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EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

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


	Twelve Months Ended December 31,
	2023		2022

Interest cost	$	2,763	$	1,586

Expected return on plan assets	(3,719)		(2,362)
Amortization of prior service cost	31		31
Amortization of net actuarial loss	285		—
Net pension credit	$	(640)	$	(745)

Schedule of Assumptions Used

The weighted-average assumptions used to determine benefit obligations as of December 31, 2023 and 2022 are as follows:


	December 31,
	2023		2022
Discount rate	4.6	%	5.0	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.1	%	3.2	%

______________

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, 2023 and 2022 are as follows:


	Twelve Months Ended December 31,
	2023		2022
Discount rate	5.0	%	2.0	%
Expected long-term return on plan assets	6.4	%	2.8	%
Rate of compensation increase1	Not applicable		Not applicable
Inflation	3.2	%	3.3	%

_______________

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, 2023 and 2022 (in thousands):


	Twelve Months Ended December 31,
	2023		2022
Projected benefit obligation:
Beginning of year	$	56,170	$	91,262


Interest cost	2,763		1,586
Actuarial (gain) loss	1,059		(22,444)
Benefits paid	(3,646)		(5,028)


Foreign currency translation adjustment and other	2,981		(9,206)
End of year	$	59,327	$	56,170
Fair value of plan assets:
Beginning of year	56,568		94,164
Actual gain (loss) on plan assets	3,908		(26,919)
Employer contributions	3,729		3,699
Benefits paid	(3,646)		(5,028)


Foreign currency translation adjustment and other	3,091		(9,348)
End of year	63,650		56,568
Excess projected obligation under fair value of plan assets at end of year	$	4,323	$	398
Amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	(12,020)	$	(10,980)
Prior service cost	(509)		(520)
Total	$	(12,529)	$	(11,500)

Schedule of Expected Benefit Payments

As of December 31, 2023, expected future benefit payments are as follows for the years ended December 31, (in thousands):


2024	$	3,838
2025	4,010
2026	3,955
2027	4,039
2028	4,044
2029-2033	20,432
Total	$	40,318

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, 2023 and 2022 (in thousands):


December 31, 2023
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash	$	2,992	$	2,992	$	—	$	—
Equity securities:






Diversified growth fund (a)	9,426		—		3,297		6,129

Fixed income securities:

U.K. government fixed income securities (b)	9,369		—		9,369		—
U.K. government index-linked securities (c)	9,255		—		9,255		—

Corporate bonds (d)	32,608		—		32,608		—
Total	$	63,650	$	2,992	$	54,529	$	6,129


December 31, 2022
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	$	1,861	$	1,861	$	—	$	—
Equity securities:






Diversified growth fund (a)	15,285		—		4,848		10,437

Fixed income securities:

U.K. government fixed income securities (b)	6,471		—		6,471		—
U.K. government index-linked securities (c)	7,942		—		7,942		—

Corporate bonds (d)	25,009		—		25,009		—
Total	$	56,568	$	1,861	$	44,270	$	10,437

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

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

c.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 2027 to 2062. The funds invest in U.K. government bonds and derivatives.

d.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, 2023 and 2022 by asset category:


	Asset Allocations				Target Asset Allocations
	2023		2022		2023		2022
Equity securities and diversified growth funds1	14.8	%	27.0	%	27.5	%	27.5	%
Debt securities2	80.5	%	69.7	%	72.5	%	72.5	%
Other	4.7	%	3.3	%	—	%	—	%
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.

Schedule of Changes in the Fair Value Measurements of Level 3 Investments

The following table summarizes the changes in the fair value measurements of Level 3 investments for the pension plans (in thousands):


	December 31, 2023		December 31, 2022
Balance at beginning of year	$	10,437	$	11,443
Actual return on plan assets	232		195
Purchases/ sales/ settlements	(4,971)		—
Transfer in/out of level 3	—		—
Changes due to foreign exchange	431		(1,201)
Balance at end of year	$	6,129	$	10,437