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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Employee Benefit Plans  
Schedule of change in benefit obligations, fair value of the plan assets and funded status of Company's pension plans and the amounts recognized in the Company's consolidated financial statements

Year ended December,

    

2021

    

2020

Change in Benefit Obligation:

  

  

Benefit obligation at beginning of period

$

122,011

$

100,961

Service cost

 

68

69

Interest cost

 

1,686

1,984

Actuarial loss (gain)

 

(2,296)

18,861

Plan amendments

(28)

(10)

Plan curtailment

98

Benefits paid

 

(2,497)

(4,745)

Foreign-exchange rate changes

 

(1,570)

4,891

Benefit obligation at end of year

$

117,472

$

122,011

Change in Plan Assets:

 

  

 

  

Fair value of plan assets at beginning of period

$

87,215

$

75,875

Actual return on plan assets

 

2,950

 

10,755

Employer contributions

 

3,189

 

2,052

Plan participants’ contributions

 

16

 

Benefits paid

 

(2,393)

 

(4,651)

Foreign-exchange rate changes

 

(1,005)

 

3,184

Fair value of plan assets at end of year

 

89,972

 

87,215

Funded status at end of year

$

(27,500)

$

(34,796)

 

 

Net amount recognized in the Consolidated Balance Sheets:

 

  

 

  

Pension liability, net (a)

$

(28,383)

$

(35,515)

Amounts recognized in accumulated other comprehensive loss, net of tax consist of:

 

  

  

Net actuarial loss

 

(10,946)

(17,064)

Net amount recognized in accumulated other comprehensive loss, net of tax

$

(10,946)

$

(17,064)

Plans with underfunded or non-funded accumulated benefit obligation:

 

  

 

  

Aggregate projected benefit obligation

$

117,472

$

122,010

Aggregate accumulated benefit obligation

$

117,472

$

122,010

Aggregate fair value of plan assets

$

89,972

$

87,215

(a)Consolidated balance of $28.4 million as of December 31, 2021 includes pension liabilities of $23.0 million, $2.5 million, $2.1 million and less than $0.1 million under U.K., Asterion, German and Norway pension plans, respectively, and minimum regulatory benefit for a Philippines legal entity of $0.7 million. Consolidated balance of $35.5 million as of December 31, 2020 includes pension liabilities of $29.7 million, $2.7 million, $2.4 million and less than $0.1 million under U.K., Asterion, German and Norway pension plans, respectively, and minimum regulatory benefit for a Philippines legal entity of $0.6 million.
Schedule of components of the net periodic benefit cost

Year ended December 31, 

2021

    

2020

    

2019

Service cost

$

68

$

74

$

80

Interest cost

1,686

1,984

2,448

Expected return on plan assets

(2,410)

(2,530)

(2,460)

Amortization:

Amortization of prior service cost

224

150

(169)

Amortization of net loss

3,340

1,739

1,768

Settlement loss

552

Net periodic benefit cost

$

2,908

$

1,969

$

1,667

Schedule of principal assumptions used to determine benefit obligation and net periodic benefit costs

December 31, 

 

    

2021

    

2020

    

2021

    

2020

    

2021

    

2020

 

2021

    

2020

 

UK

Germany

Norway

 

Asterion

 

Weighted-average assumptions used to determine benefit obligations:

  

  

  

  

  

  

  

  

Discount rate

 

1.80

%  

1.40

%  

1.00

%  

0.75

%  

1.90

%  

1.70

%

1.13

%  

0.79

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

 

2.75

%  

2.25

%  

N/A

%  

N/A

Weighted-average assumptions used to determine net periodic benefit cost:

 

  

 

  

 

  

 

  

 

  

 

  

  

 

  

Discount rate

 

1.40

%  

2.10

%  

1.00

%  

0.75

%  

1.90

%  

1.70

%

1.13

%  

0.79

Expected asset return

 

2.72

%  

3.47

%  

N/A

%  

N/A

%  

3.10

%  

2.70

%  

1.13

%  

0.79

Rate of compensation increase

 

N/A

 

N/A

 

N/A

 

N/A

 

2.75

%  

2.25

%  

N/A

%  

N/A

Schedule of weighted average allocation of plan assets by asset category

December 31, 

 

    

2021

    

2020

    

2019

 

U.K. and other international equities

32.8

%  

31.4

%  

29.9

%

U.K. government and corporate bonds

2.5

2.7

12.5

Diversified growth fund

25.7

21.0

41.3

Liability driven investments

34.6

40.6

16.3

Multi-asset credit fund

4.4

4.3

Total

100.0

%  

100.0

%  

100.0

%

Schedule of fair value of pension assets

December 31, 2021

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset Category:

  

  

  

  

Cash

$

149

$

149

$

$

Equity funds:

 

 

  

 

  

 

  

U.K.

 

17,423

 

 

17,423

 

Other international

 

11,909

 

 

11,909

 

Fixed income securities:

 

 

  

 

 

  

Corporate bonds / U.K. Gilts

 

2,292

 

 

2,292

 

Other investments:

 

 

  

 

 

  

Diversified growth fund

 

23,122

 

 

23,122

 

Liability driven investments

31,158

31,158

Multi-asset credit fund

3,919

3,919

Total fair value

$

89,972

$

149

$

89,823

$

December 31, 2020

    

Total

    

Level 1

    

Level 2

    

Level 3

Asset Category:

  

  

  

  

Cash

$

430

$

430

$

$

Equity funds:

 

 

  

 

  

 

  

U.K.

 

16,201

 

 

16,201

 

Other international

 

10,802

 

 

10,802

 

Fixed income securities:

 

 

  

 

 

  

Corporate bonds / U.K. Gilts

 

2,353

 

 

2,353

 

Other investments:

 

 

  

 

 

  

Diversified growth fund

 

18,313

 

 

18,313

 

Liability driven investments

35,403

35,403

Multi-asset credit fund

3,713

3,713

Total fair value

$

87,215

$

430

$

86,785

$

Schedule of estimated future benefit payments

Estimated

Benefit

    

Payments

Year ended December 31, 

2022

$

2,120

2023

 

2,069

2024

 

2,878

2025

 

2,959

2026

 

3,071

2027 – 2031

 

18,999

Total

$

32,096