XML 52 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
PENSION PLAN (Tables)
 12 Months Ended
Dec. 31, 2017
Defined Benefit Plan [Abstract]  
Schedule of pension plan expenses

The components of the expense the Company incurred under the pension plan are as follows:

 

    Year Ended December 31,  
    2017     2016  
Current service cost, net of employee contributions   $ 42     $ 46  
Interest cost on accrued benefit obligation      103        102  
Expected return on plan assets      (163 )      (163 )
Amortization of transitional obligation      10        10  
Amortization of past service costs      7        7  
Amortization of net actuarial gain      47        37  
Total cost of benefit   $ 46     $ 39  
Schedule of reconciliation of projected benefit obligation

The Company’s obligations pursuant to the pension plan are as follows:

 

    December 31,  
    2017     2016  
Projected benefit obligation, at beginning of year   $ 2,628     $ 2,578  
Current service cost, net of employee contributions      42        46  
Employee contributions      31        30  
Interest cost      103        102  
Actuarial loss     —        15  
Impact of change in discount rate      173        39  
Benefits paid      (180 )      (167 )
Foreign exchange adjustment      188        (15 )
Projected benefit obligation, at end of year   $ 2,985     $ 2,628  
Schedule of expected benefit payments

 A summary of expected benefit payments related to the pension plan is as follows:

 

Years Ending December 31,   Pension Plan  
2018   $ 169  
2019     165  
2020     161  
2021     158  
2022     154  
2023–2027     728  
Schedule of other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)

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

 

    Year Ended December 31,  
    2017     2016  
Net loss   $ (199 )   $ (220 )
Amortization of prior service cost      7        7  
Amortization of gain      47        37  
Amortization of transitional asset      10        10  
       (135 )      (166 )
Taxes      (27 )      (9 )
Total recognized in other comprehensive loss, net of taxes   $ (108 )   $ (157 )
Schedule of amounts not yet been recognized as components of net benefit cost included in accumulated other comprehensive income (loss)

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

 

    December 31,  
    2017     2016  
Unrecognized prior service cost   $ 88     $ 96  
Unrecognized net actuarial loss      1,508        1,348  
Unrecognized transitional obligation      46        58  
Deferred income taxes      (435 )      (404 )
Total   $ 1,207     $ 1,098  
Schedule of asset allocations

The asset allocation for the pension plan at the end of 2017 and 2016 and the target allocation for 2018, by asset category, is as follows:

 

    December 31,     2018 Target
Allocation		  
    2017     2016      
Equity securities     34 %     37 %     34 %
Fixed income securities     57       53       57  
Real estate     7       8       7  
Other     2       2       2  
Total     100 %     100 %     100 %
Schedule of fair value of plan assets

The fair market values, by asset category are as follows:

 

    Fair Value Measurements
at December 31,		  
    2017     2016  
Equity securities   $ 919     $ 909  
Fixed income securities      1,540        1,302  
Real estate      189        196  
Other      54        49  
Total   $ 2,702     $ 2,456  
Schedule of changes in the assets held by the pension plan

Changes in the assets held by the pension plan in the years 2017 and 2016 are as follows:

 

    December 31,  
    2017     2016  
Fair value of plan assets, at beginning of year   $ 2,456     $ 2,515  
Actual return on plan assets      136        (3 )
Employer contributions      85        96  
Employee contributions      31        30  
Benefits paid      (180 )      (167 )
Foreign exchange adjustment      174        (15 )
Fair value of plan assets, at end of year   $ 2,702     $ 2,456  
Schedule of funded status

The funded status of the pension plan is as follows:

 

    December 31,  
    2017     2016  
Projected benefit obligation   $ 2,985     $ 2,628  
Fair value of plan assets      2,702        2,456  
Accrued obligation (long term)   $ 283     $ 172  
Schedule of assumptions used in accounting for the pension plan

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

 

    December 31,  
    2017     2016  
Weighted average discount rate used to determine the accrued benefit obligations     3.40 %     3.80 %
Discount rate used to determine the net pension expense     3.80 %     3.90 %
Expected long-term rate on plan assets     6.50 %     6.50 %