BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Summary of Changes in The Benefit Obligation and Plan Assets and The Plan Funded Status

The following table shows the changes in the benefit obligation and plan assets and the plan’s funded status.

	December 31,
	2021			2020
Change in Projected Benefit Obligation:
Benefit obligation, January 1	$	6,551		$	5,993
Service cost		143			159
Interest cost		152			190
Benefits paid		(349	)		(339	)
Expenses paid		(135	)		(142	)
Actuarial (gain) loss		(258	)		690
Benefit obligation, December 31	$	6,104		$	6,551
Change in Plan Assets:
Fair value of plan assets, January 1	$	4,756		$	4,089
Actual return on plan assets		499			559
Employer contributions		471			589
Benefits paid from plan assets		(349	)		(339	)
Expenses paid		(135	)		(142	)
Fair value of plan net assets, December 31	$	5,242		$	4,756
Underfunded status at end of period	$	(862	)	$	(1,795	)
Amounts recognized in the consolidated balance sheet:
Current liabilities	$	—		$	—
Non-current liabilities		(862	)		(1,795	)
Net amount recorded	$	(862	)	$	(1,795	)

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table shows the balances reflected in accumulated other comprehensive income on a pre-tax basis for the periods presented:

	December 31,
	2021		2020
Amounts recognized in accumulated other comprehensive loss (pre-tax):
Net actuarial loss	$	283	$	822

Schedule of Pre Tax Amounts Recognized in Other Comprehensive Income

The pre-tax amounts recognized in other comprehensive income were as follows:

	For the years ended
	December 31, 2021			December 31, 2020
Actuarial (gain) loss arising during measurement period	$	(513	)	$	386
Amortization of actuarial loss		(25	)		—
Total recognized in other comprehensive (income) loss	$	(538	)	$	386

Summary of The Components of Net Periodic Benefit Cost

The following summarizes the components of net periodic benefit cost for the defined benefit pension plan:

	For the years ended
	December 31, 2021			December 31, 2020			December 31, 2019
Components of expense:
Service cost	$	143		$	159		$	142
Interest cost		152			190			231
Expected return on plan assets		(240	)		(255	)		(232	)
Amortization of net loss		25			—			—
Net periodic benefit cost	$	80		$	94		$	141

Schedule Of Defined Benefit Plan, Assumptions

Weighted-average assumptions used to determine net cost:

	December 31,
	2021			2020
Discount rate		2.38	%		3.25	%
Expected return on plan assets		6.35	%		6.35	%

Schedule Of Weighted Average Assumptions for Benefit Obligation

Weighted-average assumptions used to determine the benefit obligation:

	December 31,
	2021			2020
Discount rate		2.78	%		2.38	%

Schedule Of Fair Value of the Plan Assets and Target Asset Allocation

The fair value of the Plan assets at December 31, 2021 and 2020, by asset category, are as follows:

	For the years ended
	December 31, 2021		December 31, 2020
Common stock	$	789	$	1,562
Mutual funds		2,171		2,202
Corporate / government bonds		2,354		982
Cash and cash equivalents		20		10
Total	$	5,334	$	4,756

Schedule Of Fair Value Of Pension Plan Assets

The fair value of Holley’s pension plan assets at December 31, 2021 and 2020, by asset category using the Fair Value measurement hierarchy is shown in the table below. See Note 1, “Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies,” for more details about fair value measurements.

	December 31, 2021
	Fair Value		Level 1		Level 2		Level 3
Common stock	$	789	$	789	$	—	$	—
Mutual funds		2,171		2,171		—		—
Corporate / government bonds		2,354		—		2,354		—
Cash and cash equivalents		20		—		20		—
Total	$	5,334	$	2,960	$	2,374	$	—
	December 31, 2020
	Fair Value		Level 1		Level 2		Level 3
Common stock	$	1,562	$	1,562	$	—	$	—
Mutual funds		2,202		2,022		—		—
Corporate / government bonds		982		—		982		—
Cash and cash equivalents		10		—		10		—
Total	$	4,756	$	3,584	$	992	$	—

Schedule of Benefit Payments

Benefit payments are anticipated to be as follows:

2022	$	372
2023		374
2024		371
2025		371
2026		371
2027 - 2031		1,850