v3.23.4
Employee Benefit Plans (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Employee Benefit Plans [Abstract]    
Schedule of Combined and Consolidated Financial Statements   The change in benefit obligations, the change in the fair value of the plan assets and the funded status of our pension plans (except for the German pension plan which is unfunded) and the amounts recognized in our combined and consolidated financial statements are as follows:
 

Year Ended December 31,

(dollars in thousands)

  

2022

  

2021

Change in Benefit Obligation:

  

 

  

 

  

 

  

 

Benefit obligation at beginning of period

  

$

117,582

 

  

$

122,069

 

Service cost

  

 

53

 

  

 

68

 

Interest cost

  

 

1,910

 

  

 

1,686

 

Actuarial gain

  

 

(44,748

)

  

 

(2,243

)

Plan amendments

  

 

—

 

  

 

(28

)

Plan curtailment

  

 

149

 

  

 

98

 

Benefits paid

  

 

(1,915

)

  

 

(2,497

)

Foreign-exchange rate changes

  

 

(11,261

)

  

 

(1,571

)

Benefit obligation at end of year

  

$

61,770

 

  

$

117,582

 
   

 

  

 

  

 

  

 

Change in Plan Assets:

  

 

  

 

  

 

  

 

Fair value of plan assets at beginning of period

  

$

90,225

 

  

$

87,414

 

Actual (loss) return on plan assets

  

 

(36,818

)

  

 

2,950

 

Employer contributions

  

 

2,862

 

  

 

3,249

 

Participants’ contributions

  

 

—

 

  

 

16

 

Benefits paid

  

 

(1,818

)

  

 

(2,394

)

Foreign-exchange rate changes

  

 

(8,757

)

  

 

(1,010

)

Fair value of plan assets at end of year

  

 

45,694

 

  

 

90,225

 

Funded status at end of year

  

$

(16,076

)

  

$

(27,357

)
   

 

  

 

  

 

  

 

Net amount recognized in the Consolidated Balance Sheets:

  

 

  

 

  

 

  

 

Pension liability, net(a)

  

$

(16,076

)

  

$

(27,357

)

Amounts recognized in accumulated other comprehensive loss, net of tax consist of:

  

 

  

 

  

 

  

 

Net actuarial gain

  

 

(6,959

)

  

 

(6,061

)

Net prior service costs

  

 

(124

)

  

 

(127

)

Net amount recognized in accumulated comprehensive loss, net of tax

  

$

(7,083

)

  

$

(6,188

)
   

 

  

 

  

 

  

 

Plans with underfunded or non-funded accumulated benefit obligation:

  

 

  

 

  

 

  

 

Aggregate projected benefit obligation

  

$

61,770

 

  

$

117,582

 

Aggregate accumulated benefit obligation

  

$

61,770

 

  

$

117,582

 

Aggregate fair value of plan assets

  

$

45,694

 

  

$

90,225

 

(a)      Combined balance of $16.1 million as of December 31, 2022 includes pension liabilities (assets) of $13.7 million, $1.7 million, $1.2 million and ($0.5) million under UK, Asterion, German and Norway pension plans, respectively. Combined balance of $27.4 million as of December 31, 2021 includes pension liabilities of $23.0 million, $2.5 million, $1.8 million and less than $0.1 million under UK, Asterion, German and Norway pension plans, respectively.
Schedule of Net Periodic Benefit Cost   The components of the net periodic benefit cost are as follows:
 

Year ended December 31,

(dollars in thousands)

  

2022

  

2021

  

2020

Service cost

  

$

53

 

  

$

68

 

  

$

69

 

Interest cost

  

 

1,910

 

  

 

1,686

 

  

 

1,984

 

Expected return on plan assets

  

 

(2,856

)

  

 

(2,410

)

  

 

(2,530

)

Amortization

  

 

  

 

  

 

  

 

  

 

  

 

Amortization of prior service cost

  

 

273

 

  

 

127

 

  

 

103

 

Amortization of net loss

  

 

1,768

 

  

 

3,103

 

  

 

1,741

 

Settlement loss

  

 

—

 

  

 

—

 

  

 

637

 

Net periodic benefit cost

  

$

1,148

 

  

$

2,574

 

  

$

2,004

 
Schedule of Net Periodic Benefit CostSchedule of Determine Benefit Obligation and Net Periodic Benefit Costs   The following tables set forth the principal actuarial assumptions used to determine benefit obligation and net periodic benefit costs:
 

December 31,
   

2022

  

2021

  

2022

  

2021

  

2022

  

2021

  

2022

  

2021

(dollars in thousands)

  

UK

  

Germany

  

Norway

  

Asterion

Weighted-average assumptions used to determine benefit obligations:

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

Discount rate

  

5.00

%

  

1.80

%

  

3.80

%

  

1.00

%

  

3.00

%

  

1.90

%

  

3.80

%

  

1.13

%

Rate of compensation increase

  

