XML 59 R45.htm IDEA: XBRL DOCUMENT v3.20.4
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2020
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2020, 2019, and 2018 were as follows:
Year Ended December 31,
202020192018
Components of net periodic benefit cost:
Interest cost224 648 622 
Expected return on plan assets(230)(719)(853)
Recognized net actuarial loss53 125 96 
Net periodic pension cost (income)$47 $54 $(135)
Settlement charge— 2,210 
Total pension expense (income)$47 $2,264 $(135)
Schedule of Costs of Retirement Plans
The Company sponsors six defined contribution plans for hourly and salaried employees across its domestic and international facilities. The following table summarizes the expense associated with the contributions made to these plans.
Year Ended December 31,
202020192018
United States$866 $2,323 $2,762 
Canada137 144 193 
United Kingdom437 442 451 
$1,440 $2,909 $3,406 
Pension Plan | United States  
Defined Benefit Plan Disclosure  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2020 and 2019:
December 31,
20202019
Changes in benefit obligation:
Benefit obligation at beginning of year$7,809 $16,717 
Interest cost224 648 
Actuarial loss813 400 
Benefits paid(398)(840)
Settlements— (9,116)
Benefit obligation at end of year$8,448 $7,809 
Change to plan assets:
Fair value of assets at beginning of year$4,360 $12,468 
Actual gain on plan assets197 1,298 
Employer contribution300 550 
Benefits paid(398)(840)
Settlements— (9,116)
Fair value of assets at end of year4,459 4,360 
Funded status at end of year$(3,989)$(3,449)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(3,989)$(3,449)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$2,686 $1,893 
Schedule of Changes in Fair Value of Plan Assets
The following tables present a reconciliation of the changes in the benefit obligation, the fair market value of the assets, and the funded status of the plan, as of December 31, 2020 and 2019:
December 31,
20202019
Changes in benefit obligation:
Benefit obligation at beginning of year$7,809 $16,717 
Interest cost224 648 
Actuarial loss813 400 
Benefits paid(398)(840)
Settlements— (9,116)
Benefit obligation at end of year$8,448 $7,809 
Change to plan assets:
Fair value of assets at beginning of year$4,360 $12,468 
Actual gain on plan assets197 1,298 
Employer contribution300 550 
Benefits paid(398)(840)
Settlements— (9,116)
Fair value of assets at end of year4,459 4,360 
Funded status at end of year$(3,989)$(3,449)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(3,989)$(3,449)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$2,686 $1,893 
Schedule of Weighted Average Assumptions Used
The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
Year Ended December 31,
202020192018
Discount rate3.0 %4.0 %3.4 %
Expected rate of return on plan assets5.3 %5.9 %5.9 %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts applicable to the Company’s pension plan with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2020 and 2019:
December 31,
20202019
Projected benefit obligation$8,448 $7,809 
Accumulated benefit obligation8,448 7,809 
Fair value of plan assets4,459 4,360 
Schedule of Investment Allocation and Target Allocation The investment target ranges and actual allocation of pension plan assets by major category as of December 31, 2020 and 2019 were as follows:
December 31,
Target20202019
Asset Category
Cash and cash equivalents
0 - 20%
%19 %
Total fixed income funds
25 - 50%
32 30 
Total mutual funds and equities
35 - 70%
59 51 
Total100 %100 %
In accordance with the fair value disclosure requirements of ASC 820, “Fair Value Measurements and Disclosures,” the following assets were measured at fair value on a recurring basis as of December 31, 2020 and 2019. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.
December 31,
20202019
Asset Category
Cash and cash equivalents$399 $817 
Fixed income funds
Corporate bonds1,440 1,336 
Total fixed income funds1,440 1,336 
Equity funds and equities
Mutual funds713 694 
Exchange-traded funds1,907 1,513 
Total mutual funds and equities2,620 2,207 
Total$4,459 $4,360 
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid during the years indicated:
Year Ending December 31,
2021$468 
2022467 
2023491 
2024487 
2025478 
Years 2026-20302,255 
Pension Plan | United Kingdom  
Defined Benefit Plan Disclosure  
Schedule of Changes in Accumulated Postemployment Benefit Obligations
The funded status of the United Kingdom defined benefit plan as of December 31, 2020 and 2019 was as follows:
December 31,
20202019
Changes in benefit obligation:
Benefit obligation at beginning of year$9,101 $7,750 
Interest cost184 221 
Actuarial loss (gain)996 1,142 
Benefits paid(283)(326)
Foreign currency exchange rate changes267 314 
Benefit obligation at end of year$10,265 $9,101 
Change to plan assets:
Fair value of assets at beginning of year$7,290 $6,347 
Actual gain (loss) on plan assets453 697 
Employer contribution337 314 
Benefits paid(319)(326)
Foreign currency exchange rate changes214 258 
Fair value of assets at end of year7,975 7,290 
Funded status at end of year$(2,290)$(1,811)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(2,290)$(1,811)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$2,247 $1,641 
Prior service cost152 172 
$2,399 $1,813 
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2020, 2019, and 2018 were as follows:
Year Ended December 31,
202020192018
Components of net periodic benefit cost:
Interest cost$184 $221 $194 
Expected return on plan assets(250)(252)(260)
Amortization of prior service cost26 25 42 
Recognized net actuarial loss329 263 208 
Net periodic pension cost$289 $257 $184 
Schedule of Weighted Average Assumptions Used
The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
Year Ended December 31,
202020192018
Discount rate1.1 %2.0 %2.8 %
Expected rate of return on plan assets3.2 %3.3 %3.8 %
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
Amounts applicable to the Company’s pension plans with accumulated benefit obligations in excess of plan assets were as follows as of December 31, 2020 and 2019:
December 31,
20202019
Projected benefit obligation$10,265 $9,101 
Accumulated benefit obligation10,265 9,101 
Fair value of plan assets7,975 7,290 
Schedule of Investment Allocation and Target Allocation The target asset allocation percentages for 2020 were as follows:
Equity securities
Up to 100%
Commercial property
Not to exceed 50%
U.K. Government securities
Not to exceed 50%
Cash
Up to 100%
Plan assets held within the United Kingdom defined benefit plan consist of cash and equity securities that have been classified as Level 1 of the fair value hierarchy. All other plan assets have been classified as Level 2 of the fair value hierarchy.
The plan assets by category for the years ended December 31, 2020 and 2019 were as follows:
December 31,
20202019
Asset Category
Cash and cash equivalents$348 $516 
Equity securities3,101 2,090 
Bonds3,410 3,735 
Other1,116 949 
Total$7,975 $7,290 
Schedule of Expected Benefit Payments
The following estimated future benefits payments are expected to be paid under the United Kingdom defined benefit plan:
Year Ending December 31,
2021$306 
2022318 
2023377 
2024404 
2025429 
Years 2026-20301,844 
Other Postretirement Benefits Plan  
Defined Benefit Plan Disclosure  
Schedule of Weighted Average Assumptions Used
The weighted average assumptions in the following table represent the rates used to develop the actuarial present value of the projected benefit obligation for the year listed and also the net periodic benefit cost for the following year.
Year Ended December 31,
20202019
Discount rate2.5 %3.1 %
Weighted average health care trend rate4.8 %4.9 %