Ecovyst, Inc. Current report filing

Current report filing

Benefit Plans (Tables)

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Pension Plans Defined Benefit

Defined Benefit Plan Disclosure

Schedule of Net Benefit Costs

Components of net periodic benefit cost consist of:


	U.S.									Foreign
	Years ended December 31,									Years ended December 31,
	2020			2019			2018			2020			2019			2018
Service cost	$	769		$	978		$	1,019		$	1,080		$	977		$	712
Interest cost		2,665			3,099			2,943			299			355			365
Expected return on plan assets		(3,898	)		(3,444	)		(3,546	)		(287	)		(275	)		(254	)
Amortization of net (gain) loss		—			—			—			95			—			49
Curtailment gain recognized		—			—			(576	)		—			—			—
Settlement (gain) loss recognized		78			49			—			—			—			—

Net periodic expense (benefit)	$	(386	)	$	682		$	(160	)	$	1,187		$	1,057		$	872

Schedule of Assumptions Used

Significant weighted average assumptions used in determining the pension obligations include the following:


	U.S.						Foreign
	December 31,						December 31,
	2020			2019			2020			2019
Discount rate		2.50	%		3.37	%		1.20	%		1.50	%
Rate of compensation increase (1)		N/A			3.00	%		1.75	%		1.75	%

Significant weighted average assumptions used in determining net periodic benefit cost include the following:


	U.S.									Foreign
	Years ended December 31,									Years ended December 31,
	2020			2019			2018			2020			2019			2018
Discount rate		3.40	%		4.37	%		3.83	%		1.50	%		2.30	%		2.20	%
Rate of compensation increase (1)		3.00	%		3.00	%		3.00	%		1.75	%		1.75	%		1.75	%
Expected return on assets		5.70	%		6.00	%		6.00	%		1.50	%		1.60	%		1.50	%

(1)	Includes only plans not frozen to benefit accruals for the respective periods.

Schedule of Expected Benefit Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


Year	U.S.		Foreign
2021	$	5,440	$	272
2022		4,437		287
2023		4,374		322
2024		4,293		351
2025		4,197		393
Years 2026-2030		22,407		2,369

Schedule of Benefit Plans Disclosures

The following tables summarize changes in the benefit obligation, plan assets and funded status of the Company’s defined benefit pension plans as well as the components of net periodic benefit cost, including key assumptions:


	U.S.						Foreign
	December 31,						December 31,
	2020			2019			2020			2019
Change in benefit obligation:
Benefit obligation at beginning of period	$	82,726		$	74,445		$	19,673		$	15,877
Service cost		769			978			1,080			977
Interest cost		2,665			3,099			299			355
Participant contributions		—			—			112			110
Plan curtailments		—			(2,795	)		(1,603	)		—
Plan settlements		(1,455	)		(1,669	)		—			—
Benefits paid		(1,511	)		(1,350	)		(213	)		(198	)
Expenses paid		—			—			(60	)		(67	)
Actuarial (gains) losses		8,743			10,018			949			2,951
Translation adjustment		—			—			1,973			(332	)

Benefit obligation at end of the period	$	91,937		$	82,726		$	22,210		$	19,673

Change in plan assets:
Fair value of plan assets at beginning of period	$	69,450		$	55,905		$	18,365		$	17,079
Actual return on plan assets		11,539			12,464			1,238			874
Employer contributions		2,372			4,100			820			926
Employee contributions		—			—			112			110
Plan settlements		(1,455	)		(1,669	)		—			—
Benefits paid		(1,511	)		(1,350	)		(213	)		(198	)
Expenses paid		—			—			(60	)		(67	)
Translation adjustment		—			—			1,948			(359	)

Fair value of plan assets at end of the period	$	80,395		$	69,450		$	22,210		$	18,365

Funded status of the plans (underfunded)	$	(11,542	)	$	(13,276	)	$	—		$	(1,308	)

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheets consist of:


	U.S.						Foreign
	December 31,						December 31,
	2020			2019			2020			2019
Noncurrent liability		(11,542	)		(13,276	)		—			(1,308	)
Accumulated other comprehensive income (loss)		371			(3,145	)		(1,198	)		(610	)

Net amount recognized	$	(11,171	)	$	(16,421	)	$	(1,198	)	$	(1,918	)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Amounts recognized in accumulated other comprehensive income (loss) consist of:


	U.S.						Foreign
	December 31,						December 31,
	2020			2019			2020			2019
Net gain (loss)		(3,328	)		(2,305	)		(2,166	)		(3,641	)

Gross amount recognized		(3,328	)		(2,305	)		(2,166	)		(3,641	)
Deferred income taxes		3,699			(840	)		968			3,031

Net amount recognized	$	371		$	(3,145	)	$	(1,198	)	$	(610	)

Schedule of Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets

The following table presents selected information about the Company’s pension plans with accumulated benefit obligations in excess of plan assets:


	U.S.				Foreign
	December 31,				December 31,
	2020		2019		2020		2019
Projected benefit obligation	$	91,937	$	82,726	$	—		19,673
Accumulated benefit obligation		91,937		82,326		—		19,335
Fair value of plan assets		80,395		69,450		—		18,365

Schedule of Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets

The following table presents selected information about the Company’s pension plans with projected benefit obligations in excess of plan assets:


	U.S.				Foreign
	December 31,				December 31,
	2020		2019		2020		2019
Projected benefit obligation	$	91,937	$	82,726	$	—		19,673
Fair value of plan assets		80,395		69,450		—		18,365

Defined Benefit Plan, Assumptions