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EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Net pension cost (credit) included the following components (in thousands):


	Twelve Months Ended December 31,
	2021		2020		2019
Service cost	$	—	$	—	$	—
Interest cost	1,282		1,764		2,323
Settlement cost	70		257		221
Expected return on plan assets	(2,006)		(2,309)		(2,378)
Amortization of prior service cost	32		32		32
Amortization of net actuarial (gain) loss	—		—		—
Net pension cost (credit)	$	(622)	$	(256)	$	198

Schedule of Assumptions Used

The weighted-average assumptions used to determine benefit obligations at December 31, 2021 and 2020 are as follows:


	December 31,
	2021		2020
Discount rate	2.0	%	1.3	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.3	%	2.9	%

______________

1 Not applicable due to plan curtailment.

The weighted-average assumptions used to determine net periodic benefit cost (credit) for the years ended December 31, 2021 and 2020 are as follows:


	Twelve Months Ended December 31,
	2021		2020
Discount rate	1.3	%	2.0	%
Expected long-term return on plan assets	2.1	%	2.9	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	2.9	%	3.0	%

_______________

1 Not applicable due to plan curtailment.

Schedule of Benefit Obligations in Excess of Fair Value of Plan Assets

The following table sets forth the changes in the benefit obligation and plan assets for the years ended December 31, 2021 and 2020 (in thousands):


	Twelve Months Ended December 31,
	2021		2020
Projected benefit obligation:
Beginning of year	$	100,244	$	92,407

Service cost	—		—
Interest cost	1,282		1,764
Actuarial (gain) loss	(4,237)		8,717
Benefits paid	(5,137)		(6,288)
Prior service cost	—		—
Disposal of Norwegian Plan	—		—
Foreign currency translation adjustment and other	(890)		3,644
End of year	91,262		100,244
Fair value of plan assets:
Beginning of year	94,962		83,086
Actual gain (loss) on plan assets	1,195		10,854
Employer contributions	4,118		3,851
Benefits paid	(5,137)		(6,288)


Foreign currency translation adjustment and other	(974)		3,459
End of year	94,164		94,962
Excess projected obligation under (over) fair value of plan assets at end of year	$	2,902	$	(5,282)
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	(4,624)	$	(7,347)
Prior service cost	(601)		(674)
Total	$	(5,225)	$	(8,021)

Schedule of Expected Benefit Payments

At December 31, 2021, expected future benefit payments are as follows for the years ended December 31, (in thousands):


2022	$	4,086
2023	4,177
2024	4,073
2025	4,256
2026	4,198
2027-2031	21,680
Total	$	42,470

Schedule of Allocation of Plan Assets

The following tables summarize the plan assets of the U.K. Plan measured at fair value on a recurring basis (at least annually) as of December 31, 2021 and 2020 (in thousands):


December 31, 2021
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2) (a)		Significant Unobservable Inputs (Level 3)
Cash	$	2,411	$	2,411	$	—	$	—
Equity securities:






Diversified growth fund (b)	23,582		—		23,582		—
Global equity fund (c)	—		—		—		—
Fixed income securities:

U.K. government fixed income securities (d)	9,487		—		9,487		—
U.K. government index-linked securities (e)	16,393		—		16,393		—
Global absolute return bond fund (f)	12,111		—		12,111		—
Corporate bonds (g)	30,297		—		30,297		—
Total	$	94,281	$	2,411	$	91,870	$	—


December 31, 2020
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2) (a)		Significant Unobservable Inputs (Level 3)
Cash	$	15,600	$	15,600	$	—	$	—
Equity securities:






Diversified growth fund (b)	22,640		—		22,640		—
Global equity fund (c)	2,922		—		2,922		—
Fixed income securities:

U.K. government fixed income securities (d)	17,478		—		17,478		—
U.K. government index-linked securities (e)	15,331		—		15,331		—
Global absolute return bond fund (f)	12,235		—		12,235		—
Corporate bonds (g)	8,755		—		8,755		—
Total	$	94,961	$	15,600	$	79,361	$	—

______________________________

a)The net asset value of the commingled equity and fixed income funds are determined by prices of the underlying securities, less the funds’ liabilities, and then divided by the number of shares outstanding. As the funds are not traded in active markets, the commingled funds are classified as Level 2 assets. The net asset value is corroborated by observable market data (e.g., purchase or sale activities).

b)This category includes investments in a diversified portfolio of equity, bonds, alternatives and cash markets that aims to achieve capital growth returns.

c)This category includes investments in a diversified portfolio of equity, bonds, money markets, alternatives and credit markets to achieve a return with downside protection through monthly put options.

d)This category includes investments in funds with the objective to provide a leveraged return to U.K. government fixed income securities (gilts) that have maturity periods ranging from 2030 to 2060.

e)This category includes investments in funds with the objective to provide a leveraged return to various U.K. government indexed-linked securities (gilts), with maturity periods ranging from 2022 to 2062. The funds invest in U.K. government bonds and derivatives.

f)This category includes investments in funds predominantly in a wide range of fixed and floating rate investment grade and below investment grade debt instruments traded on regulated markets worldwide with the objective to achieve a return of 3% above 1 month LIBOR over a 3-year basis.

g)This category includes investments in a diversified pool of debt and debt like assets to generate capital and income returns.

The following table sets forth the weighted-average asset allocation and target asset allocations as of December 31, 2021 and 2020 by asset category:


	Asset Allocations				Target Asset Allocations
	2021		2020		2021		2020
Equity securities and diversified growth funds1	24.9	%	26.9	%	27.5	%	27.5	%
Debt securities2	72.5	%	56.7	%	72.5	%	72.5	%
Other	2.6	%	16.4	%	—	%	—	%
Total	100	%	100	%	100	%	100	%

______________________________

1Diversified growth funds refer to actively managed absolute return funds that hold a combination of equity and debt securities.

2Includes investments in funds with the objective to provide leveraged returns to U.K. government fixed income securities, U.K. government indexed-linked securities, global bonds, and corporate bonds.