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Note 8 - Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Retirement Benefits [Text Block] |
| 8. | Employee Benefit Plans
Employee Retirement Savings Plans The Company sponsors various qualified employee retirement savings plans and makes discretionary contributions to match a certain portion of employee contributions. For the years ended December 31, 2022 and 2021, the Company contributed $1.1 million and $1.0 million, respectively, to these plans. Employee Pension Plans The Company’s subsidiary in the United Kingdom, Biochrom Limited maintains contributory, defined benefit pension plans for 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 pension plans be recognized in Company’s 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 Company records net period benefit expense (credit) as a component of other expense in the Consolidated Statement of Operations. The components of the Company’s net period benefit (credit) expense were as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Interest cost |  | $ | 371 |  |  | $ | 358 |
Expected return on plan assets |  |  | (818 | ) |  |  | (675 | )
Net amortization loss |  |  | 27 |  |  |  | 551 |
Recognition of net loss due to settlements |  |  | - |  |  |  | 115 |
Net periodic benefit (credit) cost |  | $ | (420 | ) |  | $ | 349 |
The following provides a reconciliation of the changes in the plans’ benefit obligations and fair value of assets for the years ended December 31, 2022 and 2021, and a statement of the funded status as of December 31, 2022 and 2021:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Change in benefit obligation: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 22,562 |  |  | $ | 25,519 |
Interest cost |  |  | 371 |  |  |  | 358 |
Actuarial (gain) loss |  |  | (6,912 | ) |  |  | (2,440 | )
Settlements due to transfers paid |  |  | - |  |  |  | (198 | )
Benefits paid |  |  | (592 | ) |  |  | (498 | )
Currency translation adjustment |  |  | (2,166 | ) |  |  | (179 | )
Balance at end of year |  | $ | 13,263 |  |  | $ | 22,562 |
Changes in the actuarial gain disclosed above are primarily the result of changes in the discount rate and inflation assumptions due to underlying market conditions.
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Change in fair value of plan assets: |  |  |  |  |  |  |  |
Balance at beginning of year |  | $ | 27,252 |  |  | $ | 23,926 |
Actual return on plan assets |  |  | (9,098 | ) |  |  | 3,354 |
Employer contributions |  |  | 619 |  |  |  | 1,042 |
Settlement due to transfers paid |  |  | - |  |  |  | (270 | )
Benefits paid |  |  | (592 | ) |  |  | (498 | )
Currency translation adjustment |  |  | (2,605 | ) |  |  | (302 | )
Balance at end of year |  | $ | 15,576 |  |  | $ | 27,252 |
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Benefit obligation |  | $ | 13,263 |  |  | $ | 22,562 |
Fair value of plan assets |  |  | 15,576 |  |  |  | 27,252 |
Net funded status |  | $ | 2,313 |  |  | $ | 4,690 |
The amounts recognized in the consolidated balance sheets consist of:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Other long-term assets |  | $ | 2,313 |  |  | $ | 4,690 |
Deferred income tax liabilities |  |  | (579 | ) |  |  | (891 | )
Recognized in accumulated other comprehensive loss |  | $ | 1,734 |  |  | $ | 3,799 |
The weighted average assumptions used in determining the net pension cost for these plans follows:
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Discount rate |  |  | 5.0 | % |  |  | 1.8 | %
Expected return on assets |  |  | 5.0 | % |  |  | 2.8 | %
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, 2022, 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 cost over the average remaining expected future working lifetime, which is approximately 8 years of active plan participants. The fair value and asset allocations of the Company’s pension benefits as of December 31, 2022 and 2021 measurement dates were as follows:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | $ | 3,507 |  |  |  | 23 | % |  | $ | 14,295 |  |  |  | 52 | %
Debt securities |  |  | 11,714 |  |  |  | 75 | % |  |  | 4,720 |  |  |  | 17 | %
Liability driven investment funds |  |  | - |  |  |  | - |  |  |  | 5,722 |  |  |  | 21 | %
Cash and cash equivalents |  |  | 185 |  |  |  | 1 | % |  |  | 1,907 |  |  |  | 7 | %
Other |  |  | 170 |  |  |  | 1 | % |  |  | 608 |  |  |  | 2 | %
Total |  | $ | 15,576 |  |  |  | 100 | % |  | $ | 27,252 |  |  |  | 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, 2022 and 2021, is as follows:
|  | December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |  | $ | 185 |  |  | $ | 1,907 |
Significant Other Observable Inputs (Level 2) |  |  | 15,391 |  |  |  | 25,345 |
Significant Other Unobservable Inputs (Level 3) |  |  | - |  |  |  | - |
Total |  | $ | 15,576 |  |  | $ | 27,252 |
Level 1 assets consist of cash and cash equivalents held in the pension plans. 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 approximately $0.6 million to its pension plans during 2023. The benefits expected to be paid from the pension plans are $0.7 million in 2023, $0.7 million in 2024, $0.8 million in 2025, $0.9 million in 2026 and $0.7 million in 2027. The expected benefits to be paid in the five years from 2028 to 2032 are $4.5 million. The expected benefits are based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2022.

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