XML 44 R25.htm IDEA: XBRL DOCUMENT
v3.22.4

EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | 12 Months Ended
--- | ---
Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS |
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | NOTE 17. EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS Defined Contribution Plans We have a 401(k) profit-sharing and retirement savings plan covering substantially all full-time U.S. employees. Participants may defer up to the maximum amount allowed permitted by law. Participants are immediately vested in both their own contributions and profit-sharing contributions. Profit-sharing contributions, which are discretionary, are approved by the Board of Directors. For the year ended December 31, 2022 we based our profit-sharing contribution on matching 100% of employee contributions up to 3% of compensation plus an additional match of 50% on the next 2% of compensation. For the years ended December 31, 2021 and 2020 we based our profit-sharing contribution on matching 50% of employee contributions up to 6% of the employee’s compensation. During the years ended December 31, 2022, 2021, and 2020 we recognized total defined contribution plan costs of $4.5 million, $3.1 million, and $2.6 million, respectively. Defined Benefit Plans We maintain defined benefit pension plans for certain of our non-U.S. employees in the United Kingdom, Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations. To measure the expense and related benefit obligation, we make various assumptions, including discount rates used to value the obligation, expected return on plan assets used to fund these expenses, and estimated future inflation rates. We base these assumptions on historical experience as well as current facts and circumstances. We use an actuarial analysis to measure the expense and liability associated with pension benefits. The information provided below includes one pension plan which is part of discontinued operations. As such, for all periods presented, all related expenses are reported in discontinued operations in the Consolidated Statements of Operations. Our projected benefit obligation and plan assets for defined benefit pension plans and the related assumptions used to determine the related liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2022 |  | 2021
Projected benefit obligation, beginning of year | ​ | $ | 85,776 | ​ | $ | 97,740
Service cost | ​ |  | 1,133 | ​ |  | 1,282
Interest cost | ​ |  | 1,819 | ​ |  | 1,452
Actuarial gain | ​ |  | (23,677) | ​ |  | (8,682)
Benefits paid | ​ |  | (1,502) | ​ |  | (2,010)
Translation adjustment | ​ |  | (7,029) | ​ |  | (4,006)
Projected benefit obligation, end of year | ​ | ​ | 56,520 | ​ | ​ | 85,776
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | $ | 18,521 | ​ | $ | 17,293
Expected return | ​ |  | 535 | ​ |  | 641
Contributions | ​ |  | 1,430 | ​ |  | 1,775
Benefits paid | ​ |  | (1,124) | ​ |  | (1,112)
Actuarial gain (loss) | ​ |  | (5,060) | ​ |  | 71
Translation adjustment | ​ |  | (1,813) | ​ |  | (147)
Fair value of plan assets, end of year | ​ | ​ | 12,489 | ​ | ​ | 18,521
Funded status of plan | ​ | $ | (44,031) | ​ | $ | (67,255)
​ The components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2022 |  | 2021 |  | 2020
Service cost | ​ | $ | 1,133 | ​ | $ | 1,282 | ​ | $ | 1,068
Interest cost | ​ | ​ | 1,819 | ​ | ​ | 1,452 | ​ | ​ | 1,716
Expected return on plan assets | ​ |  | (535) | ​ |  | (642) | ​ |  | (683)
Amortization of actuarial gains and losses | ​ |  | 322 | ​ |  | 820 | ​ |  | 459
Net periodic pension cost | ​ | $ | 2,739 | ​ | $ | 2,912 | ​ | $ | 2,560
​ Assumptions used in the determination of the net periodic pension cost are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
Discount rate |  | 2.6 | % | 1.6 | % | 1.8 | %
Expected long-term return on plan assets |  | 3.2 | % | 3.2 | % | 3.7 | %
​ The fair value of our qualified pension plan assets by category was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Fund | ​ | $ | — | ​ | $ | 9,100 | ​ | $ | — | ​ | $ | 9,100
Corporate Bonds | ​ |  | — | ​ | ​ | 2,333 | ​ | ​ | — | ​ | ​ | 2,333
Insurance Contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 798 | ​ | ​ | 798
Cash | ​ |  | 258 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 258
Total | ​ | $ | 258 | ​ | $ | 11,433 | ​ | $ | 798 | ​ | $ | 12,489
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Fund | ​ | $ | — | ​ | $ | 12,249 | ​ | $ | — | ​ | $ | 12,249
Corporate Bonds | ​ |  | — | ​ |  | 4,640 | ​ |  | — | ​ |  | 4,640
Insurance Contracts | ​ | ​ | — | ​ |  | — | ​ |  | 984 | ​ |  | 984
Cash | ​ |  | 648 | ​ |  | — | ​ |  | — | ​ |  | 648
Total | ​ | $ | 648 | ​ | $ | 16,889 | ​ | $ | 984 | ​ | $ | 18,521
​ The diversified growth fund aims to generate an “equity-like” return over an economic cycle with significantly reduced volatility relative to equity markets and has the scope to use a diverse range of asset classes, including equities, bonds, cash, and alternatives (e.g., property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency). These investments are intended to provide a degree of protection against changes in the value of our plan’s liabilities related to changes in long-term expectations for interest rates and inflation. Expected future payments during the next ten years for our defined benefit pension plans are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2023 | ​ | $ | 1,755
2024 | ​ | ​ | 2,771
2025 | ​ | ​ | 2,274
2026 | ​ | ​ | 4,698
2027 | ​ | ​ | 3,421
2028 to 2032 | ​ | ​ | 20,085
​

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 The entire disclosure for retirement benefits. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section S99 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (o) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (p) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI https://asc.fasb.org/topic&trid=2235017 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 3 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (q) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(1) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(2) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration