XML 64 R45.htm IDEA: XBRL DOCUMENT v3.22.4
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2022
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS  
Changes in projected benefit obligations and plan assets

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)

Schedule of net periodic pension benefit costs

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

Schedule of assumptions used in determination of net period pension cost

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

%

Schedule of fair value qualified pension plan assets

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

Schedule of expected future benefit payments under defined benefit pension plans

Year Ending December 31,

    

2023

$

1,755

2024

2,771

2025

2,274

2026

4,698

2027

3,421

2028 to 2032

20,085