Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plan (Tables)

v3.20.4
Employee Retirement Plan (Tables)
 12 Months Ended
Dec. 31, 2020
Postemployment Benefits [Abstract]  
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan The vested benefit obligation for a defined-benefit pension or other retirement plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee's expected date of separation or retirement.
December 31, 2020
(in thousands)
Changes in projected benefit obligation:
Projected benefit obligation, beginning of period $ — 
Projected benefit obligation assumed in acquisition 13,274 
Service cost 157 
Interest cost 59 
Actuarial (gain) loss (1,172)
Benefits paid (786)
Currency exchange rate changes 490 
Projected benefit obligation, end of period 12,022 
Changes in fair value of plan assets:
Fair value of plan assets, beginning of period — 
Plan assets transferred from acquisition 5,417 
Currency exchange rate changes 217 
Fair value of plan assets, end of period 5,634 
Net unfunded status $ 6,388 
Amounts recognized in the Consolidated Balance Sheets
Other long-term liabilities $ 6,388 
Accumulated other comprehensive (income) loss, before tax $ (1,172)
Schedule of Expected Benefit Payments
The estimated benefit payments over the next five years and beyond are as follows:
Estimated Future Benefit Payments
(in thousands)
2021 $ — 
2022 — 
2023 20 
2024 48 
2025 48 
Thereafter 762 
879 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets
As of December 31, 2020, all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. As of December 31, 2020, the accumulated benefit obligations were $11.1 million for the pension plans.

December 31, 2020
(in thousands)
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 11,127 
Plan assets $ 5,634 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 12,022 
Plan assets $ 5,634 
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets
As of December 31, 2020, all plans had accumulated benefit obligations and projected benefit obligations in excess of plan assets. As of December 31, 2020, the accumulated benefit obligations were $11.1 million for the pension plans.

December 31, 2020
(in thousands)
Plans with accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation $ 11,127 
Plan assets $ 5,634 
Plans with projected benefit obligation in excess of plan assets
Projected benefit obligation $ 12,022 
Plan assets $ 5,634 
Defined Benefit Plan, Assumptions
December 31, 2020
(in thousands)
Weighted average actuarial assumptions used to determine benefit obligations
Discount rate
0.5% - 0.6%
Rate of compensation increase
2.6% - 3.8%
Weighted average actuarial assumptions used to determine costs
Discount rate
0.5% - 0.6%
Expected long-term rate of return on plan assets 0.79  %
Rate of compensation increase
2.6% - 3.8%