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RETIREMENT AND DEFERRED COMPENSATION PLANS (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Change in the projected benefit obligation, plan assets at fair value and funded status
The following table presents the changes in the benefit obligations and plan assets for the most recent two years for our domestic and foreign plans.
Domestic PlansForeign Plans
2022202120222021
Change in benefit obligation:
Benefit obligation at beginning of year$255,457 $272,471 $123,386 $134,426 
Service cost15,784 16,356 7,547 8,159 
Interest cost6,970 6,366 1,388 843 
Curtailment/Settlement — 68 
Prior service cost — 813 — 
Actuarial gain(92,724)(18,526)(26,826)(6,489)
Benefits paid(21,615)(21,210)(4,615)(4,555)
Foreign currency translation adjustment — (7,762)(9,003)
Benefit obligation at end of year$163,872 $255,457 $93,999 $123,386 
Domestic PlansForeign Plans
2022202120222021
Change in plan assets:
Fair value of plan assets at beginning of year$193,770 $192,034 $85,421 $85,087 
Actual return on plan assets(25,517)22,480 (4,897)2,811 
Employer contribution15,513 466 1,871 7,966 
Benefits paid(21,615)(21,210)(4,615)(4,555)
Transfer —  124 
Foreign currency translation adjustment — (5,257)(6,012)
Fair value of plan assets at end of year$162,151 $193,770 $72,523 $85,421 
Funded status at end of year$(1,721)$(61,687)$(21,476)$(37,965)
Schedule of funded status amounts recognized in the Consolidated Balance Sheet
The following table presents the funded status amounts recognized in our Consolidated Balance Sheets as of December 31, 2022 and 2021.
Domestic PlansForeign Plans
2022202120222021
Non-current assets$9,304 $— $ $1,832 
Current liabilities(515)(500)(31)(33)
Non-current liabilities(10,510)(61,187)(21,445)(39,764)
$(1,721)$(61,687)$(21,476)$(37,965)
Schedule of amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive loss
The following table presents the amounts not recognized as components of periodic benefit cost that are recognized in accumulated other comprehensive (gain) loss as of December 31, 2022 and 2021.
Domestic PlansForeign Plans
2022202120222021
Net actuarial (gain) loss$(3,338)$57,627 $11,383 $32,269 
Net prior service cost — 1,150 509 
Tax effects2,271 (12,873)(5,518)(11,049)
$(1,067)$44,754 $7,015 $21,729 
Schedule of changes in benefit obligations and plan assets recognized in other comprehensive income
Changes in benefit obligations and plan assets recognized in other comprehensive income in 2022, 2021 and 2020 are as follows:
Domestic Plans
202220212020
Current year actuarial gain (loss)$54,295 $28,714 $(33,335)
Amortization of net loss6,670 10,099 5,684 
$60,965 $38,813 $(27,651)
Foreign Plans
202220212020
Current year actuarial gain (loss)$19,181 $6,257 $(2,530)
Current year prior service cost(818)— 2,701 
Transfer actuarial loss17 — — 
Amortization of net loss1,688 2,325 2,121 
Amortization of prior service cost177 166 398 
$20,245 $8,748 $2,690 
Components of net periodic benefit cost
Components of net periodic benefit cost:
Domestic Plans
202220212020
Service cost$15,784 $16,356 $14,278 
Interest cost6,970 6,366 7,046 
Expected return on plan assets(12,912)(12,293)(12,248)
Amortization of net loss6,670 10,099 5,684 
Net periodic benefit cost$16,512 $20,528 $14,760 
Foreign Plans
202220212020
Service cost$7,547 $8,159 $7,311 
Interest cost1,388 843 1,410 
Expected return on plan assets(2,728)(2,838)(2,620)
Amortization of net loss1,688 2,325 2,121 
Amortization of prior service cost177 166 398 
Net periodic benefit cost$8,072 $8,655 $8,620 
Curtailment(24)(8)
Total Net periodic benefit cost$8,048 $8,660 $8,612 
Schedule of projected benefit obligation ("PBO"), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets
The following table provides the projected benefit obligation (“PBO”), ABO, and fair value of plan assets for all pension plans with an ABO in excess of plan assets as of December 31, 2022 and 2021.
Domestic PlansForeign Plans
2022202120222021
Projected benefit obligation$11,025 $255,457 $54,455 $89,595 
Accumulated benefit obligation10,087 236,295 40,481 63,614 
Fair value of plan assets 193,770 34,446 49,916 
Schedule of PBO, ABO, and fair value of plan assets for all pension plans with a PBO in excess of plan assets
The following table provides the PBO, ABO and fair value of plan assets for all pension plans with a PBO in excess of plan assets as of December 31, 2022 and 2021.
