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Employee Benefit Plan | 12 Months Ended
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Dec. 31, 2017
Employee Benefit Plan |
Employee Benefit Plan | Note 10 – Employee Benefit Plans U.S. Plan We maintain a defined contribution pension plan for U.S. employees established pursuant to Section 401(k) of the Internal Revenue Code. The plan allows voluntary employee contributions and discretionary employer contributions. For the years ended December 31, 2017, 2016, and 2015, we expensed contributions of $191, $167, and $110, respectively. Non-U.S. Plan We are subject to national mandatory pension systems and other compulsory plans, or make contributions to social pension funds based on local regulations. When our obligation is limited to the payment of the contribution into these plans or funds, the recognition of such liabilities is not required. In addition, we have, in some countries, defined benefit plans consisting of final retirement salary and committed pension payments. In Switzerland, the pension plan is a cash balance plan where contributions are expressed as a percentage of the pensionable salary. Contributions to Swiss plans are paid by the employees and the employer. The pension plan guarantees the amount accrued on the members’ savings accounts, as well as a minimum interest on those savings accounts. The plan assets are held in guaranteed investment contracts. 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 1.6% on employer contributions and 1.6% for employee contributions. The plan assets are held in guaranteed investment contracts. Components of net periodic pension cost:
|  | Year ended December 31,
|  | 2017 |  | 2016 |  | 2015
Service cost (gross) |  | $ | 1,397 |  | $ | 783 |  | $ | 601
Interest cost |  |  | 188 |  |  | 243 |  |  | 261
Expected return on plan assets |  |  | (199) |  |  | (157) |  |  | (162)
Amortization of unrecognized actuarial gain |  |  | 45 |  |  | — |  |  | —
Net periodic pension cost |  | $ | 1,431 |  | $ | 869 |  | $ | 700
The net unfunded status of the Non-U.S. pension plans is as follows:
|  | As of December 31,
|  | 2017 |  | 2016
Fair value of plan assets |  | $ | 12,390 |  | $ | 11,024
Projected benefit obligation |  |  | (18,308) |  |  | (16,690)
Net unfunded benefit obligation |  | $ | (5,918) |  | $ | (5,666)
Net unfunded benefit obligation is recorded as other long-term liabilities in our consolidated balance sheets. The change in the fair value of plan assets is as follows:
|  | Year ended December 31,
|  | 2017 |  | 2016
Fair value of plan assets at January 1 |  | $ | 11,024 |  | $ | 9,264
Employee contributions |  |  | 530 |  |  | 458
Actual return on plan assets |  |  | 91 |  |  | 63
Benefits (paid), net of transfers |  |  | (1,277) |  |  | 752
Employer contributions |  |  | 992 |  |  | 832
Foreign exchange adjustment |  |  | 1,030 |  |  | (345)
Fair value of plan assets at December 31 |  | $ | 12,390 |  | $ | 11,024
The change in benefit obligations is as follows:
|  | Year ended December 31,
|  | 2017 |  | 2016
Benefit obligations at January 1 |  | $ | 16,690 |  | $ | 12,674
Gross service cost |  |  | 1,397 |  |  | 783
Interest cost |  |  | 188 |  |  | 243
Employee contributions |  |  | 530 |  |  | 458
Actuarial losses |  |  | 30 |  |  | 2,296
Plan amendment |  |  | (356) |  |  | —
Benefits (paid), net of transfers |  |  | (1,277) |  |  | 752
Foreign exchange adjustment |  |  | 1,106 |  |  | (516)
Benefit obligations at December 31 |  | $ | 18,308 |  | $ | 16,690
Our investment policy meets our responsibility under local social legislation and aligns plan assets with liabilities, while minimizing risk. For the years ended December 31, 2017 and 2016, plan assets are invested in guaranteed investment contracts. Fair value of guaranteed investment contracts is surrender value. Fair value is determined using Level 3 inputs as defined by ASC 820, Fair Value Measurements. The net periodic cost for 2018 will include the amortization of prior service cost and unrecognized actuarial gains, currently included in Accumulated other comprehensive loss, of $89. The accumulated benefit obligation for the plans were $7,984 and $8,247 as of December 31, 2017 and 2016, respectively. 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. The following weighted average assumptions were utilized in pension calculations:
|  | As of December 31, 2017
|  | 2017 |  | 2016
|  | (%)
Discount rates |  | 0.7 | - | 1.5 |  | 0.7 | - | 1.6
Inflation |  | 1.0 | - | 1.8 |  | 1.0 | - | 1.8
Expected return on plan assets |  | 1.3 | - | 2.0 |  | 1.3 | - | 2.0
Rate of salary increases |  | 2.0 | - | 2.8 |  | 2.0 | - | 2.8
Project future pension benefits as of December 31, 2017:
2018 |  | $ | 529
2019 |  |  | 460
2020 |  |  | 478
2021 |  |  | 742
2022 |  |  | 1,169
Beyond |  |  | 4,044

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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