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Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans Defined Contribution Plan, Pension and Other Post-Retirement Benefit Plans
Defined Contribution Plan - We sponsor a defined contribution plan covering eligible employees. Eligible employees can contribute on a pre-tax basis to the plan. In accordance with the terms of the 401(k) plan, we elect to match a certain percentage of the participants’ contributions to the plan, as defined. We recognized expense associated with the plan of $4.6 million, $4.0 million and $1.9 million for the years ended December 31, 2022, 2021, and 2020, respectively. The increase in expense for the year ended December 31, 2021 as compared to the to the prior year period primarily resulted from the temporary suspension of the employer 401(k) match taken in response to the COVID-19 pandemic in the year ended December 31, 2020.
Pension and Other Post-Retirement Benefit Plans - We sponsor pension and other post-retirement benefit plans that cover certain hourly and salaried employees in the U.S. and United Kingdom. Each of the plans are frozen to new participants and to additional service credits earned. In December 2018, we consolidated the U.S. plans. Our policy is to make annual contributions to the plans to fund the minimum contributions, as required by local regulations.
During the year ended December 31, 2022, the Company settled its U.S. Pension Plan liabilities through lump-sum payments and purchase of an annuity contract. The lump-sum payments of $4.4 million and the annuity contract totaling $25.2 million were paid out of plan assets and resulted in an $9.2 million non-cash settlement charge, which was recorded in Other comprehensive income in the Consolidated Statements of Comprehensive Income (Loss) during the year ended December 31, 2022.
The change in benefit obligation, plan assets and funded status as of December 31 is as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 2022202120222021
Change in benefit obligation:
Benefit obligation — Beginning of the year$38,848 $41,218 $48,545 $53,654 
Service cost— — — — 
Interest cost617 827 785 638 
Participant contributions— 1 — — 
Benefits paid(31,600)(2,422)(1,744)(1,692)
Actuarial (gain) loss(7,780)(776)(12,931)(3,595)
Exchange rate changes— — (4,770)(460)
Benefit obligation at end of the year$85 $38,848 $29,885 $48,545 
Change in plan assets:
Fair value of plan assets — Beginning of the year$41,201 $42,628 $38,640 $38,485 
Actual return on plan assets(5,664)966 (12,631)1,169 
Employer contributions30 28 1,016 1,077 
Participant contributions— 1 — — 
Benefits paid(31,600)(2,422)(1,744)(1,692)
Exchange rate changes— — (3,744)(399)
Fair value of plan assets at end of the year3,967 41,201 21,537 38,640 
Funded status$3,882 $2,353 $(8,348)$(9,905)

Actuarial Gain - The projected U.S. benefit obligation includes a net gain of $7.8 million for the year ended December 31, 2022, which was a result of significant increase in actual interest rates as compared to the discount rate used in 2021 to estimate the total pension obligation. The projected Non-U.S. benefit obligation includes a net gain of $12.9 million for the year ended December 31, 2022 driven primarily by a significant increase in the discount rate assumption.

Amounts recognized in the Consolidated Balance Sheets at December 31 consisted of:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 2022202120222021
Noncurrent assets$3,967 $2,479 $— $— 
Current liabilities(6)(126)— — 
Noncurrent liabilities(79)— (8,348)(9,905)
Amount recognized$3,882 $2,353 $(8,348)$(9,905)
The components of net periodic cost (benefit) for the years ended December 31 were as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202220212020202220212020
Interest cost$617 $827 $1,117 $785 $638 $838 
Expected return on plan assets(681)(2,212)(2,075)(1,016)(1,000)(1,093)
Amortization of prior service cost 1
9,208 6 6 48 54 47 
Recognized actuarial loss373 283 283 603 953 592 
Net periodic cost (benefit)$9,517 $(1,096)$(669)$420 $645 $384 
1 Includes $9.2 million non-cash settlement charge arising from the early payout of the U.S. defined benefit plan benefits in the year ended December 31, 2022.

