International Retirement Plan

12 Months Ended

Dec. 31, 2017

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 $3,207 and $2,760 as of December 31, 2017 and 2016, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2017 and 2016. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2017 and 2016:


(in thousands)	2017		2016
Reconciliation of benefit obligations:
Obligations as of January 1	$	7,727	$	6,328
Service cost		184		154
Interest cost		131		159
Actuarial (gain) loss		(555)		1,437
Benefit payments		(136)		(120)
Effect of foreign currency exchange rate changes		1,083		(231)
Obligations as of December 31		8,434		7,727
Funded status as of December 31 (net of tax benefit)	$	(8,434)	$	(7,727)

For the year ended December 31, 2017, the Company recorded a $555 gain, net of $244 of actuarial amortization and a $247 tax provision, as a $552 adjustment to “Accumulated other comprehensive income (loss)” in accordance with ASC 715, “Compensation – Retirement Benefits.” 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)”.

The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2017 and 2016:


(in thousands)	2017		2016
Accrued liabilities	$	144	$	114
Other liabilities		8,290		7,613
Projected benefit obligation		8,434		7,727
Accumulated other comprehensive income		(2,555)		(2,775)
Total	$	5,879	$	4,952

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2017 and 2016:


(in thousands)	2017		2016
Projected benefit obligation	$	8,434	$	7,727
Accumulated benefit obligation	$	7,570	$	6,905

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


(in thousands)	2017		2016
Net periodic benefit cost:
Service cost	$	184	$	154
Interest cost		131		159
Amortization of actuarial loss		244		128
Total	$	559	$	441
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net (gain) loss		(555)		1,437
Total expense recognized in net periodic benefit cost and other comprehensive income	$	4	$	1,878

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:
2018	$	145
2019		147
2020		163
2021		181
2022		184
2023-2027		1,020

Discount rate

Rate of compensation