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Employee Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Change in Benefit Obligations and Funded Status | The change in benefit obligations and funded status of our U.S. pension benefits is as follows (in thousands):
|  | U.S. Pension Benefits
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Accumulated benefit obligations at year end |  | $ | 12,578 |  |  | $ | 13,085 |  |  | $ | 11,232 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 13,085 |  |  | $ | 11,232 |  |  | $ | 10,591 |
Interest cost |  | 224 |  |  | 290 |  |  | 382 |
Plan settlement |  | (972) |  |  | (384) |  |  | (366) |
Actuarial loss |  | 527 |  |  | 2,225 |  |  | 871 |
Benefits paid |  | (286) |  |  | (278) |  |  | (246) |
Projected benefit obligation at end of year |  | $ | 12,578 |  |  | $ | 13,085 |  |  | $ | 11,232 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 8,688 |  |  | $ | 7,574 |  |  | $ | 6,767 |
Actual return on plan assets |  | 189 |  |  | 646 |  |  | 628 |
Employer contributions |  | 401 |  |  | 1,130 |  |  | 546 |
Plan settlement |  | (972) |  |  | (384) |  |  | (366) |
Benefits paid |  | (286) |  |  | (278) |  |  | (1) |
Fair value of plan assets at end of year |  | $ | 8,020 |  |  | $ | 8,688 |  |  | $ | 7,574 |
Funded status at end of year: |  |  |  |  |  |
Fair value of plan assets |  | $ | 8,020 |  |  | $ | 8,688 |  |  | $ | 7,574 |
Projected benefit obligations |  | 12,578 |  |  | 13,085 |  |  | 11,232 |
Underfunded status of the plans |  | 4,558 |  |  | 4,397 |  |  | 3,658 |
Recognized liability |  | $ | 4,558 |  |  | $ | 4,397 |  |  | $ | 3,658 |
Amounts recognized on the consolidated balance sheets consist of: |  |  |  |  |  |
Non-current liabilities |  | $ | 4,558 |  |  | $ | 4,397 |  |  | $ | 3,658 |
Recognized liability |  | $ | 4,558 |  |  | $ | 4,397 |  |  | $ | 3,658 |
The change in benefit obligations and funded status of our non-U.S. pension benefits is as follows (in thousands):
|  | Non-U.S. Pension Benefits
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Accumulated benefit obligations at year end |  | $ | 10,522 |  |  | $ | 12,091 |  |  | $ | 17,744 |
Change in projected benefit obligation: |  |  |  |  |  |
Projected benefit obligation at beginning of year |  | $ | 13,039 |  |  | $ | 18,087 |  |  | $ | 18,975 |
Service cost |  | 354 |  |  | 691 |  |  | 478 |
Interest cost |  | 56 |  |  | 121 |  |  | 232 |
Actuarial loss (gain) |  | (1,372) |  |  | (208) |  |  | 1,071 |
Benefits paid |  | (294) |  |  | (1,245) |  |  | (2,380) |
Reclassified to liabilities held for sale (1) |  | — |  |  | (6,012) |  |  | — |
Foreign currency exchange rate changes and other |  | (966) |  |  | 1,605 |  |  | (289) |
Projected benefit obligation at end of year |  | $ | 10,817 |  |  | $ | 13,039 |  |  | $ | 18,087 |
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  | $ | 2,816 |  |  | $ | 3,423 |  |  | $ | 3,341 |
Actual return on plan assets |  | 61 |  |  | 52 |  |  | (34) |
Employer contributions |  | 302 |  |  | 454 |  |  | 383 |
Benefits paid |  | (78) |  |  | (290) |  |  | (332) |
Reclassified to liabilities held for sale (1) |  | — |  |  | (1,018) |  |  | — |
Foreign currency exchange rate changes and other |  | 41 |  |  | 195 |  |  | 65 |
Fair value of plan assets at end of year |  | $ | 3,142 |  |  | $ | 2,816 |  |  | $ | 3,423 |
Funded status at end of year: |  |  |  |  |  |
Fair value of plan assets |  | $ | 3,142 |  |  | $ | 2,816 |  |  | $ | 3,423 |
Projected benefit obligations |  | 10,817 |  |  | 13,039 |  |  | 18,087 |
Underfunded status of the plans (2) |  | 7,675 |  |  | 10,223 |  |  | 14,664 |
Recognized liability |  | $ | 7,675 |  |  | $ | 10,223 |  |  | $ | 14,664 |
Amounts recognized on the consolidated balance sheets consist of: |  |  |  |  |  |
Non-current liabilities |  | $ | 7,675 |  |  | $ | 10,223 |  |  | $ | 14,664 |
Recognized liability |  | $ | 7,675 |  |  | $ | 10,223 |  |  | $ | 14,664 |
(1)Refer to “Note 4. Divestiture of Heart Valve Business.” (2)In certain non-U.S. countries, fully funding pension plans is not a common practice. Consequently, certain pension plans have been partially funded.
