Post-Retirement Benefit Plans

12 Months Ended

Dec. 31, 2015

Compensation and Retirement Disclosure [Abstract]

Pension And Other Postretirement Benefits Disclosure [Text Block]

NOTE 10 : Post-Retirement Benefit Plans

Post-Retirement Benefit Contributions to French Government Agencies

The Company is required by French law 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 these plans. Expenses recognized for these plans were $573 in 2015, $719 in 2014, and $701 in 2013.

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 income in the periods in which they occur.

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

	Years Ended December 31,
	2015			2014			2013
Compensation rate increase		3.00	%		3.00	%		3.00	%
Discount rate		2.03	%		1.49	%		3.25	%
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:

	2015		2014
Retirement indemnity benefit obligation, beginning of year	$	2,350	$	2,142
Service cost		117		99
Interest cost		20		36
Plan amendments		-		-
Benefits paids		(46)		(87)
Actuarial loss (gain)		(27)		460
Exchange rate changes		(244)		(300)
Retirement indemnity benefit obligation, end of year	$	2,170	$	2,350

The lump sum retirement indemnity is accrued 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.

The future expected benefits to be paid over the next five years and for the five years thereafter is as follows:

	Retirement
	indemnity benefit
	obligation
Expected benefit payments for year ending December 31,:
2016	$	-
2017		-
2018		-
2019		11
2020		-
Next five years		221