International Retirement Plan

12 Months Ended

Dec. 31, 2016

International Retirement Plan [Abstract]

Note 15 International Retirement Plan

The Company sponsors a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. The Company maintains insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The net present value of the annuity was $2,760 and $2,741 as of December 31, 2016 and 2015, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2016 and 2015. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2016 and 2015:


(in thousands)	2016		2015
Reconciliation of benefit obligations:
Obligations as of January 1	$	6,328	$	7,194
Service cost		154		178
Interest cost		159		156
Actuarial (gain) loss		1,437		(338)
Benefit payments		(120)		(119)
Effect of foreign currency exchange rate changes		(231)		(743)
Obligations as of December 31		7,727		6,328
Funded status as of December 31 (net of tax benefit)	$	(7,727)	$	(6,328)

For the year ended December 31, 2016, the Company recorded a $1,437 loss, net of $128 of actuarial amortization and a $407 tax benefit, as a $902 adjustment to “Accumulated other comprehensive income (loss)” in accordance with ASC 715, “Compensation – Retirement Benefits.” For the year ended December 31, 2015, the Company recorded a $338 gain and $154 of actuarial amortization, net of a $154 tax provision, as a $338 adjustment to “Accumulated other comprehensive income (loss)”

The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2016 and 2015:


(in thousands)	2016		2015
Accrued liabilities	$	114	$	117
Other liabilities		7,613		6,211
Projected benefit obligation		7,727		6,328
Accumulated other comprehensive income		(2,775)		(1,873)
Total	$	4,952	$	4,455

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2016 and 2015:


(in thousands)	2016		2015
Projected benefit obligation	$	7,727	$	6,328
Accumulated benefit obligation	$	6,905	$	5,738

The following table shows the components of net periodic benefit costs and other amounts recognized in other comprehensive income (loss):


(in thousands)	2016		2015
Net periodic benefit cost:
Service cost	$	154	$	178
Interest cost		159		156
Amortization of actuarial loss		128		154
Total	$	441	$	488
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss		1,437		(338)
Total expense recognized in net periodic benefit cost and other comprehensive income	$	1,878	$	150

The following assumptions are used to determine benefit obligations as of December 31:

The following benefit payments, including expected future service cost, are expected to be paid:


(in thousands)
Estimated future benefit payments:
2017	$	129
2018		131
2019		145
2020		173
2021		176
2022-2026		1,077

Discount rate

Rate of compensation