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Pension Plan (Tables)

12 Months Ended

Dec. 31, 2015

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Schedule of Pension Plan Expenses

The components of the expense the Company incurred under the pension plan are as follows (in thousands):

		Year Ended December 31,
		2015			2014
Current service cost, net of employee contributions		$	50		$	34
Interest cost on accrued benefit obligation			103			131
Expected return on plan assets			(160)			(169)
Amortization of transitional obligation			10			12
Amortization of past service costs			7			8
Amortization of net actuarial gain			44			35
Total cost of benefit		$	54		$	51

Reconciliation of Projected Benefit Obligation

The Company's obligations pursuant to the pension plan are as follows (in thousands):

		December 31,
		2015			2014
Projected benefit obligation, at beginning of year		$	3,057		$	2,927
Current service cost, net of employee contributions			50			34
Employee contributions			30			37
Interest cost			103			131
Actuarial loss			(66)			-
Impact of change in discount rate			(37)			320
Impact in change of assumptions			-			80
Benefits paid			(160)			(178)
Foreign exchange adjustment			(399)			(294)
Projected benefit obligation, at end of year		$	2,578		$	3,057

Schedule of Expected Benefit Payments

A summary of expected benefit payments related to the pension plan is as follows (in thousands):

Years ending December 31,		Pension Plan
2016		$	154
2017			156
2018			155
2019			151
2020			147
2021 - 2025			680

Schedule of Other Changes in Plan Assets and Benefit Obligations

Other changes in plan assets and benefit obligations recognized in other comprehensive income are as follows (in thousands):

		Year Ended December 31,
		2015			2014
Net gain / (loss)		$	108		$	(329)
Amortization of prior service cost			7			8
Amortization of gain			44			35
Amortization of transitional asset			11			12
			170			(274)
Taxes			46			(76)
Total recognized in other comprehensive income, net of taxes		$	124		$	(198)

Schedule of Amounts Included in Accumulated Other Comprehensive Loss

The accumulated other comprehensive loss consists of the following amounts that have not yet been recognized as components of net benefit cost (in thousands):

		December 31,
		2015			2014
Unrecognized prior service cost		$	96		$	104
Unrecognized net actuarial loss			48			58
Unrecognized transitional obligation			1,191			1,344
Deferred income taxes			(394)			(442)
		$	941		$	1,064

Schedule of Asset Allocations

The asset allocation for the pension plan at the end of 2015 and 2014 and the target allocation for 2016, by asset category, is as follows :

		Allocation at December 31,								2016 Target
		2015				2014				Allocation
Equity securities			43	%			47	%			43	%
Fixed income securities			47				42				47
Real estate			8				9				8
Other			2				2				2
			100	%			100	%			100	%

Schedule of Fair Value of Plan Assets

The fair market values, by asset category are as follows (in thousands):

		Fair Value Measurements at
		December 31,
		2015			2014
Equity securities		$	1,082		$	1,271
Fixed income securities			1,182			1,137
Real estate			201			244
Other			50			54
Total		$	2,515		$	2,706

Reconciliation of Plan Assets

Changes in the assets held by the pension plan in the years 2015 and 2014 are as follows (in thousands):

		December 31,
		2015			2014
Fair value of plan assets, at beginning of year		$	2,706		$	2,713
Actual return on plan assets			164			239
Employer contributions			135			161
Employee contributions			30			37
Benefits paid			(160)			(178)
Foreign exchange adjustment			(360)			(266)
Fair value of plan assets, at end of year		$	2,515		$	2,706

Schedule of Funded Status

The funded status of the pension plan is as follows (in thousands):

		December 31,
		2015			2014
Projected benefit obligation		$	2,578		$	3,057
Fair value of plan assets			2,515			2,706
Accrued obligation (long term)		$	63		$	351

Schedule of Assumptions

Assumptions used in accounting for the pension plan are as follows:

		December 31,
		2015				2014
Weighted average discount rate used to determine the accrued benefit obligations			3.90	%			3.80	%
Discount rate used to determine the net pension expense			3.80	%			4.60	%
Expected long-term rate on plan assets			6.50	%			6.50	%

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