N/A

 

  

N/A

 

  

N/A

 

  

N/A

 

  

3.50

%

  

2.75

%

  

N/A

 

  

N/A

 

Weighted-average assumptions used to determine net periodic benefit costs:

    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

Discount rate

  

1.80

%

  

1.40

%

  

3.80

%

  

1.00

%

  

3.00

%

  

1.90

%

  

3.80

%

  

1.13

%

Expected asset return

  

3.45

%

  

2.72

%

  

N/A

 

  

N/A

 

  

4.15

%

  

3.10

%

  

3.80

%

  

1.13

%

Rate of compensation increase

  

N/A

 

  

N/A

 

  

N/A

 

  

N/A

 

  

3.50

%

  

2.75

%

  

N/A

 

  

N/A

 
Schedule of Weighted Average Allocation of Plan Assets   The weighted average allocation of plan assets by asset category is as follows:
 

Year Ended December 31,
   

2022

  

2021

U.K. and other international equities

  

27.1

%

  

32.7

%

U.K. government and corporate bonds

  

5.5

 

  

2.7

 

Diversified growth fund

  

18.4

 

  

25.7

 

Liability driven investments

  

44.3

 

  

34.6

 

Multi-asset credit fund

  

4.7

 

  

4.3

 

Total

  

100.0

%

  

100.0

%
Schedule of Fair Value of Our Pension Assets   The following tables set forth, by category and within the fair value hierarchy, the fair value of our pension assets at December 31, 2022 and 2021:
 

December 31, 2022

(dollars in thousands)

  

Total

  

Level 1

  

Level 2

  

Level 3

Asset Category:

  

 

    

 

    

 

    

 

  

Cash

  

$

932

  

$

932

  

$

—

  

$

—

Equity funds:

  

 

    

 

    

 

    

 

  

U.K.

  

 

11,400

  

 

—

  

 

11,400

  

 

—

Fixed income securities:

  

 

    

 

    

 

    

 

  

Corporate bonds/U.K. Gilts

  

 

2,529

  

 

—

  

 

2,529

  

 

—

Other investments:

  

 

    

 

    

 

    

 

  

Diversified growth fund

  

 

8,417

  

 

—

  

 

8,417

  

 

—

Liability driven investments

  

 

20,258

  

 

—

  

 

20,258

  

 

—

Multi-asset credit fund

  

 

2,158

  

 

—

  

 

2,158

  

 

—

Total fair value

  

$

45,694

  

$

932

  

$

44,762

  

$

—
 

December 31, 2021

(dollars in thousands)

  

Total

  

Level 1

  

Level 2

  

Level 3

Asset Category:

  

 

    

 

    

 

    

 

  

Cash

  

$

149

  

$

149

  

$

—

  

$

—

Equity funds:

  

 

    

 

    

 

    

 

  

U.K.

  

 

17,423

  

 

—

  

 

17,423

  

 

—

Other international

  

 

11,909

  

 

—

  

 

11,909

  

 

—

Fixed income securities:

  

 

    

 

    

 

    

 

  

Corporate bonds/U.K. Gilts

  

 

2,444

  

 

—

  

 

2,444

  

 

—

Other investments:

  

 

    

 

    

 

    

 

  

Diversified growth fund

  

 

23,122

  

 

—

  

 

23,122

  

 

—

Liability driven investments

  

 

31,259

  

 

—

  

 

31,259

  

 

—

Multi-asset credit fund

  

 

3,919

  

 

—

  

 

3,919

  

 

—

Total fair value

  

$

90,225

  

$

149

  

$

90,076

  

$

—
Schedule of Estimated Future Pension Benefit Payments   The estimated future pension benefit payments expected to be paid to plan participants are as follow:

(dollars in thousands)

  

Estimated
Benefit
Payments

Year ended December 31,

  

 

  

2023

  

$

1,872

2024

  

 

2,067

2025

  

 

2,656

2026

  

 

2,674

2027

  

 

2,978

2028 – 2032

  

 

13,615

Total

  

$

25,862
Schedule of Net Periodic Benefit Cost The components of the net periodic benefit cost are as follows:
 

Three Months Ended September 30,

  

Nine Months Ended
September 30,
   

2023

  

2022

  

2023

  

2022

Service cost

  

$

10

 

  

$

14

 

  

$

30

 

  

$

45

 

Interest cost

  

 

779

 

  

 

454

 

  

 

2,298

 

  

 

1,458

 

Expected return on plan assets

  

 

(693

)

  

 

(678

)

  

 

(2,045

)

  

 

(2,172

)

Amortization:

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Amortization of prior service cost

  

 

90

 

  

 

50

 

  

 

268

 

  

 

159

 

Amortization of net loss

  

 

403

 

  

 

605

 

  

 

1,186

 

  

 

1,938

 

Net periodic benefit cost

  

$

589

 

  

$

445

 

  

$

1,737

 

  

$

1,428