XML 37 R22.htm IDEA: XBRL DOCUMENT
v3.19.1

PENSION PLAN | 12 Months Ended
--- | ---
Dec. 31, 2018
Defined Benefit Plan [Abstract] |
PENSION PLAN | 15. PENSION PLAN The Company’s Canadian subsidiary sponsors a defined benefit pension plan at one of its locations in which a majority of its employees are members. The employer contributes 100% to the plan. The benefits, or the rate per year of credit service, are established by the Company’s subsidiary and updated at its discretion. Cost of Benefits The components of the expense the Company incurred under the pension plan are as follows:
|  | For the Year Ended |  |  | Affected Line Item
|  | December 31, |  |  | in the Statements of
|  | 2018 |  |  | 2017 |  |  | Consolidated Operations
Current service cost, net of employee contributions |  | $ | 54 |  |  | $ | 42 |  |  | Selling, general and administrative
Interest cost on accrued benefit obligation |  |  | 98 |  |  |  | 103 |  |  | Other expense
Expected return on plan assets |  |  | (168 | ) |  |  | (163 | ) |  | Other expense
Amortization of transitional obligation |  |  | 10 |  |  |  | 10 |  |  | Other expense
Amortization of past service costs |  |  | 7 |  |  |  | 7 |  |  | Other expense
Amortization of net actuarial gain |  |  | 54 |  |  |  | 47 |  |  | Other expense
Total cost of benefit |  | $ | 55 |  |  | $ | 46 |  |  |
Benefit Obligation The Company’s obligation for the pension plan is valued annually as of the beginning of each fiscal year. The projected benefit obligation represents the present value of benefits ultimately payable to plan participants for both past and future services expected to be provided by the plan participants. The Company’s obligations pursuant to the pension plan are as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Projected benefit obligation, at beginning of year |  | $ | 2,985 |  |  | $ | 2,628 |
Current service cost, net of employee contributions |  |  | 54 |  |  |  | 42 |
Employee contributions |  |  | 32 |  |  |  | 31 |
Interest cost |  |  | 98 |  |  |  | 103 |
Impact of change in discount rate |  |  | (219 | ) |  |  | 173 |
Benefits paid |  |  | (166 | ) |  |  | (180 | )
Foreign exchange adjustment |  |  | (229 | ) |  |  | 188 |
Projected benefit obligation, at end of year |  | $ | 2,555 |  |  | $ | 2,985 |
A summary of expected benefit payments related to the pension plan is as follows:
Years Ending December 31, |  |  | Pension Plan |
2019 |  |  | $ | 152 |
2020 |  |  |  | 148 |
2021 |  |  |  | 145 |
2022 |  |  |  | 141 |
2023 |  |  |  | 137 |
2024-2028 |  |  |  | 660 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income / (loss) are as follows:
|  | For the Year Ended |
|  | December 31, |
|  | 2018 |  |  | 2017 |
Net income/(loss) |  | $ | 15 |  |  | $ | (199 | )
Amortization of prior service cost |  |  | 7 |  |  |  | 7 |
Amortization of gain |  |  | 54 |  |  |  | 47 |
Amortization of transitional asset |  |  | 10 |  |  |  | 10 |
|  |  | 86 |  |  |  | (135 | )
Taxes |  |  | 24 |  |  |  | (27 | )
Total recognized in other comprehensive income/(loss), net of taxes |  | $ | 62 |  |  | $ | (108 | )
The estimated net gain amortized from accumulated other comprehensive income / (loss) into net periodic benefit cost over the next year amounts to approximately $54. The estimated prior service cost amortized from accumulated other comprehensive income into net periodic benefit cost over the next year amounts to approximately $7. The estimated transitional asset amortized from accumulated other comprehensive income into net periodic benefit cost over the next year amounts to approximately $10. 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, |
|  | 2018 |  |  | 2017 |
Unrecognized prior service cost |  | $ | 81 |  |  | $ | 88 |
Unrecognized net actuarial loss |  |  | 1,442 |  |  |  | 1,508 |
Unrecognized transitional obligation |  |  | 35 |  |  |  | 46 |
Deferred income taxes |  |  | (413 | ) |  |  | (435 | )
Total |  | $ | 1,145 |  |  | $ | 1,207 |
Plan Assets Assets held by the pension plan are invested in accordance with the provisions of the Company’s approved investment policy. The pension plan’s strategic asset allocation was structured to reduce volatility through diversification and enhance return to approximate the amounts and timing of the expected benefit payments. The asset allocation for the pension plan at the end of 2018 and 2017 and the target allocation for 2019, by asset category, is as follows:
