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Employee Benefits (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Reconciliation of Changes in Projected Benefit Obligation | The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2021 and 2020:
(in thousands) |  | 2021 |  | 2020
Reconciliation of benefit obligations: |  |  |  |
Obligations as of January 1 |  | $ | 10,391 |  |  | $ | 10,497 |
Service cost |  | 187 |  |  | 204 |
Interest cost |  | 130 |  |  | 84 |
Actuarial loss (gain) |  | (234) |  |  | (1,222) |
Benefit payments |  | (627) |  |  | (151) |
Effect of foreign currency exchange rate changes |  | (773) |  |  | 979 |
Benefit obligations as of December 31 |  | 9,074 |  |  | 10,391 |
Fair value of assets as of December 31 a |  | 3,577 |  |  | 3,844 |
Funded status as of December 31, net of tax benefit |  | $ | (5,497) |  |  | $ | (6,547) |
a.No change in underlying asset value for the periods.
Summary of Amounts Recognized in Consolidated Balance Sheets | We recognized the following amounts in the consolidated balance sheets at December 31, 2021 and 2020:
(in thousands) |  | 2021 |  | 2020
Other assets |  | $ | 3,577 |  |  | $ | 3,844 |
Accrued liabilities |  | (163) |  |  | (163) |
Other liabilities |  | (8,911) |  |  | (10,228) |
Net liability |  | $ | (5,497) |  |  | $ | (6,547) |
Schedule of Accumulated and Projected Benefit Obligations | The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2021 and 2020:
(in thousands) |  | 2021 |  | 2020
Projected benefit obligation |  | $ | 9,074 |  |  | $ | 10,391 |
Accumulated benefit obligation |  | $ | 8,635 |  |  | $ | 9,343 |
The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2021, 2020 and 2019:
(in thousands) |  | 2021 |  | 2020 |  | 2019
Net periodic benefit cost: |  |  |  |  |  |
Service cost |  | $ | 187 |  |  | $ | 204 |  |  | $ | 166 |
Interest cost |  | 130 |  |  | 84 |  |  | 151 |
Amortization of actuarial loss |  | 259 |  |  | 351 |  |  | 200 |
Total net periodic pension cost |  | 576 |  |  | 639 |  |  | 517 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |
Net (gain) loss |  | (234) |  |  | (1,223) |  |  | 1,815 |
Amortization of prior years' unrecognized loss |  | (259) |  |  | (351) |  |  | (200) |
Total recognized as accumulated other comprehensive income (loss), excluding tax |  | (493) |  |  | (1,574) |  |  | 1,615 |
Total expense recognized in net periodic benefit cost and other comprehensive income |  | $ | 83 |  |  | $ | (935) |  |  | $ | 2,132 |
Assumptions Used to Determine Benefit Obligations | The following assumptions are used to determine benefit obligations as of December 31, 2021 and 2020:
|  | 2021 |  | 2020
Discount rate |  | 1.2% |  | 1.3%
Rate of compensation |  | 3.0% |  | 3.0%
Summary of Estimated Future Benefit Payments | The following benefit payments, including expected future service cost, are expected to be paid:
(in thousands) |
Estimated future benefit payments: |
2022 | $ | 175 |
2023 | 181 |
2024 | 185 |
2025 | 187 |
2026 | 189 |
2027 through 2031 | $ | 1,439 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920 + Details
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