Douglas Dynamics, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Employee Retirement Plans (Tables)

Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2021

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.



		December 31,
		2019

Benefit obligation at beginning of year		$	40,182
Service cost			-
Interest cost			1,642
Actuarial loss			166
Benefits paid			(1,451)
Pension settlement			(40,539)
Benefit obligation at end of year			-
Fair value of plan assets at beginning of year			38,053
Actual return on plan assets			3,477
Employer contributions through December 31			460
Pension settlement			(40,539)
Benefits paid			(1,451)
Fair value of plan assets at end of year			-
Funded status at end of year		$	-

Schedule of components of net periodic pension or other postretirement benefit cost



			2019
Components of net periodic pension cost:
Service cost		$	-
Interest cost			1,642
Expected return on plan assets			(1,175)
Amortization of net loss			595
Effect of settlement for termination			6,380
Net periodic pension cost		$	7,442

Other postretirement benefit cost

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.



	December 31,
	2021			2020
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	6,736		$	6,538
Service cost		137			147
Interest cost		137			191
Participant contributions		52			55
Changes in actuarial assumptions		(790)			(178)
Benefits paid		(11)			(17)
Projected benefit obligation at end of year	$	6,261		$	6,736
Amounts recognized in the consolidated balance sheets consisted of:
Accrued expenses and other current liabilities	$	230		$	250
Retiree health benefit obligation		6,031			6,486
	$	6,261		$	6,736

Schedule of components of net periodic pension or other postretirement benefit cost



		2021			2020			2019
Components of net postretirement health benefit cost:
Service cost	$	137		$	147		$	149
Interest cost		137			191			252
Amortization of net gain		(312)			(310)			(312)
Net postretirement healthcare benefit cost	$	(38)		$	28		$	89

Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates



	Year Ended December 31
	2021			2020				2019
Discount rate		2.1	%		3.0	%		4.0	%
Immediate healthcare cost trend rate		*			*			**
Ultimate healthcare cost trend rate		4.5			4.5			4.5
Assumed annual reduction in trend rate		*			*			**
Participation		60			60			60

*	Health Care Cost Trend rate is assumed to be 7.0% beginning in 2021 gradually reducing to an ultimate rate of 4.5% in 2030.

**	Health Care Cost Trend rate is assumed to be 7.0% beginning in 2020 gradually reducing to an ultimate rate of 4.5% in 2029.

***	Health Care Cost Trend rate is assumed to be 6.8% beginning in 2019 gradually reducing to an ultimate rate of 4.5% in 2028.