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Employee Benefits (Tables)
 12 Months Ended
Dec. 31, 2021
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Components of Defined Benefit Pension Expense The table below presents the components of the Company’s defined benefit pension plan expense for the years ended December 31 (in thousands). The components of pension expense, other than service cost, are recorded in Other income (expense), net in the Consolidated Statements of Operations.
 202120202019
Service cost $4,511 $4,421 $3,659 
Interest cost605 718 851 
Expected return on plan assets(350)(493)(517)
Recognition of actuarial loss 576 474 237 
Recognition of loss due to settlements286 — — 
Total defined benefit pension plan expense$5,628 $5,120 $4,230 
Schedule of Assumptions Used in the Computation of Pension Expense
The table below presents the key assumptions used in the computation of pension expense for the years ended December 31.
 202120202019
Weighted average discount rate (1)0.94 %1.28 %1.81 %
Expected return on plan assets1.19 %2.04 %2.54 %
Average compensation increase2.58 %2.58 %2.58 %
Cash balance interest credit rate0.80 %1.20 %1.90 %
(1)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.
Schedule of Changes in the Projected Benefit Obligation
The table below provides information regarding changes in the projected benefit obligation of the Company’s defined benefit pension plans for the years ended December 31 (in thousands).
 202120202019
Projected benefit obligation at beginning of year$62,297 $52,503 $44,890 
Service cost4,511 4,421 3,659 
Interest cost605 718 851 
Actuarial (gain) loss due to assumption changes and plan experience (1)(2,230)1,516 4,524 
Benefits payments (2)(1,198)(1,438)(830)
Plan amendments269 — — 
Settlements(1,606)— — 
Foreign currency impact(4,675)4,577 (591)
Projected benefit obligation at end of year (3)$57,973 $62,297 $52,503 

The table below presents the key assumptions used in determining the projected benefit obligations at December 31.
 202120202019
Weighted average discount rate (4)1.24 %0.94 %1.28 %
Average compensation increase2.57 %2.58 %2.58 %
Cash balance interest credit rate1.20 %0.80 %1.20 %
(1)The actuarial (gain) losses were primarily due to changes in the weighted average discount rate assumption.
(2)The Company projects benefit payments will be made in future years directly to plan participants as follows: $1.6 million in 2022; $1.7 million in 2023; $1.9 million in 2024; $2.1 million in 2025; $2.3 million in 2026; and $15.9 million in total in the five years thereafter.
(3)Measured as of December 31.
(4)Discount rates are typically determined by using the yields on long-term corporate or government bonds in the relevant country with a duration consistent with the expected term of the underlying pension obligations.
Schedule of Funded Status of the Plans and Related Amounts Recorded in Consolidated Balance Sheet The tables below provide information regarding the funded status of the Company’s defined benefit pension plans and the related amounts recorded in the Consolidated Balance Sheets as of December 31 (in thousands).
Funded status of the plans202120202019
Projected benefit obligation$57,973 $62,297 $52,503 
Pension plan assets at fair value (1)(29,737)(28,636)(23,444)
Funded status – shortfall (2)$28,236 $33,661 $29,059 
Accumulated benefit obligation$54,701 $58,963 $49,485 
Amounts recorded in the Consolidated Balance Sheets for the plans
Other liabilities – accrued pension obligation (2)$28,236 $33,661 $29,059 
Stockholders’ equity – deferred actuarial loss (3)$(6,672)$(9,309)$(8,584)
(1)The pension plan assets are held by third-party trustees and are invested in a diversified portfolio of equities, high-quality government and corporate bonds, and other investments. The assets are primarily valued based on Level 1 and Level 2 inputs under the fair value hierarchy in FASB ASC Topic 820, with the majority of the invested assets considered to be of low-to-medium investment risk. The Company projects a future long-term rate of return on these plan assets of 1.58%, which it believes is reasonable based on the composition of the assets and both current and projected market conditions. Additional information regarding pension plan asset activity is provided below.
(2)Funded status – shortfall represents the amount of the projected benefit obligation that the Company has not funded with a third-party trustee. These liabilities of the Company are recorded in Other liabilities on the Consolidated Balance Sheets. The level of future contributions by the Company will vary and is dependent on a number of factors including investment returns, interest rate fluctuations, plan demographics, funding regulations and the results of the final actuarial valuation.
(3)The deferred actuarial loss as of December 31, 2021 is recorded in AOCI/L and will be reclassified out of AOCI/L and recognized as pension expense over approximately 13 years, subject to certain limitations set forth in FASB ASC Topic 715. The amortization of deferred actuarial losses from AOCI/L to pension expense in each of the years ended December 31, 2021, 2020 and 2019 was immaterial.
Schedule of Defined Benefit Pension Plans Assets
The table below provides a rollforward of the Company’s defined benefit pension plans assets for the years ended December 31 (in thousands).
202120202019
Pension plan assets at the beginning of the year$28,636 $23,444 $19,460 
Company contributions4,865 3,924 4,405 
Benefit payments(1,198)(1,438)(830)
Actual return on plan assets1,066 684 714 
Settlements(1,606)— — 
Foreign currency impact(2,026)2,022 (305)
Pension plan assets at the end of the year$29,737 $28,636 $23,444