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Pension and Severance Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of accrued severance obligation | The changes to the balance of our accrued severance plan obligations are as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  |
| (In thousands)
Balance at January 1 | $ | 56,289 |  |  | $ | 73,345 |  |  |
Provision of severance benefits | 1,653 |  |  | 2,119 |  |  |
Severance payments | (8,770) |  |  | (15,295) |  |  |
Foreign currency (gain) loss | (1,266) |  |  | (3,880) |  |  |
Balance at December 31 | 47,906 |  |  | 56,289 |  |  |
Payments remaining with the National Pension Fund | (119) |  |  | (124) |  |  |
Total accrued severance plan obligations at December 31 | 47,787 |  |  | 56,165 |  |  |
Less current portion of accrued severance plan obligations (Note 10) | 7,906 |  |  | 7,422 |  |  |
Non-current portion of accrued severance plan obligations | $ | 39,881 |  |  | $ | 48,743 |  |  |
Schedule of changes in projected benefit obligations and fair value of plan assets | The following table summarizes the changes to the Plans’ benefit obligations, fair value of the Plans’ assets and the funded status of the Plans at December 31, 2023 and 2022:
| For the Year Ended December 31,
| 2023 |  | 2022
| (In thousands)
Change in projected benefit obligation: |  |  |
Projected benefit obligation at January 1 | $ | 159,760 |  |  | $ | 200,187 |
Service cost | 15,032 |  |  | 20,072 |
Interest cost | 6,202 |  |  | 4,731 |
Benefits paid | (14,056) |  |  | (8,573) |
Actuarial (gain) loss | 4,150 |  |  | (24,571) |
Effects of curtailment | (617) |  |  | 508 |
Settlement | (1,073) |  |  | (16,914) |
Foreign exchange (gain) loss | (5,117) |  |  | (15,680) |
Projected benefit obligation at December 31 | 164,281 |  |  | 159,760 |
Change in plan assets: |  |  |
Fair value of plan assets at January 1 | 127,338 |  |  | 157,012 |
Actual gain (loss) on plan assets | 12,325 |  |  | (6,528) |
Employer contributions | 7,368 |  |  | 12,946 |
Settlement | (1,073) |  |  | (16,914) |
Benefits paid | (14,056) |  |  | (8,573) |
Foreign exchange gain (loss) | (2,706) |  |  | (10,605) |
Fair value of plan assets at December 31 | 129,196 |  |  | 127,338 |
Funded status of the Plans at December 31 | $ | (35,085) |  |  | $ | (32,422) |
Schedule of amounts recognized in balance sheet |
| December 31,
| 2023 |  | 2022
| (In thousands)
Amounts recognized in the Consolidated Balance Sheets consist of: |  |  |
Prepaid benefit cost (included in non-current assets) | $ | 12,039 |  |  | $ | 12,308 |
Accrued benefit liability (included in pension and severance obligations) | (47,124) |  |  | (44,730) |
Net amount recognized at year end | $ | (35,085) |  |  | $ | (32,422) |
Schedule of amounts recognized in other comprehensive income (loss) | The following table summarizes, by component, the change in accumulated other comprehensive income (loss), net of tax related to our Plans:
| Prior Service Cost |  | Actuarial Net Gain (Loss) |  | Total
| (In thousands)
Balance at December 31, 2021 | $ | 602 |  |  | $ | 5,014 |  |  | $ | 5,616 |
Amortization and settlement gain included in net periodic pension cost | — |  |  | (1,021) |  |  | (1,021) |
Net gain (loss) arising during period | — |  |  | 9,625 |  |  | 9,625 |
Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) | — |  |  | 8,604 |  |  | 8,604 |
Balance at December 31, 2022 | $ | 602 |  |  | $ | 13,618 |  |  | $ | 14,220 |
Amortization and settlement gain included in net periodic pension cost | — |  |  | (46) |  |  | (46) |
Net gain (loss) arising during period | — |  |  | 1,731 |  |  | 1,731 |
Adjustments to unrealized components of defined benefit pension plan included in other comprehensive income (loss) | — |  |  | 1,685 |  |  | 1,685 |
Balance at December 31, 2023 | $ | 602 |  |  | $ | 15,303 |  |  | $ | 15,905 |
Schedule of benefit obligations in excess of fair value of plan assets | Information for pension plans with benefit obligations in excess of plan assets is as follows:
| December 31,
| 2023 |  | 2022
| (In thousands)
Plans with underfunded or non-funded projected benefit obligation: |  |  |
Aggregate projected benefit obligation | $ | 100,662 |  |  | $ | 96,310 |
Aggregate fair value of plan assets | 53,539 |  |  | 51,581 |
