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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
(in thousands of $) | 2013 |  |  | 2012 |  |  | 2011 |
Service cost | 468 |  |  | 429 |  |  | 459 |
Interest cost | 2,159 |  |  | 2,361 |  |  | 2,729 |
Expected return on plan assets | (918 | ) |  | (920 | ) |  | (1,168 | )
Recognized actuarial loss | 1,415 |  |  | 1,273 |  |  | 985 |
Net periodic benefit cost | 3,124 |  |  | 3,143 |  |  | 3,005 |
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 $) | 2013 |  |  | 2012 |
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 54,291 |  |  | 52,430 |
Service cost | 468 |  |  | 429 |
Interest cost | 2,159 |  |  | 2,361 |
Actuarial (gain) loss | (3,513 | ) |  | 3,890 |
Foreign currency exchange rate changes | 164 |  |  | 509 |
Benefit payments | (3,005 | ) |  | (5,328 | )
Benefit obligation at December 31 | 50,564 |  |  | 54,291 |
Reconciliation of fair value of plan assets |
(in thousands of $) | 2013 |  |  | 2012 |
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 14,194 |  |  | 14,846 |
Actual return on plan assets | 1,127 |  |  | 1,807 |
Employer contributions | 2,426 |  |  | 2,434 |
Foreign currency exchange rate changes | 177 |  |  | 435 |
Benefit payments | (3,005 | ) |  | (5,328 | )
Fair value of plan assets at December 31 | 14,919 |  |  | 14,194 |
(in thousands of $) | 2013 |  |  | 2012 |
Projected benefit obligation | (50,564 | ) |  | (54,291 | )
Fair value of plan assets | 14,919 |  |  | 14,194 |
Funded status (1) | (35,645 | ) |  | (40,097 | )
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, 2013 and 2012. (1) Our plans are composed of two plans that are both underfunded as at December 31, 2013 and 2012.
Reconciliation of funded status |
(in thousands of $) | 2013 |  |  | 2012 |
Projected benefit obligation | (50,564 | ) |  | (54,291 | )
Fair value of plan assets | 14,919 |  |  | 14,194 |
Funded status (1) | (35,645 | ) |  | (40,097 | )
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, 2013 and 2012. (1) Our plans are composed of two plans that are both underfunded as at December 31, 2013 and 2012. The details of these plans are as follows:
| December 31, 2013 |  | December 31, 2012
(in thousands of $) | UK Scheme |  |  | Marine Scheme |  |  | Total |  |  | UK Scheme |  |  | Marine Scheme |  |  | Total |
Projected benefit obligation | (10,256 | ) |  | (40,308 | ) |  | (50,564 | ) |  | (9,718 | ) |  | (44,573 | ) |  | (54,291 | )
Fair value of plan assets | 9,622 |  |  | 5,297 |  |  | 14,919 |  |  | 8,486 |  |  | 5,708 |  |  | 14,194 |
Funded status at end of year | (634 | ) |  | (35,011 | ) |  | (35,645 | ) |  | (1,232 | ) |  | (38,865 | ) |  | (40,097 | )
Pensions: |
ScheduleOfEmployerContributionsToDefinedContribution [Table Text Block] | The total contributions to our defined contribution scheme were as follows:
(in thousands of $) | 2013 |  |  | 2012 |  |  | 2011 |
Employers' contributions | 533 |  |  | 570 |  |  | 397 |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2013 and 2012 were as follows:
(in thousands of $) | 2013 |  |  | 2012 |
Equity securities | 9,666 |  |  | 9,520 |
Debt securities | 3,172 |  |  | 3,007 |
Cash | 2,081 |  |  | 1,667 |
| 14,919 |  |  | 14,194 |
Amounts recognized in accumulated other comprehensive income | The amounts recognized in accumulated other comprehensive income consist of:
(in thousands of $) | 2013 |  |  | 2012 |
Net actuarial loss | 12,731 |  |  | 17,809 |
As at December 31, 2013 and 2012, our accumulated other comprehensive loss balances consisted of the following components:
(in thousands of $) | 2013 |  |  | 2012 |  |  | 2011 |
