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Employee Benefit (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Employee Benefits Liabilities

	As of December 31,
	2019						2018
	Current		Non-current		Total		Current		Non-current		Total
	US$’000		US$’000		US$’000		US$’000		US$’000		US$’000
Employee benefit liabilities
Pension-Defined benefit plans		1,436		10,306		11,742		855		8,161		9,016
Long service leave		452		128		580		427		112		539
Total		1,888		10,434		12,322		1,282		8,273		9,555

Summary of Components of Net Benefit Expense Recognized in Income Statement and Funded Status and Amounts Recognized in Consolidated Balance Sheets

21.	EMPLOYEE BENEFIT (continued)

21(b)Pension – Defined benefit plans (continued)

The following tables summaries the components of net benefit expense recognized in the income statement and the funded status and amounts recognized in the consolidated balance sheet for the plan:

	For the year ended December 31,
Net benefit cost	2019		2018		2017
	US$’000		US$’000		US$’000
Current service cost		546		419		360
Past service cost		121		—		—
Interest cost on benefit obligation		254		202		210
Net benefit cost		921		621		570

	For the year ended December 31,
Other comprehensive income	2019		2018		2017
	US$’000		US$’000		US$’000
Actuarial (gain) / loss – experience		494		396		251
Actuarial (gain) / loss – demographic assumption		18		1		184
Actuarial (gain) / loss – financial assumption		1,215		13		337
Actuarial loss		1,727		410		772

	For the year ended December 31,
Change in the defined obligation	2019			2018			2017
	US$’000			US$’000			US$’000
Defined benefit obligation at January 1		9,016			8,293			6,652
Current service cost		546			419			360
Past service cost		121			—			—
Interest cost on benefit obligation		254			202			210
Benefits paid directly by the Company		(535	)		(352	)		(274	)
Actuarial loss in other comprehensive income		1,727			410			772
Exchange differences		613			44			573
Defined benefit obligation at December 31		11,742			9,016			8,293

Significant Assumptions Used in Determining Actuarial Present Value of Defined Benefit Obligations

The significant assumptions used in determining the actuarial present value of the defined benefit obligations for the year ended December 31, 2019 and 2018 are as follows:

	2019		2018
	%		%
Discount rate		1.5		2.6 ~ 2.7
Rate of salary increase	5.0~6.0		5.0 ~ 6.0
Pre-retirement mortality	* Thailand TMO17 Tables		* Thailand TMO17 Tables
* TMO represented as Thailand Mortality Ordinary Tables

Maturity Profile of Defined Benefit Obligation

The following pension benefit payments are expected payments to be made in the future years out of the defined benefit plan obligation:

	As of December 31,
	2019		2018
	US$’000		US$’000
Within the next 12 months (next annual reporting period)		1,340		855
Between 2 and 5 years		2,489		2,374
Between 6 and 10 years		4,391		4,187
Beyond 10 years		16,917		17,084
Total expected payments		25,137		24,500

Weighted average duration of defined benefit obligation	9 years		10 - 11 years

Sensitivity Analysis of One-percentage Point Change in Assumed Rates

A one-percentage point change in the assumed rates would have yielded the following effects:

	2019			2018
	US$’000			US$’000
Discount rate – 1% increase		(1,003	)		(777	)
Discount rate – 1% decrease		1,178			908
Rate of salary increase – 1% increase		1,115			869
Rate of salary increase – 1% decrease		(973	)		(762	)