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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Schedule of employer contributions to defined contributions | The total contributions to our defined contribution scheme were as follows:
(in thousands of $) | 2015 |  |  | 2014 |  |  | 2013 |
Employers' contributions | 1,035 |  |  | 684 |  |  | 533 |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
(in thousands of $) | 2015 |  |  | 2014 |  |  | 2013 |
Service cost | 379 |  |  | 369 |  |  | 468 |
Interest cost | 2,042 |  |  | 2,359 |  |  | 2,159 |
Expected return on plan assets | (946 | ) |  | (984 | ) |  | (918 | )
Recognized actuarial loss | 1,195 |  |  | 998 |  |  | 1,415 |
Net periodic benefit cost | 2,670 |  |  | 2,742 |  |  | 3,124 |
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 $) | 2015 |  |  | 2014 |
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 53,166 |  |  | 50,564 |
Service cost | 379 |  |  | 369 |
Interest cost | 2,042 |  |  | 2,359 |
Actuarial (gain) loss | (2,547 | ) |  | 3,700 |
Foreign currency exchange rate changes | (509 | ) |  | (686 | )
Benefit payments | (3,058 | ) |  | (3,140 | )
Benefit obligation at December 31 | 49,473 |  |  | 53,166 |
Reconciliation of fair value of plan assets | The accumulated benefit obligation at December 31, 2015 and 2014 was $48.5 million and $51.8 million, respectively.
(in thousands of $) | 2015 |  |  | 2014 |
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 14,496 |  |  | 14,919 |
Actual return on plan assets | (155 | ) |  | 896 |
Employer contributions | 2,411 |  |  | 2,459 |
Foreign currency exchange rate changes | (500 | ) |  | (638 | )
Benefit payments | (3,058 | ) |  | (3,140 | )
Fair value of plan assets at December 31 | 13,194 |  |  | 14,496 |
(in thousands of $) | 2015 |  |  | 2014 |
Projected benefit obligation | (49,473 | ) |  | (53,166 | )
Fair value of plan assets | 13,194 |  |  | 14,496 |
Funded status (1) | (36,279 | ) |  | (38,670 | )
Employer contributions and benefits paid under the pension plans include $2.4 million (2014: $2.5 million) paid from employer assets for the year ended December 31, 2015. (1) Our plans compose of two plans.
Reconciliation of funded status | The details of these plans are as follows:
| December 31, 2015 |  | December 31, 2014
(in thousands of $) | UK Scheme |  |  | Marine Scheme |  |  | Total |  |  | UK Scheme |  |  | Marine Scheme |  |  | Total |
Projected benefit obligation | (10,145 | ) |  | (39,328 | ) |  | (49,473 | ) |  | (11,163 | ) |  | (42,003 | ) |  | (53,166 | )
Fair value of plan assets | 10,277 |  |  | 2,917 |  |  | 13,194 |  |  | 10,383 |  |  | 4,113 |  |  | 14,496 |
Funded status at end of year | 132 |  |  | (36,411 | ) |  | (36,279 | ) |  | (780 | ) |  | (37,890 | ) |  | (38,670 | )
Pensions: |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2015 and 2014 were as follows:
(in thousands of $) | 2015 |  |  | 2014 |
Equity securities | 9,620 |  |  | 10,032 |
Debt securities | 3,032 |  |  | 4,004 |
Cash | 542 |  |  | 460 |
| 13,194 |  |  | 14,496 |
Amounts recognized in accumulated other comprehensive income | The amounts recognized in accumulated other comprehensive income consist of:
(in thousands of $) | 2015 |  |  | 2014 |
Net actuarial loss | 12,400 |  |  | 15,251 |
As at December 31, 2015, 2014 and 2013, our accumulated other comprehensive (loss) income balances consisted of the following components:
(in thousands of $) | 2015 |  |  | 2014 |  |  | 2013 |
Net gain (loss) on qualifying cash flow hedging instruments | (246 | ) |  | 4,671 |  |  | (1,822 | )
Net (loss) gain on available-for-sale securities | (28,608 | ) |  | 15,751 |  |  | 7,796 |
Losses associated with pensions, net of tax recoveries of $nil (2014: $0.2 million) | (12,400 | ) |  | (15,251 | ) |  | (12,731 | )
Accumulated other comprehensive (loss) income | (41,254 | ) |  | 5,171 |  |  | (6,757 | )
The components of accumulated other comprehensive (loss) income consisted of the following:
| Gains (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 (loss) income
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 | )
Other comprehensive income (loss) before reclassification | 7,955 |  | (2,520 | ) | 3,483 |  | (225 | ) | 8,693 |
Amount reclassified from accumulated other comprehensive income | — |  | — |  | 3,235 |  | — |  | 3,235 |
Net current-period other comprehensive income (loss) | 7,955 |  | (2,520 | ) | 6,718 |  | (225 | ) | 11,928 |
Balance at December 31, 2014 | 15,751 |  | (15,251 | ) | 4,042 |  | 629 |  | 5,171 |
Other comprehensive (loss) income before reclassification | (31,453 | ) | 2,851 |  | — |  | (875 | ) | (29,477 | )
Amount reclassified from accumulated other comprehensive income | (12,906 | ) | — |  | 382 |  | — |  | (12,524 | )
Net current-period other comprehensive (loss) income | (44,359 | ) | 2,851 |  | 382 |  | (875 | ) | (42,001 | )
Transfer of additional paid in capital | — |  | — |  | (4,424 | ) | — |  | (4,424 | )
Balance at December 31, 2015 | (28,608 | ) | (12,400 | ) | — |  | (246 | ) | (41,254 | )
Expected contributions to pension schemes | We are expected to make the following contributions to the schemes during the year ended December 31, 2016, as follows:
(in thousands of $) | UK scheme |  | Marine scheme |
Employer contributions | 592 |  |  | 1,800 |
Expected pension disbursements | We are expected to make the following pension disbursements as follows:
(in thousands of $) | UK scheme |  |  | Marine scheme |
2016 | 444 |  |  | 3,000 |
2017 | 296 |  |  | 3,000 |
2018 | 444 |  |  | 3,000 |
2019 | 296 |  |  | 3,000 |
2020 | 370 |  |  | 3,000 |
2021 - 2025 | 2,590 |  |  | 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:
| 2015 |  |  | 2014 |
Discount rate | 4.34 | % |  | 3.95 | %
Rate of compensation increase | 2.07 | % |  | 2.21 | %
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows:
| 2015 |  |  | 2014 |
Discount rate | 3.95 | % |  | 4.60 | %
Expected return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 2.21 | % |  | 2.71 | %
Marine Scheme |
Pensions: |
Asset allocation of retirement schemes | The asset allocation for our Marine scheme at December 31, 2015 and 2014, and the target allocation for 2016, by asset category are as follows:
Marine scheme | Target allocation 2016 (%) |  | 2015 (%) |  | 2014 (%)
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, 2015 and 2014, and the target allocation for 2016, by asset category are as follows:
UK scheme | Target allocation 2016 (%) |  | 2015 (%) |  | 2014 (%)
Equity | 75.0 |  | 75.7 |  | 69.0
Bonds | 25.0 |  | 24.3 |  | 31.0
Total | 100 |  | 100 |  | 100

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