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Employee Benefits (Tables)

12 Months Ended

Dec. 31, 2013

Pension Costs of Plan

The pension costs of this plan are presented in the following tables in accordance with the requirements of ASC 715-60, Defined Benefit Plans – Other Postretirement. The plan has been closed to new entrants with effect from July 1, 2003.

Change in benefit obligation		December 31, 2013				December 31, 2012
		(in thousands)
Benefit obligation at beginning of year		$	22,527			$	19,924
Service cost			251				242
Interest cost			1,005				964
Plan participants’ contributions			75				101
Benefits paid			(105	)			(237	)
Actuarial loss			680				405
Foreign currency exchange rate changes			525				1,128
Benefit obligation at end of year		$	24,958			$	22,527

Change in plan assets		December 31, 2013				December 31, 2012
		(in thousands)
Fair value of plan assets at beginning of year		$	17,807			$	15,021
Actual return on plan assets			2,916				1,810
Employer contributions			224				239
Plan participants’ contributions			75				101
Benefits paid			(105	)			(237	)
Foreign currency exchange rate changes			505				873
Fair value of plan assets at end of year		$	21,422			$	17,807

Funded Status

Funded status		December 31, 2013				December 31, 2012
		(in thousands)
Projected benefit obligation		$	(24,958	)		$	(22,527	)
Fair value of plan assets			21,422				17,807
Funded status		$	(3,536	)		$	(4,720	)
Non-current other liabilities		$	(3,536	)		$	(4,720	)

Components of Net Periodic Benefit Cost

The following amounts were recorded in the consolidated statement of operations as components of the net periodic benefit cost:

		December 31, 2013				December 31, 2012				December 31, 2011
		(in thousands)
Service cost		$	251			$	242			$	212
Interest cost			1,005				964				931
Expected return on plan assets			(983	)			(895	)			(1,141	)
Amortization of net loss			130				179				-
Net periodic benefit cost		$	403			$	490			$	2

Amounts Recognized In Accumulated Other Comprehensive Income Which Have Not Yet Been Recognized as Components Of Net Periodic Benefit Cost

Amounts recognized in accumulated other comprehensive income that have not yet been recognized as components of net periodic benefit cost are as follows:

		December 31, 2013				December 31, 2012				December 31, 2011
		(in thousands)
Net actuarial loss		$	1,988			$	3,371			$	4,060
Total		$	1,988			$	3,371			$	4,060

Assumptions Used in Calculating Pension Benefit Obligations

The following assumptions were used in determining the benefit obligation at December 31, 2013:

		December 31,				December 31,
		2013				2012
Discount rate			4.7	%			4.6	%
Rate of compensation increase			4.0	%			3.4	%

Expected Long Term Rates of Return on Different Asset Classes

The expected long term rates of return on different asset classes are as follows:

Asset Category		Expected long-term return per annum
Equity			6.6	%
Bonds			4.7	%

Underlying Asset Split of Fund

The underlying asset split of the fund is shown below.

Asset Category		December 31, 2013				December 31, 2012
Equity			70	%			90	%
Bonds			30	%			10	%
			100	%			100	%

Annual Benefit Payments which Reflect Expected Future Service

The following annual benefit payments, which reflect expected future service as appropriate, are expected to be paid.

		(in thousands)
2013		$	108
2014			108
2015			108
2016			108
2017			108
Years 2018 - 2022		$	538

Pension Plans, Defined Benefit

Assumptions Used in Calculating Net Periodic Benefit Cost

The following assumptions were used at the commencement of the year in determining the net periodic pension benefit cost for the years ended December 31, 2011, December 31, 2012 and December 31, 2013:

		December 31,				December 31,				December 31,
		2013				2012				2011
Discount rate			4.6	%			4.7	%			5.4	%
Rate of compensation increase			3.4	%			3.5	%			4.0	%
Expected rate of return on plan assets			5.7	%			5.8	%			7.1	%

Accumulated other comprehensive income		December 31, 2013				December 31, 2012				December 31, 2011
		(in thousands)
Actuarial loss - benefit obligation		$	680			$	405			$	2,621
Actuarial (gain)/loss – plan assets			(1,933	)			(915	)			1,744
Actuarial gain recognized in net periodic benefit cost			(130	)			(179	)			-
Total		$	(1,383	)		$	(689	)		$	4,365

Fair Value, Inputs, Level 1

Plan Asset Fair Value Measurements

Plan Asset Fair Value Measurements

		Quoted Prices in Active Markets for Identical Assets
		Level 1
		(in thousands)
Cash		$	58
Fixed Income Securities
Legal and General Active Corporate Bond – Over 10 Year			5,788
Other Types of Investments
Baillie Gifford Diversified Growth Fund			8,452
Standard Life Global Absolute Return Strategies			7,124
		$	21,422

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