Employee Benefit Obligations (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Targeted Allocation for Funds

The targeted allocation for these funds is as follows:


Asset Allocation by Category as of September 30, 2020:						Asset allocation (%)
Asset Category:
Debt Securities						34%
Real Estate						25%
Equity Securities						35%
Others						6%
Total						100%

Schedule of Change in Benefit Obligations

The following table sets forth the Swiss Plan’s funded status and amounts recognized in the consolidated financial statements for the year ended December 31, 2020 and 2019:


	December 31,
	2020		2019
Change in Benefit Obligation
Projected benefit obligation at beginning of year	$	15,685	$	12,249
Interest cost	37		114
Company service cost	1,483		932
Employee contributions	870		599
Prior service cost	—		—
Benefits paid	1,612		(109)
Actuarial loss	3,066		1,900
Projected benefit obligation at end of year	$	22,753	$	15,685
Change in Plan Assets
Fair value of plan assets at beginning of year	$	12,356	$	9,936
Actual return on plan assets	1,938		1,031
Employer contributions	1,306		899
Employee contributions	870		599
Benefits paid	1,612		(109)
Fair value of plan assets at end of year	$	18,082	$	12,356
Funded Status at End of year
Excess of obligation over assets	$	4,671	$	3,329
Change in Accrued Benefit Liability
Accrued benefit liability at beginning of year	$	(3,329)	$	(2,313)
Company contributions made during year	1,306		899
Net periodic benefit cost for year	(1,909)		(1,024)
Net decrease (increase) in accumulated other comprehensive loss	(739)		(891)
Accrued benefit liability at end of year	$	(4,671)	$	(3,329)


	December 31,
	2020		2019
Non-current plan assets	$	18,083	$	12,357
Non-current liability	22,754		15,686
Accrued benefit liability at end of year	$	(4,671)	$	(3,329)
Projected Benefit Payments
Projected year 1	$	1,804	$	270
Projected year 2	394		1,434
Projected year 3	400		255
Projected year 4	788		260
Projected year 5	405		571
Projected years 6-10	3,445		2,109

Schedule of Plan Assets Fair Value

The fair value of the plan assets is the estimated cash surrender value of the insurance contract at December 31, 2019. The level of inputs used to measure fair value was Level 2.


	Year ended December 31,
	2020		2019
Net Periodic Benefit Cost
Service cost	$	1,483	$	932
Interest cost (income)	37		114
Expected return on plan assets	(31)		(97)
Amortization of transition obligation	120		54
Amortization of prior service costs	(21)		(19)
Total net periodic benefit cost	$	1,588	$	984

Weighted average assumptions:
Discount rate as of December 31	0.20 %		0.20 %
Expected long-term rate of return on assets	0.20 %		0.20 %
Rate of compensation increase	1.00%		1.00%
Mortality and disability assumptions (*)	BVG 2015 GT		BVG 2015 GT

(*) Mortality data used for actuarial calculation.