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BENEFIT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Summary of Changes in The Benefit Obligation and Plan Assets and The Plan Funded Status | The following table shows the changes in the benefit obligation and plan assets and the plan’s funded status.
|  | December 31, |
|  | 2021 |  |  | 2020 |
Change in Projected Benefit Obligation: |  |  |  |  |  |
Benefit obligation, January 1 |  | $ | 6,551 |  |  | $ | 5,993 |
Service cost |  |  | 143 |  |  |  | 159 |
Interest cost |  |  | 152 |  |  |  | 190 |
Benefits paid |  |  | (349 | ) |  |  | (339 | )
Expenses paid |  |  | (135 | ) |  |  | (142 | )
Actuarial (gain) loss |  |  | (258 | ) |  |  | 690 |
Benefit obligation, December 31 |  | $ | 6,104 |  |  | $ | 6,551 |
Change in Plan Assets: |  |  |  |  |  |
Fair value of plan assets, January 1 |  | $ | 4,756 |  |  | $ | 4,089 |
Actual return on plan assets |  |  | 499 |  |  |  | 559 |
Employer contributions |  |  | 471 |  |  |  | 589 |
Benefits paid from plan assets |  |  | (349 | ) |  |  | (339 | )
Expenses paid |  |  | (135 | ) |  |  | (142 | )
Fair value of plan net assets, December 31 |  | $ | 5,242 |  |  | $ | 4,756 |
Underfunded status at end of period |  | $ | (862 | ) |  | $ | (1,795 | )
Amounts recognized in the consolidated balance sheet: |  |  |  |  |  |
Current liabilities |  | $ | — |  |  | $ | — |
Non-current liabilities |  |  | (862 | ) |  |  | (1,795 | )
Net amount recorded |  | $ | (862 | ) |  | $ | (1,795 | )
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table shows the balances reflected in accumulated other comprehensive income on a pre-tax basis for the periods presented:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Amounts recognized in accumulated other comprehensive loss (pre-tax): |  |  |  |  |  |
Net actuarial loss |  | $ | 283 |  |  | $ | 822 |
Schedule of Pre Tax Amounts Recognized in Other Comprehensive Income | The pre-tax amounts recognized in other comprehensive income were as follows:
|  |  |  | For the years ended |
|  |  |  | December 31, 2021 |  |  | December 31, 2020 |
Actuarial (gain) loss arising during measurement period |  |  |  | $ | (513 | ) |  | $ | 386 |
Amortization of actuarial loss |  |  |  |  | (25 | ) |  |  | — |
Total recognized in other comprehensive (income) loss |  |  |  | $ | (538 | ) |  | $ | 386 |
Summary of The Components of Net Periodic Benefit Cost | The following summarizes the components of net periodic benefit cost for the defined benefit pension plan:
|  | For the years ended |
|  | December 31, 2021 |  |  | December 31, 2020 |  |  | December 31, 2019 |
Components of expense: |  |  |  |  |  |  |  |  |
Service cost |  | $ | 143 |  |  | $ | 159 |  |  | $ | 142 |
Interest cost |  |  | 152 |  |  |  | 190 |  |  |  | 231 |
Expected return on plan assets |  |  | (240 | ) |  |  | (255 | ) |  |  | (232 | )
Amortization of net loss |  |  | 25 |  |  |  | — |  |  |  | — |
Net periodic benefit cost |  | $ | 80 |  |  | $ | 94 |  |  | $ | 141 |
Schedule Of Defined Benefit Plan, Assumptions | Weighted-average assumptions used to determine net cost:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.38 | % |  |  | 3.25 | %
Expected return on plan assets |  |  | 6.35 | % |  |  | 6.35 | %
Schedule Of Weighted Average Assumptions for Benefit Obligation | Weighted-average assumptions used to determine the benefit obligation:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Discount rate |  |  | 2.78 | % |  |  | 2.38 | %
Schedule Of Fair Value of the Plan Assets and Target Asset Allocation | The fair value of the Plan assets at December 31, 2021 and 2020, by asset category, are as follows:
|  |  |  | For the years ended |
|  |  |  | December 31, 2021 |  |  | December 31, 2020 |
Common stock |  |  |  | $ | 789 |  |  | $ | 1,562 |
Mutual funds |  |  |  |  | 2,171 |  |  |  | 2,202 |
Corporate / government bonds |  |  |  |  | 2,354 |  |  |  | 982 |
Cash and cash equivalents |  |  |  |  | 20 |  |  |  | 10 |
Total |  |  |  | $ | 5,334 |  |  | $ | 4,756 |
Schedule Of Fair Value Of Pension Plan Assets | The fair value of Holley’s pension plan assets at December 31, 2021 and 2020, by asset category using the Fair Value measurement hierarchy is shown in the table below. See Note 1, “Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies,” for more details about fair value measurements.
|  | December 31, 2021 |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Common stock |  | $ | 789 |  |  | $ | 789 |  |  | $ | — |  |  | $ | — |
Mutual funds |  |  | 2,171 |  |  |  | 2,171 |  |  |  | — |  |  |  | — |
Corporate / government bonds |  |  | 2,354 |  |  |  | — |  |  |  | 2,354 |  |  |  | — |
Cash and cash equivalents |  |  | 20 |  |  |  | — |  |  |  | 20 |  |  |  | — |
Total |  | $ | 5,334 |  |  | $ | 2,960 |  |  | $ | 2,374 |  |  | $ | — |
|  | December 31, 2020 |
|  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Common stock |  | $ | 1,562 |  |  | $ | 1,562 |  |  | $ | — |  |  | $ | — |
Mutual funds |  |  | 2,202 |  |  |  | 2,022 |  |  |  | — |  |  |  | — |
Corporate / government bonds |  |  | 982 |  |  |  | — |  |  |  | 982 |  |  |  | — |
Cash and cash equivalents |  |  | 10 |  |  |  | — |  |  |  | 10 |  |  |  | — |
Total |  | $ | 4,756 |  |  | $ | 3,584 |  |  | $ | 992 |  |  | $ | — |
Schedule of Benefit Payments | Benefit payments are anticipated to be as follows:
2022 |  |  |  | $ | 372 |
2023 |  |  |  |  | 374 |
2024 |  |  |  |  | 371 |
2025 |  |  |  |  | 371 |
2026 |  |  |  |  | 371 |
2027 - 2031 |  |  |  |  | 1,850 |

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