RETIREMENT BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Net periodic benefit costs for the Company’s defined benefit pension plans for the years ended December 31, 2021 and 2020 included the following (amounts in thousands):


	Year ended December 31,
	2021		2020
Service cost	$	2,741	$	4,029
Interest cost	100		219
Expected return on plan assets	(893)		(652)
Amortization of prior service cost (credit)	(281)		(274)
Recognized actuarial losses	186		787
Settlements	51		(102)
Net period benefit cost	$	1,904	$	4,007

Schedule of Weighted Average Assumptions Used

The following weighted average assumptions were used to develop net periodic pension benefit costs and the actuarial present values of projected pension benefit obligations for the years ended December 31, 2021 and 2020, respectively:


	As of December 31,
	2021		2020
Discount rate	0.37	%	0.34	%
Expected return on plan assets	3.59	%	2.04	%
Rate of compensation increase	2.10	%	2.14	%
Interest crediting rate for cash balance plans	1.00	%	1.00	%

Schedule of Benefit Obligations and Plan Assets

The following sets forth the change in projected benefit obligations and the change in plan assets for the years ended December 31, 2021 and 2020 and a reconciliation of the funded status at December 31, 2021 and 2020, respectively (amounts in thousands):


	Year ended December 31,
	2021		2020
Change In Projected Benefit Obligations
Projected benefit obligations, beginning of year	$	72,869	$	66,972
Interest cost	100		219
Service cost	2,741		4,029
Actuarial (gain) loss	(5,044)		(3,347)
Plan amendments	(586)		—
Plan settlements	(655)		(77)
Employee contribution	917		883
Premiums paid	(373)		(388)
Benefit payment	(2,128)		(1,537)
Plans transferred in	—		—
Effect of foreign currency exchange rates	(2,657)		6,115
Projected benefit obligations, end of year	$	65,184	$	72,869

	Year ended December 31,
	2021		2020
Change In Plan Assets
Plan assets at fair value, beginning of year	$	37,825	$	30,770
Actual return on plan assets	3,371		2,882
Employer contributions	2,254		2,274
Employee contributions	917		883
Plan settlements	(633)		(56)
Benefits paid	(2,128)		(1,537)
Premiums paid	(373)		(388)
Effect of foreign currency exchange rates	(1,319)		2,997
Plan assets at fair value, end of year	$	39,914	$	37,825

Schedule of Funded Status


	Year ended December 31,
	2021		2020
Reconciliation Of Funded Status
Fair value of plan assets	$	39,914	$	37,825
Benefit obligations	65,184		72,869
Unfunded benefit obligations	$	25,270	$	35,044

Schedule of Expected Benefit Payments

The following table is the summary of expected future benefit payments (in thousands):




2022	$	1,934
2023	$	1,796
2024	$	1,831
2025	$	2,073
2026	$	2,003
Next five years	$	10,395