | $ | 43,988 |
Service cost | 117 |  | 134 |
Interest cost | 672 |  | 665 |
Plan participants' contributions | 19 |  | 23 |
Benefits paid | (514) |  | (489) |
Actuarial gain | (18,636) |  | (2,097) |
Foreign currency exchange rate changes | (3,913) |  | (411) |
Benefit obligation at end of year | $ | 19,558 |  | $ | 41,813 |
Change in plan assets | December 31, 2022 | December 31, 2021
| (in thousands)
Fair value of plan assets at beginning of year | $ | 36,198 |  | $ | 34,612 |
Expected return on plan assets | 1,258 |  | 1,171 |
Actual return on plan assets | (7,305) |  | 1,176 |
Employer contributions | 70 |  | 91 |
Plan participants' contributions | 19 |  | 23 |
Benefits paid | (514) |  | (489) |
Foreign currency exchange rate changes | (3,676) |  | (386) |
Fair value of plan assets at end of year | $ | 26,050 |  | $ | 36,198 |
Funded surplus/(deficit) | December 31, 2022 | December 31, 2021
| (in thousands)
Projected benefit obligation | $ | (5,806) |  | $ | (7,643) |
Fair value of plan assets | 5,681 |  | 6,964 |
Funded deficit | $ | (125) |  | $ | (679) |
The funded deficit at December 31, 2022 and December 31, 2021 are included in non-current other liabilities on the Consolidated Balance Sheet. The change in benefit obligation is presented in the following table. The discount rates used in calculating the benefit obligation in years ended December 31, 2022 and December 31, 2021 were 2.3% and 0.4%, respectively.
Change in benefit obligation | December 31, 2022 | December 31, 2021
| (in thousands)
Benefit obligation at beginning of year | $ | 7,643 |  | $ | 8,620 |
Service cost | 146 |  | 150 |
Interest cost | 30 |  | 12 |
Plan participants' contributions | 82 |  | 95 |
Settlement | (218) |  | (483) |
Prior service cost | (23) |  | (82) |
Benefits paid and transferred balances | (182) |  | 76 |
Actuarial gain | (1,527) |  | (484) |
Foreign currency exchange rate changes | (145) |  | (261) |
Benefit obligation at end of year | $ | 5,806 |  | $ | 7,643 |
Change in plan assets | December 31, | December 31,
| 2022 | 2021
| (in thousands)
Fair value of plan assets at beginning of year | $ | 6,964 |  | $ | 7,601 |
Expected return on plan assets | 29 |  | 15 |
Actual return on plan assets | (987) |  | (238) |
Scheme contributions | 114 |  | 128 |
Plan participants' contributions | 82 |  | 95 |
Benefits paid and transferred balances | (182) |  | 76 |
Settlement | (218) |  | (483) |
Foreign currency exchange rate changes | (121) |  | (230) |
Fair value of plan assets at end of year | $ | 5,681 |  | $ | 6,964 |
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 surplus/(deficit) | December 31, 2022 | December 31, 2021 |  |  |  |
| (in thousands) |  |  |
Projected benefit obligation | $ | (5,345) |  | $ | (4,990) |  |  |  |  |
Fair value of plan assets | 4,059 |  | 3,017 |  |  |  |  |
Funded deficit | $ | (1,286) |  | $ | (1,973) |  |  |  |  |
The funded deficit at December 31, 2022 and December 31, 2021 are included in non-current other liabilities on the Consolidated Balance Sheet. The change in benefit obligation is presented in the following table. The discount rate used in calculating the benefit obligation in years ended December 31, 2022 and December 31, 2021 was 2.3% and 0.4%, respectively.
