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Retirement Plans | 12 Months Ended
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Dec. 31, 2015
Retirement Plans |
Retirement Plans | Note 16 — Retirement Plans The Company maintains a defined contribution plan for the benefit of its U.S. employees. The plan is intended to be tax qualified and contains a qualified cash or deferred arrangement as described under Section 401(k) of the Internal Revenue Code. Eligible participants may elect to contribute a percentage of their base compensation, and the Company may make matching contributions, generally equal to fifty cents for every dollar employees contribute, up to the lesser of three percent of the employee’s eligible compensation or three percent of the maximum the employee is permitted to contribute under then current Internal Revenue Code limitations. Generally, the plan calls for vesting in the Company contributions over the initial five years of a participant’s employment. The Company recognized costs associated with these plans of approximately $2.5 million, $1.9 million, and $2.3 million for the years ended December 31, 2015, 2014, and 2013, respectively. In the year 2000, the Company acquired a defined benefit plan that had been frozen as of September 30, 1991, and no further benefits have been accrued by participants since that date. All participants are fully vested in their respective benefits. The plan year end is September 30 and is subject to the provisions of the Employee Retirement Income Security Act of 1974. At September 30, 2015, the plan had $1.6 million in assets and $2.0 million in benefit obligations. Accordingly, the Company has recorded a $0.4 million pension liability. The Company has begun the process to terminate the plan. In connection with the plan termination, responsibility for the payment of benefits under the plan will be transferred to an insurance company that will provide an identical benefit to plan participants under a group annuity contract.

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