Annual report pursuant to Section 13 and 15(d)

Other Long-Term Liabilities

v3.3.1.900
Other Long-Term Liabilities
12 Months Ended
Dec. 31, 2015
Other Long-Term Liabilities [Abstract]  
Other Long-Term Liabilities

NOTE 7.  OTHER LONG-TERM LIABILITIES

 

Other long-term liabilities were $2,042 and $2,142 as of December 31, 2015 and 2014, respectively, with $1,689 and $2,131 of the balance as of December 31, 2015 and 2014, respectively, relating to a pension liability, which is net of pension assets of $2,849 and $2,778, respectively, with respect to the benefit plan maintained for the benefit of the Company’s employees in Switzerland.  The Company also has an insurance policy whereby any underfunded amounts related to the pension liability are expected to be recoverable.  The Company has recorded a receivable of $1,689 and $2,131 as other long-term assets for the underfunded amount as of December 31, 2015 and 2014, respectively.  The net periodic pension costs were $526,  $832, and $691 for the years ended December 31, 2015, 2014, and 2013, respectively.  The significant assumptions used in accounting for the defined benefit pension plan were as follows:

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

 

 

 

 

 

 

Discount rate

 

1.0 

%

 

1.0 

%

Expected long-term return on plan assets

 

2.2 

%

 

2.2 

%

Rate of compensation increase

 

2.0 

%

 

2.0 

%

 

The Company made cash contributions to its defined benefit pension plan of $263,  $416, and $345 for the years ended December 31, 2015, 2014, and 2013, respectively.