Domestic PlansForeign Plans
2022202120222021
Projected benefit obligation$11,025 $255,457 $71,730 $97,221 
Accumulated benefit obligation10,087 236,295 52,173 69,630 
Fair value of plan assets 193,770 47,236 56,228 
Schedule of weighted-average assumptions used to determine benefit obligations and net periodic benefit cost
Assumptions:
Domestic PlansForeign Plans
202220212020202220212020
Weighted-average assumptions used to determine benefit obligations at December 31:
Discount rate5.15 %2.75 %2.40 %3.69 %1.09 %0.54 %
Rate of compensation increase3.20 %3.17 %3.19 %3.21 %3.05 %3.05 %
Weighted-average assumptions used to determine net periodic benefit cost for years ended December 31:
Discount rate2.75 %2.40 %3.20 %1.20 %0.66 %1.12 %
Expected long-term return on plan assets7.00 %7.00 %7.00 %3.53 %3.56 %3.59 %
Rate of compensation increase3.20 %3.17 %4.00 %3.20 %3.05 %3.05 %
Schedule of domestic and foreign pension plan weighted-average asset allocations by asset category
Our domestic and foreign pension plan weighted-average asset allocations at December 31, 2022 and 2021 by asset category are as follows:
Plan Assets:
Domestic Plans Assets at December 31,Foreign Plans Assets at December 31,
2022202120222021
Equity securities47 %48 %5 %%
Fixed income securities27 %27 %1 %%
Corporate debt securities — 1 %%
Infrastructure8 %% — 
Hedge funds10 %11 % — 
Money market1 %%1 %%
Investment Funds — 92 %90 %
Real estate7 %% — 
Total100 %100 %100 %100 %
Summary of fair value of pension plan assets
Domestic Fair Value Measurement at December 31, 2022Foreign Fair Value Measurement at December 31, 2022
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,260 $1,260 $ $ $516 $516 $ $ 
USD— 1,260 — — — — — — 
EUR— — — — — 505 — — 
Others— — — — — 11 — — 
Equity Securities (a)$66,338 $66,338 $ $ $3,769 $3,769 $ $ 
U.S. Large Cap Equities— 37,537 — — — — — — 
U.S. Small Cap Equities— 7,918 — — — — — — 
International Equities— 20,883 — — — 3,769 — — 
Fixed Income (a)(b)$28,443 $28,443 $ $ $723 $723 $ $ 
Corporate debts securities$ $ $ $ $1,135 $1,135 $ $ 
Euro Corporate Bonds (a)— — — — — 1,135 — — 
Investment Funds$ $ $ $ $66,380 $21,952 $44,428 $ 
Mutual Funds in Equities (a)— — — — — 5,221 — — 
Mutual Funds in Bonds (a)— — — — — 15,901 — — 
Mutual Funds Diversified (a)(b)— — — — — 830 44,428 — 
Total Investments in Fair Value Hierarchy$96,041 $96,041 $ $ $72,523 $28,095 $44,428 $ 
Investments at Net Asset Value per Share66,110 — — — — — — — 
Total Investments$162,151 $96,041 $ $ $72,523 $28,095 $44,428 $ 
Domestic Fair Value Measurement at December 31, 2021Foreign Fair Value Measurement at December 31, 2021
(In Thousands $)Total(Level 1)(Level 2)(Level 3)Total(Level 1)(Level 2)(Level 3)
Cash and Short-term Securities (a)$1,864 $1,864 $ $ $547 $547 $ $ 
USD— 1,864 — — — — — — 
EUR— — — — — 539 — — 
Others— — — — — — — 
Equity Securities (a)$82,927 $82,927 $ $ $4,881 $4,881 $ $ 
U.S. Large Cap Equities— 49,637 — — — — — — 
U.S. Small Cap Equities— 9,112 — — — — — — 
International Equities— 24,178 — — — 4,881 — — 
Fixed Income (a)(b)$34,584 $34,584 $ $ $772 $772 $ $ 
Corporate debts securities$ $ $ $ $1,413 $1,413 $ $ 
Euro Corporate Bonds (a)— — — — — 1,413 — — 
Investment Funds$ $ $ $ $77,808 $26,381 $51,427 $ 
Mutual Funds in Equities (a)— — — — — 4,576 — — 
Mutual Funds in Bonds (a)— — — — — 20,810 — — 
Mutual Funds Diversified (a)(b)— — — — — 995 51,427 — 
Total Investments in Fair Value Hierarchy$119,375 $119,375 $ $ $85,421 $33,994 $51,427 $ 
Investments at Net Asset Value per Share74,395 — — — — — — — 
Total Investments$193,770 $119,375 $ $ $85,421 $33,994 $51,427 $ 
(a)Based on third party quotation from financial institution.
(b)Based on observable market transactions.
Schedule of estimated benefit payments relating to defined benefit plans over the next ten years
As of December 31, 2022, we expect the plans to make the following estimated benefit payments relating to our defined benefit plans over the next ten years:
Domestic PlansForeign Plans
2023$10,184 $2,652 
202410,948 4,781 
202511,241 6,658 
202612,743 5,136 
202711,828 7,700 
2028 - 203270,372 38,262