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Employee Benefit Plans
12 Months Ended
Dec. 31, 2014
Postemployment Benefits [Abstract]  
Employee Benefit Plans
19)

Employee Benefit Plans

The Company has a 401(k) profit-sharing plan for U.S. employees meeting certain requirements in which eligible employees may contribute between 1% and 50% of their annual compensation to this plan, and, with respect to employees who are age 50 and older, certain specified additional amounts, limited by an annual maximum amount determined by the Internal Revenue Service. The Company, at its discretion, may provide a matching contribution of 50% of each participant’s contributions up to 6% of eligible salary. At the discretion of the board of directors, the Company may also make additional contributions for the benefit of all eligible employees. The Company’s contributions were $2,484, $2,334 and $2,245 for 2014, 2013 and 2012, respectively.

The Company has one foreign defined benefit plan which is frozen for Company contributions. The total accrual and projected benefit obligation is not material for this plan.

The Company maintains a bonus plan which provides cash awards to key employees, at the discretion of the compensation committee of the board of directors, based upon operating results and employee performance. In addition, its foreign locations also have various bonus plans based upon local operating results and employee performance. The total bonus expense was $14,434, $16,006 and $8,855 for 2014, 2013 and 2012, respectively.

The Company provides supplemental retirement benefits for one of its current executive officers and a number of former retired executives. The total cost of these benefits was $2,258, $4,988 and $3,454 for 2014, 2013 and 2012, respectively. The accumulated benefit obligation was $8,941 at December 31, 2014 which was included in other long-term liabilities. The accumulated benefit obligation was $21,403 at December 31, 2013, of which $14,517 was included in other current liabilities and $6,886 was included in other long-term liabilities.

 

In the fourth quarter of 2013, the Company’s Chief Executive Officer (“CEO”) retired. In June 2014, the Company made a payment of $13,921 including interest to its former CEO related to these accrued supplemental retirement benefits.