Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

(in thousands)	2021		2020
Reconciliation of benefit obligations:
Obligations as of January 1	$	10,391	$	10,497
Service cost	187		204
Interest cost	130		84
Actuarial loss (gain)	(234)		(1,222)
Benefit payments	(627)		(151)
Effect of foreign currency exchange rate changes	(773)		979
Benefit obligations as of December 31	9,074		10,391
Fair value of assets as of December 31 a	3,577		3,844
Funded status as of December 31, net of tax benefit	$	(5,497)	$	(6,547)

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, 2021 and 2020:

(in thousands)	2021		2020
Other assets	$	3,577	$	3,844
Accrued liabilities	(163)		(163)
Other liabilities	(8,911)		(10,228)
Net liability	$	(5,497)	$	(6,547)

Schedule of Accumulated and Projected Benefit Obligations

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2021 and 2020:

(in thousands)	2021		2020
Projected benefit obligation	$	9,074	$	10,391
Accumulated benefit obligation	$	8,635	$	9,343

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, 2021, 2020 and 2019:

(in thousands)	2021		2020		2019
Net periodic benefit cost:
Service cost	$	187	$	204	$	166
Interest cost	130		84		151
Amortization of actuarial loss	259		351		200
Total net periodic pension cost	576		639		517
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss	(234)		(1,223)		1,815
Amortization of prior years' unrecognized loss	(259)		(351)		(200)
Total recognized as accumulated other comprehensive income (loss), excluding tax	(493)		(1,574)		1,615
Total expense recognized in net periodic benefit cost and other comprehensive income	$	83	$	(935)	$	2,132

Assumptions Used to Determine Benefit Obligations

The following assumptions are used to determine benefit obligations as of December 31, 2021 and 2020:

	2021	2020
Discount rate	1.2%	1.3%
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:
2022	$	175
2023	181
2024	185
2025	187
2026	189
2027 through 2031	$	1,439