International Retirement Plan

12 Months Ended

Dec. 31, 2015

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 $2,741 and $2,981 as of December 31, 2015 and 2014, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2015 and 2014. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2015 and 2014:


(in thousands)	2015		2014
Reconciliation of benefit obligations:
Obligations as of January 1	$	7,194	$	5,987
Service cost		178		150
Interest cost		156		200
Actuarial (gain) loss		(338)		1,719
Benefit payments		(119)		(144)
Effect of foreign currency exchange rate changes		(743)		(718)
Obligations as of December 31		6,328		7,194
Funded status as of December 31 (net of tax benefit)	$	(6,328)	$	(7,194)

For the year ended December 31, 2015, the Company recorded a $338 gain and $154 of actuarial amortization, net of a $154 tax provision, as a $338 adjustment to “Accumulated other comprehensive income (loss)” in accordance with ASC 715, “Compensation – Retirement Benefits.” For the year ended December 31, 2014, the Company recorded the $1,719 loss, net of $69 of actuarial amortization and a $515 tax benefit, as a $1,135 adjustment to “Accumulated other comprehensive income (loss)” in accordance with ASC 715, “Compensation – Retirement Benefits.”

The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2015 and 2014:


(in thousands)	2015		2014
Accrued liabilities	$	117	$	132
Other liabilities		6,211		7,062
Projected benefit obligation		6,328		7,194
Accumulated other comprehensive loss		(1,873)		(2,211)
Total	$	4,455	$	4,983

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2015 and 2014:


(in thousands)	2015		2014
Projected benefit obligation	$	6,328	$	7,194
Accumulated benefit obligation	$	5,738	$	6,301

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


(in thousands)	2015		2014
Net periodic benefit cost:
Service cost	$	178	$	150
Interest cost		156		200
Amortization of actuarial loss		154		69
Total	$	488	$	419
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss):
Net (gain) loss		(338)		1,135
Total expense recognized in net periodic benefit cost and other comprehensive income (loss)	$	150	$	1,554

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:
2016	$	132
2017		135
2018		138
2019		152
2020		181
2021-2025		1,045

Discount rate

Rate of compensation