XML 61 R34.htm IDEA: XBRL DOCUMENT v3.20.1
Pensions (Tables)
 12 Months Ended
Dec. 31, 2019
Pensions [Abstract]  
Calculation of Annual Pension Costs
Calculation of this year’s pension costs:
 
(Dollars in thousands)
         
Calculation of this year’s pension costs:
 
2019
  
2018
  
2017
 
Current service cost
  
406
   
403
   
329
 
Financial costs
  
14
   
10
   
6
 
Pension costs for the year
  
420
   
413
   
335
 
Amount Recognized in Statement of Financial Position
The amounts recognized in the statement of financial position at the reporting date are as follows:
 
  
2019
  
2018
  
2017
 
Present value of the defined benefit obligation
  
2,494
   
1,971
   
1,481
 
Fair value of plan assets
  
1,788
   
1,614
   
1,266
 
Net pension obligation
  
707
   
357
   
215
 
Remeasurement loss/(gain)
  
(287
)
  
182
   
211
 
Net balance sheet recorded pension liability December 31
  
420
   
539
   
425
 
             
Change in Gross Pension Obligation
             
Change in gross pension obligation:
            
Gross obligation January 1
  
2,090
   
1,708
   
1,111
 
Current service cost
  
401
   
398
   
325
 
Interest charge on pension liabilities
  
54
   
42
   
31
 
Past service cost - curtailment/plan amendment
  
-
   
-
   
-
 
Settlement (gain)
  
-
   
-
   
-
 
Social security expenses
  
(31
)
  
(57
)
  
(44
)
Remeasurements loss/(gain)
  
(1,055
)
  
119
   
227
 
Exchange rate differences
  
(21
)
  
(119
)
  
58
 
Gross pension obligation December 31
  
1,439
   
2,090
   
1,708
 
Change in Gross Pension Assets
             
Change in gross pension assets:
            
Fair value plan asset January 1
  
1,551
   
1,282
   
886
 
Interest income
  
36
   
27
   
20
 
Settlement
  
-
   
-
   
-
 
Employer contribution
  
216
   
404
   
313
 
Remeasurements (loss)/gain
  
(768
)
  
(63
)
  
16
 
Exchange rate differences
  
(16
)
  
(99
)
  
47
 
Fair value plan assets December 31
  
1,019
   
1,551
   
1,282
 
Pension Contributions Assumptions
The Company expects to contribute $228 thousand to its defined benefit pension plan in 2020.

Assumptions
 
2019
  
2018
  
2017
 
Discount rate
  
2.30
%
  
2.60
%
  
2.40
%
Yield on pension assets
  
2.30
%
  
2.60
%
  
2.40
%
Wage growth
  
2.25
%
  
2.75
%
  
2.50
%
G regulation*
  
2.00
%
  
2.50
%
  
2.25
%
Pension adjustment
  
0.50
%
  
0.80
%
  
0.50
%
Average remaining service period
  
19
   
18
   
18
 
 
*Increase of social security base amount (“G”) as per Norwegian regulations.