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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Schedule of Pension Benefit Plan Obligations and Funded Status

The pension benefit plan obligations and funded status as of December 31, 2020 and 2019, were as follows:

 

(In thousands)

 

2020

 

 

2019

 

Change in projected benefit obligation:

 

 

 

 

 

 

 

 

Projected benefit obligation at beginning of period

 

$

43,902

 

 

$

37,245

 

Service cost

 

 

1,270

 

 

 

1,471

 

Interest cost

 

 

444

 

 

 

634

 

Actuarial (gain) loss - experience

 

 

(744

)

 

 

453

 

Actuarial loss - assumptions

 

 

2,458

 

 

 

5,091

 

Benefit payments

 

 

(509

)

 

 

(166

)

Effects of foreign currency exchange rate changes

 

 

4,106

 

 

 

(826

)

Projected benefit obligation at end of period

 

 

50,927

 

 

 

43,902

 

Change in plan assets:

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

28,016

 

 

 

24,159

 

Actual gain on plan assets

 

 

1,744

 

 

 

4,392

 

Contributions

 

 

24

 

 

 

 

Effects of foreign currency exchange rate changes

 

 

2,479

 

 

 

(535

)

Fair value of plan assets at end of period

 

 

32,263

 

 

 

28,016

 

Unfunded status at end of period

 

$

(18,664

)

 

$

(15,886

)

Summary of Net Amounts Recognized in Consolidated Balance Sheets for the Unfunded Pension Liability

The net amounts recognized in the Consolidated Balance Sheets for the unfunded pension liability as of December 31, 2020 and 2019 were as follows:

 

(In thousands)

 

2020

 

 

2019

 

Current liability

 

$

 

 

$

 

Pension liability

 

 

18,664

 

 

 

15,886

 

Total

 

$

18,664

 

 

$

15,886

 

Components of Net Periodic Pension Cost and Amounts Recognized Other Comprehensive Income (Loss)

The components of net periodic pension cost, other than the service cost component, are included in other income (expense), net in the Consolidated Statements of Income (Loss). The components of net periodic pension cost and amounts recognized in other comprehensive income (loss) for the years ended December 31, 2020, 2019 and 2018 were as follows:

 

(In thousands)

 

2020

 

 

2019

 

 

2018

 

Net periodic benefit cost:

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

1,270

 

 

$

1,471

 

 

$

1,193

 

Interest cost

 

 

444

 

 

 

634

 

 

 

727

 

Expected return on plan assets

 

 

(1,679

)

 

 

(1,392

)

 

 

(1,548

)

Amortization of actuarial losses

 

 

970

 

 

 

795

 

 

 

247

 

Net periodic benefit cost

 

 

1,005

 

 

 

1,508

 

 

 

619

 

Other changes in plan assets and benefit obligations

   recognized in other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial (gain) loss

 

 

1,784

 

 

 

2,488

 

 

 

5,638

 

Amortization of actuarial losses

 

 

(1,212

)

 

 

(771

)

 

 

(196

)

Amount recognized in other comprehensive income (loss)

 

 

572

 

 

 

1,717

 

 

 

5,442

 

Total recognized in net periodic benefit cost and other

   comprehensive income (loss)

 

$

1,577

 

 

$

3,225

 

 

$

6,061

 

Accumulated Other Comprehensive Income (Loss)

The amounts recognized in accumulated other comprehensive income (loss) as of December 31, 2020 and 2019 were as follows:

 

(In thousands)

 

2020

 

 

2019

 

Net actuarial loss

 

$

(13,545

)

 

$

(12,973

)

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

The weighted-average assumptions that were used to determine the net periodic benefit cost for the years ended December 31, 2020, 2019 and 2018 were as follows:

 

 

 

2020

 

 

2019

 

 

2018

 

Discount rate

 

 

1.00

%

 

 

1.75

%

 

 

2.13

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

 

 

2.00

%

Expected long-term rates of return

 

 

5.90

%

 

 

5.90

%

 

 

5.90

%

Weighted-Average Assumptions Used to Determine Benefit Obligation

 

