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Defined Benefit Plan

6 Months Ended

Jun. 30, 2022

Retirement Benefits [Abstract]

Defined Benefit Plan

Defined Benefit Plan

In connection with the acquisition of Arnold, the company has a defined benefit plan covering substantially all of Arnold’s employees at its Lupfig, Switzerland location. The benefits are based on years of service and the employees’ highest average compensation during the specific period.

The unfunded liability of $0.5 million is recognized in the consolidated balance sheet as a component of other non-current liabilities at June 30, 2022. Net periodic benefit cost consists of the following for the three and six months ended June 30, 2022 and 2021 (in thousands):

			Three months ended June 30,												Six months ended June 30,
			2022						2021						2022						2021
Service cost			$	107					$	105					$	217					$	214
Interest cost			10						11						21						17
Expected return on plan assets			(18)						(18)						(37)						(37)
Amortization of unrecognized loss			(7)						(7)						(14)						2
Effect of curtailment			(28)						31						(31)						88
Net periodic benefit cost			$	64					$	122					$	156					$	284

During the six months ended June 30, 2022, per the terms of the pension agreement, Arnold contributed $0.2 million to the plan. For the remainder of 2022, the expected contribution to the plan will be approximately $0.1 million.

The plan assets are pooled with assets of other participating employers and are not separable; therefore, the fair values of the pension plan assets at June 30, 2022 were considered Level 3.

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- Definition

The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-URI http://asc.fasb.org/topic&trid=2228938

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 712
-URI http://asc.fasb.org/topic&trid=2197446

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 710
-URI http://asc.fasb.org/topic&trid=2127225

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

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- References

No definition available.

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