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Note 15 - Pension Plan | 12 Months Ended
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Dec. 31, 2018
Notes to Financial Statements |
Pension and Other Postretirement Benefits Disclosure [Text Block] |
15. |  | Pension plan
The Company has a defined benefit pension plan (the “Plan”), which was assumed in connection with a business acquired during 2016. The Plan covers eligible employees in the Netherlands and provides old age, survivor, orphan and disability benefits. Effective December 31, 2016, enrollment in the Plan was frozen and no additional employees are entitled to join the Plan. The Plan is covered by an insurance contract which limits the Company’s exposure to returns below a fixed discount rate. The following table details the net periodic pension cost of the Plan:
|  | 2018 |  |  | 2017 |
Gross employer service cost |  | $ | 1,237 |  |  | $ | 1,501 |
Plan participant contributions |  |  | (246 | ) |  |  | (308 | )
Interest cost on service cost |  |  | 22 |  |  |  | 27 |
Employer's service cost |  |  | 1,013 |  |  |  | 1,220 |
Interest cost |  |  | 744 |  |  |  | 701 |
Expected net return on plan assets |  |  | (689 | ) |  |  | (640 | )
Other costs |  |  | 171 |  |  |  | 166 |
Total employer's pension expense |  | $ | 1,239 |  |  | $ | 1,447 |
The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represent the Company’s funded status), as well as the funded status, of the Plan.
Change in benefit obligation: |  | 2018 |  |  | 2017 |
Projected benefit obligation - January 1 |  | $ | 42,368 |  |  | $ | 36,659 |
Current service cost |  |  | 1,014 |  |  |  | 1,220 |
Plan participant / third party contributions |  |  | 246 |  |  |  | 308 |
Interest cost |  |  | 744 |  |  |  | 701 |
Benefits paid |  |  | (601 | ) |  |  | (495 | )
Individual settlements |  |  | 84 |  |  |  | - |
Curtailment |  |  | - |  |  |  | (125 | )
Foreign exchange |  |  | (2,038 | ) |  |  | 5,204 |
Expected projected benefit obligation, December 31 |  |  | 41,817 |  |  |  | 43,472 |
Actuarial gain, net of foreign exchange |  |  | (2,842 | ) |  |  | (1,105 | )
Projected benefit obligation - December 31 |  | $ | 38,975 |  |  | $ | 42,367 |
Change in plan assets: |  | 2018 |  |  | 2017 |
Fair value of plan assets - January 1 |  | $ | 38,813 |  |  | $ | 33,016 |
Expected net return on plan assets |  |  | 689 |  |  |  | 640 |
Contributions |  |  |  |  |  |  |  |
Employer |  |  | 634 |  |  |  | 609 |
Plan participants |  |  | 246 |  |  |  | 308 |
Benefits paid |  |  | (601 | ) |  |  | (495 | )
Individual settlements |  |  | 84 |  |  |  | - |
Other costs |  |  | (171 | ) |  |  | (72 | )
Foreign exchange |  |  | (1,853 | ) |  |  | 4,658 |
Expected fair value of plan assets - December 31 |  |  | 37,841 |  |  |  | 38,664 |
Actuarial (gain)/loss, net of foreign exchange |  |  | (664 | ) |  |  | 149 |
Fair value of plan assets - December 31 |  | $ | 37,177 |  |  | $ | 38,813 |
Defined benefit pension plan amounts recorded in the consolidated balance sheet are shown in the table below:
|  | December 31, 2018 |  |  | December 31, 2017 |
Present value of accumulated benefit obligation |  | $ | (37,925 | ) |  | $ | (40,142 | )
Effect of future compensation increases |  |  | (1,049 | ) |  |  | (2,226 | )
Present value of projected benefit obligation |  |  | (38,974 | ) |  |  | (42,368 | )
Fair value of plan assets |  |  | 37,177 |  |  |  | 38,813 |
Net liability for pension benefits |  | $ | (1,797 | ) |  | $ | (3,555 | )
The following table details the amount recognized in other comprehensive income:
|  | 2018 |  |  | 2017 |
Actuarial gain on remeasurement of projected benefit obligation |  | $ | (2,931 | ) |  | $ | (1,038 | )
Actuarial (gain)/loss on remeasurement of fair value of assets |  |  | 685 |  |  |  | (234 | )
Actuarial gain on curtailment of benefits from reorganization |  |  | - |  |  |  | (125 | )
Total gain recognized in other comprehensive income |  | $ | (2,246 | ) |  | $ | (1,397 | )
The assumptions used in developing the projected benefit obligation are as follows:
|  | 2018 |  |  | 2017 |
Discount rate used in determining present values |  |  | 1.9 | % |  |  | 1.8 | %
Annual increase in future compensation levels |  |  | 1.8 | % |  |  | 2.0 | %
The assumptions used in determining net periodic cost are as follows:
|  | 2018 |  |  | 2017 |
Discount rate used in determining present values |  |  | 1.9 | % |  |  | 1.8 | %
Annual increase in future compensation levels |  |  | 1.8 | % |  |  | 2.0 | %
Expected long-term rate of return on assets |  |  | 1.9 | % |  |  | 1.8 | %
The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA” rated corporate bonds with durations consistent with the liabilities of the Plan. The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio. For the year ended December 31, 2018 the actual return on assets was $4 ( 2017 - $781 ) composed of an expected return on assets of $689 ( 2017 - $640 ) and an actuarial loss of $685 ( 2017 gain – $140 ). Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets.
|  | December 31, |  |  | Fair value measurements |
|  | 2018 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Equity type investments |  | $ | 3,146 |  |  | $ | 3,146 |  |  | $ | - |  |  | $ | - |
Fixed interest type investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government bonds |  |  | 33,022 |  |  |  | 33,022 |  |  |  | - |  |  |  | - |
Cash |  |  | 92 |  |  |  | 92 |  |  |  | - |  |  |  | - |
Other |  |  | 918 |  |  |  | - |  |  |  | - |  |  |  | 918 |
Total |  | $ | 37,178 |  |  | $ | 36,260 |  |  | $ | - |  |  | $ | 918 |
The Plan’s assets are invested with a third party insurance company in the Netherlands that insures the performance of Plan assets. The valuation of the insurance asset is included in the “Other” category in the table above. The Company expects the following pension benefit payments over the next 10 years:
| Year ended December 31 |  |  |  |
| 2019 |  | $ | 658 |  |
| 2020 |  |  | 686 |  |
| 2021 |  |  | 721 |  |
| 2022 |  |  | 792 |  |
| 2023 |  |  | 859 |  |
| 2024 - 2028 |  |  | 5,286 |  |

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