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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Estimated Funded Status The tables below set forth the Company’s estimated funded status as of December 31, 2021 and 2020:
(In thousands)20212020
Change in benefit obligation:
Benefit obligation at beginning of year$7,278 $6,946 
Service cost35 31 
Interest cost28 37 
Actuarial (gain) loss 547 137 
Benefits paid(455)(322)
Foreign exchange impact(383)449 
Benefit obligation at end of year7,050 7,278 
Change in plan assets:
Fair value of plan assets at beginning of year1,042 910 
Return on plan assets16 31 
Employer contributions74 73 
Benefits paid(157)(41)
Foreign exchange impact(6)69 
Fair value of plan assets at end of year969 1,042 
Funded status:
Plan assets less than benefit obligation - Net amount recognized$(6,081)$(6,236)
Amounts Recognized in Consolidated Balance Sheet Amounts recognized in the consolidated balance sheets consist of:
(In thousands)20212020
Noncurrent liability$(6,081)$(6,236)
Accumulated other comprehensive loss, net of taxes1,222 840 
Amounts Recognized in Accumulated Other Comprehensive Loss Net of Tax Amounts recognized in accumulated other comprehensive loss, (pre-tax):
(In thousands)20212020
Net actuarial loss$1,195 $713 
Prior service cost422 454 
Gross amount recognized$1,617 $1,167 
Pension Plans Accumulated Benefit Obligation in Excess of Plan Assets Information for pension plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets:
(In thousands)20212020
Projected benefit obligation$7,050 $7,278 
Accumulated benefit obligation5,995 6,480 
Fair value of plan assets969 1,042 
Components of Net Periodic Benefit Cost The components of the net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019 were as follows:
(In thousands)202120202019
Pension benefits:
Service cost$35 $31 $26 
Interest cost28 37 54 
Expected return on plan assets(12)(15)(16)
Curtailments— — 95 
Settlements— 21 — 
Amortization of prior service cost38 36 67 
Amortization of plan loss41 38 17 
Net periodic pension benefit cost$130 $148 $243 
Assumptions Used in Determining Benefit Obligation and Net Periodic Benefit Cost for Pension Plans Assumptions used in determining the benefit obligation and net periodic benefit cost for the Company’s pension plans for the years ended December 31, 2021, 2020 and 2019 are presented in the following table as weighted-averages:
202120202019
Benefit obligations:
Discount rate0.47 %0.39 %0.53 %
Rate of compensation increase3.94 %2.33 %2.91 %
Net periodic benefit cost:
Discount rate0.70 %0.98 %1.29 %
Rate of compensation increase2.51 %2.33 %3.51 %
Expected return on plan assets1.32 %1.82 %1.51 %
Fair Value Measurements of Pension Plan Assets
The fair value measurements of the Company’s pension plan assets at December 31, 2021, by asset category are as follows:
(In thousands) Quoted prices
in active
markets for
identical
assets
Significant
observable
inputs
Significant
unobservable
inputs
Asset categoryTotal(Level 1)(Level 2)(Level 3)
Taiwan plan assets (a)$712 $712 — — 
Germany plan assets (b)257 257 — — 
$969 $969 — — 
(a)This category includes investments in the government of Taiwan’s pension fund. The government of Taiwan is responsible for the strategy and allocation of the investment contributions.
(b)This category includes investments in an insurer’s balanced asset fund. The insurer is responsible for the strategy and allocation of the investment contributions. The Company selects a pre-packaged portfolio pooled investment fund that is conservative. The majority of the funds are invested broadly in German mortgage bonds, construction loans and government bonds with good credit ratings.
The fair value measurements of the Company’s pension plan assets at December 31, 2020, by asset category are as follows:
(In thousands) Quoted prices
in active
markets for
identical
assets
Significant
observable
inputs
Significant
unobservable
inputs
Asset categoryTotal(Level 1)(Level 2)(Level 3)
Taiwan plan assets (a)$827 $827 — — 
Germany plan assets (b)215 215 — — 
$1,042 $1,042 — — 
Expected Contribution And Benefit Payments The Company expects to make the following contributions and benefit payments:
(In thousands)ContributionsPayments
2022$70 $42 
2023— 200 
2024— 317 
2025— 251 
2026— 467 
Years 2027-2031
— 935