Change in benefit obligation | December 31, 2022 | December 31, 2021 |
| (in thousands)
Benefit obligation at beginning of period | $ | 4,990 |  | $ | 4,890 |  |
Service cost | 404 |  | 207 |  |
Interest cost | 20 |  | 19 |  |
Plan participants’ contributions | 2,396 |  | 135 |  |
Settlement | (844) |  | — |  |
Benefits paid | (946) |  | (113) |  |
Actuarial (gain)/loss | (627) |  | 1 |  |
Foreign currency exchange rate changes | (48) |  | (149) |  |
Benefit obligation at end of year | $ | 5,345 |  | $ | 4,990 |  |
Change in plan assets | December 31, 2022 | December 31, 2021 |
| (in thousands)
Fair value of plan assets at beginning of period | $ | 3,017 |  | $ | 2,849 |  |
Expected return on plan assets | 29 |  | 15 |  |
Actual return on plan assets | 87 |  | — |  |
Scheme contributions | 325 |  | 135 |  |
Plan participants’ contributions | 2,396 |  | 135 |  |
Benefits paid | (946) |  | (113) |  |
Settlement | (844) |  | — |  |
Foreign currency exchange rate changes | (5) |  | (4) |  |
Fair value of plan assets at end of year | $ | 4,059 |  | $ | 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, 2022 | December 31, 2021 | December 31, 2020
| (in thousands)
Service cost | $ | 117 |  | $ | 134 |  | $ | 100 |
Interest cost | 672 |  | 665 |  | 746 |
Expected return on plan assets | (1,258) |  | (1,171) |  | (1,214) |
Amortization of net loss | 228 |  | 625 |  | 160 |
Net periodic benefit cost | $ | (241) |  | $ | 253 |  | $ | (208) |
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, 2022, December 31, 2021 and December 31, 2020:
| December 31, 2022 | December 31, 2021 | December 31, 2020
Discount rate | 1.8 | % | 1.5 | % | 2.1 | %
Rate of compensation increase | 3.7 | % | 3.4 | % | 3.3 | %
Expected rate of return on plan assets | 3.8 | % | 3.4 | % | 4.0 | %
The following assumptions were used in determining the benefit obligation at December 31, 2022 and December 31, 2021:
| December 31, 2022 | December 31, 2021
Discount rate | 4.9 | % | 1.8 | %
Rate of compensation increase | 3.6 | % | 3.7 | %
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) |
Other comprehensive income | December 31, 2022 | December 31, 2021 | December 31, 2020
| (in thousands)
Actuarial (gain)/loss - benefit obligation | $ | (18,636) |  | $ | (2,097) |  | $ | 5,294 |
Actuarial loss/(gain) – plan assets | 7,305 |  | (1,176) |  | (878) |
Actuarial loss recognized in net periodic benefit cost | (228) |  | (625) |  | (160) |
Total | $ | (11,559) |  | $ | (3,898) |  | $ | 4,256 |
Schedule of Underlying Asset Split of Fund | The Company's pension plan asset allocation is as follows:
Asset Category | December 31, 2022 | December 31, 2021
Government Bonds | 88 | % | — | %
Diversified Bonds | 12 | % | — | %
Equities | — | % | 24 | %
Corporate Bonds (including 50% high yield bonds) | — | % | 37 | %
Secured Loans and Multi Asset Credit | — | % | 39 | %
| 100 | % | 100 | %
Schedule of Plan Asset Fair Value Measurements |
| December 31, 2022 | December 31, 2021 |
| (in thousands) |
Government Bonds | $ | 22,887 |  | $ | — |  |
Diversified Bonds | $ | 3,163 |  | $ | — |  |
Equities | $ | — |  | $ | 8,782 |  |
Corporate Bonds (including 50% high yield bonds) | $ | — |  | $ | 13,434 |  |
Secured Loans and Multi Asset Credit | $ | — |  | $ | 13,982 |  |
| $ | 26,050 |  | $ | 36,198 |  |
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)
2023 | $ | 302 |
2024 | 371 |
2025 | 402 |
2026 | 703 |
2027 | 643 |
Years 2028 - 2032 | 3,614 |

X
- Definition Tabular disclosure of the change in the benefit obligation, fair value of plan assets, and funded status of pension plans or other employee benefit plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a)(b)(c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(5) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInBalanceSheetTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assumption used to determine benefit obligation and net periodic benefit cost of defined benefit plan. Includes, but is not limited to, discount rate, rate of compensation increase, expected long-term rate of return on plan assets and interest crediting rate. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfAssumptionsUsedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligation and plan assets for defined benefit pension plan with projected benefit obligation in excess of plan assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 + Details
Name: | us-gaap_ScheduleOfBenefitObligationsInExcessOfFairValueOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration