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PENSIONS (Tables)

12 Months Ended

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
	Restated			Restated			Restated
Net (loss) gain on qualifying cash flow hedging instruments, including share of affiliate	(192	)		8,672			2,003
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	(12,592	)		(6,579	)		(10,728	)

The components of accumulated other comprehensive (loss) income consisted of the following:

	Pension and post retirement benefit plan adjustments		Gains (losses) on cash flow hedges		Share of affiliates comprehensive income		Total accumulated comprehensive (loss) income
					Restated		Restated
Balance at December 31, 2012	(17,809	)	(6,832	)	(180	)	(24,821	)
Other comprehensive income before reclassification	5,078		4,148		4,859		14,085
Amount reclassified from accumulated other comprehensive (loss) income	—		8		—		8
Net current-period other comprehensive income	5,078		4,156		4,859		14,093
Balance at December 31, 2013	(12,731	)	(2,676	)	4,679		(10,728	)
Other comprehensive income (loss) before reclassification	(2,520	)	3,483		(49	)	914
Amount reclassified from accumulated other comprehensive income	—		3,235		—		3,235
Net current-period other comprehensive income (loss)	(2,520	)	6,718		(49	)	4,149
Balance at December 31, 2014	(15,251	)	4,042		4,630		(6,579	)
Other comprehensive (loss) income before reclassification	2,851		—		(4,822	)	(1,971	)
Amount reclassified from accumulated other comprehensive income	—		382		—		382
Net current-period other comprehensive (loss) income	2,851		382		(4,822	)	(1,589	)
Transfer of additional paid in capital	—		(4,424	)	—		(4,424	)
Balance at December 31, 2015	(12,400	)	—		(192	)	(12,592	)

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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