Employee Retirement Plans (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Retirement Benefits [Abstract] |
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| Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan |
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December 31, 2021 |
|
December 31, 2020 |
|
(in thousands) |
| Changes in projected benefit obligation: |
|
|
|
| Projected benefit obligation, beginning of period |
$ |
12,022 |
|
|
$ |
— |
|
| Projected benefit obligation assumed in acquisition |
— |
|
|
13,274 |
|
| Service cost |
442 |
|
|
157 |
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| Interest cost |
66 |
|
|
59 |
|
| Actuarial (gain) loss |
(1,794) |
|
|
(1,172) |
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| Benefits paid |
(157) |
|
|
(786) |
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| Currency exchange rate changes |
(845) |
|
|
490 |
|
| Projected benefit obligation, end of period |
9,733
|
|
|
12,022
|
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|
|
|
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| Changes in fair value of plan assets: |
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| Fair value of plan assets, beginning of period |
5,634
|
|
|
—
|
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| Plan assets transferred from acquisition |
— |
|
|
5,417 |
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| Actual return on plan assets |
2 |
|
|
— |
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| Employer contributions |
— |
|
|
— |
|
| Currency exchange rate changes |
(439) |
|
|
217 |
|
| Plan settlements |
— |
|
|
— |
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| Other |
—
|
|
|
—
|
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| Fair value of plan assets, end of period |
5,198
|
|
|
5,634
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| Net unfunded status |
$ |
4,536
|
|
|
$ |
6,388
|
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| Amounts recognized in the Consolidated Balance Sheets |
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| Other long-term liabilities |
$ |
4,536 |
|
|
$ |
6,388 |
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| Accumulated other comprehensive (income) loss, before tax |
$ |
(1,724) |
|
|
$ |
(1,172) |
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| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets |
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December 31, 2021 |
|
December 31, 2020 |
|
(in thousands) |
| Plans with accumulated benefit obligation in excess of plan assets |
|
|
|
| Accumulated benefit obligation |
$ |
9,211 |
|
|
$ |
11,127 |
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| Plan assets |
$ |
5,198 |
|
|
$ |
5,634 |
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|
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| Plans with projected benefit obligation in excess of plan assets |
|
|
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| Projected benefit obligation |
$ |
9,733 |
|
|
$ |
12,022 |
|
| Plan assets |
$ |
5,198 |
|
|
$ |
5,634 |
|
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| Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets |
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December 31, 2021 |
|
December 31, 2020 |
|
(in thousands) |
| Plans with accumulated benefit obligation in excess of plan assets |
|
|
|
| Accumulated benefit obligation |
$ |
9,211 |
|
|
$ |
11,127 |
|
| Plan assets |
$ |
5,198 |
|
|
$ |
5,634 |
|
|
|
|
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| Plans with projected benefit obligation in excess of plan assets |
|
|
|
| Projected benefit obligation |
$ |
9,733 |
|
|
$ |
12,022 |
|
| Plan assets |
$ |
5,198 |
|
|
$ |
5,634 |
|
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| Defined Benefit Plan, Assumptions |
Assumptions for Pension Benefit Plans
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December 31, 2021 |
|
December 31, 2020 |
|
(in thousands) |
| Weighted average actuarial assumptions used to determine benefit obligations |
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| Discount rate |
0.8% - 0.9% |
|
0.5% - 0.6% |
| Rate of compensation increase |
2.6% - 3.8% |
|
2.6% - 3.8% |
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| Weighted average actuarial assumptions used to determine costs |
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|
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| Discount rate |
0.8% - 0.9% |
|
0.5%- 0.6% |
| Expected long-term rate of return on plan assets |
— |
% |
|
0.79 |
% |
| Rate of compensation increase |
2.6% - 3.8% |
|
2.6% - 3.8% |
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| Schedule of Expected Benefit Payments |
At December 31, 2021, the estimated benefit payments over the next five years and beyond are as follows:
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Estimated Future Benefit Payments |
|
(in thousands) |
| 2022 |
$ |
95 |
|
| 2023 |
18 |
|
| 2024 |
45 |
|
| 2025 |
45 |
|
| 2026 |
80 |
|
| Thereafter |
625 |
|
|
907 |
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