XML 44 R37.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
General Discussion Of Pension And Other Postretirement Benefits [Abstract]  
Schedule of Net Benefit Costs

The following table summarizes the net periodic benefit costs of the plan for the years ended December 31, 2014 and 2013:

 

 

Defined Benefit Plan

 

 

 

 

 

 

 

 

 

 

2014

 

 

2013

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

  Service cost

$

329

 

 

$

313

 

  Interest cost

 

6,733

 

 

 

5,384

 

  Recognized actuarial loss

 

1,036

 

 

 

239

 

  Expected return on plan assets

 

(6,781

)

 

 

(5,556

)

Net periodic benefit cost

$

1,317

 

 

$

380

 

 

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of the Company’s Plan

The following tables set forth the benefit obligation, the fair value of plan assets, and the funded status as of December 31:

 

Defined Benefit Plan

 

 

 

 

 

 

 

 

 

 

2014

 

 

2013

 

Change in benefit obligation:

 

 

 

 

 

 

 

   Beginning balance

$

149,316

 

 

$

124,751

 

        Acquisition

 

-

 

 

 

-

 

        Service cost

 

329

 

 

 

313

 

        Interest cost

 

6,733

 

 

 

5,384

 

        Actuarial gain (loss)

 

17,650

 

 

 

21,765

 

        Benefits paid

 

(4,511

)

 

 

(6,719

)

        Settlements

 

-

 

 

 

240

 

        Currency changes

 

(9,802

)

 

 

3,582

 

Benefit obligation at December 31

$

159,715

 

 

$

149,316

 

 

 

 

 

 

 

 

 

   Change in plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

        Beginning balance - fair value

$

116,567

 

 

$

106,898

 

        Employer contribution

 

2,569

 

 

 

2,960

 

        Actual return on plan assets

 

15,701

 

 

 

10,987

 

        Benefits paid

 

(4,511

)

 

 

(6,719

)

        Currency changes

 

(7,546

)

 

 

2,441

 

Fair value of plan assets at December 31

$

122,780

 

 

$

116,567

 

Underfunded status at December 31

$

(36,935

)

 

$

(32,749

)

 

Schedule of Assumptions Used

The following weighted-average assumptions were used to determine net periodic benefit costs for the year ended December 31:

 

 

2014

 

 

2013

 

Discount rate

 

3.7%

 

 

 

4.6%

 

Expected long-term return on plan assets

 

5.2%

 

 

 

5.9%

 

 

The following weighted-average assumption was used to determine the benefit obligations for the year ended December 31:

 

2014

 

 

2013

 

Discount rate

 

3.7%

 

 

 

4.6%

 

 

Schedule of Allocation Of Plan Assets

The following summarizes the plan asset allocations of the assets in the plan and expected long-term return by asset category

Asset category

Expected long-term return

 

 

Assets allocation

 

Cash

 

0.5

%

 

 

2

%

Equity securities

 

7.2

%

 

 

42

%

Gilt securities

 

2.4

%

 

 

19

%

Corporate bond securities

 

3.4

%

 

 

25

%

Target return funds

 

7.2

%

 

 

12

%

Total

 

5.2

%

 

 

100

%

 

Schedule of Expected Benefit Payments

Benefit plan payments are primarily made from funded benefit plan trusts and current assets. The following summarizes the expected future benefit payments, including future benefit accrual, as of December 31, 2014

Year

 

 

 

2015

$

3,727

 

2016

 

4,273

 

2017

 

4,327

 

2018

 

4,475

 

2019

 

4,756

 

2020-2024

 

31,070

 

 

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets

The following table summarizes the major categories of the plan assets

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets Category

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

$

2,534

 

 

$

-

 

 

$

-

 

 

$

2,534

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  U.K.

 

25,236

 

 

 

-

 

 

 

-

 

 

 

25,236

 

  North America

 

9,623

 

 

 

-

 

 

 

-

 

 

 

9,623

 

  Europe (excluding U.K.)

 

8,621

 

 

 

-

 

 

 

-

 

 

 

8,621

 

  Japan

 

3,872

 

 

 

-

 

 

 

-

 

 

 

3,872

 

  Pacific Basin (excluding Japan)

 

3,259

 

 

 

-

 

 

 

-

 

 

 

3,259

 

  Emerging markets

 

950

 

 

 

-

 

 

 

-

 

 

 

950

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Corporate bonds

 

-

 

 

 

31,035

 

 

 

-

 

 

 

31,035

 

Index linked securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  U.K. Treasuries

 

23,669

 

 

 

-

 

 

 

-

 

 

 

23,669

 

Other types of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Absolute return funds

 

13,981

 

 

 

-

 

 

 

-

 

 

 

13,981

 

Total

$

91,745

 

 

$

31,035

 

 

$

-

 

 

$

122,780