The weighted-average assumptions that were used to determine the benefit obligation as of December 31, 2020 and 2019:

 

 

 

2020

 

 

2019

 

Discount rate

 

 

0.69

%

 

 

1.00

%

Rate of compensation increase

 

 

2.00

%

 

 

2.00

%

Schedule of Pension Benefit Payments Expected Future Service The following pension benefit payments, which reflect expected future service, as appropriate, are expected to be paid to participants:

 

(In thousands)

 

 

 

 

2021

 

$

714

 

2022

 

 

1,048

 

2023

 

 

1,348

 

2024

 

 

1,657

 

2025

 

 

1,621

 

2026 - 2030

 

 

7,615

 

Total

 

$

14,003

 

 

Schedule of Cash Equivalents and Investments Held at Fair Value

We have categorized our cash equivalents and our investments held at fair value into this hierarchy as follows:

 

 

 

Fair Value Measurements at December 31, 2020 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 

$

1,935

 

 

$

1,935

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

6,746

 

 

 

6,746

 

 

 

 

 

 

 

Government bonds

 

 

5,971

 

 

 

5,971

 

 

 

 

 

 

 

Emerging markets bonds

 

 

307

 

 

 

307

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global equity

 

 

11,638

 

 

 

11,638

 

 

 

 

 

 

 

Balanced fund

 

 

2,515

 

 

 

2,515

 

 

 

 

 

 

 

Emerging markets

 

 

1,848

 

 

 

1,848

 

 

 

 

 

 

 

Large cap value

 

 

198

 

 

 

198

 

 

 

 

 

 

 

Global real estate fund

 

 

799

 

 

 

799

 

 

 

 

 

 

 

Managed futures fund

 

 

306

 

 

 

306

 

 

 

 

 

 

 

Available-for-sale securities

 

 

30,328

 

 

 

30,328

 

 

 

 

 

 

 

Total

 

$

32,263

 

 

$

32,263

 

 

$

 

 

$

 

 

 

 

 

Fair Value Measurements at December 31, 2019 Using

 

(In thousands)

 

Fair Value

 

 

Quoted Prices

in Active

Markets for

Identical Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs

(Level 3)

 

Cash and cash equivalents

 

$

691

 

 

$

691

 

 

$

 

 

$

 

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bond funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

 

6,645

 

 

 

6,645

 

 

 

 

 

 

 

Corporate bonds

 

 

5,514

 

 

 

5,514

 

 

 

 

 

 

 

Emerging markets bonds

 

 

531

 

 

 

531

 

 

 

 

 

 

 

Equity funds:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global equity

 

 

11,071

 

 

 

11,071

 

 

 

 

 

 

 

Emerging markets

 

 

956

 

 

 

956

 

 

 

 

 

 

 

Balanced fund

 

 

863

 

 

 

863

 

 

 

 

 

 

 

Large cap value

 

 

312

 

 

 

312

 

 

 

 

 

 

 

Global real estate fund

 

 

902

 

 

 

902

 

 

 

 

 

 

 

Managed futures fund

 

 

531

 

 

 

531

 

 

 

 

 

 

 

Available-for-sale securities

 

 

27,325

 

 

 

27,325

 

 

 

 

 

 

 

Total

 

$

28,016

 

 

$

28,016

 

 

$

 

 

$

 

Fair Value of Assets Held by Trust and Amounts Payable to Plan Participants The fair value of the assets held by the Trust and the amounts payable to the plan participants as of December 31, 2020 and 2019 were as follows:

 

(In thousands)

 

2020

 

 

2019

 

Fair Value of Plan Assets

 

 

 

 

 

 

 

 

Long-term investments

 

$

23,891

 

 

$

21,698

 

Total Fair Value of Plan Assets

 

$

23,891

 

 

$

21,698

 

Amounts Payable to Plan Participants

 

 

 

 

 

 

 

 

Deferred compensation liability

 

$

25,866

 

 

$

21,698

 

Total Amounts Payable to Plan Participants

 

$

25,866

 

 

$

21,698