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Employee Benefit Plans (Tables) - Defined Benefit Pension Plans

12 Months Ended

Dec. 31, 2020

Expected Benefit Payments

We expect to contribute approximately $1.2 million to our defined benefit pension plans during 2021.  Benefit payments to all plan participants out of plan assets are expected to be the equivalent of:

Years ending December 31,		Amount
		(In thousands)
2021		$	3,623
2022			3,625
2023			3,581
2024			3,501
2025			3,420
Next 5 years			15,913

Funded Status of Defined Benefit Plans

The funded status of our defined benefit pension plans is presented in the table below.

		December 31,
		2019					2020
		(In thousands)
Change in projected benefit obligations (PBO):
Benefit obligations at beginning of the year		$	49,249				$	50,350
Interest cost			1,884					1,483
Participant contributions			1					-
Actuarial losses			2,582					4,353
Change in currency exchange rates			260					307
Benefits paid			(3,626	)				(3,620	)
Benefit obligations at end of the year			50,350					52,873
Change in plan assets:
Fair value of plan assets at beginning of the year			40,626					46,313
Actual return on plan assets			5,752					5,308
Employer contributions			3,173					1,841
Participant contributions			1					-
Change in currency exchange rates			387					418
Benefits paid			(3,626	)				(3,620	)
Fair value of plan assets at end of year			46,313					50,260
Funded status		$	(4,037	)			$	(2,613	)
Amounts recognized in the balance sheet:
Noncurrent pension asset		$	4,294				$	3,881
Accrued pension costs:
Current			(101	)				(102	)
Noncurrent			(8,230	)				(6,392	)
Total			(4,037	)				(2,613	)
Accumulated other comprehensive loss - actuarial losses, net			28,687					28,209
Total		$	24,650				$	25,596
Accumulated benefit obligations (ABO)		$	50,350				$	52,873

Changes in Other Comprehensive Income (Loss)

The amounts shown in the table above for actuarial losses at December 31, 2019 and 2020 have not been recognized as components of our periodic defined benefit pension cost as of those dates.  These amounts will be recognized as components of our periodic defined benefit cost in future years.  These amounts, net of deferred

income taxes, are recognized in our accumulated other comprehensive income (loss) at December 31, 2019 and 2020.

The total net underfunded status of our defined benefit pension plans decreased from $4.0 million at December 31, 2019 to $2.6 million at December 31, 2020 due to the change in plan assets during 2020 exceeding the change in our PBO during 2020.  The increase in our plan assets in 2020 was primarily attributable to net plan asset returns in 2020 and employer contributions.  The increase in our PBO in 2020 was primarily attributable to actuarial losses due to the decrease in discount rates from year end 2019.  

The table below details the changes in other comprehensive income (loss) during 2018, 2019 and 2020.

		Years ended December 31,
		2018					2019					2020
		(In thousands)
Changes in plan assets and benefit obligations   recognized in other comprehensive income (loss):
Net actuarial gain (loss) arising during the year		$	(2,709	)			$	1,330				$	(934	)
Amortization of unrecognized net actuarial loss			1,937					1,584					1,412
Total		$	(772	)			$	2,914				$	478

Components of Net Periodic Defined Benefit Cost (Income)

The components of our net periodic defined benefit pension cost are presented in the table below.  The amount shown below for the amortization of unrecognized actuarial losses in 2018, 2019 and 2020, net of deferred income taxes, was recognized as a component of our accumulated other comprehensive income (loss) at December 31, 2017, 2018 and 2019, respectively.

		Years ended December 31,
		2018					2019					2020
		(In thousands)
Net periodic pension cost:
Interest cost on PBO		$	1,808				$	1,884				$	1,483
Expected return on plan assets			(3,043	)				(1,899	)				(1,850	)
Recognized actuarial losses			1,937					1,584					1,412
Total		$	702				$	1,569				$	1,045

Information Concerning Defined Benefit Pension Plans (Including Certain Plans for Which ABO Exceeds Fair Value of Plan Assets)

Certain information concerning our defined benefit pension plans (including information concerning certain plans for which ABO exceeds the fair value of plan assets as of the indicated date) is presented in the table below.

		December 31,
		2019					2020
		(In thousands)
PBO at end of the year:
U.S. plan		$	42,198				$	43,754
U.K. plan			8,152					9,119
Total		$	50,350				$	52,873
Fair value of plan assets at end of the year:
U.S. plan		$	33,867				$	37,260
U.K. plan			12,446					13,000
Total		$	46,313				$	50,260
Plans for which the ABO exceeds plan assets (only   our U.S. plan):
PBO		$	42,198				$	43,754
ABO			42,198					43,754
Fair value of plan assets			33,867					37,260

Summary of Assumptions Used to Determine Net Benefit Obligation

The weighted-average rate assumptions used in determining the net periodic pension cost for 2018, 2019 and 2020 are presented in the table below.  Such weighted-average discount rates were determined using the projected benefit obligations as of the beginning of each year and the weighted-average long-term return on plan assets was determined using the fair value of plan assets as of the beginning of each year.

		Years ended December 31,
Rate		2018					2019					2020
Discount rate			3.4	%				3.9	%				2.9	%
Long-term rate of return on plan assets			7.2	%				4.7	%				4.2	%

Schedule of composition of our pension plan assets by fair value level

The composition of our pension plan assets by fair value level at December 31, 2019 and 2020 is shown in the table below.  

		Fair Value Measurements
		Total				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Assets measured at NAV
		(In thousands)
December 31, 2019:
U.S.
Equities		$	13,439			$	3,789			$	-			$	439			$	9,211
Fixed income			16,290				16,290				-				-				-
Cash and other			4,138				3,197				-				-				941
U.K. - Other			12,446				12,446				-				-				-
Total		$	46,313			$	35,722			$	-			$	439			$	10,152

		Fair Value Measurements
		Total				Quoted prices in active markets (Level 1)				Significant other observable inputs (Level 2)				Significant unobservable inputs (Level 3)				Assets measured at NAV
		(In thousands)
December 31, 2020:
U.S.
Equities		$	14,636			$	2,158			$	-			$	538			$	11,940
Fixed income			18,747				18,747				-				-				-
Cash and other			3,877				3,052				-				-				825
U.K. - Other			13,000				13,000				-				-				-
Total		$	50,260			$	36,957			$	-			$	538			$	12,765

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