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NON-U.S. EMPLOYEE DEFINED BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of changes in projected benefit obligations, fair value of plan assets, and funded status of plan

A reconciliation of the changes in the benefit obligations and fair value of the assets of the defined benefit plans for the years ended December 31, 2022 and 2021, the funded status of the plans, and the amounts recognized in the consolidated balance sheets as of December 31, 2022 and 2021 were as follows (in thousands):

			Year ended December 31,
			2022						2021
Changes in projected benefit obligations:
Projected benefit obligation, beginning of year			$	26,938					$	25,067
Service cost			1,355						1,321
Interest cost			563						523
Participant contributions			—						—
Plan amendments			—						(3,801)
Net actuarial (gain) loss on obligation			(5,604)						4,868
Settlement			(1,063)						—
Benefits and expenses paid			(932)						(1,040)
Projected benefit obligation, end of year			$	21,257					$	26,938
Changes in plan assets:
Fair value of plan assets, beginning of year			$	15,303					$	14,350
Actual return on plan assets			(672)						981
Employer contributions			1,954						989
Participant contributions			39						23
Benefits paid			(1,995)						(1,040)
Fair value of plan assets, end of year			$	14,629					$	15,303
Funded status at end of year			$	(6,628)					$	(11,635)
Amounts recognized in accumulated other comprehensive income consist of:
Prior service (credit) cost			$	(3,481)					$	(3,801)
Net actuarial (gain) loss			(1,704)						4,045
			$	(5,185)					$	244
Amounts recognized in the consolidated balance sheets consist of:
Other assets (non-current pension asset)			$	552					$	—
Accrued expenses and other (current pension liability)			(803)						(461)
Other long-term liabilities (non-current pension liability)			(6,377)						(11,174)
Net amount recognized			$	(6,628)					$	(11,635)

Schedule of accumulated benefit obligations

Plans with underfunded or non-funded accumulated benefit obligations at December 31, 2022 and 2021 were as follows (in thousands):

			December 31,
			2022						2021
Aggregate projected benefit obligation			$	9,450					$	26,938
Aggregate accumulated benefit obligation			$	7,418					$	20,695
Aggregate fair value of plan assets			$	2,270					$	15,303

Plans with overfunded accumulated benefit obligations at December 31, 2022 and 2021 were as follows (in thousands):

			December 31,
			2022						2021
Aggregate projected benefit obligation			$	11,807					$	—
Aggregate accumulated benefit obligation			$	9,547					$	—
Aggregate fair value of plan assets			$	12,359					$	—

Schedule of net benefit costs

Net periodic benefit costs for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):

			Year ended December 31,
			2022						2021						2020
Service cost			$	1,355					$	1,321					$	1,459
Interest cost			563						523						46
Expected return on plan assets			(266)						(314)						(343)
Plan asset expenses			—						—						—
Settlement charge (credit)			808						—						(1,557)
Amortization of prior service cost			(320)						—						—
Amortization of net loss			275						81						20
Net periodic benefit costs			$	2,415					$	1,611					$	(375)

Schedule of expected benefit payments

Expected benefit payments for the next ten years are as follows (in thousands):

Years ending December 31,
2023			$	2,863
2024			1,314
2025			1,562
2026			1,315
2027			1,584
2028 to 2032			11,326
			$	19,964

Schedule of defined benefit plan amounts recognized in other comprehensive income (loss)

The changes in plan assets and benefit obligations recognized in other comprehensive income (loss) before tax for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands):

			Year ended December 31,
			2022						2021						2020
Net (gain) loss			$	(4,666)					$	4,201					$	(503)
Prior service (credit) cost			—						(3,801)						—
Amortization of net gain (loss)			(275)						(81)						(20)
Amortization of prior service credit (cost)			320						—						—
Settlement (charge) credit			(808)						—						(1,557)
Total recognized in other comprehensive income (loss)			$	(5,429)					$	319					$	(2,080)

Schedule of assumptions used

The principal weighted average assumptions used to determine the benefit obligation at December 31, 2022 and 2021 were as follows:

			December 31,
			2022						2021
Discount rate			4.74		%				2.24		%
Rate of compensation increase			4.02		%				3.90		%

The principal weighted average assumptions used to determine net period benefit cost for the years ended December 31, 2022, 2021 and 2020 were as follows:

			Year ended December 31,
			2022						2021						2020
Discount rate			2.24		%				2.16		%				0.68		%
Expected long-term return on plan assets			1.79		%				2.06		%				0.21		%
Rate of compensation increase			3.90		%				2.41		%				2.88		%

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- 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

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-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

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Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation.

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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

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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.

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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.

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