Pension

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Pension

3. Pension

In December 1995, the Company’s Board of Directors approved an amendment to the Company’s United States pension plan that terminated all future benefit accruals as of February 1, 1996, without terminating the pension plan.

In accordance with the adoption of ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, the Company has retrospectively revised the presentation of the non-service components of periodic pension cost of $22,000 and $44,000 to “Other expense (income), net” in the condensed consolidated statements of operations for the three and six months ended June 30, 2017, respectively, while service cost remains in “Selling, general and administrative expenses.”

Components of net periodic benefit cost are as follows (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Service cost	$	9		$	9		$	18		$	18
Interest cost	$	10		$	14		$	20		$	28
Expected return on plan assets		(17	)		(20	)		(34	)		(40	)
Amortization of prior service costs		—			2			—			4
Amortization of actuarial loss		22			26			44			52
Total non-service cost	$	15		$	22		$	30		$	44
Net periodic pension cost	$	24		$	31		$	48		$	62

The Company’s funding policy with respect to its qualified plan is to contribute at least the minimum amount required by applicable laws and regulations. In 2018, the Company is required to contribute a minimum of $25,000 to the plan. As of June 30, 2018, the Company had not made any contributions to the plan.