XML 26 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES
 12 Months Ended
Dec. 31, 2017
Loans and Leases Receivable, Related Parties Disclosure [Abstract]  
EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES
EMPLOYEE LOANS AND ALLOWANCE FOR LOAN LOSSES
In 2012, the Board of Directors of the Company approved the Employee Housing Program (the “Housing Program”), which provides employees with loans to purchase housing in Belarus. The housing is sold directly to employees by independent third parties. The Housing Program was designed as a retention mechanism for the Company’s employees in Belarus and is available to full-time qualified employees who have been with the Company for at least three years. The aggregate maximum lending limit of the program is $10,000, with no individual outstanding loans exceeding $50. In addition to the housing loans, the Company issues relocation loans in connection with intra-company transfers, as well as certain other individual loans.
During the year ended December 31, 2017, loans issued by the Company under the Housing Program were denominated in U.S. dollars with a 5-year term and carried an interest rate of 7.5%.
As of December 31, 2017 and 2016, categories of employee loans included in the loan portfolio were as follows:
 
December 31,
2017
 
December 31,
2016
Housing loans
$
3,513

 
$
5,448

Relocation and other loans
697

 
530

Total employee loans
4,210

 
5,978

Less:
 

 
 

Allowance for loan losses
—

 
—

Total loans, net of allowance for loan losses
$
4,210

 
$
5,978


Movement of employee loans balances during the years ended December 31, 2017, 2016 and 2015 was as follows:
 
 
Amount
Employee loans at January 1, 2015
 
$
6,515

Employee loans issued
 
3,427

Employee loans repaid
 
(3,547
)
Employee loans written-off
 
(7
)
Changes in interest and penalties accrued
 
(32
)
Effect of net foreign currency exchange rate changes
 
(18
)
Employee loans at December 31, 2015
 
$
6,338

Employee loans issued
 
2,960

Employee loans repaid
 
(3,273
)
Changes in interest and penalties accrued
 
(35
)
Effect of net foreign currency exchange rate changes
 
(12
)
Employee loans at December 31, 2016
 
$
5,978

Employee loans issued
 
1,875

Employee loans repaid
 
(3,615
)
Employee loans written-off
 
(22
)
Changes in interest and penalties accrued
 
(18
)
Effect of net foreign currency exchange rate changes
 
12

Employee loans at December 31, 2017
 
$
4,210