Plans with underfunded or non-funded accumulated benefit obligation: |  |  |
Aggregate accumulated benefit obligation | 60,638 |  |  | 61,764 |
Aggregate fair value of plan assets | 21,304 |  |  | 20,740 |
Schedule of components of net periodic pension cost | The following table summarizes total pension expense:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Components of net periodic pension cost and total pension expense: |  |  |  |  |
Service cost | $ | 15,032 |  |  | $ | 20,072 |  |  | $ | 25,908 |
Interest cost | 6,202 |  |  | 4,731 |  |  | 4,900 |
Expected return on plan assets | (5,144) |  |  | (5,605) |  |  | (5,600) |
Recognized actuarial (gain) loss | (156) |  |  | 53 |  |  | 128 |
Net periodic pension cost | 15,934 |  |  | 19,251 |  |  | 25,336 |
Curtailment (gain) loss | (617) |  |  | — |  |  | (954) |
Settlement (gain) loss | 132 |  |  | (1,374) |  |  | (743) |
Total pension expense | $ | 15,449 |  |  | $ | 17,877 |  |  | $ | 23,639 |
Schedule of assumptions used | The following table summarizes the weighted-average assumptions used in computing the net periodic pension cost and projected benefit obligations:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Discount rate for determining net periodic pension cost | 4.2 | % |  | 2.6 | % |  | 2.3 | %
Discount rate for determining benefit obligations at December 31 | 3.8 | % |  | 4.2 | % |  | 2.6 | %
Rate of compensation increase for determining net periodic pension cost | 3.6 | % |  | 3.7 | % |  | 3.7 | %
Rate of compensation increase for determining benefit obligations at December 31 | 3.7 | % |  | 3.6 | % |  | 3.7 | %
Expected rate of return on plan assets for determining net periodic pension cost | 4.1 | % |  | 3.8 | % |  | 3.7 | %
Schedule of allocation of plan assets | The current rate of return assumption targets are based on asset allocation strategies as follows:
| Allocation
| Debt |  | Equity |  | Other
Japan defined benefit plan | 64 | % |  | 34 | % |  | 2 | %
Korea defined benefit plan | 30 | % |  | 20 | % |  | 50 | %
Philippine defined benefit plan | 56 | % |  | 42 | % |  | 2 | %
The fair value of our pension plan assets, by asset category utilizing the fair value hierarchy as discussed in Note 16, is as follows:
| December 31, 2023 |  | December 31, 2022 |  |  |  |  |
| Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |  | Total |  |  |  |  |
| (In thousands) |  | (In thousands) |  |  |  |  |
Cash and cash equivalents | $ | 217 |  |  | $ | — |  |  |  |  | $ | 217 |  |  | $ | 1,117 |  |  | $ | — |  |  |  | $ | 1,117 |  |  |  |  |  |
Equity securities | 13,680 |  |  | — |  |  |  |  | 13,680 |  |  | 13,339 |  |  | — |  |  |  | 13,339 |  |  |  |  |  |
Debt securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government bonds | 3,674 |  |  | — |  |  |  |  | 3,674 |  |  | 2,982 |  |  | — |  |  |  | 2,982 |  |  |  |  |  |
Corporate bonds | 1,130 |  |  | — |  |  |  |  | 1,130 |  |  | 540 |  |  | — |  |  |  | 540 |  |  |  |  |  |
Treasury notes | 11,993 |  |  | — |  |  |  |  | 11,993 |  |  | 11,561 |  |  | — |  |  |  | 11,561 |  |  |  |  |  |
Mutual and commingled funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity funds | 29,016 |  |  | 7,807 |  |  |  |  | 36,823 |  |  | 23,931 |  |  | 7,157 |  |  |  | 31,088 |  |  |  |  |  |
Debt funds | 12,031 |  |  | 13,163 |  |  |  |  | 25,194 |  |  | 11,651 |  |  | 13,409 |  |  |  | 25,060 |  |  |  |  |  |
Guaranteed investment contracts | — |  |  | 23,189 |  |  |  |  | 23,189 |  |  | — |  |  | 28,340 |  |  |  | 28,340 |  |  |  |  |  |
Taiwan retirement fund | 12,478 |  |  | — |  |  |  |  | 12,478 |  |  | 12,845 |  |  | — |  |  |  | 12,845 |  |  |  |  |  |
Other, net | — |  |  | 818 |  |  |  |  | 818 |  |  | (383) |  |  | 849 |  |  |  | 466 |  |  |  |  |  |
Total fair value of pension plan assets | $ | 84,219 |  |  | $ | 44,977 |  |  |  |  | $ | 129,196 |  |  | $ | 77,583 |  |  | $ | 49,755 |  |  |  | $ | 127,338 |  |  |  |  |  |
Schedule of expected benefit payments | The estimated future benefit payments related to our foreign defined benefit plans are as follows:
| Payments
| (In thousands)
2024 | $ | 9,369 |
2025 | 11,715 |
2026 | 12,383 |
2027 | 15,185 |
2028 | 16,062 |
2029 to 2033 | 98,940 |

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