International Retirement Plan (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Reconciliation of Changes in Projected Benefit Obligation

The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2020 and 2019:

(in thousands)	2020		2019
Reconciliation of benefit obligations:
Obligations as of January 1	$	10,497	$	8,658
Service cost	204		166
Interest cost	84		151
Actuarial loss (gain)	(1,222)		1,815
Benefit payments	(151)		(139)
Effect of foreign currency exchange rate changes	979		(154)
Benefit obligations as of December 31	10,391		10,497
Fair value of assets as of December 31 a	3,844		3,343
Funded status as of December 31, net of tax benefit	$	(6,547)	$	(7,154)

a.No change in underlying asset value for the periods.

Summary of Amounts Recognized in Consolidated Balance Sheets

We recognized the following amounts in the consolidated balance sheets at December 31, 2020 and 2019:

(in thousands)	2020		2019
Other assets	$	3,844	$	3,343
Accrued liabilities	(163)		(140)
Other liabilities	(10,228)		(10,357)
Net liability	$	(6,547)	$	(7,154)

Schedule of Accumulated and Projected Benefit Obligations

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2020 and 2019:

(in thousands)	2020		2019
Projected benefit obligation	$	10,391	$	10,497
Accumulated benefit obligation	$	9,343	$	9,351

The following table shows the components of net periodic benefit costs and the amounts recognized in “Accumulated other comprehensive income (loss)” as of December 31, 2020, 2019 and 2018:

(in thousands)	2020		2019		2018
Net periodic benefit cost:
Service cost	$	204	$	166	$	155
Interest cost	84		151		148
Amortization of actuarial loss	351		200		177
Total net periodic pension cost	639		517		480
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)	(1,223)		1,815		453
Amortization of prior years' unrecognized loss	(351)		(200)		(177)
Tax (benefit) provision	791		(555)		(88)
Total recognized as accumulated other comprehensive income (loss)	(783)		1,060		188
Total expense recognized in net periodic benefit cost and other comprehensive income	$	(144)	$	1,577	$	668

Assumptions Used to Determine Benefit Obligations

The following assumptions are used to determine benefit obligations as of December 31, 2020 and 2019:

	2020	2019
Discount rate	1.3%	0.8%
Rate of compensation	3.0%	3.0%

Summary of Estimated Future Benefit Payments

The following benefit payments, including expected future service cost, are expected to be paid:

(in thousands)
Estimated future benefit payments:
2021	$	190
2022	196
2023	200
2024	202
2025	204
2026-2030	1,557