Agenda

2020

11.

Long-Term Debt

Long-term debt as of December 31, 2021 and 2020 consisted of the following:

As of December 31, 2021 and 2020, it is estimated that approximately $476,000 and
$476,000, respectively, of cumulative federal alternative minimum tax credits may be carried
forward indefinitely as a credit against our regular tax liability.

The temporary items that give rise to the net deferred tax liability as of December 31, 2021
and 2020 were as follows:

10.

Disaggregation of Revenue
For the years ended December 31, 2021 and 2020, revenue recognized for goods and services
transferred over time totaled $3,339,069 and $2,777,693, respectively.

For assets and liabilities measured at fair value on a recurring basis, the fair value measure-
ment by levels within the fair value hierarchy used as of December 31, 2021 and 2020 were
as follows:

December 31, 2021

(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap S$ (290) S$ - § (290) S$ -

December 31, 2020

(in thousands) Total Level 1 Level 2 Level 3
Liabilities:
Interest rate swap $ (460) S$ - S (460) S$ -

Commitments and Contingencies

Operating Leases

The Company’s corporate office space, as well as certain office equipment, is leased under
operating lease agreements. Total rent expense was approximately $385,300 and $389,800
for the years ended December 31, 2021 and 2020, respectively.

The remaining non-cancelable lease commitments for the corporate office space and leased
equipment as of December 31, 2021 were as follows:

The following table presents a period-end reconciliation of DB Plan assets measured and
recorded at fair value on a recurring basis, using significant unobservable inputs (Level 3):

(in thousands} 2021 2020
Balance, beginning of year S 5,731 S 5,155
Plan transfers 202 1,941
Contributions 599 373
Benefits paid - (1,844)
Return on plan assets (net of investment expenses) 110 106
Balance, end of year iS 6,642 S 5,731

The fair value of DB Plan and OPEB Plan assets by levels within the fair value hierarchy used
as of December 31, 2020 was as follows:

(in thousands} Fair Value Level 1 Level 2 Level 3

DB Plan:

Guaranteed Interest Accounts S$ 5,731 $ : $ - $5,731

Total Assets in the Fair Value Hierarchy 5,731 - - 5,731

Investments measured at net asset value”! 17,895 - - -
DB Plan Investments, at Fair Value 23,626 - - 5,731

OPEB Plans:

Common stocks 349 349 -

Mutual funds 124 124 .

Fixed income funds 143 143 - -

The methods described above may produce a fair value calculation that may not be indicative of
net realizable value or reflective of future fair values. Furthermore, while the Plan’s management
believes the valuation methodologies are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair value of
certain investments could result in a different fair value measurement at the reporting date.