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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2011
Compensation and Retirement Disclosure [Abstract] |
Components of net periodic benefit cost | The Company uses a measurement date of December 31 for its pension plans. The components of net periodic benefit costs are as follows:
(in thousands of $) | 2011 |  |  | 2010 |  |  | 2009 |
Service cost | 459 |  |  | 485 |  |  | 480 |
Interest cost | 2,729 |  |  | 2,891 |  |  | 2,742 |
Expected return on plan assets | (1,168 | ) |  | (1,197 | ) |  | (1,130 | )
Recognized actuarial loss | 985 |  |  | 954 |  |  | 718 |
Net periodic benefit cost | 3,005 |  |  | 3,133 |  |  | 2,810 |
Reconciliation of benefit obligation | The change in benefit obligation and plan assets and reconciliation of funded status as of December 31 are as follows:
(in thousands of $) | 2011 |  |  | 2010 |
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 51,056 |  |  | 51,233 |
Service cost | 459 |  |  | 485 |
Interest cost | 2,729 |  |  | 2,891 |
Actuarial loss | 1,751 |  |  | 1,492 |
Foreign currency exchange rate changes | (114 | ) |  | (358 | )
Benefit payments | (3,451 | ) |  | (4,687 | )
Benefit obligation at December 31 | 52,430 |  |  | 51,056 |
Reconciliation of fair value of plan assets |
(in thousands of $) | 2011 |  |  | 2010 |
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 17,605 |  |  | 18,644 |
Actual return on plan assets | (1,656 | ) |  | 1,508 |
Employer contributions | 2,440 |  |  | 2,419 |
Foreign currency exchange rate changes | (92 | ) |  | (279 | )
Benefit payments | (3,451 | ) |  | (4,687 | )
Fair value of plan assets at December 31 | 14,846 |  |  | 17,605 |
Reconciliation of funded status | The details of these plans are as follows:
| December 31, 2011 |  | December 31, 2010
(in thousands of $) | UK Scheme |  |  | Marine Scheme |  |  | Total |  |  | UK Scheme |  |  | Marine Scheme |  |  | Total |
Projected benefit obligation | (9,839 | ) |  | (42,591 | ) |  | (52,430 | ) |  | (10,083 | ) |  | (40,973 | ) |  | (51,056 | )
Fair value of plan assets | 8,251 |  |  | 6,595 |  |  | 14,846 |  |  | 8,658 |  |  | 8,947 |  |  | 17,605 |
Funded status at end of year | (1,588 | ) |  | (35,996 | ) |  | (37,584 | ) |  | (1,425 | ) |  | (32,026 | ) |  | (33,451 | )
(in thousands of $) | 2011 |  |  | 2010 |
Projected benefit obligation | (52,430 | ) |  | (51,056 | )
Fair value of plan assets | 14,846 |  |  | 17,605 |
Funded status (1) | (37,584 | ) |  | (33,451 | )
Employer contributions and benefits paid under the pension plans include $2.4 million paid from employer assets for each of the years ended December 31, 2011 and 2010. (1) The Company's plans are composed of two plans that are both underfunded as at December 31, 2011 and 2010.
Pensions: |
Asset allocation of retirement schemes | The fair value of the Company's plan assets, by category, as of December 31, 2011 and 2010 were as follows:
(in thousands of $) | 2011 |  |  | 2010 |
Equity securities | 10,051 |  |  | 12,758 |
Debt securities | 2,267 |  |  | 2,420 |
Cash | 2,528 |  |  | 2,427 |
| 14,846 |  |  | 17,605 |
Amounts recognized in accumulated other comprehensive income | As at December 31, 2011 and 2010, the Company's accumulated other comprehensive loss balances consisted of the following components:
(in thousands of $) | 2011 |  |  | 2010 |
Unrealized net loss on qualifying cash flow hedging instruments | (19,462 | ) |  | (20,964 | )
Losses associated with pensions, net of tax recoveries of $0.4 million (2010: $nil) | (15,486 | ) |  | (12,347 | )
Accumulated other comprehensive loss | (34,948 | ) |  | (33,311 | )
The amounts recognized in accumulated other comprehensive income consist of:
(in thousands of $) | 2011 |  |  | 2010 |
Net actuarial loss | 15,876 |  |  | 12,347 |
Expected contributions to pension schemes | The Company is expected to make the following contributions to the schemes during the year ended December 31, 2012, as follows:
(in thousands of $) | UK scheme |  | Marine scheme |
Employer contributions | 617 |  |  | 1,800 |
Expected pension disbursements | The Company is expected to make the following pension disbursements as follows:
(in thousands of $) | UK scheme |  |  | Marine scheme |
2012 | 231 |  |  | 3,000 |
2013 | 231 |  |  | 3,000 |
2014 | 231 |  |  | 3,000 |
2015 | 231 |  |  | 3,000 |
2016 | 231 |  |  | 3,000 |
2017 - 2021 | 2,079 |  |  | 15,000 |
Weighted average assumptions used | The weighted average assumptions used to determine the benefit obligation for the Company's plans at December 31 are as follows:
| 2011 |  |  | 2010 |
Discount rate | 4.70 | % |  | 5.48 | %
Rate of compensation increase | 2.52 | % |  | 3.48 | %
The weighted average assumptions used to determine the net periodic benefit cost for the Company's plans for the year ended December 31 are as follows:
| 2011 |  |  | 2010 |
Discount rate | 4.70 | % |  | 5.48 | %
Expected return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 2.49 | % |  | 3.48 | %
Marine Scheme |
Pensions: |
Asset allocation of retirement schemes | The asset allocation for the Company's Marine scheme at December 31, 2011 and 2010, and the target allocation for 2012, by asset category are as follows:
Marine scheme | Target allocation 2012 (%) |  | 2011 (%) |  | 2010 (%)
Equity | 30-65 |  | 30-65 |  | 30-65
Bonds | 10-50 |  | 10-50 |  | 10-50
Other | 20-40 |  | 20-40 |  | 20-40
Total | 100 |  | 100 |  | 100
UK Scheme |
Pensions: |
Asset allocation of retirement schemes | The asset allocation for the Company's UK scheme at December 31, 2011 and 2010, and the target allocation for 2012, by asset category are as follows:
UK scheme | Target allocation 2012 (%) |  | 2011 (%) |  | 2010 (%)
Equity | 72.5 |  | 72.5 |  | 80
Bonds | 22.5 |  | 22.5 |  | 20
Cash | 5.0 |  | 5.0 |  | —
Total | 100 |  | 100 |  | 100

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