XML 60 R47.htm IDEA: XBRL DOCUMENT v3.22.0.1
Retirement Plans (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plan Disclosure  
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2021 and 2020 were as follows:
Year Ended December 31,
20212020
Components of net periodic benefit cost:
Interest cost$172 $224 
Expected return on plan assets(247)(230)
Recognized net actuarial loss99 53 
Net periodic pension cost$24 $47 
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,
20212020
United States$1,484 $866 
Canada145 137 
United Kingdom510 437 
$2,139 $1,440 
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, 2021 and 2020:
December 31,
20212020
Changes in benefit obligation:
Benefit obligation at beginning of year$8,448 $7,809 
Interest cost172 224 
Actuarial (gain) loss(319)813 
Benefits paid(426)(398)
Benefit obligation at end of year$7,875 $8,448 
Change to plan assets:
Fair value of assets at beginning of year$4,459 $4,360 
Actual gain on plan assets434 197 
Employer contribution300 300 
Benefits paid(426)(398)
Fair value of assets at end of year4,767 4,459 
Funded status at end of year$(3,108)$(3,989)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(3,108)$(3,989)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$2,082 $2,686 
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, 2021 and 2020:
December 31,
20212020
Changes in benefit obligation:
Benefit obligation at beginning of year$8,448 $7,809 
Interest cost172 224 
Actuarial (gain) loss(319)813 
Benefits paid(426)(398)
Benefit obligation at end of year$7,875 $8,448 
Change to plan assets:
Fair value of assets at beginning of year$4,459 $4,360 
Actual gain on plan assets434 197 
Employer contribution300 300 
Benefits paid(426)(398)
Fair value of assets at end of year4,767 4,459 
Funded status at end of year$(3,108)$(3,989)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(3,108)$(3,989)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$2,082 $2,686 
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,
20212020
Discount rate2.1 %3.0 %
Expected rate of return on plan assets5.2 %5.3 %
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, 2021 and 2020:
December 31,
20212020
Projected benefit obligation$7,875 $8,448 
Accumulated benefit obligation7,875 8,448 
Fair value of plan assets4,767 4,459 
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, 2021 and 2020 were as follows:
December 31,
Target20212020
Asset Category
Cash and cash equivalents
0 - 20%
%%
Total fixed income funds
25 - 50%
14 32 
Total mutual funds and equities
35 - 70%
82 59 
Total100 %100 %
In accordance with the fair value disclosure requirements of ASC 820, the following assets were measured at fair value on a recurring basis as of December 31, 2021 and 2020. Additional information regarding ASC 820 and the fair value hierarchy can be found in Note 16.
December 31,
20212020
Asset Category
Cash and cash equivalents$171 $399 
Fixed income funds
Corporate bonds667 1,440 
Total fixed income funds667 1,440 
Equity funds and equities
Mutual funds802 713 
Exchange-traded funds3,127 1,907 
Total mutual funds and equities3,929 2,620 
Total$4,767 $4,459 
Schedule of Expected Benefit Payments
The following benefit payments are expected to be paid during the years indicated:
Year Ending December 31,
2022$473 
2023496 
2024493 
2025486 
2026480 
Years 2027-20312,222 
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, 2021 and 2020 was as follows:
December 31,
20212020
Changes in benefit obligation:
Benefit obligation at beginning of year$10,265 $9,101 
Interest cost109 184 
Actuarial (gain) loss(825)996 
Benefits paid(302)(283)
Foreign currency exchange rate changes(112)267 
Benefit obligation at end of year$9,135 $10,265 
Change to plan assets:
Fair value of assets at beginning of year$7,975 $7,290 
Actual gain (loss) on plan assets522 453 
Employer contribution336 337 
Benefits paid(338)(319)
Foreign currency exchange rate changes(86)214 
Fair value of assets at end of year8,409 7,975 
Funded status at end of year$(726)$(2,290)
Amounts recognized in the consolidated balance sheets consist of:
Other long-term liabilities$(726)$(2,290)
Amounts recognized in accumulated other comprehensive loss consist of:
Net loss$837 $2,247 
Prior service cost127 152 
Total$964 $2,399 
Schedule of Net Benefit Costs
Net periodic pension costs for the years ended December 31, 2021 and 2020 were as follows:
Year Ended December 31,
20212020
Components of net periodic benefit cost:
Interest cost$109 $184 
Expected return on plan assets(254)(250)
Amortization of prior service cost26 26 
Recognized net actuarial loss165 329 
Net periodic pension cost$46 $289 
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,
20212020
Discount rate1.8 %1.1 %
Expected rate of return on plan assets3.8 %3.2 %
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, 2021 and 2020:
December 31,
20212020
Projected benefit obligation$9,135 $10,265 
Accumulated benefit obligation9,135 10,265 
Fair value of plan assets8,409 7,975 
Schedule of Investment Allocation and Target Allocation The target asset allocation percentages for 2021 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, 2021 and 2020 were as follows:
December 31,
20212020
Asset Category
Cash and cash equivalents$339 $348 
Equity securities3,822 3,101 
Bonds3,491 3,410 
Other757 1,116 
Total$8,409 $7,975 
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,
2022$360 
2023387 
2024412 
2025420 
2026428 
Years 2027-20311,420 
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,
20212020
Discount rate3.1 %2.5 %
Weighted average health care trend rate4.7 %4.8 %