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Pension Liabilities | 12 Months Ended
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Dec. 31, 2014
Pension Liabilities [Abstract] |
Pension Liabilities | Note 18 – Pension Liabilities Supplemental Executive Retirement Plan March 1, 2007, the Board of Directors of Reading International, Inc. (“Reading”) approved a Supplemental Executive Retirement Plan (“SERP”) pursuant to which Reading agreed to provide James J. Cotter, Sr., its then Chief Executive Officer and Chairman of the Board of Directors, supplemental retirement benefits effective March 1, 2007. Under the SERP, Mr. James J. Cotter, Sr. receives guaranteed 180 monthly payments following his separation from service with Reading. Following his death, this passes to his designated beneficiaries. The benefits under the SERP are fully vested as of March 1, 2007. On August 7 th 2014 Mr. James J. Cotter, Sr. announced his retirement from the Company due to failing health and subsequently, on September 13 th 2014, he passed away. According to the SERP agreement, he was entitled to the higher of either a guaranteed $25,000 a month, or 40% of the average monthly earnings over the highest consecutive 36-month period of earnings (period ending August 2014). 40% of the average monthly earnings over the highest consecutive 36-month period of earnings calculated to $56,944 per month. Accordingly the guaranteed 180 month period obligation is $10.2 million. Using a discount rate of 4.25%, the Company recorded a $7.5 million liability; simultaneously releasing a $7.6 million accrued pension liability at August 31 st 2014. The resulting $58,000 over accrual reduced amounts not yet recognized as a component of net periodic pension cost (the unamortized actuarial loss) to $3.1 million at August 31 st 2014. The change in the SERP pension benefit obligation and the funded status for the year ending December 31, 2014 and 2013 are as follows (dollars in thousands):
|  | For the year ending
Change in Benefit Obligation |  | December 31, 2014
Benefit obligation at January 1, 2014 | $ | 7,398
Interest cost |  | 255
Actuarial gain |  | (58)
Benefit obligation at December 31, 2014 |  | 7,595
Funded status at December 31, 2014 | $ | (7,595)
|  | For the year ending
Change in Benefit Obligation |  | December 31, 2013
Benefit obligation at January 1, 2013 | $ | 5,944
Interest cost |  | 202
Actuarial gain |  | 1,252
Benefit obligation at December 31, 2013 |  | 7,398
Funded status at December 31, 2013 | $ | (7,398)
Amount recognized in balance sheet consists of (dollars in thousands):
|  | At December 31, 2014 |  | At December 31, 2013
Current liabilities | $ | 855 | $ | 15
Noncurrent liabilities |  | 6,740 |  | 7,383
Items not yet recognized as a component of net periodic pension cost consist of (dollars in thousands):
|  | At December 31, 2014 |  | At December 31, 2013
Unamortized actuarial loss | $ | 3,055 | $ | 3,166
Prior service costs |  | -- |  | 627
Accumulated other comprehensive loss |  | 3,055 |  | 3,793
The components of the net periodic benefit cost and other amounts recognized in other comprehensive income are as follows (dollars in thousands):
Net periodic benefit cost |  | For the year ending December 31, 2014 |  | For the year ending December 31, 2013
Interest cost | $ | 209 | $ | 202
Amortization of prior service costs |  | 254 |  | 304
Amortization of net gain |  | 426 |  | 356
Net periodic benefit cost | $ | 889 | $ | 862
Other changes in plan assets and benefit obligations recognized in other comprehensive income |  |  |  |
Net loss | $ | (58) | $ | 1,253
Amortization of prior service cost |  | (254) |  | (304)
Amortization of net loss |  | (426) |  | (356)
Total recognized in other comprehensive income | $ | (738) | $ | 593
Total recognized in net periodic benefit cost and other comprehensive income | $ | 151 | $ | 1,455
The estimated net loss and prior service cost, for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year will be $0 and $207,000, respectively. The following weighted average assumptions were used to determine the plan benefit obligations at December 31, 2014 and 2013:
|  | 2014 |  | 2013
Discount rate |  | 4.25% |  | 4.25%
Rate of compensation increase |  | 0.00% |  | 7.50%
The following weighted-average assumptions were used to determine net periodic benefit cost for the year ended December 31, 2014 and 2013:
|  | 2014 |  | 2013
Discount rate |  | 4.25% |  | 3.40%
Expected long-term return on plan assets |  | 0.00% |  | 0.00%
Rate of compensation increase |  | 0.00% |  | 3.50%
The benefit payments for all of our pensions, which reflect expected future service, as appropriate, are expected to be paid over the following periods (dollars in thousands):
|  |  |  | Pension Payments
2015 |  |  | $ | 855
2016 |  |  |  | 684
2017 |  |  |  | 684
2018 |  |  |  | 684
2019 |  |  |  | 684
Thereafter |  |  |  | 4,004
Total pension payments |  |  | $ | 7,595

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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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