Note 11 – Employee Benefit Plan

We maintain a defined contribution pension plan for our U.S. employees established pursuant to the provisions of Section 401(k) of the Internal Revenue Code, which provides benefits for eligible employees of the company and allows us to match employee contributions. For the years ended December 31, 2016, 2015, and 2014, we contributed $167, $110, and $119 respectively, to this plan as matching contributions.

We also maintain a pension plan for our Belgian employees, in compliance with Belgian law. Contributions to Belgium plans are paid by the employees and the employer. Certain features of the plans require them to be categorized as defined benefit plans under ASC 715 due to Belgian social legislation, which prescribed a minimum annual return of 3.25% on employer contributions and 3.75% for employee contributions through December 31, 2015. In prior periods, the net period pension cost, unfunded net pension obligation and related disclosures were determined to be immaterial.

Effective January 1, 2016, Belgian law decreased the minimum required return for both employer and employee prospective contributions to 1.75%. While this change in law reduced the pension benefit obligation as of December 31, 2016, the discount rate assumption used to value the projected benefit obligation decreased from 3.2% as of December 31, 2015, to 1.6% as of December 31, 2016, due to a reduction in Euro AA bond rates, and resulting yield curve, during 2016. These factors contributed to an overall increase to the projected benefit obligation of $1,835, recorded as an actuarial loss in accumulated other comprehensive income, net of tax, of $624. The net periodic pension cost for the year ended December 31, 2016, was immaterial.

The net unfunded status of these pension plans as of December 31, 2016, is as follows:


Fair value of plan assets	$	5,668
Projected benefit obligation		(7,503	)

Net unfunded benefit obligation	$	(1,835	)

The net unfunded benefit obligation is recorded within other long-term liabilities in our consolidated balance sheet as of December 31, 2016

Actuarial Assumptions

Certain actuarial assumptions such as the discount rate and the long-term rate of return on plan assets have a significant effect on the amounts reported for net periodic cost and the benefit obligation. The assumed discount rates reflect the prevailing market rates of a universe of high-quality, non-callable, corporate bonds currently available that, if the obligation were settled at the measurement date, would provide the necessary future cash flows to pay the benefit obligation when due. In determining the long-term return on plan assets, the Company considers long-term rates of return of comparable low risk investments, such as Euro AA bonds.


Annual weighted average assumptions at December 31, 2016
Discount rate	1.6	%
Inflation	1.8	%
Expected return on plan assets	2.0	%
Rate of salary increases	2.8	%

For the year ended December 31, 2016, all plan assets are invested in guaranteed investment contracts.

The Company’s investment policy is designed to meet the responsibility under Belgium social legislation and align our investments to our liabilities, while reducing risk in our plans.

The fair value of plan assets is the guaranteed investment contract surrender value. The fair value of the plans assets were determined using Level 3 inputs as defined by ASC 820, Fair Value Measurements.

For the years ended December 31, 2016, 2015, and 2014, the company contributed $647, $572 and $697 respectively, to the plans.


Projected future pension benefit payments
2017	$	141
2018		233
2019		159
2020		162
2021		336
Beyond		2,232