Net periodic cost (benefit) components, not inclusive of service costs, are recognized in Other (income) expense within the Consolidated Statements of Operations.
Amounts Recognized in Other Comprehensive Income (Loss) - Amounts recognized in Other comprehensive income (loss), before taking into account income tax effects, at December 31 are as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension Plan
 202220212020202220212020
Net actuarial loss$(148)$10,875 $10,689 $13,603 $13,923 $18,574 
Prior service cost27 33 39 618 687 748 
$(121)$10,908 $10,728 $14,221 $14,610 $19,322 
Other Changes in Plan Assets and Benefit Obligations Recognized in Comprehensive Income (Loss) - Amounts recognized as other changes in plan assets and benefit obligations in comprehensive income (loss), before taking into account income tax effects, for the year ended December 31 are as follows:
 U.S. Pension and Other Post-Retirement PlansNon-U.S. Pension Plan
 2022202120222021
Actuarial (gain) loss$(1,435)$469 $615 $(3,717)
Amortization of actuarial (loss) gain(9,575)(283)(672)(942)
Prior service credit(6)(6)(54)(53)
Total recognized in other comprehensive income (loss)$(11,016)$180 $(111)$(4,712)
Weighted-average assumptions used to determine benefit obligations at December 31 were as follows:
 U.S. Pension and Other Post-Retirement Benefit PlansNon-U.S. Pension
Plan
 2022202120222021
Discount rate4.84 %2.07 %4.75 %1.80 %
Weighted-average assumptions used to determine net periodic benefit cost at December 31 were as follows:
 U.S. Pension and Other Post-Retirement PlansNon-U.S. Pension Plan
 202220212020202220212020
Discount rate2.38 %2.08 %2.93 %1.80 %1.20 %1.95 %
Expected return on plan assets2.07 %5.34 %5.34 %2.90 %2.60 %3.30 %
The rate of return assumptions are based on projected long-term market returns for the various asset classes in which the plans are invested, weighted by the target asset allocations. An incremental amount for active plan asset management and diversification, where appropriate, is included in the rate of return assumption. Our pension plan investment strategy is reviewed periodically, but no less frequently than annually. Due to the termination of the U.S. Pension Plan effective December 31, 2021, the related investments were reallocated to fixed income securities.
We employ a total return investment approach whereby a mix of equities, fixed income and real estate investments are intended to maximize the long-term return of plan assets taking into consideration a prudent level of risk. The intent of this strategy is to minimize plan expenses by outperforming plan liabilities over the long run. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. The investment portfolio contains a diversified blend of equity, balanced, fixed income and real estate investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks, as well as growth, value and large and small capitalizations. Other assets, such as real estate, are used judiciously to perhaps enhance long-term returns and to improve portfolio diversification. Derivatives may be used to gain market exposure in an efficient and timely manner; however, derivatives may not be used to leverage the portfolio beyond the market value of the underlying investments. Investment risk is measured and monitored on an ongoing basis in light of annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews. We expect to contribute approximately $1.1 million to our pension plans and our other post-retirement benefit plans in 2023.
Our investment allocation target for our pension plans for 2022 and our weighted-average asset allocations of our pension assets for the years ended December 31, by asset category, are as follows:
Target AllocationActual Allocations
 2022202120222021
 U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.U.S.Non-U.S.
Cash and cash equivalents100—21—100—211
Equity/Balanced securities—42—53—42—52
Fixed income securities—587947—585447
Real estate and other——————25—
100%100%100%100%100%100%100%100%
    
Our plan assets can be described as follows:
Equity Securities - Includes common stocks issued by U.S., United Kingdom and other international companies, equity funds that invest in common stocks and unit linked insurance policies. Equity investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Balanced Securities - Includes funds primarily invested in a mix of equity and fixed income securities where the allocations are at the discretion of the investment manager. Investments generally allow near-term (within 90 days of the measurement date) liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
Fixed Income Securities - Includes U.S. dollar-denominated and United Kingdom and other international marketable bonds and convertible debt securities as well as fixed income funds that invest in these instruments. Investments generally allow near-term liquidity and are held in issues that are actively traded to facilitate transactions at minimum cost.
The fair value of fixed income securities is determined by either direct or indirect quoted market prices. When the value of assets held in separate accounts is not published, the value is based on the underlying holdings, which are primarily direct quoted market prices on regulated financial exchanges.
Real Estate - Real estate provides an indirect investment into a diversified and multi-sector portfolio of property assets. The fair value of real estate investments is determined by the fund managers. The fund managers value the real estate investments via independent third-party appraisals on a periodic basis. Assumptions used to revalue the properties are updated every quarter.
The fair values of our pension plan assets by asset category and by level as described in Note 6, Fair Value Measurement, for the years ended December 31, 2022 and 2021 are as follows:
 December 31, 2022
  Quoted Prices in
Active Markets for
Identical Assets		Significant
Observable Inputs		Net Asset Value Per Share
 TotalLevel 1Level 2NAV
Cash and cash equivalents$4,107 $150 $— $3,957 
Balanced8,989 — — 8,989 
Fixed income securities:
Corporate bonds10 — 10 — 
Other12,398 — — 12,398 
Total pension fund assets$25,504 $150 $10 $25,344 
December 31, 2021
Quoted Prices in
Active Markets for
Identical Assets		Significant
Observable Inputs		Net Asset Value Per Share
TotalLevel 1Level 2NAV
Cash and cash equivalents$9,192 $442 $— $8,750 
Balanced20,239 — — 20,239 
Fixed income securities:
Corporate bonds37,117 — 22,361 14,756 
Other13,293 — 10,090 3,203 
Total pension fund assets$79,841 $442 $32,451 $46,948 

The fair value of our pension plan assets measured using significant unobservable inputs (Level 3) at December 31 are as follows:
2021
Beginning balance$4,088 
Actual return on assets held at reporting date— 
Purchases, sales and settlements, net(4,088)
Ending balance$— 

The following table summarizes our expected future benefit payments of our pension and other post-retirement benefit plans:
Year Ending December 31,Pension Plans
2023$1,813 
2024$1,870 
2025$1,834 
2026$1,904 
2027$1,909 
2028 to 2032$10,032