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DEFERRED COMPENSATION LIABILITY | 12 Months Ended
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Dec. 31, 2019
DEFERRED COMPENSATION LIABILITY [Abstract] |
DEFERRED COMPENSATION LIABILITY |
7. | DEFERRED COMPENSATION LIABILITY
In 2007 and 2010, the Board of Directors approved an unfunded deferred compensation agreement for the Chairman, President and CEO and the Company’s former Chief Financial Officer and Executive Vice President. The agreements provided for unfunded deferred compensation computed as a percentage of salary, and certain benefits for dependents. The Company has entered into a final settlement agreement with the former CFO to terminate the compensation agreement with a corresponding payment made by March 31, 2020. We refer to note 11 for further information. The agreement for the Chairman, President and CEO was amended in 2017 for the benefits to vest over a period of employment of 15 years up to a maximum of 66% of the salary level at the time of retirement, age of 72. The Company had a restricted deposit account of $10.0 million for securing the financing of this deferred compensation liability as at December 31, 2016, but the restriction was lifted in 2017, 2018 and 2019. The Company has entered into a final settlement agreement to terminate the compensation agreement with a corresponding payment made of $11.0 million. The total expense (gain) related to the deferred compensation agreements for the Chairman, President and CEO and the Company’s former Chief Financial Officer and Executive Vice President, recognized in 2019, 2018 and 2017 were $(0.2) million, $(0.7) million and $1.0 million, respectively.

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- Definition The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items. Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 710 -URI http://asc.fasb.org/topic&trid=2127225 + Details
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- References No definition available. + Details
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