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Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Defined Benefit Pension Plans |
Defined Benefit Plan Disclosure |
Schedule of Benefit Plans Disclosures | The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |  |  |  |  |
Benefit obligation at beginning of period |  | $ | 91,937 |  |  | $ | 82,726 |  |  | $ | 22,210 |  |  | $ | 19,673 |
Service cost |  | — |  |  | 769 |  |  | — |  |  | 1,080 |
Interest cost |  | 2,210 |  |  | 2,665 |  |  | 255 |  |  | 299 |
Participant contributions |  | — |  |  | — |  |  | — |  |  | 112 |
Plan curtailments |  | — |  |  | — |  |  | — |  |  | (1,603) |
Plan settlements |  | (1,795) |  |  | (1,455) |  |  | (21,622) |  |  | — |
Benefits paid |  | (2,069) |  |  | (1,511) |  |  | — |  |  | (213) |
Expenses paid |  | — |  |  | — |  |  | — |  |  | (60) |
Actuarial (gains) losses |  | (3,818) |  |  | 8,743 |  |  | — |  |  | 949 |
Translation adjustment |  | — |  |  | — |  |  | (843) |  |  | 1,973 |
Benefit obligation at end of the period |  | $ | 86,465 |  |  | $ | 91,937 |  |  | $ | — |  |  | $ | 22,210 |
Change in plan assets: |  |  |  |  |  |  |  |
Fair value of plan assets at beginning of period |  | $ | 80,395 |  |  | $ | 69,450 |  |  | $ | 22,210 |  |  | $ | 18,365 |
Actual return on plan assets |  | 6,383 |  |  | 11,539 |  |  | 255 |  |  | 1,238 |
Employer contributions |  | — |  |  | 2,372 |  |  | — |  |  | 820 |
Employee contributions |  | — |  |  | — |  |  | — |  |  | 112 |
Plan settlements |  | (1,795) |  |  | (1,455) |  |  | (21,622) |  |  | — |
Benefits paid |  | (2,069) |  |  | (1,511) |  |  | — |  |  | (213) |
Expenses paid |  | — |  |  | — |  |  | — |  |  | (60) |
Translation adjustment |  | — |  |  | — |  |  | (843) |  |  | 1,948 |
Fair value of plan assets at end of the period |  | $ | 82,914 |  |  | $ | 80,395 |  |  | $ | — |  |  | $ | 22,210 |
Funded status of the plans (underfunded) |  | $ | (3,551) |  |  | $ | (11,542) |  |  | $ | — |  |  | $ | — |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Noncurrent liability |  | (3,551) |  |  | (11,542) |  |  | — |  |  | — |
Accumulated other comprehensive income (loss) |  | (672) |  |  | 371 |  |  | — |  |  | (1,198) |
Net amount recognized |  | $ | (4,223) |  |  | $ | (11,171) |  |  | $ | — |  |  | $ | (1,198) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income (loss) consist of:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Net gain (loss) |  | 2,486 |  |  | (3,328) |  |  | — |  |  | (2,166) |
Gross amount recognized |  | 2,486 |  |  | (3,328) |  |  | — |  |  | (2,166) |
Deferred income taxes |  | (3,158) |  |  | 3,699 |  |  | — |  |  | 968 |
Net amount recognized |  | $ | (672) |  |  | $ | 371 |  |  | $ | — |  |  | $ | (1,198) |
Components of Net Periodic Expense | Components of net periodic benefit cost consist of:
|  | U.S. |  | Foreign
|  | Years ended December 31, |  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Service cost |  | $ | — |  |  | $ | 769 |  |  | $ | 978 |  |  | $ | — |  |  | $ | 1,080 |  |  | $ | 977 |
Interest cost |  | 2,210 |  |  | 2,665 |  |  | 3,099 |  |  | 255 |  |  | 299 |  |  | 355 |
Expected return on plan assets |  | (4,360) |  |  | (3,898) |  |  | (3,444) |  |  | (255) |  |  | (287) |  |  | (275) |
Amortization of net (gain) loss |  | — |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | — |
Settlement (gain) loss recognized |  | (26) |  |  | 78 |  |  | 49 |  |  | 2,084 |  |  | — |  |  | — |
Net periodic expense (benefit) |  | $ | (2,176) |  |  | $ | (386) |  |  | $ | 682 |  |  | $ | 2,084 |  |  | $ | 1,187 |  |  | $ | 1,057 |
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents selected information about the Company’s pension plans with accumulated benefit obligations in excess of plan assets:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation |  | $ | 86,465 |  |  | $ | 91,937 |  |  | $ | — |  |  | — |
Accumulated benefit obligation |  | 86,465 |  |  | 91,937 |  |  | — |  |  | — |
Fair value of plan assets |  | 82,914 |  |  | 80,395 |  |  | — |  |  | — |
Schedule of Projected Benefit Obligations in Excess of Fair Value of Plan Assets | The following table presents selected information about the Company’s pension plans with projected benefit obligations in excess of plan assets:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Projected benefit obligation |  | $ | 86,465 |  |  | $ | 91,937 |  |  | $ | — |  |  | — |
Fair value of plan assets |  | 82,914 |  |  | 80,395 |  |  | — |  |  | — |
Schedule of Assumptions Used | Significant weighted average assumptions used in determining the pension obligations include the following:
|  | U.S. |  | Foreign
|  | December 31, |  | December 31,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Discount rate |  | 2.90 | % |  | 2.50 | % |  | N/A |  | 1.20 | %
Rate of compensation increase(1) |  | N/A |  | N/A |  | N/A |  | 1.75 | %
Significant weighted average assumptions used in determining net periodic benefit cost include the following:
|  | U.S. |  | Foreign
|  | Years ended December 31, |  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
Discount rate |  | 2.50 | % |  | 3.4 | % |  | 4.37 | % |  | 1.20 | % |  | 1.50 | % |  | 2.30 | %
Rate of compensation increase(1) |  | N/A |  | 3.00 | % |  | 3.00 | % |  | 1.75 | % |  | 1.75 | % |  | 1.75 | %
Expected return on assets |  | 5.60 | % |  | 5.70 | % |  | 6.00 | % |  | 1.20 | % |  | 1.50 | % |  | 1.60 | %
(1) Includes only plans not frozen to benefit accruals for the respective periods.
