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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | 12 Months Ended
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Dec. 31, 2020
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS |
EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | NOTE 17. EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS Defined Contribution Plans We have a 401(k) profit-sharing and retirement savings plan covering substantially all full-time U.S. employees. Participants may defer up to the maximum amount allowed as determined by law. Participants are immediately vested in their contributions. Profit-sharing contributions to the plan, which are discretionary, are approved by the Board of Directors. Vesting in the profit-sharing contribution account is based on years of service, with most participants fully vested after four years of credited service. For the years ended December 31, 2020, 2019, and 2018 our contribution for participants in our 401(k) plan was based on matching 50% of contributions made by employees up to 6% of the employee’s compensation. During the years ended December 31, 2020, 2019, and 2018 we recognized total defined contribution plan costs of $2.6 million, $1.6 million, and $1.4 million, respectively. Defined Benefit Plan We maintain defined benefit pension plans for certain of our non-U.S. employees in the U.K., Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations. To measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits. The information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company’s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented. The Company’s projected benefit obligation and plan assets for defined benefit pension plans and the related assumptions used to determine the related liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2020 |  | 2019
Projected benefit obligation, beginning of year | ​ | $ | 83,262 | ​ | $ | 33,178
Acquisition | ​ |  | — | ​ |  | 48,350
Service cost | ​ |  | 1,068 | ​ |  | 272
Interest cost | ​ |  | 1,716 | ​ |  | 1,211
Actuarial (gain) loss | ​ |  | 7,591 | ​ |  | (193)
Benefits paid | ​ |  | (1,199) | ​ |  | (1,779)
Translation adjustment | ​ |  | 5,302 | ​ |  | 2,223
Projected benefit obligation, end of year | ​ | ​ | 97,740 | ​ | ​ | 83,262
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | ​ | 14,903 | ​ | ​ | 13,433
Acquisitions | ​ |  | — | ​ |  | 102
Actual return on plan assets | ​ |  | 682 | ​ |  | 380
Contributions | ​ |  | 1,827 | ​ |  | 644
Benefits paid | ​ |  | (993) | ​ |  | (1,176)
Actuarial gain | ​ |  | 180 | ​ |  | 1,064
Translation adjustment | ​ |  | 694 | ​ |  | 456
Fair value of plan assets, end of year | ​ | ​ | 17,293 | ​ | ​ | 14,903
Funded status of plan | ​ | $ | (80,447) | ​ | $ | (68,359)
​ The components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
​ |  | 2020 |  | 2019 |  | 2018
Service cost | ​ | $ | 1,068 | ​ | $ | 272 | ​ | $ | 841
Interest cost | ​ | ​ | 1,716 | ​ | ​ | 1,211 | ​ | ​ | 802
Expected return on plan assets | ​ |  | (683) | ​ |  | (615) | ​ |  | (665)
Amortization of actuarial gains and losses | ​ |  | 459 | ​ |  | 411 | ​ |  | 478
Net periodic pension cost | ​ | $ | 2,560 | ​ | $ | 1,279 | ​ | $ | 1,456
​ Assumptions used in the determination of the net periodic pension cost are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2020 |  | 2019 |  | 2018 |
Discount rate |  | 1.8 | % | 2.7 | % | 2.8 | %
Expected long-term return on plan assets |  | 3.7 | % | 4.6 | % | 4.8 | %
​ The fair value of the Company’s qualified pension plan assets by category are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Multi-Asset Fund | ​ | $ | — | ​ | $ | 5,149 | ​ | $ | — | ​ | $ | 5,149
Diversified Growth Fund | ​ |  | — | ​ |  | 5,134 | ​ |  | — | ​ |  | 5,134
Corporate Bonds | ​ |  | — | ​ |  | 4,906 | ​ |  | — | ​ |  | 4,906
Insurance Contracts | ​ | ​ | — | ​ |  | — | ​ |  | 1,109 | ​ |  | 1,109
Cash | ​ |  | 995 | ​ |  | — | ​ |  | — | ​ |  | 995
Total | ​ | $ | 995 | ​ | $ | 15,189 | ​ | $ | 1,109 | ​ | $ | 17,293
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Multi-Asset Fund | ​ | $ | — | ​ | $ | 4,825 | ​ | $ | — | ​ | $ | 4,825
Diversified Growth Fund | ​ |  | — | ​ |  | 4,855 | ​ |  | — | ​ |  | 4,855
Index-Linked Gilts | ​ |  | — | ​ |  | 1,934 | ​ |  | — | ​ |  | 1,934
Corporate Bonds | ​ |  | — | ​ |  | 2,090 | ​ |  | — | ​ |  | 2,090
Insurance Contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,045 | ​ | ​ | 1,045
Cash | ​ |  | 154 | ​ |  | — | ​ |  | — | ​ |  | 154
Total | ​ | $ | 154 | ​ | $ | 13,704 | ​ | $ | 1,045 | ​ | $ | 14,903
​ On December 31, 2020, our plan’s assets of $17.3 million were invested in five separate funds including a multi-asset fund (29.8%), a diversified growth fund (29.7%), corporate bonds (28.4%), and insurance contracts (6.4%). The asset and growth funds aim to generate an ‘equity-like’ return over an economic cycle with significantly reduced volatility relative to equity markets and have scope to use a diverse range of asset classes, including equities, bonds, cash, and alternatives, e.g., property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency. These investments are intended to provide a degree of protection against changes in the value of our plan’s liabilities related to changes in long-term expectations for interest rates and inflation expectations. Expected future payments under defined benefit pension plans, based on foreign exchange rates as of December 31, 2020, are as follows: ​
​ | ​ | ​ | ​
Expected Future Benefit Payments | ​ | ​ | ​
2021 |  | $ | 2,255
2022 | ​ | ​ | 1,972
2023 | ​ | ​ | 2,184
2024 | ​ | ​ | 2,891
2025 | ​ | ​ | 2,301
2026 - 2030 | ​ | ​ | 49,098
​

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