XML 35 R23.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Employee Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2021
Employee Benefit Plans |
Employee Benefit Plans | Note 16 – Employee Benefit Plans U.S. Plan We maintain a defined contribution pension plan for U.S. employees established pursuant to Section 401(k) of the Internal Revenue Code. The plan allows voluntary employee contributions and discretionary employer contributions. For the years ended December 31, 2021, 2020, and 2019, we expensed contributions of $0.3 million, $0.3 million, and $0.3 million, respectively. Non-U.S. Plans We are subject to national mandatory pension systems and other compulsory plans, or make contributions to social pension funds based on local regulations. When our obligation is limited to the payment of the contribution into these plans or funds, the recognition of such liabilities is not required. In addition, we have, in some countries, defined benefit plans consisting of final retirement salary and committed pension payments. In Switzerland, the pension plan is a cash balance plan where contributions are expressed as a percentage of the pensionable salary. Contributions to Swiss plans are paid by the employees and the employer. The pension plan guarantees the amount accrued on the members’ savings accounts, as well as a minimum interest on those savings accounts. The plan assets are held in guaranteed investment contracts. We also maintain a pension plan for our Belgian employees, in compliance with Belgian law. Contributions to Belgium plans are paid by the employees and the employer. Certain features of the plans require them to be categorized as defined benefit plans under ASC 715 due to Belgian social legislation, which prescribed a minimum annual return of 1.8% on employer contributions and 1.8% for employee contributions. The plan assets are held in guaranteed investment contracts. The Company also includes a liability related to obligations to provide retirement benefits to employees who retire from the Company’s French subsidiary, as required by law. Per French regulations, each employee is entitled to a lump sum payment upon retirement based on years of service and salary at retirement. Benefit rights vest upon the statutory retirement age of 62. The obligation recorded represents the present value of amounts the Company expects to pay. Components of net periodic pension cost included in earnings: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2021 |  | 2020 |  | 2019
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost (gross) | ​ | $ | 1,587 | ​ | $ | 1,549 | ​ | $ | 1,164
Interest cost | ​ | ​ | 53 | ​ | ​ | 106 | ​ | ​ | 234
Expected return on plan assets | ​ | ​ | (302) | ​ | ​ | (271) | ​ | ​ | (242)
Amortization of unrecognized actuarial gain | ​ | ​ | (12) | ​ | ​ | (40) | ​ | ​ | (22)
Net periodic pension cost | ​ | $ | 1,326 | ​ | $ | 1,344 | ​ | $ | 1,134
​ The net unfunded status of the Non-U.S. pension plans is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2021 |  | 2020
Fair value of plan assets | ​ | $ | 17,394 | ​ | $ | 17,290
Projected benefit obligation | ​ | ​ | (24,855) | ​ | ​ | (27,431)
Net unfunded benefit obligation | ​ | $ | (7,461) | ​ | $ | (10,141)
​ Net unfunded benefit obligation is recorded as other long-term liabilities in our consolidated Balance Sheets. The change in the fair value of plan assets is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets at January 1 | ​ | $ | 17,290 | ​ | $ | 14,159
Employee contributions | ​ | ​ | 499 | ​ | ​ | 512
Actual return on plan assets | ​ | ​ | 46 | ​ | ​ | 441
Benefits (paid), net of transfers | ​ | ​ | (492) | ​ | ​ | (251)
Employer contributions | ​ | ​ | 1,049 | ​ | ​ | 1,088
Foreign exchange adjustment | ​ | ​ | (998) | ​ | ​ | 1,341
Fair value of plan assets at December 31 | ​ | $ | 17,394 | ​ | $ | 17,290
​ The change in benefit obligations is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
​ |  | 2021 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligations at January 1 | ​ | $ | 27,431 | ​ | $ | 21,759
Gross service cost | ​ | ​ | 1,587 | ​ | ​ | 1,549
Interest cost | ​ | ​ | 53 | ​ | ​ | 106
Employee contributions | ​ | ​ | 499 | ​ | ​ | 512
Actuarial (gains)/losses | ​ | ​ | (2,185) | ​ | ​ | 1,694
Plan amendment | ​ | ​ | (432) | ​ | ​ | —
Benefits (paid), net of transfers | ​ | ​ | (492) | ​ | ​ | (251)
Foreign exchange adjustment | ​ | ​ | (1,606) | ​ | ​ | 2,062
Benefit obligations at December 31 | ​ | $ | 24,855 | ​ | $ | 27,431
​ The decrease in benefit obligations at December 31, 2021 compared to December 31, 2020 was primarily driven by service costs, actuarial gains and foreign exchange adjustments, driven by the weakened Euro and Swiss Franc currencies. The increase in benefit obligations at December 31, 2020 compared to December 31, 2019 was primarily driven by an increase in actuarial losses and the impact of foreign exchange adjustments. Our investment policy meets our responsibility under local social legislation and aligns plan assets with liabilities, while minimizing risk. For the years ended December 31, 2021 and 2020, plan assets are invested in guaranteed investment contracts. Fair value of guaranteed investment contracts is surrender value. Fair value for the year ended December 31, 2021 was determined using Level 3 inputs as defined by ASC 820, Fair Value Measurements. Changes in our plan assets are attributable to benefit payments and contributions as we have not actively traded our assets during the years ended December 31, 2021 and December 31, 2020. Other The accumulated benefit obligation for the plans were $22.9 million and $25.1 million as of December 31, 2021 and 2020, respectively. The Company expects to pay approximately $1.0 million of contributions over the next twelve months. The amounts reclassified out of other comprehensive income during the years ended December 31, 2021, 2020, and 2019 were not material. Actuarial Assumptions Certain actuarial assumptions such as the discount rate and the long-term rate of return on plan assets have a significant effect on the amounts reported for net periodic cost and the benefit obligation. The assumed discount rates reflect the prevailing market rates of a universe of high-quality, non-callable, corporate bonds currently available that, if the obligation were settled at the measurement date, would provide the necessary future cash flows to pay the benefit obligation when due. In determining the long-term return on plan assets, the Company considers long-term rates of return of comparable low risk investments, such as Euro AA bonds. The following weighted-average assumptions between all plans were utilized in the pension calculations: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2021 |  | 2020
​ | ​ | (%)
Discount rates | ​ | 0.20 | - | 0.90 | ​ | 0.05 | - | 0.60
Inflation | ​ | 0.90 | - | 1.90 | ​ | 0.90 | - | 1.80
Expected return on plan assets | ​ | 1.25 | - | 2.00 | ​ | 1.25 | - | 2.00
Rate of salary increases | ​ | 1.90 | - | 2.80 | ​ | 1.90 | - | 2.80
​ Projected future pension benefits as of December 31, 2021: ​
​ | ​ | ​ | ​
2022 |  | $ | 872
2023 | ​ |  | 719
2024 | ​ |  | 628
2025 | ​ |  | 769
2026 | ​ |  | 1,393
Beyond | ​ |  | 4,579
​

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for retirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section S99 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(i) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (o) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (p) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 3 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (q) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(1) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (l) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (r)(2) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration