Note 16 International Retirement Plan

The Company sponsors a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. The Company maintains insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2018 and 2017:



(in thousands)	2018			2017
Reconciliation of benefit obligations:
Obligations as of January 1	$	8,434		$	7,727
Service cost	155			184
Interest cost	148			131
Actuarial loss (gain)	453			(555		)
Benefit payments	(145		)	(136		)
Effect of foreign currency exchange rate changes	(387		)	1,083
Benefit obligations as of December 31	8,658			8,434
Fair value of assets as of December 31 ^(a)	3,224			3,207
Funded status as of December 31, net of tax benefit	$	(5,434	)	$	(5,227	)

^(a) No change in underlying asset value for the periods.

The following table provides a reconciliation of the amounts recognized in “Accumulated other comprehensive income (loss)” in accordance with ASC 715, “Compensation – Retirement Benefits” for the years ended December 31, 2018 and 2017:



(in thousands)	2018		2017
Amounts recognized as accumulated other comprehensive income (loss):
Current year actuarial gain (loss)	$	276	$	555
Amortization of prior years' unrecognized loss	177		244
Tax benefit (provision)	88		(247		)
Total recognized as accumulated other comprehensive income (loss)	$	188	$	552

The Company has recognized the following amounts in the Consolidated Balance Sheets at December 31, 2018 and 2017:



(in thousands)	2018			2017
Other assets	$	3,224		$	3,207
Accrued liabilities	(140		)	(144		)
Other liabilities	(8,518		)	(8,290		)
Net liability	$	(5,434	)	$	(5,227	)

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2018 and 2017:



(in thousands)	2018		2017
Projected benefit obligation	$	8,658	$	8,434
Accumulated benefit obligation	$	7,587	$	7,570

The following table shows the components of net periodic benefit costs and other amounts recognized in Other Comprehensive Income (Loss):

໿



(in thousands)	2018		2017
Net periodic benefit cost:
Service cost	$	155	$	184
Interest cost	148		131
Amortization of actuarial loss	177		244
Total	$	480	$	559
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss (gain)	276		(555		)
Total expense recognized in net periodic benefit cost and other comprehensive income	$	756	$	4

The following assumptions are used to determine benefit obligations as of December 31:



	2018	2017
Discount rate	1.80%	1.80%
Rate of compensation	3.50%	3.00%

The following benefit payments, including expected future service cost, are expected to be paid:



(in thousands)
Estimated future benefit payments:
2019	$	142
2020	170
2021	177
2022	183
2023	187
2024-2028	1,162