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Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2015
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, 2015 and 2014:

 

 

Defined Benefit Plan

 

 

 

 

 

 

 

 

 

 

2015

 

 

2014

 

Components of net periodic benefit cost:

 

 

 

 

 

 

 

  Service cost

$

305

 

 

$

329

 

  Interest cost

 

5,712

 

 

 

6,733

 

  Recognized actuarial loss

 

1,429

 

 

 

1,036

 

  Expected return on plan assets

 

(6,213

)

 

 

(6,781

)

Net periodic benefit cost

$

1,233

 

 

$

1,317

 

 

Schedule of Benefit Obligation, Fair Value of Plan Assets, and Funded Status of our 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

 

 

 

 

 

 

 

 

 

 

2015

 

 

2014

 

Change in benefit obligation:

 

 

 

 

 

 

 

   Beginning balance

$

159,715

 

 

$

149,316

 

        Service cost

 

305

 

 

 

329

 

        Interest cost

 

5,712

 

 

 

6,733

 

        Actuarial gain (loss)

 

(9,043

)

 

 

17,650

 

        Benefits paid

 

(4,072

)

 

 

(4,511

)

        Currency changes

 

(7,598

)

 

 

(9,802

)

Benefit obligation at December 31

$

145,019

 

 

$

159,715

 

 

 

 

 

 

 

 

 

   Change in plan assets:

 

 

 

 

 

 

 

        Beginning balance - fair value

$

122,780

 

 

$

116,567

 

        Employer contribution

 

514

 

 

 

2,569

 

        Actual return on plan assets

 

3,144

 

 

 

15,701

 

        Benefits paid

 

(4,072

)

 

 

(4,511

)

        Currency changes

 

(5,980

)

 

 

(7,546

)

Fair value of plan assets at December 31

$

116,386

 

 

$

122,780

 

Underfunded status at December 31

$

(28,633

)

 

$

(36,935

)

 

Schedule of Assumptions Used

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

 

2015

 

 

2014

 

Discount rate

 

4.0%

 

 

 

3.7%

 

Expected long-term return on plan assets

 

6.0%

 

 

 

5.2%

 

 

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

 

2015

 

 

2014

 

Discount rate

 

4.0%

 

 

 

3.7%

 

 

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

 

 

Asset allocation

 

Growth assets

 

 

7.6

%

 

 

68

%

Hedging assets

 

 

2.6

%

 

 

28

%

Target return assets

 

 

7.1

%

 

 

1

%

Cash

 

 

0.5

%

 

 

3

%

Total

 

 

6.0

%

 

 

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, 2015

 

 

 

 

 

 

 

 

2016

$

4,039

 

2017

 

4,110

 

2018

 

4,364

 

2019

 

4,466

 

2020

 

4,910

 

2021-2025

 

32,674

 

 

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

The following table summarizes the major categories of the plan assets

December 31, 2015

 

Asset category

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash

 

$

3,643

 

 

$

6,538

 

 

$

-

 

 

$

10,181

 

Equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  U.K.

 

 

-

 

 

 

2,025

 

 

 

-

 

 

 

2,025

 

  North America

 

 

-

 

 

 

17,182

 

 

 

-

 

 

 

17,182

 

  Europe (excluding U.K.)

 

 

-

 

 

 

4,309

 

 

 

-

 

 

 

4,309

 

  Japan

 

 

-

 

 

 

3,373

 

 

 

-

 

 

 

3,373

 

  Pacific Basin (excluding Japan)

 

 

-

 

 

 

939

 

 

 

-

 

 

 

939

 

  Emerging markets

 

 

-

 

 

 

6,718

 

 

 

-

 

 

 

6,718

 

Fixed income securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Corporate bonds

 

 

-

 

 

 

5,920

 

 

 

-

 

 

 

5,920

 

  Others

 

 

-

 

 

 

3,392

 

 

 

-

 

 

 

3,392

 

Index linked securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Others

 

 

-

 

 

 

196

 

 

 

-

 

 

 

196

 

Other types of investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Absolute return funds

 

 

702

 

 

 

3,908

 

 

 

-

 

 

 

4,610

 

  Hedge funds

 

 

-

 

 

 

15,791

 

 

 

-

 

 

 

15,791

 

  Development REITS

 

 

-

 

 

 

5,664

 

 

 

-

 

 

 

5,664

 

  Insurance linked securities

 

 

-

 

 

 

3,916

 

 

 

-

 

 

 

3,916

 

  Liability driven investments

 

 

-

 

 

 

32,105

 

 

 

-

 

 

 

32,105

 

Other

 

 

-

 

 

 

65

 

 

 

-

 

 

 

65

 

Total

 

$

4,345

 

 

$

112,041

 

 

$

-

 

 

$

116,386