EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2023

The table below presents the components of net periodic pension benefit for continuing operations recognized in the Consolidated Statements of Loss:


(In thousands)	Year Ended December 31,
	2023		2022		2021
Service cost	$	137	$	162	$	99
Interest cost	3,318		1,912		1,732
Expected return on plan assets	(5,028)		(4,680)		(4,476)
Amortization of actuarial losses	1,050		452		1,227
Amortization of prior service costs	(85)		15		(4,939)

Curtailment/forfeiture gain	(19)		—		—
Total net periodic pension benefit	$	(627)	$	(2,139)	$	(6,357)

Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets

The following table presents the changes in the Company’s projected benefit obligation and the fair value of plan assets:


(In thousands)	Year Ended December 31,
	2023		2022
Projected benefit obligation:
Beginning balance, projected benefit obligation	$	73,669	$	124,199
Service cost	137		162
Interest cost	3,318		1,912
Contributions by plan participants	97		88
Actuarial loss (gain)(1),(2)	12,686		(36,785)
Foreign exchange impact	3,938		(12,748)
Benefits paid	(3,414)		(3,159)


Plan curtailment/forfeitures	(19)		—

Ending balance, projected benefit obligation	$	90,412	$	73,669
Fair value of plan assets:
Beginning balance, fair value of plan assets	$	76,336	$	132,490
Actual return (loss) on plan assets	4,755		(40,743)
Foreign exchange impact	4,167		(13,688)
Contributions by Company(1)	7,156		1,348
Contributions by plan participants	97		88
Benefits paid	(3,414)		(3,159)

Ending balance, fair value of plan assets	$	89,097	$	76,336
(Underfunded) / Overfunded status, net(3)	$	(1,315)	$	2,667

(1)In 2023, the Company entered into a buy-in transaction for one of its plans. Under such transaction, the Company purchased a group annuity contract from an insurer that will cover benefit payment reimbursements for the plan’s beneficiaries. The value of the benefit obligation associated with the participants covered by this contract was increased to equal the fair value of the buy-in contract, resulting in an actuarial loss.

(2)The actuarial gain in 2022 represents the decrease to the projected benefit obligation resulting from changes in the actuarial assumptions used, primarily an increased discount rate.

(3)Represents the net underfunded or overfunded status of the Company’s defined-benefit pension plans. The related liability or asset for each plan, dependent upon whether it is underfunded or fully funded, is recorded within “Other long-term liabilities” or “Other assets,” respectively, on the Company’s Consolidated Balance Sheet. As of December 31, 2023, the Company had $1.3 million reported in “Other long-term liabilities,” and as of December 31, 2022, the Company had $3.7 million reported in “Other assets” and $1.0 million reported in “Other long-term liabilities.”

Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)

The following table presents the pre-tax net loss (gain) and the amortization of pre-tax net loss and prior service costs recognized in accumulated other comprehensive loss:


(In thousands)	Year Ended December 31,
	2023		2022		2021
Beginning balance, accumulated other comprehensive loss	$	26,718	$	24,926	$	50,985
Reclassification adjustment related to sold businesses	3,106		—		—
Net actuarial loss (gain) arising during the period	12,959		1,314		(21,932)
Amortization of net actuarial loss	(1,050)		(320)		(923)
Amortization of prior service costs	85		289		4,911
Plan amendments during the period	—		—		(4,604)
Other adjustments	1,532		509		(3,511)
Ending balance, accumulated other comprehensive loss	$	43,350	$	26,718	$	24,926

For the years ended December 31, 2023, 2022 and 2021, the total change in “Other comprehensive income” related to the impact of pensions on deferred income tax liabilities was $(0.1) million, $(0.4) million and $0.2 million, respectively.

The following table presents the amounts in accumulated other comprehensive loss that have not yet been recognized as components of net periodic pension cost (benefit):


(In thousands)	Year Ended December 31,
	2023		2022		2021
Unrecognized net actuarial loss	$	43,640	$	27,822	$	26,729
Unrecognized prior service cost	(290)		(1,104)		(1,803)
Total	$	43,350	$	26,718	$	24,926

Schedule of Defined Benefit Plan, Assumptions

The following table presents the assumptions used to measure the net periodic pension cost (benefit) and the year-end projected benefit obligation:


	Year Ended December 31,
	2023	2022	2021
Weighted-average assumptions used to measure net periodic pension cost (benefit):
Discount rates	1.50% - 4.65%	0.20% - 1.80%	0.00% - 1.30%
Expected long-term rates of return on plan assets	2.00% - 6.80%	1.50% - 4.00%	1.50% - 3.90%
Rates of compensation increase	1.00% - 3.75%	0.50% - 2.60%	0.50% - 2.30%

Weighted-average assumptions used to measure projected benefit obligation:
Discount rates	1.50% - 4.15%	2.25% - 4.65%	0.20% - 1.80%
Expected long-term rates of return on plan assets	2.00% - 4.15%	2.00% - 6.80%	1.50% - 4.00%
Rates of compensation increase	1.00% - 3.80%	1.00% - 3.75%	0.50% - 2.60%

Schedule of Defined Benefit Plan, Plan Assets, Category

Defined-Benefit Pension Plan Assets

The following tables present the fair value of each class of plan assets held by the Company’s defined-benefit pension plans, categorized by level of the fair value hierarchy, at December 31, 2023 and 2022:


(In thousands)	December 31, 2023
	Level 1(1)		Level 2(2)		Level 3
Cash and short-term investments	$	—	$	554	$	—

Equity securities	—		1,243		—
Real estate	—		831		—
Fixed income:
Corporate bonds	—		1,104		—

Insurance contracts	—		85,365		—
Fair value of plan assets	$	—	$	89,097	$	—

(In thousands)	December 31, 2022
	Level 1(1)		Level 2(2)		Level 3
Cash and short-term investments	$	—	$	2,174	$	—
Credit instruments	—		10,493		—
Equity securities	—		45,796		—
Real estate	—		870		—
Fixed income:
Corporate bonds	—		13,781		—

Insurance contracts	—		3,222		—
Fair value of plan assets	$	—	$	76,336	$	—

(1) Assets categorized as Level 1 are measured at fair value using unadjusted quoted prices in active markets for identical assets.

(2) Assets categorized as Level 2 are measured at fair value using inputs other than quoted prices in active markets that are observable for the assets, either directly or indirectly.

Schedule of Net Periodic Benefit Cost Not yet Recognized

The following table presents the expected benefit payments to defined-benefit pension plan participants over the next ten years. These payments have been estimated based on the same assumptions used to measure the plans’ pension benefit obligation at December 31, 2023 and include benefits attributable to estimated future compensation increases, where applicable:


(In thousands)
Expected benefit payments:
2024	$	3,149
2025	3,364
2026	2,999
2027	3,168
2028	3,416
2029 - 2033	20,631