Schedule of Allocation of Plan Assets | The following tables set forth by level, within the fair value hierarchy, plan assets at fair value:
|  | December 31, 2021
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents |  | $ | 202 |  |  | $ | 202 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
U.S. investment funds |  | 12,150 |  |  | 12,150 |  |  | — |  |  | — |
International investment funds |  | 7,816 |  |  | 7,816 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Government securities |  | 28,869 |  |  | 28,869 |  |  | — |  |  | — |
Corporate bonds |  | 33,877 |  |  | 33,877 |  |  | — |  |  | — |
Total |  | $ | 82,914 |  |  | $ | 82,914 |  |  | $ | — |  |  | $ | — |
|  | December 31, 2020
|  | Total |  | Level 1 |  | Level 2 |  | Level 3
Cash and cash equivalents |  | $ | 151 |  |  | $ | 151 |  |  | $ | — |  |  | $ | — |
Equity securities: |  |  |  |  |  |  |  |
U.S. investment funds |  | 28,040 |  |  | 28,040 |  |  | — |  |  | — |
International investment funds |  | 18,770 |  |  | 18,770 |  |  | — |  |  | — |
Fixed income securities: |  |  |  |  |  |  |  |
Government securities |  | 16,766 |  |  | 16,766 |  |  | — |  |  | — |
Corporate bonds |  | 16,668 |  |  | 16,668 |  |  | — |  |  | — |
Other: |  |  |  |  |  |  |  |
Insurance contracts |  | 22,210 |  |  | — |  |  | 22,210 |  |  | — |
Total |  | $ | 102,605 |  |  | $ | 80,395 |  |  | $ | 22,210 |  |  | $ | — |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year |  | Amount |  |
2022 |  | $ | 4,619 |  |  |
2023 |  | 4,544 |  |  |
2024 |  | 4,393 |  |  |
2025 |  | 4,266 |  |  |
2026 |  | 4,339 |  |  |
Years 2027-2031 |  | 22,707 |  |  |
Other Postretirement Benefits Plans |
Defined Benefit Plan Disclosure |
Schedule of Benefit Plans Disclosures | The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s other postretirement benefit plan as well as the components of net periodic benefit cost, including key assumptions:
|  | December 31,
|  | 2021 |  | 2020
Change in benefit obligation: |  |  |  |
Benefit obligation at beginning of period |  | $ | 650 |  |  | $ | 554 |
Interest cost |  | 17 |  |  | 19 |
Benefits paid |  | (1) |  |  | (2) |
Premiums paid |  | (2) |  |  | (3) |
Actuarial (gains) losses |  | (40) |  |  | 82 |
Benefit obligation at end of period |  | $ | 624 |  |  | $ | 650 |
Change in plan assets: |  |  |  |
Employer contributions |  | 3 |  |  | 5 |
Benefits paid |  | (1) |  |  | (2) |
Premiums paid |  | (2) |  |  | (3) |
Fair value of plan assets at end of period |  | $ | — |  |  | $ | — |
Funded status of the plan (underfunded) |  | $ | (624) |  |  | $ | (650) |
Schedule of Amounts Recognized in Balance Sheet | Amounts recognized in the consolidated balance sheets consist of:
|  | December 31,
|  | 2021 |  | 2020
Current liability |  | $ | (17) |  |  | $ | (16) |
Noncurrent liability |  | (607) |  |  | (634) |
Accumulated other comprehensive income |  | (59) |  |  | 238 |
Net amount recognized |  | $ | (683) |  |  | $ | (412) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Amounts recognized in accumulated other comprehensive income consist of:
|  | December 31,
|  | 2021 |  | 2020
Prior service credit |  | $ | 364 |  |  | $ | 596 |
Net gain |  | (114) |  |  | (159) |
Gross amount recognized |  | 250 |  |  | 437 |
Deferred income taxes |  | (309) |  |  | (199) |
Net amount recognized |  | $ | (59) |  |  | $ | 238 |
Components of Net Periodic Expense | Components of net periodic benefit cost consist of:
|  | Years ended December 31,
|  | 2021 |  | 2020 |  | 2019
Service cost |  | $ | — |  |  | $ | — |  |  | $ | 10 |
Interest cost |  | 17 |  |  | 19 |  |  | 29 |
Amortization of prior service credit |  | (232) |  |  | (232) |  |  | (157) |
Amortization of net loss (gain) |  | 5 |  |  | 1 |  |  | (11) |
Net periodic benefit |  | $ | (210) |  |  | $ | (212) |  |  | $ | (129) |
Schedule of Assumptions Used | Assumed health care cost trend rates were as follows:
|  | December 31,
|  | 2021 |  | 2020
Immediate trend rate |  | NA |  | NA
Ultimate trend rate |  | NA |  | NA
Year that the rate reaches ultimate trend rate |  | NA |  | NA
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
Year |  | Amount
2022 |  | $ | 17 |
2023 |  | 18 |
2024 |  | 19 |
2025 |  | 20 |
2026 |  | 21 |
Years 2025-2029 |  | 128 |

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