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RETIREMENT BENEFIT PLANS | 9 Months Ended
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Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract] |
RETIREMENT BENEFIT PLANS | RETIREMENT BENEFIT PLANS Defined Benefit Plans The Company maintains a defined benefit pension plan that covers employees in its manufacturing plant located in Andover, United Kingdom (the “UK Plan”). In March 2011, the Company froze the benefits due to the participants of the UK Plan in their entirety, and in 2015, the Company began the process of investigating the viability of buying-out the UK Plan. The purpose of the buy-out was to substantially reduce the administrative costs of maintaining the UK Plan, indemnify the Company from future claims and transfer all remaining obligations of the UK Plan to a highly-rated independent financial services firm in the UK where it will be maintained and managed. In September 2015, the Company completed the UK Plan buy-out and transferred all of the UK Plan assets to an independent financial services firm and also made cash contributions of approximately $1.8 million during the quarter. The impact to the Company’s condensed consolidated statement of operations for the three and nine months ended September 30, 2015 was to record expenses totaling approximately $5.6 million in selling, general and administrative costs.

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