Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

Defined Benefit Pension Plans

Certain employees participate in noncontributory defined benefit pension plans. In general, the Company’s policy is to fund these plans based on considerations relating to legal requirements, underlying asset returns, the plan’s funded status, the anticipated deductibility of the contribution, local practices, market conditions, interest rates and other factors.

The pension benefit obligations of the Company’s plans were $14.6 million and $18.7 million as of December 31, 2022 and 2021, respectively. The fair value of the plan assets was $7.6 million and $9.1 million as of December 31, 2022 and 2021, respectively, and include the use of Level 1 and Level 2 inputs in determining the fair value. As of December 31, 2022 and 2021, the underfunded status of the plans was $7.0 million and $9.6 million, respectively, and was included in Accrued expenses and other current liabilities and Other long-term liabilities in the Consolidated Balance Sheets. The assumptions used in calculating the benefit obligations for the plans are dependent on the local economic conditions and were measured as of December 31, 2022 and 2021. The net periodic benefit costs were $0.7 million, $0.6 million and $0.6 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Defined Contribution Plans

The Company administers and maintains 401(k) Programs. Contributions are determined based on a percentage of compensation. For the years ended December 31, 2022, 2021 and 2020, compensation expense for participating U.S. employees in the 401(k) Programs was $41.0 million, $40.0 million and $39.5 million, respectively.