XML 72 R58.htm IDEA: XBRL DOCUMENT

Employee Benefit (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Employee Benefits Liabilities

	As of December 31,
	2020						2019
	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		1,384		9,916		11,300		1,436		10,306		11,742
Long service leave		566		111		677		452		128		580
Total		1,950		10,027		11,977		1,888		10,434		12,322

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

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	2020		2019		2018
	US$’000		US$’000		US$’000
Current service cost		562		546		419
Past service cost		—		121		—
Interest cost on benefit obligation		147		254		202
Net benefit cost		709		921		621

	For the year ended December 31,
Other comprehensive income	2020			2019		2018
	US$’000			US$’000		US$’000
Actuarial (gain) / loss – experience		(328	)		494		396
Actuarial (gain) / loss – demographic assumption		(1	)		18		1
Actuarial (gain) / loss – financial assumption		130			1,215		13
Actuarial loss		(199	)		1,727		410

	For the year ended December 31,
Change in the defined obligation	2020			2019			2018
	US$’000			US$’000			US$’000
Defined benefit obligation at January 1		11,742			9,016			8,293
Current service cost		562			546			419
Past service cost		—			121			—
Interest cost on benefit obligation		147			254			202
Benefits paid directly by the Company		(954	)		(535	)		(352	)
Actuarial loss in other comprehensive income		(199	)		1,727			410
Exchange differences		2			613			44
Defined benefit obligation at December 31		11,300			11,742			9,016

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, 2020 and 2019 are as follows:

	2020	2019
	%	%
Discount rate	1.2-1.4	1.5
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,
	2020		2019
	US$’000		US$’000
Within the next 12 months (next annual reporting period)		1,384		1,340
Between 2 and 5 years		2,040		2,489
Between 6 and 10 years		4,568		4,391
Beyond 10 years		17,114		16,917
Total expected payments		25,106		25,137

Weighted average duration of defined benefit obligation	9~10 years		9 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:

	2020			2019
	US$’000			US$’000
Discount rate – 1% increase		(984	)		(1,003	)
Discount rate – 1% decrease		1,159			1,178
Rate of salary increase – 1% increase		1,095			1,115
Rate of salary increase – 1% decrease		(953	)		(973	)