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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Reconciliation of Changes in Projected Benefit Obligation | The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Reconciliation of benefit obligation: |  |  |  |
Obligation as of January 1 |  | $ | 9,074 |  |  | $ | 10,391 |
Service cost |  | 103 |  |  | 187 |
Interest cost |  | 99 |  |  | 130 |
Actuarial (gain) loss |  | (3,387) |  |  | (234) |
Benefit payments |  | (162) |  |  | (627) |
Effect of foreign currency exchange rate changes |  | (512) |  |  | (773) |
Benefit obligation as of December 31 |  | 5,215 |  |  | 9,074 |
Fair value of assets as of December 31 |  | 3,463 |  |  | 3,577 |
Funded status as of December 31 |  | $ | (1,752) |  |  | $ | (5,497) |
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Other assets |  | $ | 3,463 |  |  | $ | 3,577 |
Accrued and other liabilities |  | (165) |  |  | (163) |
Other liabilities |  | (5,050) |  |  | (8,911) |
Net liability |  | $ | (1,752) |  |  | $ | (5,497) |
Schedule of Accumulated and Projected Benefit Obligations | Following are the projected benefit obligation and accumulated benefit obligation at December 31, 2022 and 2021:
(in thousands) |  | 2022 |  | 2021
Projected benefit obligation |  | $ | 5,215 |  |  | $ | 9,074 |
Accumulated benefit obligation |  | $ | 4,984 |  |  | $ | 8,635 |
The following table shows the components of net periodic benefit costs and the amounts recognized in accumulated other comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020:
(in thousands) |  | 2022 |  | 2021 |  | 2020
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 103 |  |  | $ | 187 |  |  | $ | 204 |
Interest cost |  | 99 |  |  | 130 |  |  | 84 |
Amortization of actuarial loss |  | 45 |  |  | 259 |  |  | 351 |
Total net periodic pension cost |  | 247 |  |  | 576 |  |  | 639 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |
Net (gain) loss |  | (3,387) |  |  | (234) |  |  | (1,223) |
Amortization of prior years' unrecognized loss |  | (45) |  |  | (259) |  |  | (351) |
Total recognized as other comprehensive income (loss), excluding tax |  | (3,432) |  |  | (493) |  |  | (1,574) |
Total (gain) expense recognized in net periodic benefit cost and other comprehensive income (loss) |  | $ | (3,185) |  |  | $ | 83 |  |  | $ | (935) |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine the benefit obligations as of December 31, 2022 and 2021:
|  | 2022 |  | 2021
Discount rate |  | 4.2% |  | 1.2%
Rate of compensation |  | 3.0% |  | 3.0%
Summary of Estimated Future Benefit Payments | The following benefit payments, including expected future service cost, are expected to be paid:
(in thousands) |
Estimated future benefit payments for the years ending December 31: |
2023 | $ | 174 |
2024 | $ | 176 |
2025 | $ | 177 |
2026 | $ | 208 |
2027 | $ | 234 |
2028 through 2032 | $ | 1,578 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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