Annual report pursuant to Section 13 and 15(d)

Employee Benefit Plans (Tables)

v3.23.1
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits [Abstract]  
Employee Benefit Plan Disclosures
The table below presents the expense for matching contributions for the following periods:
Year Ended
December 31, 2022 December 31, 2021
Total expense for matching contributions $ 2,002  $ 2,299 
Schedule of Defined Benefit Plans Disclosures
The following table provides a summary of the funded status of the Company’s post-retirement benefit plans and the presentation of such balances within the consolidated balance sheets:
December 31, 2022 October 31, 2022
Base Plan Performance Plan Base Plan Performance Plan
Projected benefit obligations $ 5,963  $ 2,486  $ 5,473  $ 2,314 
Fair value of plan assets 5,795  2,352  5,314  2,193 
Funded (underfunded) status $ (168) $ (134) $ (159) $ (121)
Consolidated Balance Sheet line item amounts:
Other non-current liabilities $ (168) $ (134) $ (159) $ (121)
Reconciliation of Benefit Obligations, Plan Assets and Net Funded (Unfunded) Status
The following table provides a reconciliation of benefit obligations, plan assets and net funded (unfunded) status of our qualified defined benefit pension plans and our retiree medical and life insurance plans:

Base Plan Performance Plan
Change in benefit obligations
Beginning balance as of October 31, 2022
 $ 5,473  $ 2,314 
Service cost 43  — 
Interest cost 35  14 
Employee contributions 35  — 
Employer contributions —  — 
Benefits paid —  — 
Actuarial (gain) loss (8) (4)
Foreign currency translation 385  162 
Ending Balance as of December 31, 2022
 $ 5,963  $ 2,486 
Change in plan assets
Beginning balance as of October 31, 2022
 $ 5,314  $ 2,193 
Expected return on plan assets 34  14 
Employee contributions 35  — 
Employer contributions 61  — 
Benefits paid —  — 
Actuarial gain (loss) (5) (8)
Expenses paid (18) — 
Foreign currency translation 374  153 
Ending Balance as of December 31, 2022
 $ 5,795  $ 2,352 
Funded (underfunded) status as of October 31, 2022
 $ (159) $ (121)
Funded (underfunded) status as of December 31, 2022
 (168) (134)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
The following table provides the components of net periodic benefit cost and other amounts recognized in the consolidated statements of operations during the periods presented:
Two Months Ended December 31, 2022
Base Plan Performance Plan
Net periodic benefit cost:
Service cost $ 43  $ — 
Interest cost 35  14 
Expected return on plan assets (34) (14)
Amortization of net actuarial (gain) loss (3) 4 
Net periodic benefit cost $ 41  $ 4 
Schedule of Changes in Projected Benefit Obligations
The following tables provide the assumptions used to determine the fair value of projected benefit obligations and the net periodic benefit cost, as they pertain to the Company’s cash balance plans as of December 31, 2022 and October 31, 2022:

Base Plan Performance Plan
Discount rate 3.75  % 3.65  %
Expected return on plan assets 3.75  % 3.65  %
Retirement age 65 65
Schedule of Company's Consolidated Balance Sheet
The following table presents the fair value of the plan assets, represented by the Company’s investment in insurance contracts as of the respective dates, which are not separately recorded on the Company’s consolidated balance sheets nor subject to leveling in accordance with ASC 820.

December 31, 2022 October 31, 2022
Base Plan Performance Plan Base Plan Performance Plan
Insurance contracts at cash surrender value $ 5,795  $ 2,352  $ 5,314  $ 2,193 
Schedule of Expected Benefit Payments The following table presents contributions made by the employee and employer for the period presented as well as the following year:
Two Months Ended December 31, 2022
Contributions by: Base Plan Performance Plan
Employee $ 35  $ — 
Employer 61  — 
Contributions expected to be made in 2023:
Employee $ 313  $ — 
Employer 380  — 
Defined Benefit Plan, Earned For Future Service
The following table provides the projected timing of payments for benefits earned to date and benefits expected to be earned for future service by current active employees under our defined benefit plan:
Year Base Plan Performance Plan
2023 $ 3  $ — 
2024 87  — 
2025 68  — 
2026 446  — 
2027 —  — 
Years 2028 - 2032 1,973  2,326