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Employment Retirement Benefits | 12 Months Ended
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Dec. 31, 2013
Employee Retirement Benefits [Abstract] |
Employee Retirement Benefits | NOTE 7 - EMPLOYEE RETIREMENT BENEFITS The Company has an Employee Savings Plan (401(k)) and matches a percentage of employee contributions up to six percent of compensation. Contributions to the plan in 2013, 2012 and 2011 were $457,000, $471,000, and $479,000, respectively. The Company’s U.K.-based subsidiary Austin Taylor maintains defined benefit pension plans that cover approximately two active employees. The Company does not provide any other post-retirement benefits to its employees. The following table summarizes the balance sheet impact, including benefit obligations, assets and funded status of Austin Taylor’s pension plans at December 31, 2013 and 2012:
|  |  | 2013 |  |  | 2012
Change in benefit obligation: |  |  |  |  |  |
Benefit obligation at the beginning of the year |  | $ | 5,675,000 |  | $ | 5,150,000
Service cost |  |  | 5,000 |  |  | 275,000
Interest cost |  |  | 186,000 |  |  | 244,000
Participant contributions |  |  | 0 |  |  | 0
Augmentations |  |  | 211,000 |  |  | 0
Actuarial (gains)/losses |  |  | (198,000) |  |  | 325,000
Benefits paid |  |  | (293,000) |  |  | (552,000)
Changes due to plan settlement |  |  | (2,363,000) |  |  | 0
Foreign currency gains |  |  | 117,000 |  |  | 233,000
Benefit obligation at the end of the year |  |  | 3,340,000 |  |  | 5,675,000
Change in plan assets: |  |  |  |  |  |
Fair value of plan assets at beginning of year |  |  | 5,547,000 |  |  | 6,056,000
Actual return on plan assets |  |  | 343,000 |  |  | (289,000)
Employer contributions |  |  | 297,000 |  |  | 58,000
Participant contributions |  |  | 0 |  |  | 0
Benefits paid |  |  | (293,000) |  |  | (552,000)
Changes due to plan settlement |  |  | (2,363,000) |  |  | 0
Foreign currency losses |  |  | 114,000 |  |  | 274,000
Fair value of plan assets at end of year |  |  | 3,645,000 |  |  | 5,547,000
Funded status at end of year – net asset /(liability) |  | $ | 305,000 |  | $ | (128,000)
Weighted average assumptions used to determine net periodic pension costs:
Discount rate |  |  | 4.6% |  |  | 4.3%
Expected return on assets |  |  | 5.5% |  |  | 5.1%
The plans are funded through UK government gilts and an insurance contract both recorded in the financial statements at fair value. The related amounts for each of these investments were $3,645,000 and $0 as of December 31, 2013 and were determined to be level 2 and level 3 investments, respectively. The related amounts for each of these investments were $3,517,000 and $2,030,000 as of December 31, 2012 and were determined to be level 2 and level 3 investments, respectively. Level 2 investments are valued based on observable inputs such as quoted prices for similar instruments and quoted prices in markets that are not active. Level 3 investments are valued based on significant unobservable inputs. The Company does not expect any plan assets to be returned to the Company during the twelve months subsequent to December 31, 2013. The Company expects to make contributions of $49,000 to the plan in 20 14. The Company estimates its future pension benefit payments will be as follows:
2014 | $ | 414,000
2015 |  | 148,000
2016 |  | 119,000
2017 |  | 261,000
2018 |  | 236,000
2019 thru 2023 |  | 1,411,000
Components of the Company’s net periodic pension costs are:
|  |  | 2013 |  |  | 2012 |  |  | 2011
Service cost |  | $ | 5,000 |  | $ | 275,000 |  | $ | 36,000
Interest cost |  |  | 186,000 |  |  | 244,000 |  |  | 240,000
Expected return on assets |  |  | (229,000) |  |  | (262,000) |  |  | (267,000)
Amortization of prior service cost |  |  | 211,000 |  |  | - |  |  | 46,000
Net periodic pension cost |  | $ | 173,000 |  | $ | 257,000 |  | $ | 55,000

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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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