| Schedule of Funded Status of Gratuity Plan |
The following table sets forth the funded status of the Gratuity
Plan of the Company and the amounts recognized in the
Company’s consolidated balance sheets and statements of
comprehensive income.
|
|
|
|
|
|
|
|
|
| |
|
(In
thousands) |
|
| |
|
2016 |
|
|
2015 |
|
|
Accumulated benefit obligation
|
|
$ |
9,081 |
|
|
$ |
6,194 |
|
|
Change in projected benefit obligation:
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at beginning of the year
|
|
$ |
12,349 |
|
|
$ |
12,057 |
|
|
Service cost
|
|
|
2,279 |
|
|
|
2,448 |
|
|
Interest cost
|
|
|
1,167 |
|
|
|
1,177 |
|
|
Actuarial loss/(gain)
|
|
|
900 |
|
|
|
(851 |
) |
|
Adjustments due to transfer of employees within the group
|
|
|
— |
|
|
|
— |
|
|
Benefits paid
|
|
|
(1,928 |
) |
|
|
(1,951 |
) |
|
Effect of exchange rate changes
|
|
|
(240 |
) |
|
|
(531 |
) |
|
|
|
|
|
|
|
|
|
|
Projected benefit obligation at end of the year
|
|
$ |
14,527 |
|
|
$ |
12,349 |
|
|
|
|
|
|
|
|
|
|
|
Amounts recognized in the balance sheet consists of:
|
|
|
|
|
|
|
|
|
|
Provision for gratuity (included in total current liabilities)
|
|
$ |
1,899 |
|
|
$ |
387 |
|
|
Provision for gratuity (included in non-current liabilities)
|
|
|
8,099 |
|
|
|
8,050 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
9,998 |
|
|
$ |
8,437 |
|
As of December 31, 2016 and December 31, 2015 amounts in
accumulated other comprehensive loss:
|
|
|
|
|
|
|
|
|
|
Net actuarial loss
|
|
$ |
1,353 |
|
|
$ |
489 |
|
|
Net prior service cost
|
|
|
106 |
|
|
|
134 |
|
|
|
|
|
|
|
|
|
|
|
Total accumulated other comprehensive loss
|
|
$ |
1,459 |
|
|
$ |
623 |
|
|
|
|
|
|
|
|
|
|
Expected amortization out of comprehensive income in 2017 is $0.06
million.
Reconciliation of net amount recognized
|
|
|
|
|
|
|
|
|
|
Net amount recognized as at beginning of the period
|
|
$ |
(12,349 |
) |
|
$ |
(12,057 |
) |
|
Company contributions
|
|
|
1,928 |
|
|
|
1,951 |
|
|
Net periodic benefit cost for the period
|
|
|
(3,509 |
) |
|
|
(3,734 |
) |
|
Amount recognized in accumulated other comprehensive loss
|
|
|
(863 |
) |
|
|
960 |
|
|
Adjustments on account of employees transferred
|
|
|
26 |
|
|
|
— |
|
|
Foreign currency translation adjustment
|
|
|
240 |
|
|
|
531 |
|
|
|
|
|
|
|
|
|
|
|
Net amount recognized as at end of the period
|
|
|
(14,527 |
) |
|
|
(12,349 |
) |
|
Funded status of the plans
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Accrued benefit cost
|
|
$ |
(14,527 |
) |
|
$ |
(12,349 |
) |
|
|
|
|
|
|
|
|
|
|
The components of net gratuity costs are reflected
below:
|
|
|
|
|
|
|
|
|
|
Service cost
|
|
$ |
2,279 |
|
|
$ |
2,448 |
|
|
Interest cost
|
|
|
1,167 |
|
|
|
1,177 |
|
|
Amortization of transition obligation
|
|
|
61 |
|
|
|
71 |
|
|
Amortization of net actuarial (gain)/loss
|
|
|
2 |
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,509 |
|
|
$ |
3,733 |
|
|
|
|
|
|
|
|
|
|
|
| Schedule of Expected Future Benefit Payments |
The following benefit payments, which reflect expected future
service, as appropriate, are expected to be paid:
|
|
|
|
|
| For the year ended December 31, |
|
Expected
contribution |
|
| |
|
(In thousands) |
|
|
2017
|
|
$ |
2,784 |
|
|
2018
|
|
|
2,737 |
|
|
2019
|
|
|
2,740 |
|
|
2020
|
|
|
2,865 |
|
|
2021
|
|
|
2,882 |
|
|
2022–2026
|
|
|
11,825 |
|
|