Employee Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Retirement Benefits [Abstract] |
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| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee’s expected date of separation or retirement.
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December 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Changes in projected benefit obligation: |
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| Projected benefit obligation, beginning of period |
$ |
9,733 |
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$ |
12,022 |
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| Service cost |
289 |
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442 |
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| Interest cost |
79 |
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66 |
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| Actuarial (gain) loss |
(2,817) |
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(1,794) |
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| Benefits paid |
(124) |
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(157) |
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| Currency exchange rate changes |
(587) |
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(845) |
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| Projected benefit obligation, end of period |
6,573
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9,733
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| Changes in fair value of plan assets: |
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| Fair value of plan assets, beginning of period |
5,198
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5,634
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| Actual return on plan assets |
(24) |
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2 |
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| Currency exchange rate changes |
(279) |
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(439) |
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| Fair value of plan assets, end of period |
4,895
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5,198
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| Net unfunded status |
$ |
1,678
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$ |
4,536
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| Amounts recognized in the Consolidated Balance Sheets |
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| Other long-term liabilities |
$ |
1,678 |
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$ |
4,536 |
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| Accumulated other comprehensive (income) loss, before tax |
$ |
(2,837) |
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$ |
(1,724) |
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets |
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December 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Plans with accumulated benefit obligation in excess of plan assets |
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| Accumulated benefit obligation |
$ |
6,258 |
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$ |
9,211 |
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| Plan assets |
$ |
4,895 |
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$ |
5,198 |
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| Plans with projected benefit obligation in excess of plan assets |
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| Projected benefit obligation |
$ |
6,573 |
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$ |
9,733 |
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| Plan assets |
$ |
4,895 |
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$ |
5,198 |
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| Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets |
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December 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Plans with accumulated benefit obligation in excess of plan assets |
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| Accumulated benefit obligation |
$ |
6,258 |
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$ |
9,211 |
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| Plan assets |
$ |
4,895 |
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$ |
5,198 |
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| Plans with projected benefit obligation in excess of plan assets |
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| Projected benefit obligation |
$ |
6,573 |
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$ |
9,733 |
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| Plan assets |
$ |
4,895 |
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$ |
5,198 |
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| Defined Benefit Plan, Assumptions |
Assumptions for Pension Benefit Plans
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December 31, 2022 |
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December 31, 2021 |
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(in thousands) |
| Weighted average actuarial assumptions used to determine benefit obligations |
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| Discount rate |
3.5% - 3.9% |
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0.8% - 0.9% |
| Rate of compensation increase |
3.0% - 3.8% |
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2.6% - 3.8% |
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| Weighted average actuarial assumptions used to determine costs |
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| Discount rate |
3.5% - 3.9% |
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0.8%- 0.9% |
| Expected long-term rate of return on plan assets |
— |
% |
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— |
% |
| Rate of compensation increase |
3.0% - 3.8% |
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2.6% - 3.8% |
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| Schedule of Expected Benefit Payments |
At December 31, 2022, the estimated benefit payments over the next five years and beyond are as follows:
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Estimated Future Benefit Payments |
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(in thousands) |
| 2023 |
$ |
123 |
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| 2024 |
143 |
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| 2025 |
180 |
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| 2026 |
185 |
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| 2027 |
185 |
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| Thereafter |
346 |
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1,162 |
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