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RETIREMENT BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits [Abstract] |
Schedule of Net Periodic Benefit Costs | Net periodic benefit costs for the Company’s defined benefit pension plans for the years ended December 31, 2023 and 2022 included the following (amounts in thousands):
| Year ended December 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
Service cost | $ | 2,226 |  |  | $ | 2,419 |  |  |  |  |
Interest cost | 1,157 |  |  | 194 |  |  |  |  |
Expected return on plan assets | (1,450) |  |  | (1,381) |  |  |  |  |
Amortization of prior service cost (credit) | (389) |  |  | (326) |  |  |  |  |
Recognized actuarial losses | (391) |  |  | 9 |  |  |  |  |
Settlements | — |  |  | — |  |  |  |  |
Net period benefit cost | $ | 1,153 |  |  | $ | 915 |  |  |  |  |
Schedule of Weighted Average Assumptions Used | The following weighted average assumptions were used to develop net periodic pension benefit costs and the actuarial present values of projected pension benefit obligations for the years ended December 31, 2023 and 2022, respectively:
| As of December 31, |  |  |  |
| 2023 |  | 2022 |  |  |  |
Discount rate | 1.51 | % |  | 2.44 | % |  |  |  |
Expected return on plan assets | 3.67 | % |  | 3.61 | % |  |  |  |
Rate of compensation increase | 2.00 | % |  | 1.97 | % |  |  |  |
Interest crediting rate for cash balance plans | 1.00 | % |  | 1.00 | % |  |  |  |
Schedule of Benefit Obligations and Plan Assets | The following sets forth the change in projected benefit obligations and the change in plan assets for the years ended December 31, 2023 and 2022 and a reconciliation of the funded status at December 31, 2023 and 2022, respectively (amounts in thousands):
| Year Ended December 31, |  |
| 2023 |  | 2022 |  |
Change In Projected Benefit Obligations |  |  |  |  |
Projected benefit obligations, beginning of year | $ | 50,364 |  |  | $ | 65,184 |  |  |
Interest cost | 1,157 |  |  | 194 |  |  |
Service cost | 2,226 |  |  | 2,419 |  |  |
Actuarial (gain) loss | 8,229 |  |  | (14,822) |  |  |
Plan amendments | (1,772) |  |  | (390) |  |  |
Plan settlements | (25) |  |  | (20) |  |  |
Employee contribution | 1,182 |  |  | 999 |  |  |
Premiums paid | (406) |  |  | (391) |  |  |
Benefit payment | (812) |  |  | (999) |  |  |
Effect of foreign currency exchange rates | 4,958 |  |  | (1,810) |  |  |
Projected benefit obligations, end of year | $ | 65,101 |  |  | $ | 50,364 |  |  |
| Year Ended December 31, |  |
| 2023 |  | 2022 |  |
Change In Plan Assets |  |  |  |  |
Plan assets at fair value, beginning of year | $ | 38,053 |  |  | $ | 39,914 |  |  |
Actual return on plan assets | 1,350 |  |  | (2,863) |  |  |
Employer contributions | 2,700 |  |  | 2,356 |  |  |
Employee contributions | 1,182 |  |  | 999 |  |  |
Plan settlements | — |  |  | — |  |  |
Benefits paid | (812) |  |  | (998) |  |  |
Premiums paid | (406) |  |  | (391) |  |  |
Effect of foreign currency exchange rates | 3,657 |  |  | (964) |  |  |
Plan assets at fair value, end of year | $ | 45,724 |  |  | $ | 38,053 |  |  |
Schedule of Funded Status |
| Year Ended December 31, |  |
| 2023 |  | 2022 |  |
Reconciliation Of Funded Status |  |  |  |  |
Fair value of plan assets | $ | 45,724 |  |  | $ | 38,053 |  |  |
Benefit obligations | 65,101 |  |  | 50,364 |  |  |
Unfunded benefit obligations | $ | 19,377 |  |  | $ | 12,311 |  |  |
Schedule of Expected Benefit Payments | The following table is the summary of expected future benefit payments (in thousands):
2024 | $ | 2,457 |  |  |
2025 | $ | 2,618 |  |  |
2026 | $ | 2,251 |  |  |
2027 | $ | 2,193 |  |  |
2028 | $ | 2,388 |  |  |
Next five years | $ | 12,953 |  |  |

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