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Pensions and deferred compensation | 12 Months Ended
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Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract] |
Pensions and deferred compensation |
18. | Pensions and deferred compensation
Orthofix Inc. sponsors a defined contribution plan (the “Orthofix Inc. 401(k) Plan”) covering substantially all full time US employees. The Orthofix Inc. 401(k) Plan allows for participants to contribute up to 15% of their pre-tax compensation, subject to certain limitations, with the Company matching 100% of the first 2% of the employee’s base compensation and 50% of the next 4% of the employee’s base compensation if contributed to the Orthofix Inc. 401(k) Plan. During the years ended December 31, 2013, 2012 and 2011, expenses incurred relating to 401(k) Plans, including matching contributions, were approximately $2.4 million, $2.5 million and $2.5 million, respectively. The Company operates defined contribution pension plans for its other International employees not described above meeting minimum service requirements. The Company’s expenses for such pension contributions during 2013, 2012 and 2011 were $0.7 million, $0.7 million and $0.8 million, respectively. Under Italian Law, Orthofix S.r.l. accrues, on behalf of its employees, deferred compensation, which is paid on termination of employment. Each year’s provision for deferred compensation is based on a percentage of the employee’s current annual remuneration plus an annual charge. Deferred compensation is also accrued for the leaving indemnity payable to agents in case of dismissal which is regulated by a national contract and is equal to approximately 3.5% of total commissions earned from the Company. The Orthofix Deferred Compensation Plan (the “Plan”), administered by the Board of Directors of the Company, effective January 1, 2007, and as amended and restated effective January 1, 2009, is a plan intended to allow a select group of key management and highly compensated employees of the Company to defer the receipt of compensation that would otherwise be payable to them. The terms of this plan are intended to comply in all respects with the provisions of Code Section 409A and Code Section 457A. As of January 1, 2011 the Company disallowed further contributions into the plan and any new plan participants. Distributions are made in accordance with the requirements of Code Section 409A. The Company’s expense for deferred compensation during 2013, 2012 and 2011 was approximately $0.3 million, $0.4 million and $0.1 million, respectively. Deferred compensation payments of $0.1 million and $0.8 million were made in 2013 and 2012, respectively, and no deferred compensation payments were made in 2011. The balance as of December 31, 2013 and 2012 was $2.5 and $2.3 million that represents the amount which would be payable if all the employees and agents had terminated employment at that date and is included in other long-term liabilities.

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- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
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