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Defined Benefit Pension Plan and Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]  
Reconciliation of the Change in the Benefit Obligation

The following table provides a reconciliation of the change in the benefit obligation, based on the benefits to which the employees are entitled at the expected date of separation, for the Pension Plans and the net amount recognized in the accompanying Consolidated Balance Sheets (in thousands):

 

 

December 31,

 

 

2020

 

 

2019

 

Balance at the beginning of the period

$

3,933

 

 

$

3,282

 

Service cost

 

446

 

 

 

405

 

Interest cost

 

214

 

 

 

254

 

Actuarial (gains) losses (1)

 

1,914

 

 

 

(108

)

Benefits paid

 

(235

)

 

 

(22

)

Effect of foreign currency translation

 

227

 

 

 

122

 

Balance at the end of the period

$

6,499

 

 

$

3,933

 

 

 

 

 

 

 

 

 

Unfunded status

$

(6,499

)

 

$

(3,933

)

Net amount recognized

$

(6,499

)

 

$

(3,933

)

 

 

 

 

 

 

 

 

Amounts recognized in the balance sheet:

 

 

 

 

 

 

 

Other accrued expenses and current liabilities

$

310

 

 

$

 

Other long-term liabilities

 

6,189

 

 

 

3,933

 

 

$

6,499

 

 

$

3,933

 

 

(1)

The actuarial loss for 2020 was primarily due to a reduction in the discount rate and attrition rate from the rates that were used in the preceding year.

Benefit Obligations and Net Periodic Benefit Cost for the Pension Plans

The actuarial assumptions used to determine the benefit obligations and net periodic benefit cost for the Pension Plans were as follows:

 

 

Years Ended December 31,

 

 

2020

 

2019

 

 

2018

 

Discount rate

3.6-3.9%

 

5.0-5.3%

 

 

7.4-7.5%

 

Rate of compensation increase

1.4-1.6%

 

 

1.4

%

 

 

2.0

%

 

Net Periodic Benefit Cost and Other Accumulated Comprehensive Income for Pension Plans

The following table provides information about the net periodic benefit cost and other accumulated comprehensive income for the Pension Plans (in thousands):

 

 

Years Ended December 31,

 

 

2020

 

 

2019

 

 

2018

 

Service cost (1)

$

446

 

 

$

405

 

 

$

448

 

Interest cost (2)

 

214

 

 

 

254

 

 

 

196

 

Recognized actuarial (gains) (2)

 

(95

)

 

 

(86

)

 

 

(58

)

Net periodic benefit cost

 

565

 

 

 

573

 

 

 

586

 

Unrealized net actuarial (gains), net of tax

 

(596

)

 

 

(2,324

)

 

 

(2,256

)

Total amount recognized in net periodic benefit cost and

   accumulated other comprehensive income (loss)

$

(31

)

 

$

(1,751

)

 

$

(1,670

)

 

(1)

Included in “Direct salaries and related costs” and “General and administrative” costs in the accompanying Consolidated Statements of Operations.

(2)

Included in “Other income (expense), net” in the accompanying Consolidated Statements of Operations.

Estimated Future Benefit Payments for Expected Future Service

The estimated future benefit payments, which reflect expected future service, as appropriate, are as follows (in thousands):

 

Years Ending December 31,

Amount

 

2021

$

310

 

2022

 

67

 

2023

 

138

 

2024

 

153

 

2025

 

129

 

2026 - 2030

 

1,591

 

Company's Contributions to Employee Retirement Savings Plans The Company’s contributions included in the accompanying Consolidated Statements of Operations were as follows (in thousands):

 

 

Years Ended December 31,

 

 

2020

 

 

2019

 

 

2018

 

401(k) plan contributions

$

2,969

 

 

$

1,714

 

 

$

1,612