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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Schedule of Funded Status

Pension information for the years ended December 31, 2022 and 2021, is as follows:

 

 

 

2022

 

2021

Accumulated benefit obligation

 

$60,592

 

$69,627

Changes in projected benefit obligation:

 

 

 

 

Projected benefit obligation at beginning of year

 

85,961

 

95,511

Interest cost

 

618

 

414

Actuarial gain

 

(7,760)

 

(11,223)

Currency translation

 

(8,071)

 

1,259

Projected benefit obligation at end of year

 

$70,748

 

$85,961

Changes in plan assets:

 

 

 

 

Fair value of plan assets at beginning of year

 

$49,097

 

$40,476

Actual return on plan assets

 

3,605

 

2,135

Employer contributions

 

1,801

 

5,873

Currency translation

 

4,920

 

613

Fair value of plan assets at end of year

 

$59,423

 

$49,097

Funded status

 

$(11,325)

 

$(36,864)

Schedule of Pension Cost

Components of net periodic pension cost:

 

 

 

 

 

 

Interest cost

 

$

618

 

 

$

414

 

Expected return on plan assets

 

 

354

 

 

 

(176

)

Amortization of net (gain) loss

 

 

(856

)

 

 

(19

)

Service cost

 

 

 

 

 

 

Net periodic pension (benefit) cost

 

$

116

 

 

$

219

 

Schedule of Assumptions Used in Computing Benefit Obligations

The Company utilized the following assumptions in computing the benefit obligation at December 31, 2022 and 2021 as follows:

 

 

 

2022

 

2021

Discount rate

 

1.39 %

 

0.77 %

Rate of increase in compensation levels

 

2.00 %

 

2.00 %

Expected long-term rate of return on plan assets

 

1.39 %

 

0.77 %