Unrealized net loss on qualifying cash flow hedging instruments | (1,822 | ) |  | (6,832 | ) |  | (19,462 | )
Unrealized gain on available-for-sale securities | 7,796 |  |  | 5,911 |  |  | — |
Losses associated with pensions, net of tax recoveries of $0.2 million (2012: $0.3 million) | (12,731 | ) |  | (17,809 | ) |  | (15,486 | )
Accumulated other comprehensive loss | (6,757 | ) |  | (18,730 | ) |  | (34,948 | )
The components of accumulated other comprehensive income (loss) consisted of the following:
| Gain (losses) on available-for-sale securities | Pension and post retirement benefit plan adjustments | Gains (losses) on cash flow hedges | Share of affiliates comprehensive income | Total Accumulated comprehensive Income (loss)
Balance at December 31, 2010 | — |  | (12,347 | ) | (20,964 | ) | — |  | (33,311 | )
Other comprehensive (loss) income before reclassification | — |  | (3,139 | ) | 1,502 |  | — |  | (1,637 | )
Net current-period other comprehensive (loss) income | — |  | (3,139 | ) | 1,502 |  | — |  | (1,637 | )
Balance at December 31, 2011 | — |  | (15,486 | ) | (19,462 | ) | — |  | (34,948 | )
Other comprehensive income (loss) before reclassification | 5,911 |  | (2,323 | ) | 3,641 |  | — |  | 7,229 |
Amount reclassified from accumulated other comprehensive income | — |  | — |  | 8,989 |  | — |  | 8,989 |
Net current-period other comprehensive income (loss) | 5,911 |  | (2,323 | ) | 12,630 |  | — |  | 16,218 |
Balance at December 31, 2012 | 5,911 |  | (17,809 | ) | (6,832 | ) | — |  | (18,730 | )
Other comprehensive income before reclassification | 12,680 |  | 5,078 |  | 4,148 |  | 854 |  | 22,760 |
Amount reclassified from accumulated other comprehensive (loss) income | (10,795 | ) | — |  | 8 |  | — |  | (10,787 | )
Net current-period other comprehensive income | 1,885 |  | 5,078 |  | 4,156 |  | 854 |  | 11,973 |
Balance at December 31, 2013 | 7,796 |  | (12,731 | ) | (2,676 | ) | 854 |  | (6,757 | )
Expected contributions to pension schemes | are expected to make the following contributions to the schemes during the year ended December 31, 2014, as follows:
(in thousands of $) | UK scheme |  | Marine scheme |
Employer contributions | 660 |  |  | 1,800 |
Expected pension disbursements | are expected to make the following pension disbursements as follows:
(in thousands of $) | UK scheme |  |  | Marine scheme |
2014 | 330 |  |  | 3,000 |
2015 | 330 |  |  | 3,000 |
2016 | 330 |  |  | 3,000 |
2017 | 330 |  |  | 3,000 |
2018 | 330 |  |  | 3,000 |
2019 - 2023 | 1,649 |  |  | 15,000 |
Weighted average assumptions used | The weighted average assumptions used to determine the benefit obligation for our plans for the years ended December 31 are as follows:
| 2013 |  |  | 2012 |
Discount rate | 4.80 | % |  | 4.10 | %
Rate of compensation increase | 2.71 | % |  | 2.96 | %
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows:
| 2013 |  |  | 2012 |
Discount rate | 4.10 | % |  | 4.10 | %
Expected return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 2.96 | % |  | 2.52 | %
Marine Scheme |
Pensions: |
Asset allocation of retirement schemes | The asset allocation for our Marine scheme at December 31, 2013 and 2012, and the target allocation for 2013, by asset category are as follows:
Marine scheme | Target allocation 2014 (%) |  | 2013 (%) |  | 2012 (%)
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 our UK scheme at December 31, 2013 and 2012, and the target allocation for 2014, by asset category are as follows:
UK scheme | Target allocation 2014 (%) |  | 2013 (%) |  | 2012 (%)
Equity | 70.0 |  | 71.0 |  | 72.5
Bonds | 30.0 |  | 29.0 |  | 22.5
Cash | — |  | — |  | 5.0
Total | 100 |  | 100 |  | 100

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