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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2021
Compensation And Retirement Disclosure [Abstract] |
Employee benefit plans | Note 11 - Employee benefit plans: Defined contribution plans - We maintain various defined contribution pension plans. Company contributions are based on matching or other formulas. Defined contribution plan expense approximated $3.2 million in 2019, $3.0 million in 2020 and $3.7 million in 2021. Defined benefit pension plans - We maintain a defined benefit pension plan in the U.S. We also maintain a plan in the United Kingdom (U.K.) related to a former disposed business unit in the U.K. The benefits under our defined benefit plans are based upon years of service and employee compensation. The plans are closed to new participants and no additional benefits accrue to existing plan participants. Our funding policy is to contribute annually the minimum amount required under ERISA (or equivalent non-U.S.) regulations plus additional amounts as we deem appropriate. In accordance with applicable U.K. pension regulations, we entered into an agreement in March 2021 for the bulk annuity purchase, or “buy-in” with a specialist insurer of defined benefit pension plans. Following the buy-in, individual policies will replace the bulk annuity policy in a “buy-out” which is expected to be completed in 2022. The buy-out is expected to be completed with existing plan funds. At the completion of the buy-out we will remove the assets and liabilities of the U.K. pension plan from our Consolidated Financial Statements and a plan settlement gain or loss (which we are currently unable to estimate) will be included in net periodic pension cost. At December 31, 2021, the U.K. plan had a benefit obligation of $10.1 million, plan assets of $11.5 million and a pension plan asset of $1.4 million was recognized in our Consolidated Balance Sheet. We expect to contribute approximately $1.2 million to our defined benefit pension plans during 2022. Benefit payments to all plan participants out of plan assets are expected to be the equivalent of: ​
​ | ​ | ​ | ​
Years ending December 31, |  | Amount
​ | ​ | (In thousands)
2022 | ​ | $ | 3,689
2023 | ​ |  | 3,647
2024 | ​ |  | 3,570
2025 | ​ |  | 3,493
2026 | ​ |  | 3,435
Next 5 years | ​ |  | 15,885
​ The funded status of our defined benefit pension plans is presented in the table below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2020 |  | 2021
​ | ​ | (In thousands)
Change in projected benefit obligations (PBO): | ​ | ​ | ​ | ​ | ​ | ​
Benefit obligations at beginning of the year | ​ | $ | 50,350 | ​ | $ | 52,873
Interest cost | ​ |  | 1,483 | ​ |  | 947
Actuarial losses | ​ |  | 4,353 | ​ |  | 295
Change in currency exchange rates | ​ |  | 307 | ​ |  | (73)
Benefits paid | ​ |  | (3,620) | ​ |  | (3,675)
Benefit obligations at end of the year | ​ |  | 52,873 | ​ |  | 50,367
​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: | ​ |  |  | ​ |  |
Fair value of plan assets at beginning of the year | ​ |  | 46,313 | ​ |  | 50,260
Actual return on plan assets | ​ |  | 5,308 | ​ |  | 226
Employer contributions | ​ |  | 1,841 | ​ |  | 1,169
Change in currency exchange rates | ​ |  | 418 | ​ |  | (40)
Benefits paid | ​ |  | (3,620) | ​ |  | (3,675)
Fair value of plan assets at end of year | ​ |  | 50,260 | ​ |  | 47,940
Funded status | ​ | $ | (2,613) | ​ | $ | (2,427)
​ | ​ | ​ | ​ | ​ | ​ | ​
Amounts recognized in the balance sheet: | ​ |  |  | ​ |  |
Noncurrent pension asset | ​ | $ | 3,881 | ​ | $ | 1,356
Accrued pension costs: | ​ |  |  | ​ |  | ​
Current | ​ |  | (102) | ​ |  | (61)
Noncurrent | ​ |  | (6,392) | ​ |  | (3,722)
Total | ​ |  | (2,613) | ​ |  | (2,427)
​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated other comprehensive loss - actuarial losses, net | ​ |  | 28,209 | ​ |  | 28,265
Total | ​ | $ | 25,596 | ​ | $ | 25,838
​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated benefit obligations (ABO) | ​ | $ | 52,873 | ​ | $ | 50,367
​ The amounts shown in the table above for actuarial losses at December 31, 2020 and 2021 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, 2020 and 2021. The total net underfunded status of our defined benefit pension plans decreased from $2.6 million at December 31, 2020 to $2.4 million at December 31, 2021 due to the change in our PBO exceeding the change in plan assets during 2021. The decrease in our plan assets in 2021 was primarily attributable to lower net plan asset returns in 2021. The decrease in our PBO in 2021 was primarily attributable to actuarial gains due to the increase in discount rates from year end 2020. The table below details the changes in other comprehensive income (loss) during 2019, 2020 and 2021. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Years ended December 31,
​ |  | 2019 |  | 2020 |  | 2021
​ | ​ | (In thousands)
Changes in plan assets and benefit obligations recognized in other comprehensive income: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net actuarial gain (loss) arising during the year | ​ | $ | 1,330 | ​ | $ | (934) | ​ | $ | 1,618
Amortization of unrecognized net actuarial gain (loss) | ​ |  | 1,584 | ​ |  | 1,412 | ​ |  | (1,562)
Total | ​ | $ | 2,914 | ​ | $ | 478 | ​ | $ | 56