Schedule of Net Periodic Benefit Cost of the Plans | The tables below present net periodic benefit cost of the defined benefit pension plans by component (in thousands):
|  | U.S. Pension Benefits
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Interest cost |  | $ | 224 |  |  | $ | 290 |  |  | $ | 382 |
Expected return on plan assets |  | (358) |  |  | (318) |  |  | (298) |
Settlement and curtailment loss |  | 471 |  |  | 180 |  |  | — |
Amortization of net actuarial loss |  | 264 |  |  | 182 |  |  | 148 |
Net periodic benefit cost |  | $ | 601 |  |  | $ | 334 |  |  | $ | 232 |
|  | Non-U.S. Pension Benefits
|  | Year Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Service cost |  | $ | 354 |  |  | $ | 691 |  |  | $ | 478 |
Interest cost |  | 56 |  |  | 121 |  |  | 232 |
Expected return on plan assets |  | (61) |  |  | (52) |  |  | 34 |
Amortization of net actuarial loss (gain) |  | (1,372) |  |  | (208) |  |  | 1,071 |
Net periodic benefit cost |  | $ | (1,023) |  |  | $ | 552 |  |  | $ | 1,815 |
Schedule of Assumptions Used | Major actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our significant U.S. benefit plans as of December 31, 2021, 2020 and 2019, are presented in the following table:
|  | U.S. Pension Benefits
|  | 2021 |  | 2020 |  | 2019
Weighted-average assumptions used to determine benefit obligation: |  |  |  |  |  |
Discount rate |  | 2.41% |  | 1.91% |  | 2.88%
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |
Discount rate |  | 1.91% |  | 2.88% |  | 3.97%
Expected return on plan assets |  | 5.00% |  | 5.00% |  | 5.00%
Major actuarial assumptions used in determining the benefit obligations and net periodic benefit cost for our significant non-U.S. benefit plans as of December 31, 2021, 2020 and 2019, are presented in the following table:
|  | Non-U.S. Pension Benefits
|  | 2021 |  | 2020 |  | 2019
Weighted-average assumptions used to determine benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 0.15% | - | 1.00% |  | 0.23% | - | 0.35% |  | 0.20% | - | 0.71%
Rate of compensation increase |  | 2.50% | - | 3.00% |  | 2.50% | - | 3.00% |  | 2.50% | - | 3.00%
Weighted-average assumptions used to determine net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  | 0.15% | - | 1.00% |  | 0.23% | - | 0.35% |  | 0.20% | - | 0.71%
Rate of compensation increase |  | 2.50% | - | 3.00% |  | 2.50% | - | 3.00% |  | 2.50% | - | 3.00%
Schedule of Target Asset Allocation | The table below presents our U.S. pension plan target allocations by asset category as of December 31, 2021:
Equity securities |  | 29%
Debt securities |  | 70%
Other |  | 1%
Schedule of Fair Value of Retirement Benefit Plan Assets | The following tables provide information by level for the retirement benefit plan assets that are measured at fair value, as defined by U.S. GAAP (in thousands):
|  | Fair Value as of December 31, 2021 |  | Fair Value Measurement Using Inputs Considered as:
|  |  | Level 1 |  | Level 2 |  | Level 3
Equity mutual funds |  | $ | 2,341 |  |  | $ | — |  |  | $ | 2,341 |  |  | $ | — |
Fixed income mutual funds |  | 5,587 |  |  | — |  |  | 5,587 |  |  | — |
Money market funds and cash |  | 82 |  |  | 82 |  |  | — |  |  | — |
|  | $ | 8,010 |  |  | $ | 82 |  |  | $ | 7,928 |  |  | $ | — |
|  | Fair Value as of December 31, 2020 |  | Fair Value Measurement Using Inputs Considered as:
|  |  | Level 1 |  | Level 2 |  | Level 3
Equity mutual funds |  | $ | 2,405 |  |  | $ | — |  |  | $ | 2,405 |  |  | $ | — |
Fixed income mutual funds |  | 5,788 |  |  | — |  |  | 5,788 |  |  | — |
Money market funds |  | 94 |  |  | 94 |  |  | — |  |  | — |
|  | $ | 8,287 |  |  | $ | 94 |  |  | $ | 8,193 |  |  | $ | — |
Schedule of Expected Benefit Payments | Benefit payments, including amounts to be paid from our assets, and reflecting expected future service as of December 31, 2021, are expected to be paid as follows (in thousands):
|  | U.S. Plans |  | Non-U.S. Plans
2022 |  | 4,487 |  |  | 476 |
2023 |  | 744 |  |  | 738 |
2024 |  | 764 |  |  | 526 |
2025 |  | 928 |  |  | 572 |
2026 |  | 941 |  |  | 5,632 |
2027 - 2031 |  | 2,633 |  |  | 3,087 |

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