EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2016

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

Weighted-Average Assumptions Used to Determine Benefit Obligation

Weighted-average assumptions used to determine benefit obligations:

	2016		2015
Discount rate		7.75% per annum.		8.5% per annum
Long-term rate of compensation increase		11% per annum for first year, 10% for next five years and 7% thereafter		11% per annum for first year,10% for next five years and 7%thereafter

Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost

Weighted-average assumptions used to determine net periodic benefit cost:

	2016		2015
Discount rate		7.75% per annum		8.5% per annum
Long-term rate of compensation increase		11% per annum for first year, 10% for next five years and 7% thereafter		11% per annum for first year,10% for next five years and 7%thereafter

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