Post-Retirement Benefit Plans

Post-Retirement Benefit Contributions to French Government Agencies

The Company is required by French law for our French employees to deduct specific monthly payroll amounts to support post-retirement benefit programs sponsored by the relevant government agencies in France. As the ultimate obligation is maintained by the French government agencies, there is no additional liability recorded by the Company in connection with this plan. Expenses recognized for this plan were $288 in 2019, $356 in 2018, and $606 in 2017.

Retirement Indemnity Obligation – France

French law requires the Company to provide for the payment of a lump sum retirement indemnity to French employees based upon years of service and compensation at retirement. The retirement indemnity has been actuarially calculated on the assumption of voluntary retirement at a government-defined retirement age. Benefits do not vest prior to retirement. Any actuarial gains or losses are recognized in the Company’s consolidated statements of (loss) income in the periods in which they occur.

During the second quarter of 2019, the Company initiated a plan to substantially reduce all of its workforce at its Vénissieux, France site (“2019 French Restructuring”). As a result of this decision, the Company reversed the French retirement indemnity obligation during the year ended December 31, 2019. See Note 18: Restructuring Costs.

The benefit obligation is calculated as the present value of estimated future benefits to be paid, using the following assumptions for the years ended December 31:



Retirement Benefit Obligation Assumptions:	2018		2017

Compensation rate increase	2.75	%	3.00	%
Discount rate	1.50	%	1.25	%
Employee turn-over	Actuarial standard and average of the last 5 years
Average age of retirement	60 to 65 years actuarial standard based on age and professional status

Certain actuarial assumptions, such as discount rate, have a significant effect on the amounts reported for net periodic benefit cost and accrued retirement indemnity benefit obligation amounts. The discount rate is determined annually by benchmarking a published long-term bond index using the iBoxx € Corporates AA 10+ index.

Changes in the funded status of the retirement indemnity benefit plans were as follows for the years ended December 31:



Retirement Benefit Obligation Activity:	2019			2018

Retirement indemnity benefit obligation, beginning of year	$	1,024		$	1,303
Service cost	—			93
Interest cost	—			17
Plan amendment	—			—
Benefits paid	—			(12		)
Curtailment gain	(1,000		)	(148		)
Actuarial loss	—			(178		)
Exchange rate changes	(24		)	(51		)
Retirement indemnity benefit obligation, end of year	$	—		$	1,024

The lump sum retirement indemnity was accrued at December 31, 2018 on the Company’s consolidated balance sheets within non-current other liabilities, excluding the current portion. As these are not funded benefit plans, there are no respective assets recorded.

Due to the 2019 French Restructuring plan, at December 31, 2019 there are no future expected retirement indemnity benefits to be paid. See Note 18: Restructuring Costs.