​ The components of our net periodic defined benefit pension cost are presented in the table below. The amounts shown below for recognized actuarial losses in 2019, 2020 and 2021, net of deferred income taxes, was recognized as a component of our accumulated other comprehensive income at December 31, 2018, 2019 and 2020, respectively. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2019 |  | 2020 |  | 2021
​ | ​ | (In thousands)
Net periodic pension cost: |  | ​ |  |  | ​ |  |  | ​ |
Interest cost on PBO | ​ | $ | 1,884 | ​ | $ | 1,483 | ​ | $ | 947
Expected return on plan assets | ​ |  | (1,899) | ​ |  | (1,850) | ​ |  | (1,603)
Recognized actuarial losses | ​ |  | 1,584 | ​ |  | 1,412 | ​ |  | 1,562
Total | ​ | $ | 1,569 | ​ | $ | 1,045 | ​ | $ | 906
​ 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,
​ |  | 2020 |  | 2021
​ | ​ | (In thousands)
PBO at end of the year: | ​ | ​ | ​ | ​ | ​ | ​
U.S. plan | ​ | $ | 43,754 | ​ | $ | 40,254
U.K. plan | ​ |  | 9,119 | ​ |  | 10,113
Total | ​ | $ | 52,873 | ​ | $ | 50,367
Fair value of plan assets at end of the year: | ​ | ​ | ​ | ​ | ​ | ​
U.S. plan | ​ | $ | 37,260 | ​ | $ | 36,471
U.K. plan | ​ |  | 13,000 | ​ |  | 11,469
Total | ​ | $ | 50,260 | ​ | $ | 47,940
​ | ​ | ​ | ​ | ​ | ​ | ​
Plans for which the ABO exceeds plan assets (only our U.S. plan): | ​ | ​ | ​ | ​ | ​ | ​
PBO | ​ | $ | 43,754 | ​ | $ | 40,254
ABO | ​ |  | 43,754 | ​ |  | 40,254
Fair value of plan assets | ​ |  | 37,260 | ​ |  | 36,471
​ The weighted-average discount rate assumptions used in determining the actuarial present value of our benefit obligations as of December 31, 2020 and 2021 are 2.1% and 2.3%, respectively. Such weighted-average rates were determined using the projected benefit obligations at each date. Since our plans are closed to new participants and no new additional benefits accrue to existing plan participants, assumptions regarding future compensation levels are not applicable. Consequently, the accumulated benefit obligations for all of our defined benefit pension plans were equal to the projected benefit obligations at December 31, 2020 and 2021. The weighted-average rate assumptions used in determining the net periodic pension cost for 2019, 2020 and 2021 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 |  | 2019 |  | 2020 |  | 2021 |
Discount rate |  | 3.9 | % | 2.9 | % | 2.1 | %
Long-term rate of return on plan assets |  | 4.7 | % | 4.2 | % | 3.3 | %
​ Variances from actuarially assumed rates will result in increases or decreases in accumulated pension obligations, pension expense and funding requirements in future periods. In determining the expected long-term rate of return on our U.S. and non-U.S. plan asset assumptions, we consider the long-term asset mix (e.g. equity vs. fixed income) for the assets for each of our plans and the expected long-term rates of return for such asset components. In addition, we receive third-party advice about appropriate long-term rates of return. In the U.S. we currently have a plan asset target allocation of 33% to equity securities, 59% to fixed income securities, and the remainder is allocated to multi-asset strategies. The expected long-term rate of return for such investments is approximately 9%, 3% and 2%, respectively (before plan administrative expenses). Approximately 94% of our U.S. plan assets are invested in funds that are valued at net asset value (NAV) and, in accordance with ASC 820-10, not subject to classification in the fair value hierarchy. The non-U.S. plan assets are invested primarily in insurance contracts and are a Level 3 input. We regularly review our actual asset allocation for each plan, and will periodically rebalance the investments in each plan to more accurately reflect the targeted allocation and/or maximize the overall long-term return when considered appropriate. The composition of our pension plan assets by fair value level at December 31, 2020 and 2021 is shown in the table below. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted prices | ​ | Significant other | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in active | ​ | observable | ​ | unobservable | ​ | Assets measured
​ |  | Total |  | markets (Level 1) |  | inputs (Level 2) |  | inputs (Level 3) |  | 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
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | Quoted prices | ​ | Significant other | ​ | Significant | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | in active | ​ | observable | ​ | unobservable | ​ | Assets measured
​ |  | Total |  | markets (Level 1) |  | inputs (Level 2) |  | inputs (Level 3) |  | at NAV
​ | ​ | (In thousands)
December 31, 2021: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
U.S. | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Equities | ​ | $ | 12,951 | ​ | $ | 831 | ​ | $ | — | ​ | $ | 108 | ​ | $ | 12,012
Fixed income | ​ | ​ | 21,299 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 21,299
Cash and other | ​ | ​ | 2,221 | ​ | ​ | 1,352 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 869
U.K. - Other | ​ | ​ | 11,469 | ​ | ​ | 1,324 | ​ | ​ | — | ​ | ​ | 10,145 | ​ | ​ | —
Total | ​ | $ | 47,940 | ​ | $ | 3,507 | ​ | $ | — | ​ | $ | 10,253 | ​ | $ | 34,180
​ ​ As noted above, in March 2021 we purchased a bulk annuity for our U.K. pension plan and such annuity is considered a Level 3 asset included with “U.K. – Other” in the table above.

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