Other Employee Benefit Plans

Employee 401(k) Plans

The Company has a 401(k) Savings and Retirement Plan (the “Plan”) to provide for voluntary salary deferral contributions on a pre-tax basis for employees within the United States in accordance with Section 401(k) of the Internal Revenue Code of 1986, as amended. The Plan allows for contributions by the Company. The Company made and expensed matching contributions of $8.9 million, $8.1 million and $7.5 million during the years ended December 31, 2017, 2016 and 2015, respectively.

Pension Plans

The Company previously offered most of the employees outside the United States participation in a defined benefit pension plan that has been curtailed. In addition, the Company previously provided a Supplemental Executive Retirement Plan (the “SERP”) for certain officers of the Company based in the United States. As of December 31, 2017, the last remaining SERP participant retired. Consequently, during the year ended December 31, 2017, the Company recorded an actuarial gain of approximately $1.7 million, primarily associated with the change in projected benefit obligation associated with the adjusted date of expected retirement and related actuarial compensation estimates for the final SERP participant.

The Company has recorded changes to the minimum pension liability to accumulated other comprehensive earnings (loss) and the estimated benefit to be paid in 2018 has been reported in other current liabilities. The remaining obligations are recorded in pension and other long-term liabilities. The measurement date used for the pension plans is December 31.


Note 16.	Other Employee Benefit Plans - (Continued)

Pension Plans - (Continued)

Amounts recognized in other comprehensive income (loss) during the years ended December 31, 2017, 2016 and 2015, net of tax, are as follows (in thousands):



	Year Ended December 31,
	2017			2016		2015
Net earnings (loss)	$	1,286		$	78	$	500
Prior service cost	(15		)	24		161
	$	1,271		$	102	$	661

Components of accumulated other comprehensive loss related to the Company’s pension plans as of December 31, 2017 and 2016 are as follows (in thousands):



	December 31,
	2017			2016
Net loss	$	(344	)	$	(1,630	)
Prior service cost	—			15
	$	(344	)	$	(1,615	)

A summary of the components of the net periodic pension expense for the benefit obligation and fund assets of the plans is as follows (in thousands):



	Year Ended December 31,
	2017			2016
Change in benefit obligation:
Benefit obligation at January 1	$	11,419		$	11,426
Interest costs	386			397
Actuarial (gain) loss	(1,720		)	177
Benefits paid	(310		)	(312		)
Foreign currency changes	374			(269		)
Benefit obligation at December 31	$	10,149		$	11,419
Fair value of plan assets at December 31	$	—		$	—
Unfunded status at December 31	$	10,149		$	11,419
Amounts recognized in the Consolidated Balance Sheets:
Current liabilities	$	6,262		$	292
Non-current liabilities	$	3,887		$	11,127


Note 16.	Other Employee Benefit Plans - (Continued)

Pension Plans - (Continued)

The weighted average assumptions used are as follows:



	Year Ended December 31,
	2017		2016
Net periodic benefit cost:
SERP:
Discount rate	4.00	%	4.00	%
Rate of increase in compensation levels	3.00	%	3.00	%
Defined benefit pension plan for employees outside the United States:
Discount rate	2.00	%	2.00	%
Funded status and projected benefit obligation:
SERP:
Discount rate	2.75	%	4.00	%
Rate of increase in compensation levels	—	%	3.00	%
Defined benefit pension plan for employees outside the United States:
Discount rate	1.75	%	2.00	%

As a result of the change in the SERP's projected benefit payouts and estimated duration, the Company changed the discount rate determined. As of December 31, 2017, the discount rate is determined using a yield curve and applying the individual spot rates from appropriate maturities to each of the future expected benefit payouts by year to better match the plan's duration. We then discounted back to the measurement date to determine the appropriate single level equivalent discount rate. In prior years, the discount rates used were based upon publicly listed bond indices with durations estimated to be consistent with the respective projected benefit obligations. This change did not have a material impact on the financial statements. Further, as there were no active participants left in the plan as of December 31, 2017, there was no rate of increase for compensation levels included in the December 31, 2017 projected benefit obligation.

For the defined benefit pension plan outside the United States, the discount rate is determined by reference to market yields at the end of the reporting period on high quality corporate bonds with similar maturities matching the duration of the projected benefit obligation.

A pension liability of $0.8 million and $2.6 million as of December 31, 2017 and 2016, respectively, has been recognized for the pension plans representing the excess of the unfunded accumulated benefit obligation over the accrued pension costs.

Benefits expected to be paid under the plans are approximately (in thousands):



2018	$	6,262
2019	312
2020	306
2021	296
2022	280
Five years thereafter	1,316
	$	8,772

Components of net periodic benefit cost are as follows (in thousands):



	Year Ended December 31,
	2017		2016		2015
Service costs	$	—	$	—	$	156
Interest costs	386		397		353
Net amortization and deferral	235		260		513
Net periodic pension costs	$	621	$	657	$	1,022


Note 16.	Other Employee Benefit Plans - (Continued)

Pension Plans - (Continued)

Components of net periodic benefit cost expected to be recognized from amounts in accumulated other comprehensive earnings (loss) during the year ending December 31, 2018 are as follows (in thousands):



	Year Ending December 31, 2018
Net loss	$	52