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Pension and Other Post Retirement Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract] |
Components of Net Periodic Benefit Cost for Company's Defined Benefit Plans | The components of net periodic benefit cost for the Company’s defined benefit plans for the years ended December 31, 2021, 2020 and 2019 were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | Year Ended December 31, |  |  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |  |  | 2021 |  |  | 2020 |  |  | 2019 |
Net periodic benefit cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Service cost |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost |  |  | 42 |  |  |  | 85 |  |  |  | 127 |  |  |  | 91 |  |  |  | 88 |  |  |  | 147 |
Expected return on plan assets |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (120 | ) |  |  | (121 | ) |  |  | (126 | )
Amortization of prior service cost and actuarial loss |  |  | 26 |  |  |  | 7 |  |  |  | — |  |  |  | 133 |  |  |  | 124 |  |  |  | 72 |
Net periodic benefit cost |  | $ | 68 |  |  | $ | 92 |  |  | $ | 127 |  |  | $ | 104 |  |  | $ | 91 |  |  | $ | 93 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.20 | % |  |  | 2.40 | % |  |  | 3.65 | % |  |  | 1.08 | % |  |  | 1.06 | % |  |  | 1.06 | %
Long-term return on assets |  | N/A |  |  | N/A |  |  | N/A |  |  |  | 2.90 | % |  |  | 3.10 | % |  |  | 3.10 | %
Reconciliation of Change in Benefit Obligation, Change in Plan Assets and Balance Sheet Classification | A reconciliation of the change in benefit obligation and the change in plan assets for the years ended December 31, 2021 and 2020 is as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 3,847 |  |  | $ | 3,871 |  |  | $ | 8,934 |  |  | $ | 8,353 |
Interest cost |  |  | 42 |  |  |  | 85 |  |  |  | 91 |  |  |  | 88 |
Paid pension distributions |  |  | (342 | ) |  |  | (342 | ) |  |  | (310 | ) |  |  | (294 | )
Actuarial (gain) loss |  |  | (101 | ) |  |  | 233 |  |  |  | 9 |  |  |  | 40 |
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | (622 | ) |  |  | 747 |
Balance at end of year |  | $ | 3,446 |  |  | $ | 3,847 |  |  | $ | 8,102 |  |  | $ | 8,934 |
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of year |  |  | — |  |  |  | — |  |  |  | 4,276 |  |  |  | 3,825 |
Actual return on plan assets |  |  | — |  |  |  | — |  |  |  | 98 |  |  |  | 96 |
Contributions |  |  | — |  |  |  | — |  |  |  | 310 |  |  |  | 294 |
Paid pension distributions |  |  | — |  |  |  | — |  |  |  | (310 | ) |  |  | (294 | )
Exchange rate impact |  |  | — |  |  |  | — |  |  |  | (305 | ) |  |  | 355 |
Balance at end of year |  | $ | — |  |  | $ | — |  |  | $ | 4,069 |  |  | $ | 4,276 |
Underfunded Status |  | $ | (3,446 | ) |  | $ | (3,847 | ) |  | $ | (4,033 | ) |  | $ | (4,658 | )
Balance sheet classification: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  | $ | (342 | ) |  | $ | (342 | ) |  | $ | (306 | ) |  | $ | — |
Pension benefit obligation |  |  | (3,104 | ) |  |  | (3,505 | ) |  |  | (3,727 | ) |  |  | (4,658 | )
Accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial losses |  |  | 575 |  |  |  | 701 |  |  |  | 3,288 |  |  |  | 3,644 |
Assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 1.80 | % |  |  | 1.20 | % |  |  | 1.25 | % |  |  | 1.08 | %
Summary of Pre-tax Amounts in AOCI Expected to Be Recognized in Net Periodic Benefit Cost | Pre-tax amounts included in AOCI that are expected to be recognized in net periodic benefit cost during the year ended December 31, 2022 are as follows:
|  | U.S Plan |  |  | German Plan |
Actuarial losses |  | $ | 21 |  |  | $ | 124 |
Summary of Accumulated Benefit Obligations | The accumulated benefit obligations were as follows:
|  | U.S. Plan |  |  | German Plan |
|  | As of December 31, |  |  | As of December 31, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Accumulated benefit obligation |  | $ | 3,446 |  |  | $ | 3,847 |  |  | $ | 8,102 |  |  | $ | 8,934 |
Schedule of Future Expected Pension Payments | The schedule of future expected pension payments is as follows:
|  | Projected Pension Benefit Payments |
Year |  | U.S Plan |  |  | German Plan |
2022 |  | $ | 342 |  |  | $ | 306 |
2023 |  |  | 342 |  |  |  | 316 |
2024 |  |  | 342 |  |  |  | 309 |
2025 |  |  | 342 |  |  |  | 301 |
2026 |  |  | 342 |  |  |  | 292 |
2027-2031 |  |  | 1,710 |  |  |  | 2,988 |
Total |  | $ | 3,420 |  |  | $ | 4,512 |

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- Definition Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (s) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of one or more of the entity's defined benefit pension plans or one or more other defined benefit postretirement plans, separately for pension plans and other postretirement benefit plans including the entity's schedule of fair value of plan assets for defined benefit or other postretirement plans. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 55 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2439-114920 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2410-114920 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e2417-114920 + Details
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