XML 57 R52.htm IDEA: XBRL DOCUMENT v2.4.0.8
Retirement Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Funded status by geographical region
The funded status by geographical region of all the Company’s retirement plans at December 31, 2013 and 2012 is as follows:
Funded Status
(U.S. dollars in thousands)
2013
 
2012
U.S.
$
(6,181
)
 
$
(17,210
)
U.K.
(7,654
)
 
(8,032
)
Other European
(20,983
)
 
(18,528
)
Funded status – end of year
$
(34,818
)
 
$
(43,770
)
Change in projected benefit obligation
Change in projected benefit obligation
(U.S. dollars in thousands)
2013
 
2012
Projected benefit obligation – beginning of year
$
83,083

 
$
72,267

Service cost (1)
1,491

 
1,291

Interest cost
3,599

 
3,557

Actuarial (gain) / loss
(5,091
)
 
7,922

Benefits and expenses paid
(2,307
)
 
(2,069
)
Foreign currency (gains) / losses
1,201

 
1,086

Settlements
—

 
(971
)
Projected benefit obligation – end of year
$
81,976

 
$
83,083

(1) Service costs include cost of living adjustments on curtailed plans.
Change in plan assets
Change in plan assets
(U.S. dollars in thousands)
2013
 
2012
Fair value of plan assets – beginning of year
$
39,313

 
$
34,956

Actual return on plan assets
6,113

 
3,101

Employer contributions
2,919

 
2,133

Benefits and expenses paid
(1,462
)
 
(1,258
)
Foreign currency gains / (losses)
275

 
381

Fair value of plan assets – end of year
$
47,158

 
$
39,313

Funded status – end of year
$
(34,818
)
 
$
(43,770
)
Accrued pension liability
$
34,818

 
$
43,770
Components of net benefit cost
The components of the net benefit cost for the years ended December 31, 2013, 2012 and 2011 are as follows:
Components of net benefit cost
(U.S. dollars in thousands)
2013
 
2012
 
2011
Service cost
$
1,491

 
$
1,291

 
$
919

Interest cost
3,589

 
3,557

 
3,337

Expected return on plan assets
(3,096
)
 
(3,028
)
 
(1,558
)
Amortization of net actuarial loss
1,440

 
915

 
373

Transfer from AOCI
—

 
3,363

 
—

Net benefit cost
$
3,424

 
$
6,098

 
$
3,071
Weighted average assumptions used
The table below includes disclosure of these rates on a weighted-average basis, for the years ended December 31 as indicated:
 
2013
 
2012
 
U.S. Plans
 
U.K. Plans
 
Other European Plans
 
U.S. Plans
 
U.K. Plans
 
Other European Plans
Net Benefit Cost – Weighted-average assumptions
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.00
%
 
4.50
%
 
4.20
%
 
4.40
%
 
4.65
%
 
5.20
%
Expected long-term rate of return on plan assets
8.00
%
 
5.70
%
 
N/A

 
8.00
%
 
5.70
%
 
N/A

Rate of compensation increase
N/A

 
4.90
%
 
2.50
%
 
N/A

 
5.00
%
 
3.00
%
Benefit Obligation – Weighted-average assumptions
 
 
 
 
 
 
 
 
 
 
 
Discount rate
4.95
%
 
4.50
%
 
3.50
%
 
4.00
%
 
4.65
%
 
4.20
%
Rate of compensation increase
N/A

 
4.90
%
 
2.50
%
 
N/A

 
5.00
%
 
3.00
%
Allocation of plan assets - UK pension
The assets in the scheme and the expected rates of return were as follows:
(U.S. dollars in thousands, except percentages)
Expected
Return on
Assets for
2013
 
Weighted
Value at
December 31,
2013
 
Expected
Return on
Assets for
2012
 
Weighted
Value at
December 31,
2012
Equities
6.8
%
 
$
7,048

 
6.8
%
 
$
6,149

Gilts
3.0
%
 
1,775

 
3.0
%
 
1,700

Corporate Bonds
4.5
%
 
1,758

 
4.7
%
 
1,566

Other (cash)
3.4
%
 
133

 
3.5
%
 
68

Total market fair value of assets
 
 
$
10,714

 
 
 
$
9,483
Estimated future benefit payments
The estimated future benefit payments with respect to the U.S. defined benefit pension plans, are as follows:
(U.S. dollars in thousands)
Retirement Plan
 
Benefits Equalization Plan
 
Total
2014
$
825

 
$
429

 
$
1,254

2015
$
870

 
$
425

 
$
1,295

2016
$
945

 
$
425

 
$
1,370

2017
$
1,008

 
$
421

 
$
1,429

2018
$
1,078

 
$
424

 
$
1,502

2019-2023
$
8,519

 
$
2,828

 
$
11,347