|  | December 31, |  |  | 2019 Target |
|  | 2018 |  |  | 2017 |  |  | Allocation |
Equity securities |  |  | 36 | % |  |  | 34 | % |  |  | 36 | %
Fixed income securities |  |  | 56 |  |  |  | 57 |  |  |  | 56 |
Real estate |  |  | 8 |  |  |  | 7 |  |  |  | 8 |
Other |  |  | 0 |  |  |  | 2 |  |  |  | 0 |
Total |  |  | 100 | % |  |  | 100 | % |  |  | 100 | %
The fair market values, by asset category are as follows:
|  | Fair Value Measurements at |
|  | December 31, |
|  | 2018 |  |  | 2017 |
Equity securities |  | $ | 867 |  |  | $ | 919 |
Fixed income securities |  |  | 1,348 |  |  |  | 1,540 |
Real estate |  |  | 192 |  |  |  | 189 |
Other |  |  | — |  |  |  | 54 |
Total |  | $ | 2,407 |  |  | $ | 2,702 |
Changes in the assets held by the pension plan in the years 2018 and 2017 are as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Fair value of plan assets, at beginning of year |  | $ | 2,702 |  |  | $ | 2,456 |
Actual return on plan assets |  |  | (35 | ) |  |  | 136 |
Employer contributions |  |  | 87 |  |  |  | 85 |
Employee contributions |  |  | 32 |  |  |  | 31 |
Benefits paid |  |  | (166 | ) |  |  | (180 | )
Foreign exchange adjustment |  |  | (213 | ) |  |  | 174 |
Fair value of plan assets, at end of year |  | $ | 2,407 |  |  | $ | 2,702 |
Contributions The Company’s policy is to fund the pension plan at or above the minimum required by law. The Company made $0.1 million of contributions to its defined benefit pension plan in each of the 2018 and 2017 years. The Company expects to make contributions of less than $0.1 million to the defined benefit pension plan in 2019. Changes in the discount rate and actual investment returns which continue to remain lower than the long-term expected return on plan assets could result in the Company making additional contributions. Funded Status The funded status of the pension plan is as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Projected benefit obligation |  | $ | 2,555 |  |  | $ | 2,985 |
Fair value of plan assets |  |  | 2,407 |  |  |  | 2,702 |
Accrued obligation (long term) |  | $ | 148 |  |  | $ | 283 |
Assumptions Assumptions used in accounting for the pension plan are as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
Weighted average discount rate used to determine the accrued benefit obligations |  |  | 3.90 | % |  |  | 3.40 | %
Discount rate used to determine the net pension expense |  |  | 3.40 | % |  |  | 3.80 | %
Expected long-term rate on plan assets |  |  | 6.50 | % |  |  | 6.50 | %
To determine the expected long-term rate of return on pension plan assets, the Company considers the current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. The Company applies the expected rate of return to a market related value of the assets which reduces the underlying variability in assets to which the Company applies that expected return. The Company amortizes gains and losses as well as the effects of changes in actuarial assumptions and plan provisions over a period no longer than the average future service of employees. Primary actuarial assumptions are determined as follows: The expected long-term rate of return on plan assets is based on the Company’s estimate of long-term returns for equities and fixed income securities weighted by the allocation of assets in the plans. The rate is impacted by changes in general market conditions, but because it represents a long-term rate, it is not significantly impacted by short-term market swings. Changes in the allocation of plan assets would also impact this rate. The assumed discount rate is used to discount future benefit obligations back to today’s dollars. The discount rate is reflective of yield rates on U.S. long-term investment grade corporate bonds on and around the December 31 valuation date. This rate is sensitive to changes in interest rates. A decrease in the discount rate would increase the Company’s obligation and expense.

X
- References No definition available. + Details
Name: | us-gaap_DefinedBenefitPensionPlansAndDefinedBenefitPostretirementPlansDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration