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Note 16 - Other Long-term Liabilities | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Other Long-term Liabilities, Disclosure [Text Block] | 16— OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following:
|  | December 31,
|  | 2019 |  | 2018
Provision for retirement indemnities (Japan & France), less current portion |  |  | 2,167 |  |  |  | 2,222 |
Provision for employee termination indemnities (Italy) less current portion |  |  | - |  |  |  | 170 |
Provision for employee termination indemnities (Korea) less current portion |  |  | 56 |  |  |  | 30 |
Provision for Asset Retirement Obligation (Japan) less current portion |  |  | 117 |  |  |  | 118 |
Provision for warranty costs, less current portion |  |  | 110 |  |  |  | 191 |
Conditional government advances, less current portion |  |  | 1,071 |  |  |  | 1,039 |
Accrued interest less current portion |  |  | 46 |  |  |  | 30 |
Total |  |  | 3,567 |  |  |  | 3,800 |
Provision for asset retirement obligation in Japan is related to subsidiary’s offices and warehouses. Pension, post-retirement and post-employment benefits for most of the Company’s employees are sponsored by European governments. In addition to government-sponsored plans, subsidiaries in Japan and France have defined benefit retirement indemnity plans in place. The provision for retirement indemnities at December 31, 2019 represents an accrual for lump-sum retirement indemnity payments to be paid at the time an employee retires if he or she is still present at the Company at the date of retirement. This provision has been calculated taking into account the estimated payment at retirement (discounted to the current date), turnover and salary increases. The provision is management’s best estimate based on the following assumptions as of year-end:
|  | Pension Benefits - France
|  | 2019 |  | 2018
Discount rate |  |  | 0.90 | % |  |  | 1.60 | %
Salary increase |  |  | 2.50 | % |  |  | 2.50 | %
Retirement age |  |  | 65 |  |  |  | 65 |
Average retirement remaining service period |  |  | 24 |  |  |  | 24 |
|  | Pension Benefits - Japan
|  | 2019 |  | 2018
Discount rate |  |  | 0.60 | % |  |  | 0.50 | %
Salary increase |  |  | 2.50 | % |  |  | 2.50 | %
Retirement age |  |  | 60 |  |  |  | 60 |
Average retirement remaining service period |  |  | 14 |  |  |  | 14 |
The discount rate retained is determined by reference to the high quality rates for AA- rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date. In 2019, provision presentation according to ASC 715 in thousands of euros:
|  | France |  | Japan
Non-current liabilities |  |  | 960 |  |  |  | 1,207 |
Current liabilities |  |  | 10 |  |  |  | 22 |
Accumulated other comprehensive income (loss) |  |  | (67 | ) |  |  | (136 | )
Total |  |  | 903 |  |  |  | 1,093 |
In 2018, provision presentation according to ASC 715 in thousands of euros:
|  | France |  | Japan
Non-current liabilities |  |  | 966 |  |  |  | 1,255 |
Current liabilities |  |  | 10 |  |  |  | 55 |
Accumulated other comprehensive income (loss) |  |  | (161 | ) |  |  | (416 | )
Total |  |  | 815 |  |  |  | 895 |
The Company does not have a funded benefit plan. Detailed reconciliation of pension cost components (in thousands of euros) during fiscal year for each of the three years ending December 31, 2019:
France |  | 2019 |  | 2018 |  | 2017
Change in benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligations at beginning of year |  |  | 976 |  |  |  | 895 |  |  |  | 842 |
Service cost |  |  | 68 |  |  |  | 67 |  |  |  | 66 |
Interest cost |  |  | 16 |  |  |  | 14 |  |  |  | 13 |
Net loss or (gain) |  |  | 2 |  |  |  | - |  |  |  | - |
Actuarial (gain) or loss |  |  | (93 | ) |  |  |  |  |  |  |  |
Amortization of net prior service cost |  |  | 1 |  |  |  | 1 |  |  |  | 1 |
Benefits paid |  |  | - |  |  |  | - |  |  |  | (27 | )
Benefit obligations at end of year (1) |  |  | 969 |  |  |  | 976 |  |  |  | 895 |
Unrecognized actuarial (gain) loss (2) |  |  | 48 |  |  |  | 141 |  |  |  | 144 |
Unrecognized prior service cost (2) |  |  | 18 |  |  |  | 20 |  |  |  | 22 |
Accrued pension cost |  |  | 903 |  |  |  | 815 |  |  |  | 729 |
| ( 1 ) | The accumulated benefit obligation was €693 thousand and €692 thousand at December 31, 2019 and 2018 respectively.
| ( 2 ) | The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2020 is €1 thousand.
Japan |  | 2019 |  | 2018 |  | 2017
Change in benefit obligations: |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligations at beginning of year |  |  | 1,311 |  |  |  | 1,182 |  |  |  | 1,162 |
Service cost |  |  | 140 |  |  |  | 131 |  |  |  | 118 |
Interest cost |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Amortization of net loss |  |  | 27 |  |  |  | 26 |  |  |  | 24 |
Actuarial (gain) / loss |  |  | (294 | ) |  |  | - |  |  |  | (12 | )
Benefits paid |  |  | (3 | ) |  |  | (94 | ) |  |  | (17 | )
Exchange rate impact |  |  | 42 |  |  |  | (60 | ) |  |  | (99 | )
Benefit obligations at end of year (1) |  |  | 1,230 |  |  |  | 1,311 |  |  |  | 1,182 |
Unrecognized actuarial (gain) loss (2) |  |  | 136 |  |  |  | 416 |  |  |  | 412 |
Unrecognized prior service cost (2) |  |  | - |  |  |  | - |  |  |  | - |
Accrued pension cost |  |  | 1,093 |  |  |  | 895 |  |  |  | 770 |
| ( 1 ) | The accumulated benefit obligation was €1,062 thousand and €960 thousand at December 31, 2019 and 2018, respectively.
| ( 2 ) | The amount in accumulated other comprehensive income (loss) to be recognized as components of net periodic benefit costs in 2020 is €1 thousand.
The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter, are detailed in the table below:
|  | France |  | Japan
2020 |  |  | 10 |  |  |  | 22 |
2021 |  |  | 80 |  |  |  | 72 |
2022 |  |  | - |  |  |  | 109 |
2023 |  |  | 67 |  |  |  | 118 |
2024 |  |  | - |  |  |  | 163 |
2025-2029 |  |  | 265 |  |  |  | 529 |

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