Annual report pursuant to Section 13 and 15(d)

DEFINED CONTRIBUTION AND PENSION PLANS (Tables)

v3.24.0.1
DEFINED CONTRIBUTION AND PENSION PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan
The following table shows the activity associated with the projected benefit obligation and the fair value of plan assets in addition to the defined benefit retirement plans’ funded status (in thousands):
Twelve Months Ended December 31, 2023 Nine Months Ended December 31, 2022 Twelve Months Ended March 31, 2022
Change in benefit obligation:
Projected benefit obligation (PBO) at beginning of period $ 367,609  $ 529,956  $ 578,918 
Service cost 42  663  732 
Interest cost 17,406  8,987  9,757 
Actuarial loss (gain) (17,939) (107,835) (9,592)
Benefit payments and expenses (25,771) (18,481) (23,418)
Effect of exchange rate changes 21,968  (45,681) (26,441)
Projected benefit obligation (PBO) at end of period $ 363,315  $ 367,609  $ 529,956 
Change in plan assets:
Fair value of assets at beginning of period $ 347,520  $ 511,786  $ 534,768 
Actual return on assets 9,836  (113,510) 8,633 
Employer contributions 14,278  11,725  16,234 
Benefit payments and expenses (25,771) (18,481) (23,418)
Effect of exchange rate changes 20,767  (44,000) (24,431)
Fair value of assets at end of period $ 366,630  $ 347,520  $ 511,786 
Reconciliation of funded status:
Accumulated benefit obligation (ABO) $ 363,315  $ 367,609  $ 529,956 
Projected benefit obligation (PBO) $ 363,315  $ 367,609  $ 529,956 
Fair value of assets (366,630) (347,520) (511,786)
Net recognized pension liability (asset) $ (3,315) $ 20,089  $ 18,170 
Amounts recognized in accumulated other comprehensive loss $ (7,528) $ 12,441  $ (5,962)
Schedule of Components of Net Periodic Pension Cost Details of the components of net periodic pension cost (benefit) for the periods reflected in the table below were as follows (in thousands):
Twelve Months Ended December 31, 2023 Nine Months Ended December 31, 2022 Twelve Months Ended March 31, 2022
Service cost for benefits earned during the period $ 42  $ 663  $ 732 
Interest cost on pension benefit obligation 17,406  8,987  9,757 
Expected return on assets (18,321) (11,347) (12,290)
Net periodic pension cost (benefit) $ (873) $ (1,697) $ (1,801)
Schedule of Actuarial Assumptions
Actuarial assumptions used to develop the components of the Defined Benefit Pension Plans for the periods reflected in the table below were as follows:    
  Twelve Months Ended December 31, 2023 Nine Months Ended December 31, 2022 Twelve Months Ended March 31, 2022
Discount rate 4.80  % 2.70  % 2.00  %
Expected long-term rate of return on assets 5.02  % 3.22  % 2.42  %
Pension increase rate 3.10  % 3.40  % 3.00  %
Schedule of Target Allocation Percentages And Plan Assets By Level Within Fair Value Hierarchy Details of target allocation percentages under the Plan Trustee’s investment strategies as of the same dates are also included as follows:
  Target Allocation
as of December 31,		 Actual Allocation
as of December 31,
Asset Category 2023 2022 2023 2022
Equity securities 20.9  % 14.4  % 21.9  % 20.5  %
Debt securities 24.7  % 19.0  % 38.4  % 29.8  %
Property 5.9  % 6.7  % 4.6  % 6.8  %
Other assets 48.5  % 59.9  % 35.1  % 42.9  %
Total 100.0  % 100.0  % 100.0  % 100.0  %
The following table summarizes, by level within the fair value hierarchy, the plan assets as of December 31, 2023, which are valued at fair value (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance as of December 31, 2023
Cash and cash equivalents $ 6,629  $ 13,895  $ —  $ 20,524 
Equity investments - UK 510  —  —  510 
Equity investments - non-UK 2,932  —  —  2,932 
Insurance linked securities —  —  382  382 
Liquid credit —  49,334  —  49,334 
Alternative investments —  52,521  —  52,521 
Diversified growth (absolute return) funds 892  —  —  892 
Government debt securities 892  89,235  —  90,127 
Corporate debt securities 1,402  —  —  1,402 
Insurance policy —  —  110,779  110,779 
Total fair value investments $ 13,257  $ 204,985  $ 111,161  $ 329,403 
Net asset value(1)
—  —  —  37,227 
Total investments $ 13,257  $ 204,985  $ 111,161  $ 366,630 
____________________
(1)Includes illiquid credit and property debt amounts held at net asset values.
The following table summarizes, by level within the fair value hierarchy, the plan assets as of December 31, 2022, which are valued at fair value (in thousands):
Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		 Significant
Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)		 Balance as of December 31, 2022
Cash and cash equivalents $ 3,729  $ 9,623  $ —  $ 13,352 
Equity investments - UK 962  —  —  962 
Equity investments - non-UK 2,165  —  —  2,165 
Insurance linked securities —  —  25,141  25,141 
Liquid credit —  7,819  —  7,819 
Alternative investments —  42,222  —  42,222 
Diversified growth (absolute return) funds 722  —  —  722 
Government debt securities 481  102,007  —  102,488 
Corporate debt securities 1,203  —  —  1,203 
Insurance policy —  —  108,863  108,863 
Total fair value investments $ 9,262  $ 161,671  $ 134,004  $ 304,937 
Net asset value(1)
—  —  —  42,583 
Total investments $ 9,262  $ 161,671  $ 134,004  $ 347,520 
____________________
(1)Includes illiquid credit and property debt amounts held at net asset values.
Schedule of Estimated Future Benefit Payments Estimated future benefit payments for each of the years ended December 31 is as follows (in thousands):
Year Ended December 31, Payments
2024 $ 10,619 
2025 5,099 
2026 5,099 
2027 5,099 
2028 5,099 
Thereafter —