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Accrued Severance Benefits | 6 Months Ended
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Jun. 30, 2022
Postemployment Benefits [Abstract] |
Accrued Severance Benefits | 9. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of June 30, 2022, 97% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands):
|  | Three Months Ended |  |  | Six Months Ended |  |  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, 2022 |  |  | June 30, 2021 |
Beginning balance |  | $ | 50,771 |  |  | $ | 51,567 |  |  | $ | 52,553 |  |  | $ | 54,452 |
Provisions |  |  | 1,570 |  |  |  | 3,240 |  |  |  | 1,736 |  |  |  | 3,507 |
Severance payments |  |  | (1,545 | ) |  |  | (2,934 | ) |  |  | (1,343 | ) |  |  | (2,836 | )
Translation adjustments |  |  | (3,210 | ) |  |  | (4,287 | ) |  |  | 159 |  |  |  | (2,018 | )
|  | 47,586 |  |  | 47,586 |  |  | 53,105 |  |  | 53,105 |
Less: Cumulative contributions to severance insurance deposit accounts |  |  | (16,894 | ) |  |  | (16,894 | ) |  |  | (13,316 | ) |  |  | (13,316 | )
The National Pension Fund |  |  | (44 | ) |  |  | (44 | ) |  |  | (59 | ) |  |  | (59 | )
Group severance insurance plan |  |  | (182 | ) |  |  | (182 | ) |  |  | (210 | ) |  |  | (210 | )
Accrued severance benefits, net |  | $ | 30,466 |  |  | $ | 30,466 |  |  | $ | 39,520 |  |  | $ | 39,520 |
The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits. The Company is liable to pay the following future benefits to its non-executive employees upon their normal retirement age (in thousands):
|  | Severance benefit |
Remainder of 2022 |  | $ | 237 |
2023 |  |  | 590 |
2024 |  |  | 864 |
2025 |  |  | 1,409 |
2026 |  |  | 1,973 |
2027 |  |  | 1,635 |
2028 – 2032 |  |  | 18,987 |
The above amounts were determined based on the non-executive employees’ current salary rates and the number of service years that will be accumulated upon their retirement dates. These amounts do not include amounts that might be paid to non-executive employees that will cease working with the Company before their normal retirement ages. Korea’s mandatory retirement age is 60 under the Employment Promotion for the Aged Act.

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- Definition The entire disclosure for postemployment benefits, which may include supplemental unemployment benefits, obligations recognized for all types of benefits provided to former or inactive employees, their beneficiaries, and covered dependents after employment but before retirement. Disclosure may also include discussion that an obligation for postemployment benefits is not accrued in accordance with regulation only because the amount cannot be reasonably estimated. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=6410195&loc=d3e80090-111668 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 712 -URI https://asc.fasb.org/topic&trid=2197446 + Details
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