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EMPLOYEE RETIREMENT PLANS AND POSTRETIREMENT BENEFITS | 12 Months Ended
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Dec. 31, 2021
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 permitted by law. Effective January 1, 2022, participants are immediately vested in both their own contributions and profit-sharing contributions. Profit-sharing contributions, which are discretionary, are approved by the Board of Directors. For the years ended December 31, 2021, 2020, and 2019 we based our profit-sharing contribution on matching 50% of employee contributions up to 6% of the employee’s compensation. During the years ended December 31, 2021, 2020, and 2019 we recognized total defined contribution plan costs of $3.1 million, $2.6 million, and $1.6 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, we make various assumptions, including discount rates used to value the obligation, expected return on plan assets used to fund these expenses, and estimated future inflation rates. We base these assumptions on historical experience as well as facts and circumstances. We use an actuarial analysis 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, for all periods presented, all related expenses are reported in discontinued operations in the Consolidated Statements of Operations. Our 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,
​ |  | 2021 |  | 2020
Projected benefit obligation, beginning of year | ​ | $ | 97,740 | ​ | $ | 83,262
Service cost | ​ |  | 1,282 | ​ |  | 1,068
Interest cost | ​ |  | 1,452 | ​ |  | 1,716
Actuarial (gain) loss | ​ |  | (8,682) | ​ |  | 7,591
Benefits paid | ​ |  | (2,010) | ​ |  | (1,199)
Translation adjustment | ​ |  | (4,006) | ​ |  | 5,302
Projected benefit obligation, end of year | ​ | $ | 85,776 | ​ | $ | 97,740
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of year | ​ | $ | 17,293 | ​ | $ | 14,903
Actual return on plan assets | ​ |  | 641 | ​ |  | 682
Contributions | ​ |  | 1,775 | ​ |  | 1,827
Benefits paid | ​ |  | (1,112) | ​ |  | (993)
Actuarial gain | ​ |  | 71 | ​ |  | 180
Translation adjustment | ​ |  | (147) | ​ |  | 694
Fair value of plan assets, end of year | ​ | $ | 18,521 | ​ | $ | 17,293
Funded status of plan | ​ | $ | (67,255) | ​ | $ | (80,447)
​ 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,
​ |  | 2021 |  | 2020 |  | 2019
Service cost | ​ | $ | 1,282 | ​ | $ | 1,068 | ​ | $ | 272
Interest cost | ​ | ​ | 1,452 | ​ | ​ | 1,716 | ​ | ​ | 1,211
Expected return on plan assets | ​ |  | (642) | ​ |  | (683) | ​ |  | (615)
Amortization of actuarial gains and losses | ​ |  | 820 | ​ |  | 459 | ​ |  | 411
Net periodic pension cost | ​ | $ | 2,912 | ​ | $ | 2,560 | ​ | $ | 1,279
​ Assumptions used in the determination of the net periodic pension cost are: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2021 |  | 2020 |  | 2019 |
Discount rate |  | 1.6 | % | 1.8 | % | 2.7 | %
Expected long-term return on plan assets |  | 3.2 | % | 3.7 | % | 4.6 | %
​ The fair value of our qualified pension plan assets by category was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Diversified Growth Fund | ​ | $ | — | ​ | $ | 12,249 | ​ | $ | — | ​ | $ | 12,249
Corporate Bonds | ​ |  | — | ​ | ​ | 4,640 | ​ | ​ | — | ​ | ​ | 4,640
Insurance Contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 984 | ​ | ​ | 984
Cash | ​ |  | 648 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 648
Total | ​ | $ | 648 | ​ | $ | 16,889 | ​ | $ | 984 | ​ | $ | 18,521
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
​ On December 31, 2021, our plan’s assets of $18.5 million were invested in cash plus three separate funds including, a diversified growth fund (66.1%), corporate bonds (25.1%), and insurance contracts (5.3%). The growth fund aims to generate an "equity-like" return over an economic cycle with significantly reduced volatility relative to equity markets and has the 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 during the next ten years for our defined benefit pension plans are as follows: ​
​ | ​ | ​ | ​
Year Ending December 31, |  | ​ | ​
2022 | ​ | $ | 1,778
2023 | ​ | ​ | 2,068
2024 | ​ | ​ | 2,847
2025 | ​ | ​ | 2,299
2026 | ​ | ​ | 5,395
2027 to 2031 | ​ | ​ | 18,739
​

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