Pensions (Tables)

12 Months Ended

Dec. 31, 2016

Compensation and Retirement Disclosure [Abstract]

Schedule of significant weighted average assumptions

The significant weighted-average assumptions used to determine net periodic costs of the plan during the year were as follows:

	2016	2015	2014
Year ended December 31,	%	%	%
Discount rate	3.85	3.70	4.50
Expected long-term rate of return on plan assets	4.90	4.10	4.80

The significant weighted-average assumptions used to determine benefit obligations of the plan at year end were as follows:

	2016	2015
December 31,	%	%
Discount rate	2.70	3.85

Schedule of fair value of plan assets

The fair value of Belmond’s pension plan assets at December 31, 2016 and 2015 by asset category is as follows:

	Total	Level 1	Level 2	Level 3
December 31, 2016	$’000	$’000	$’000	$’000
Cash	2,840	2,840	—	—
Equity securities:
U.K. managed funds	4,461	4,461	—	—
Overseas managed funds	5,667	5,667	—	—
Fixed income securities:
U.K. government bonds	2,774	2,774	—	—
Corporate bonds	2,004	2,004	—	—
Other types of investments:
Quoted hedge funds	4,330	4,330	—	—
Annuities	1,942	—	—	1,942
	24,018	22,076	—	1,942

	Total	Level 1	Level 2	Level 3
December 31, 2015	$’000	$’000	$’000	$’000
Cash	1,101	1,101	—	—
Equity securities:
U.K. managed funds	5,509	5,509	—	—
Overseas managed funds	4,999	4,999	—	—
Fixed income securities:
U.K. government bonds	860	860	—	—
Corporate bonds	5,847	5,847	—	—
Other types of investments:
Quoted hedge funds	3,860	3,860	—	—
Annuities	2,026	—	—	2,026
	24,202	22,176	—	2,026

Schedule of fair value measurements using significant unobservable inputs (Level 3)

Reconciliations of fair value measurements using significant unobservable inputs (Level 3) at December 31, 2016 and 2015 are as follows:

	Annuities
Year ended December 31, 2016	$’000
Beginning balance at January 1, 2016	2,026
Foreign exchange	(342	)
Actual return on plan assets:
Assets still held at the reporting date	321
Purchases, sales and settlements, net	(63	)
Ending balance at December 31, 2016	1,942

	Annuities
Year ended December 31, 2015	$’000
Beginning balance at January 1, 2015	2,186
Foreign exchange	(112	)
Actual return on plan assets:
Assets still held at the reporting date	25
Purchases, sales and settlements, net	(73	)
Ending balance at December 31, 2015	2,026

Schedule of changes in the benefit obligation, the plan assets and funded status of the plan

The changes in the benefit obligation, the plan assets and the funded status for the plan were as follows:

	2016		2015		2014
Year ended December 31,	$’000		$’000		$’000
Change in benefit obligation:
Benefit obligation at beginning of year	24,556		27,353		24,768
Interest cost	861		984		1,092
Actuarial loss/(gain)	5,259		(702	)	3,680
Benefits paid	(529	)	(1,723	)	(468	)
Foreign currency translation	(4,682	)	(1,356	)	(1,719	)
Benefit obligation at end of year	25,465		24,556		27,353
Change in plan assets:
Fair value of plan assets at beginning of year	24,202		24,968		23,162
Actual return on plan assets	3,116		309		1,821
Employer contributions	1,730		1,946		2,025
Benefits paid	(529	)	(1,723	)	(468	)
Foreign currency translation	(4,501	)	(1,298	)	(1,572	)
Fair value of plan assets at end of year	24,018		24,202		24,968
Funded status at end of year	(1,447	)	(354	)	(2,385	)
Net actuarial loss/(gain) recognized in other comprehensive loss	2,649		(727	)	2,449

Schedule of amounts recognized in the consolidated balance sheets

Amounts recognized in the consolidated balance sheets consist of the following:

	2016	2015
December 31,	$’000	$’000
Non-current liabilities	1,447	354

Schedule of amounts recognized in other comprehensive income/(loss)

Amounts recognized in accumulated other comprehensive loss gross of tax consist of the following:

	2016		2015
December 31,	$’000		$’000
Net loss	(12,583	)	(9,934	)
Prior service cost	—		—
Net transitional obligation	—		—
Total amount recognized in accumulated other comprehensive loss	(12,583	)	(9,934	)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

The following table details certain information with respect to Belmond’s U.K. defined benefit pension plan:

	2016	2015
Year ended December 31,	$’000	$’000
Projected benefit obligation	25,465	24,556
Accumulated benefit obligation	25,465	24,556
Fair value of plan assets	24,018	24,202

Schedule of components of net periodic pension benefit cost

Components of net periodic benefit cost are as follows:

	2016		2015		2014
Year ended December 31,	$’000		$’000		$’000
Service cost	—		—		—
Interest cost on projected benefit obligation	861		984		1,092
Expected return on assets	(1,121	)	(1,034	)	(1,139	)
Net amortization and deferrals	615		750		550
Net periodic benefit cost	355		700		503

Schedule of future benefit payments

The following benefit payments, which reflect assumed future service, are expected to be paid:

Year ended December 31,	$’000
2017	531
2018	440
2019	609
2020	488
2021	627
Next five years	4,253

Schedule of contributions to defined contribution pension plans

Total contributions to the plans were as follows:

	2016	2015	2014
Year ended December 31,	$’000	$’000	$’000
Employers’ contributions	2,052	2,199	2,527