Annual report pursuant to Section 13 and 15(d)

Employee Benefit (Tables)

v3.20.1
Employee Benefit (Tables)
 12 Months Ended
Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]  
Schedule of Changes in Obligations of Defined Benefit Plans

Changes in obligations of the defined benefit plans is as follows (in thousands):

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Benefit obligation at the beginning of the period

 

$

1,173

 

 

$

947

 

Change in scope of consolidation

 

 

—

 

 

 

155

 

Service cost

 

 

165

 

 

 

152

 

Interest cost

 

 

33

 

 

 

22

 

Actuarial loss

 

 

89

 

 

 

11

 

Benefit paid

 

 

(13

)

 

 

(67

)

Foreign exchange translation reserve

 

 

(23

)

 

 

(47

)

Benefit obligation at the end of the period

 

$

1,424

 

 

$

1,173

 

Of which:

 

 

 

 

 

 

 

 

Current (1)

 

$

26

 

 

$

26

 

Long-term

 

$

1,398

 

 

$

1,147

 

 

 

(1)

Included within “Payroll and payroll related accrued liabilities” in the accompanying consolidated balance sheets.
Schedule of Assumptions Used to Determine Pension Benefit Obligations

The assumptions used to determine benefit obligations at year-end are as follows:

 

 

 

As of December 31,

 

 

 

2019

 

 

2018

 

Discount rate for Kaleyra S.p.A. (1)

 

0.78%

 

 

1.74%

 

Discount rate for Solutions Infini (2)

 

7.25%

 

 

7.75%

 

Rate of compensation increase for Kaleyra S.p.A.

 

0.50% - 3.00%

 

 

0.50% - 3.00%

 

Rate of compensation increase for Solutions Infini

 

15.00%

 

 

15.00%

 

 

 

(1)

The discount rate for Kaleyra S.p.A. is based on the Euro area composite yields AA with a duration equal to the estimated term of the obligations, examined as of December 31, 2019.

 

(2)

The discount rate for Solutions Infini is based on the prevailing market yields of Indian government securities at the balance sheet date for the estimated term of the obligations.