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Note 15 - Pension Plan
 12 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
15.
Pension plan
 
The Company has a defined benefit pension plan (the “Plan”), which was assumed in connection with a business acquired during
2016.
The Plan covers eligible employees in the Netherlands and provides old age, survivor, orphan and disability benefits. Effective
December 31, 2016,
enrollment in the Plan was frozen and
no
additional employees are entitled to join the Plan. The Plan is covered by an insurance contract which limits the Company’s exposure to returns below a fixed discount rate.
 
The following table details the net periodic pension cost of the Plan:
 
    2018     2017  
             
Gross employer service cost   $
1,237
     $
1,501
  
Plan participant contributions    
(246
 )    
(308
 )
Interest cost on service cost    
22
      
27
  
Employer's service cost    
1,013
      
1,220
  
Interest cost    
744
      
701
  
Expected net return on plan assets    
(689
 )    
(640
 )
Other costs    
171
      
166
  
Total employer's pension expense   $
1,239
     $
1,447
  
 
The following tables provide reconciliations of projected benefit obligations and plan assets (the net of which represent the Company’s funded status), as well as the funded status, of the Plan.
 
Change in benefit obligation:   2018     2017  
             
Projected benefit obligation - January 1   $
42,368
     $
36,659
  
Current service cost    
1,014
      
1,220
  
Plan participant / third party contributions    
246
      
308
  
Interest cost    
744
      
701
  
Benefits paid    
(601
 )    
(495
 )
Individual settlements    
84
      
-
  
Curtailment    
-
      
(125
 )
Foreign exchange    
(2,038
 )    
5,204
  
Expected projected benefit obligation, December 31    
41,817
      
43,472
  
Actuarial gain, net of foreign exchange    
(2,842
 )    
(1,105
 )
Projected benefit obligation - December 31   $
38,975
     $
42,367
  
 
Change in plan assets:   2018     2017  
             
Fair value of plan assets - January 1   $
38,813
     $
33,016
  
Expected net return on plan assets    
689
      
640
  
Contributions                
Employer    
634
      
609
  
Plan participants    
246
      
308
  
Benefits paid    
(601
 )    
(495
 )
Individual settlements    
84
      
-
  
Other costs    
(171
 )    
(72
 )
Foreign exchange    
(1,853
 )    
4,658
  
Expected fair value of plan assets - December 31    
37,841
      
38,664
  
Actuarial (gain)/loss, net of foreign exchange    
(664
 )    
149
  
Fair value of plan assets - December 31   $
37,177
     $
38,813
  
 
Defined benefit pension plan amounts recorded in the consolidated balance sheet are shown in the table below:
 
    December 31,
2018		     December 31,
2017		  
             
Present value of accumulated benefit obligation   $
(37,925
 )   $
(40,142
 )
Effect of future compensation increases    
(1,049
 )    
(2,226
 )
Present value of projected benefit obligation    
(38,974
 )    
(42,368
 )
Fair value of plan assets    
37,177
      
38,813
  
Net liability for pension benefits   $
(1,797
 )   $
(3,555
 )
 
The following table details the amount recognized in other comprehensive income:
 
    2018     2017  
             
Actuarial gain on remeasurement of projected benefit obligation   $
(2,931
 )   $
(1,038
 )
Actuarial (gain)/loss on remeasurement of fair value of assets    
685
      
(234
 )
Actuarial gain on curtailment of benefits from reorganization    
-
      
(125
 )
Total gain recognized in other comprehensive income   $
(2,246
 )   $
(1,397
 )
 
The assumptions used in developing the projected benefit obligation are as follows:
 
    2018     2017  
Discount rate used in determining present values    
1.9
 %    
1.8
 %
Annual increase in future compensation levels    
1.8
 %    
2.0
 %
 
The assumptions used in determining net periodic cost are as follows:
 
    2018     2017  
Discount rate used in determining present values    
1.9
 %    
1.8
 %
Annual increase in future compensation levels    
1.8
 %    
2.0
 %
Expected long-term rate of return on assets    
1.9
 %    
1.8
 %
 
The discount rate assumption used for the Plan was derived from the expected yield of Euro-denominated “AA” rated corporate bonds with durations consistent with the liabilities of the Plan.
 
The expected long-term rate of return on assets is based on the current level of return expected on the funds invested or to be invested to provide for the benefits included in the projected benefit obligation. The expected return for each asset class is weighted based on the target asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio.
 
For the year ended
December 31, 2018
the actual return on assets was
$4
(
2017
-
$781
) composed of an expected return on assets of
$689
(
2017
-
$640
) and an actuarial loss of
$685
(
2017
gain –
$140
).
 
Plan assets measured at fair value and cash are presented in the following table with the overall allocation of assets.
 
    December  31,     Fair value measurements  
    2018     Level 1     Level 2     Level 3  
                         
Equity type investments   $
3,146
     $
3,146
     $
-
     $
-
  
Fixed interest type investments:                                
Government bonds    
33,022
      
33,022
      
-
      
-
  
Cash    
92
      
92
      
-
      
-
  
Other    
918
      
-
      
-
      
918
  
Total   $
37,178
     $
36,260
     $
-
     $
918
  
 
The Plan’s assets are invested with a
third
party insurance company in the Netherlands that insures the performance of Plan assets. The valuation of the insurance asset is included in the “Other” category in the table above.
 
The Company expects the following pension benefit payments over the next
10
years:
 
 
Year ended December 31
 
 
 
 
 
2019
 
$
658
 
 
 
2020
 
 
686
 
 
 
2021
 
 
721
 
 
 
2022
 
 
792
 
 
 
2023
 
 
859
 
 
 
2024 - 2028
 
 
5,286