Employee benefit obligations (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Targeted Allocation for Funds

The targeted allocation for these funds is as follows:


Asset Allocation by Category as of December 31, 2022:						Asset allocation (%)
Asset Category:
Debt Securities						32%
Real Estate						26%
Equity Securities						34%
Others						8%
Total						100%

Schedule of Change in Benefit Obligations

The following table sets forth the Swiss Plan’s funded status and amounts recognized in the consolidated financial statements for the year ended December 31, 2022 and 2021:


	December 31,
	2022		2021
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$	29,975	$	22,753
Interest cost	62		48
Company service cost	2,725		1,915
Employee contributions	1,631		1,167
Prior service cost	484		(923)
Benefits paid	423		2,976
Actuarial loss	(5,865)		2,039
Projected benefit obligation at end of year	$	29,435	$	29,975
Change in Plan Assets
Fair value of plan assets at beginning of year	$	25,967	$	18,082
Actual return on plan assets	(4,937)		1,992
Employer contributions	2,446		1,750
Employee contributions	1,631		1,167
Benefits paid	424		2,976
Fair value of plan assets at end of year	$	25,531	$	25,967
Funded Status at End of year
Excess of obligation over assets	$	3,904	$	4,008
Change in Accrued Benefit Liability
Accrued benefit liability at beginning of year	$	(4,008)	$	(4,671)
Company contributions made during year	2,446		1,750
Net periodic benefit cost for year	(2,078)		(1,310)
Net decrease (increase) in accumulated other comprehensive loss	(264)		223
Accrued benefit liability at end of year	$	(3,904)	$	(4,008)


	December 31,
	2022		2021
Non-current plan assets	$	25,531	$	25,967
Non-current liability	29,435		29,975
Accrued benefit liability at end of year	$	(3,904)	$	(4,008)
Projected Benefit Payments
Projected year 1	$	539	$	567
Projected year 2	744		454
Projected year 3	983		819
Projected year 4	1,065		765
Projected year 5	578		452
Projected years 6-10	16,940		13,816

Schedule of Plan Assets Fair Value


	Year ended December 31,
	2022		2021
Net Periodic Benefit Cost
Service cost	$	2,725	$	1,915
Interest cost (income)	62		48
Expected return on plan assets	(701)		(508)
Amortization of actuarial (gain) loss	117		133
Amortization of prior service costs	(99)		(94)
Total net periodic benefit cost	$	2,104	$	1,494

Weighted average assumptions:
Discount rate as of December 31	2.30%		0.20%
Expected long-term rate of return on assets	3.50%		2.50%
Rate of compensation increase	1.50%		1.00%
Mortality and disability assumptions (*)	BVG 2020 GT		BVG 2020 GT

(*) Mortality data used for actuarial calculation.