XML 78 R53.htm IDEA: XBRL DOCUMENT v2.4.1.9
Employee Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Weighted Average Discount Rate [Line Items]  
Projected benefit obligations and plan assets of the pension plans
The following table shows the projected benefit obligations and plan assets of the Pension Plans (in thousands):
 
December 31,
2014
 
December 31,
2013
Change in projected benefit obligation:
 
 
 
Projected benefit obligation at beginning of year
$
24,036

 
$
28,357

Service cost
477

 
577

Interest cost
1,080

 
1,047

Actuarial (gains) losses
6,228

 
(3,022
)
Benefits paid
(521
)
 
(968
)
Currency translation adjustment
(2,034
)
 
(1,955
)
Projected benefit obligation at end of year
29,266

 
24,036

Change in fair value of plan assets:
 
 
 
Fair value of plan assets at beginning of year
25,582

 
22,727

Employer contributions
601

 
1,144

Actual return on plan assets
2,915

 
4,397

Benefits paid
(521
)
 
(968
)
Currency translation adjustment
(2,209
)
 
(1,718
)
Fair value of plan assets at end of year
26,368

 
25,582

Funded status:
$
(2,898
)
 
$
1,546

Accumulated benefit obligation at end of year
$
26,544

 
$
22,687

Components of the net periodic benefit cost related to the pension plans
The following table summarizes the components of the net periodic benefit cost related to the Pension Plans (in thousands):
 
Year Ended December 31, 2014
 
Year Ended December 31, 2013
 
Year Ended December 31, 2012
Service cost
$
477

 
$
577

 
$
596

Interest cost
1,080

 
1,047

 
1,134

Expected return on plan assets
(1,469
)
 
(1,298
)
 
(1,263
)
Settlement loss

 

 
(55
)
Other
(7
)
 
186

 
118

Net periodic benefit cost
$
81

 
$
512

 
$
530

Estimate of benefit payments from the pension plans
We estimate that benefit payments from the Pension Plans will be as follows for the years 2015 – 2024 (in thousands):
Year
 
Estimated
Benefit Payments
2015
 
$
4,800

2016
 
$
2,809

2017
 
$
2,046

2018
 
$
987

2019
 
$
1,114

2020 - 2024
 
$
12,178

Target allocation of plan assets
The following table shows the value of each category of plan assets at December 31, 2014 and 2013 and the target investment allocation under our investment policy at December 31, 2014:
 
Asset Value at
December 31,
2014
(in thousands)
 
Asset Value at
December 31,
2013
(in thousands)
 
Actual
Allocation at
December 31,
2014
 
Normal
Allocation
Per
Investment
Policy
 
Minimum
Allocation
Per
Investment
Policy
 
Maximum
Allocation
Per
Investment
Policy
Cash and cash equivalents
$

 
$
171

 
0.0
%
 
%
 
0.0
%
 
10.0
%
Pooled funds—fixed income
8,938

 
8,381

 
33.9
%
 
40.0
%
 
32.5
%
 
47.5
%
Pooled funds—Canadian equities
8,828

 
8,324

 
33.5
%
 
30.0
%
 
22.5
%
 
37.5
%
Pooled funds—non-Canadian equities
8,602

 
8,706

 
32.6
%
 
30.0
%
 
22.5
%
 
37.5
%
Total
$
26,368

 
$
25,582

 
 
 
 
 
 
 
 
Fair values of defined benefit plan assets [Table Text Block]
The following information discloses the fair values of our Pension Plan assets, by asset category, for the periods indicated (in thousands):
 
December 31, 2014
 
December 31, 2013
 
Quoted Price in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
 
Quoted Price in Active Markets for Identical Assets (Level 1)
Significant Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Cash and cash equivalents
$

$

$

 
$
171

$

$

Fixed income mutual funds (a)

8,938


 

8,381


Equity mutual funds (a)

17,430


 

17,030


Total
$

$
26,368

$

 
$
171

$
25,411

$

(a) Mutual funds are valued daily in actively traded markets by an independent custodian for the investment manager. For purposes of calculating the value, portfolio securities and other assets for which market quotes are readily available are valued at market value. Market value is generally determined on a basis of last reported sales prices, or if no sales are reported, based on quotes obtained from a quotation reporting system, established market makers, or pricing services. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services.
Projected benefit obligation assumptions [Member]  
Weighted Average Discount Rate [Line Items]  
Schedule of Assumptions Used [Table Text Block]
The following table sets forth the assumptions used to determine the projected benefit obligation of the Pension Plans for the periods indicated:
 
Year Ended December 31, 2014
 
Year Ended December 31, 2013
Discount rate
3.80
%
 
4.70
%
Compensation increase rate
4.50
%
 
3.50
%
Net periodic benefit cost assumptions [Member]  
Weighted Average Discount Rate [Line Items]  
Schedule of Assumptions Used [Table Text Block]
The following table sets forth the assumptions used to determine net periodic benefit cost related to the Pension Plans for the periods indicated:
 
Year Ended December 31, 2014
 
Year Ended December 31, 2013
 
Year Ended December 31, 2012
Discount rate
4.70
%
 
3.90
%
 
4.25
%
Expected long-term rate of return on plan assets
6.00
%
 
6.00
%
 
6.00
%
Compensation increase rate
3.50
%
 
3.50
%
 
3.50
%