Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Compensation And Retirement Disclosure [Abstract]

The net periodic pension cost is included in other income (expense) in the consolidated statements of operations and consisted of the following components (in thousands):

	Year Ended December 31,
	2020			2019			2018
Components of the net periodic pension cost:
Interest cost	$	736		$	971		$	939
Expected return on plan assets		(1,340	)		(1,671	)		(1,717	)
Amortization of actuarial losses		686			957			826
Amortization of prior service cost		29			29			—
Net periodic pension cost	$	111		$	286		$	48

Actuarial Assumptions used to Compute net Periodic Pension Cost and Funded Status

The actuarial assumptions used to compute the net periodic pension cost for the years ended December 31, 2020, 2019 and 2018, respectively, were as follows:

	Year Ended December 31,
	2020			2019			2018
Weighted-average discount rate		1.9	%		2.7	%		2.4	%
Weighted-average long-term rate of return on plan assets		3.6	%		5.1	%		4.8	%

The actuarial assumptions used to compute the benefit obligations as of December 31, 2020 and 2019, respectively, were as follows:

	December 31,
	2020			2019
Weighted-average discount rate		1.2	%		1.9	%
Rate of inflation		2.6	%		2.5	%

Reconciliation of Benefit Obligations and Plan Assets of U.K. Plan

The following table provides a reconciliation of benefit obligations and plan assets of the U.K. Plan (in thousands):

	December 31,
	2020			2019
Change in benefit obligation:
Projected benefit obligation at beginning of year	$	40,456		$	36,882
Interest cost		736			971
Actuarial (gains) losses ⁽¹⁾		5,410			3,005
Benefits paid		(1,111	)		(1,696	)
Foreign currency exchange rate changes		1,709			1,294
Projected benefit obligation at end of year	$	47,200		$	40,456
Accumulated benefit obligation at end of year	$	47,200		$	40,456
Change in plan assets:
Fair value of plan assets at beginning of year	$	38,983		$	33,124
Actual return on plan assets		5,170			5,410
Employer contributions		988			894
Benefits paid		(1,111	)		(1,696	)
Foreign currency exchange rate changes		1,659			1,251
Fair value of plan assets at end of year	$	45,689		$	38,983
Funded status at end of year	$	(1,511	)	$	(1,473	)
Amounts included in accumulated other comprehensive loss not yet recognized in net periodic pension cost:
Net actuarial losses at beginning of year	$	(9,706	)	$	(11,120	)
Net actuarial gains (losses) during the year		(1,580	)		734
Amounts reclassified from accumulated other comprehensive income to income before income taxes		715			986
Foreign currency exchange rate changes		(387	)		(306	)
Net actuarial losses	$	(10,958	)	$	(9,706	)

(1) Fiscal year 2020 and 2019 actuarial losses in the U.K. Plan primarily resulted from changes in the discount rate assumptions.

Expected Future Benefit Payments for Each of Next Five Years

The following table reflects the total expected benefit payments to plan participants for each of the next five years and the following five years in aggregate and have been estimated based on the same assumptions used to measure the Company’s benefit obligations as of December 31, 2020 (in thousands):

	Amount
2021	$	1,252
2022		1,109
2023		1,211
2024		1,588
2025		1,439
2026-2030		10,015
Total	$	16,614

Summary of Fair Value of Plan Assets by Asset Category

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2020 (in thousands):

Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Balanced (1)	$	31,572	$	—	$	—	$	—	$	31,572
Fixed income (2)		13,251		—		—		—		13,251
Cash		866		866		—		—		—
Total	$	45,689	$	866	$	—	$	—	$	44,823

(1)

This class comprises a diversified portfolio of global investments which seeks a balanced return between capital growth and fixed income and is allocated on a weighted average basis as follows: equities (35%), bonds (37%), other assets (19%) and cash (9%).

(2)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds (83%) and other assets (16%) and cash (1%).

The following table summarizes the fair values of Plan assets by asset category as of December 31, 2019 (in thousands):

Asset Category	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Not Subject to Leveling
Mutual Funds:
Balanced (1)	$	28,831	$	—	$	—	$	—	$	28,831
Fixed income (2)		10,042		—		—		—		10,042
Cash		110		110		—		—		—
Total	$	38,983	$	110	$	—	$	—	$	38,873

(1)

This class comprises a diversified portfolio of global investments which seeks a balanced return between capital growth and fixed income and is allocated on a weighted average basis as follows: equities (32%), bonds (42%), other assets (19%) and cash (7%).

(2)

This class comprises a diversified portfolio of global investments which seeks fixed income growth and is allocated on a weighted average basis as follows: bonds (92%), other assets (5%) and cash (3%).