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Note 8 - Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Retirement Benefits [Text Block] |
| 8. | Employee Benefit Plans
The Company sponsors profit sharing retirement plans for its U.S. employees, which includes employee savings plans established under Section 401(k) of the U.S. Internal Revenue Code (the “401(k) Plans”). The 401(k) Plans cover substantially all full-time employees who meet certain eligibility requirements. Contributions to the 401(k) Plans are at the discretion of management. For each of the years ended December 31, 2020 and 2019, the Company contributed $0.7 million, respectively, to the 401(k) Plans. The Company’s subsidiary in the United Kingdom, Biochrom Limited maintains contributory, defined benefit or defined contribution pension plans for substantially all of its employees. In 2014, these defined benefit pension plans were closed to new employees, as well as closed to the future accrual of benefits for existing employees. The provisions of ASC 715-20 require that the funded status of the Company’s pension plans be recognized in its balance sheet. ASC 715-20 does not change the measurement or income statement recognition of these plans, although it does require that plan assets and benefit obligations be measured as of the balance sheet date. The Company has historically measured the plan assets and benefit obligations as of the balance sheet date. The components of the Company’s net period benefit (credit) expense were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Interest cost |  | $ | 391 |  |  | $ | 484 |
Expected return on plan assets |  |  | (733 | ) |  |  | (761 | )
Net amortization loss |  |  | 105 |  |  |  | 336 |
Recognition of net loss due to settlements |  |  | 22 |  |  |  | 228 |
Net periodic benefit (credit) cost |  | $ | (215 | ) |  | $ | 287 |
The measurement date is December 31 for these plans. The funded status of the Company’s defined benefit pension plans and the amount recognized in the consolidated balance sheets at December 31, 2020 and 2019 is as follows:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 20,027 |  |  | $ | 18,701 |
Interest cost |  |  | 391 |  |  |  | 484 |
Actuarial loss |  |  | 4,814 |  |  |  | 1,513 |
Settlements due to transfers paid |  |  | (205 | ) |  |  | (871 | )
Benefits paid |  |  | (476 | ) |  |  | (447 | )
Currency translation adjustment |  |  | 968 |  |  |  | 647 |
Balance at end of year |  | $ | 25,519 |  |  | $ | 20,027 |
Changes in the actuarial loss disclosed above are primarily the result of changes in the discount rate and inflation assumptions due to underlying market conditions.
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 21,114 |  |  | $ | 17,819 |
Actual return on plan assets |  |  | 1,690 |  |  |  | 3,172 |
Employer contributions |  |  | 901 |  |  |  | 831 |
Settlement due to transfers paid |  |  | (159 | ) |  |  | (931 | )
Benefits paid |  |  | (476 | ) |  |  | (447 | )
Currency translation adjustment |  |  | 856 |  |  |  | 670 |
Balance at end of year |  | $ | 23,926 |  |  | $ | 21,114 |
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Benefit obligation |  | $ | (25,519 | ) |  | $ | (20,027 | )
Fair value of plan asset |  |  | 23,926 |  |  |  | 21,114 |
Net funded status |  | $ | (1,593 | ) |  | $ | 1,087 |
The amounts recognized in the consolidated balance sheets consist of:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Other long term (liabilities) assets |  | $ | (1,593 | ) |  | $ | 1,087 |
Deferred income taxes |  |  | - |  |  |  | - |
Accumulated other comprehensive loss |  | $ | (1,593 | ) |  | $ | 1,087 |
The weighted average assumptions used in determining the net pension cost for these plans follows:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Discount rate |  |  | 1.4 | % |  |  | 2.02 | %
Expected return on assets |  |  | 3.45 | % |  |  | 3.84 | %
The discount rate assumptions used for pension accounting reflect the prevailing rates available on high-quality, fixed-income debt instruments with terms that match the average expected duration of the Company’s defined benefit pension plan obligations. The Company’s mix of pension plan investments among asset classes also affects the long-term expected rate of return on plan assets. As of December 31, 2020, the Company’s actual asset mix approximated its target mix. Differences between actual and expected returns are recognized in the calculation of net periodic pension (income)/cost over the average remaining expected future working lifetime, which is approximately 15 years of active plan participants. The fair value and asset allocations of the Company’s pension benefits as of December 31, 2020 and 2019 measurement dates were as follows:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 12,047 |  |  |  | 50 | % |  | $ | 11,534 |  |  |  | 55 | %
Debt securities |  |  | 4,605 |  |  |  | 19 | % |  |  | 3,919 |  |  |  | 19 | %
Liability driven investment funds |  |  | 5,168 |  |  |  | 22 | % |  |  | 3,615 |  |  |  | 17 | %
Cash and cash equivalents |  |  | 1,860 |  |  |  | 8 | % |  |  | 1,514 |  |  |  | 7 | %
Other |  |  | 246 |  |  |  | 1 | % |  |  | 532 |  |  |  | 3 | %
Total |  | $ | 23,926 |  |  |  | 100 | % |  | $ | 21,114 |  |  |  | 100 | %
Financial reporting standards define a fair value hierarchy that consists of three levels. The fair values of the plan assets by fair value hierarchy level as of December 31, 2020 and 2019 is as follows:
|  | December 31, |
(in thousands) |  | 2020 |  |  | 2019 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |  | $ | 1,860 |  |  | $ | 1,514 |
Significant Other Observable Inputs (Level 2) |  |  | 22,066 |  |  |  | 19,600 |
Significant Other Unobservable Inputs (Level 3) |  |  | - |  |  |  | - |
Total |  | $ | 23,926 |  |  | $ | 21,114 |
Level 1 assets consist of cash and cash equivalents held in the pension plans at December 31, 2020. The Level 2 assets primarily consist of investments in private investment funds that are valued using the net asset values provided by the trust or fund, including an insurance contract. Although these funds are not traded in an active market with quoted prices, the investments underlying the net asset value are based on quoted prices. The Company expects to contribute at least $1.0 million to its pension plans during 2021. The benefits expected to be paid from the pension plans are $0.6 million in 2021, $0.6 million in 2022, $0.7 million in 2023, $0.8 million in 2024 and $0.8 million in 2025. The expected benefits to be paid in the five years from 2026—2030 are $4.7 million. The expected benefits are based on the same assumptions.

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