Pensions

The Company sponsors several defined benefit pension plans covering some of its non-U.S. employees. Benefits under the defined benefit plans are based on years of service and eligible compensation. A majority of the Predecessor employees were participants in various defined benefit pension and other retirement plans administered and sponsored by Dow. The amount of the unfunded pension liability is included in other noncurrent liabilities.

The following table summarizes changes in the funded status of the Company’s pension plans for fiscal year 2016:



(in thousands)	Amount
Projected benefit obligation, January 1, 2016	$	782
Service cost	256
Interest cost	22
Net actuarial loss (gain)	94
Benefits paid	—
Cumulative translation adjustment	(38		)
Projected benefit obligation, December 31, 2016	$	1,116
Fair value of plan assets	(184		)
Unfunded pension liability, December 31, 2016	$	932

The following table summarizes changes in the funded status of the Company’s pension plans for fiscal year 2015:



(in thousands)	Amount
Projected benefit obligation, August 1, 2015	$	686
Net periodic pension expense	128
Net actuarial loss (gain)	(32		)
Benefits paid	—
Projected benefit obligation, December 31, 2015	$	782
Fair value of plan assets	(48		)
Unfunded pension liability, December 31, 2015	$	734

The components of net periodic pension cost for the year ended December 31, 2016 and for the period August 1, 2015 through December 31, 2015 were as follows:



(in thousands)	Year Ended December 31, 2016			August 1, 2015 Through December 31, 2015
Service cost	$	256		$	122
Interest cost	22			6
Expected return on plan assets	(5		)	—
Additional charges	16			—
Net periodic pension cost	$	289		$	128

The Company offers defined contribution plans to eligible employees in the U.S. whereby employees participate by contributing a portion of their compensation, which is partially matched by the Company. Contributions were allocated to the Predecessor based on headcount for the defined contribution plans in which the Predecessor’s employees participated. Total contributions for the Company’s employees were $0.8 million and $0.4 million for the year ended December 31, 2016 and the period of August 1, 2015 to December 31, 2015, respectively. Total contributions for Predecessor employees were $0.3 million and $0.4 million for the seven months ended July 31, 2015 and for the year ended December 31, 2014, respectively.