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Employee Retirement Plans (Tables)

12 Months Ended

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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