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Deferred Compensation Arrangement
12 Months Ended
Dec. 31, 2015
Deferred Compensation Arrangement [Abstract]  
Deferred Compensation Arrangement

22. Deferred compensation arrangement

The Company established a non-qualified deferred compensation arrangement (the “Deferred Compensation Arrangement”) which is available to certain US employees. The Deferred Compensation Arrangement permits the deferral of up to 10% of base salary with the Company matching 100% of such contributions. Employees will receive the benefit, including a return on investment, on termination, retirement or other specified departures.  The Company funds the deferred compensation obligations by investing in a non-qualified corporate owned life insurance policy (“COLI), whereby funds are invested and the account balance fluctuates with the investment returns on those funds.

 

The expected benefit to be paid on termination of $1,030,000 (2014:  $775,000) is presented in other non-current liabilities.  The cash surrender value of the COLI asset of $1,138,000 (2014: $782,000) is classified within other non-current assets, with changes in the deferred compensation liability and COLI asset charged to selling, general and administrative expenses (note 6).