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Employee Benefit Plans
12 Months Ended
Dec. 31, 2014
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]  
Employee Benefit Plans
Employee Benefit Plans
The Company is self-insured for health care and workers compensation benefits for its U.S. employees. The liability for claims filed and estimates of claims incurred but not filed is included in other accrued liabilities in the accompanying consolidated balance sheets.
Participation in the VCR 401(k) employee savings plan is available for all eligible employees after a three-month probation period. The savings plan allows participants to defer, on a pre-tax basis, a portion of their salary and accumulate tax-deferred earnings as a retirement fund. The Company matches 150% of the first $390 of employee contributions and 50% of employee contributions in excess of $390 up to a maximum of 5% of participating employee’s eligible gross wages. For the years ended December 31, 2014, 2013 and 2012, the Company’s matching contributions under the savings plan were $8.7 million, $8.2 million and $4.7 million, respectively.
Participation in VML’s provident retirement fund is available for all permanent employees after a three-month probation period. VML contributes 5% of each employee’s basic salary to the fund and the employee is eligible to receive, upon resignation, 30% of these contributions after working for three consecutive years, gradually increasing to 100% after working for ten years. For the years ended December 31, 2014, 2013 and 2012, VML’s contributions into the provident fund were $31.4 million, $28.6 million and $22.9 million, respectively.
Participation in MBS’s provident retirement fund is available for all permanent employees that are Singapore residents upon joining the Company. As of December 31, 2014, MBS contributes 16% of each employee’s basic salary to the fund, subject to certain caps as mandated by local regulations. The employee is eligible to receive funds upon reaching the retirement age or upon meeting requirements set up by local regulations. For the years ended December 31, 2014, 2013 and 2012, MBS’s contributions into the provident fund were $44.9 million, $40.4 million and $32.8 million, respectively.