LensCrafters 2015 Annual Report Download - page 145

Notes to the consolidated financial statement as of December 31, 2015 Page 51 di 68
Duration—The weighted average duration of the pension defined benefit obligations is 11.9 years while the weighted average
duration of the SERPs is 7.6 years. The following table provides the undiscounted estimated future benefit payments (amounts
in thousands):
(in thousands of Euro)
Estimated Future Benefit Payments Pension Plan SERPs
2015 30,225 450
2016 31,068 963
2017 33,116 969
2018 40,017 929
2019 44,832 536
2020 – 2024 257,278 4,588
Other Benefits—U.S. Holdings provides certain post-employment medical, disability and life insurance benefits. The Group’s
accrued liability related to this obligation as of December 31, 2015 and 2014, was Euro 0.8 million and Euro 0.7 million,
respectively.
U.S. Holdings sponsors the following additional benefit plans, which cover certain present and past employees of some of its
US subsidiaries:
(a) U.S. Holdings provides, under individual agreements, post-employment benefits for continuation of health
care benefits and life insurance coverage to former employees after employment. As of each of December 31, 2015 and 2014,
the accrued liability related to these benefits was Euro 0.6 million and Euro 0.7 million, respectively.
(b) U.S. Holdings maintains the Cole National Group, Inc. Supplemental Retirement Benefit Plan, which
provides supplemental retirement benefits for certain highly compensated and management employees who were previously
designated by the former Board of Directors of Cole as participants. This is an unfunded noncontributory defined contribution
plan. Each participant’s account is credited with interest earned on the average balance during the year. This plan was frozen as
to future salary credits on the effective date of the Cole acquisition in 2004. The plan liability was Euro 0.5 million at
December 31, 2015 and 2014, respectively.
U.S. Holdings sponsors certain defined contribution plans for its United States and Puerto Rico employees. The cost of
contributions incurred in 2015 and 2014 was Euro 13.2 million and Euro 9.5 million, respectively, and was recorded in general
and administrative expenses in the consolidated statement of income. U.S. Holdings also sponsors a defined contribution plan
for all U.S. Oakley associates with at least six months of service. The cost for contributions incurred in 2015 and 2014 was
Euro 2.9 million and Euro 2.3 million, respectively.
In Australia and Hong Kong, the Group makes mandatory contributions to superannuation retirement funds. The plans provide
benefits on a defined contribution basis for employees upon retirement, resignation, disablement or death. Contributions to
defined contribution superannuation plans are recognized as an expense as the contributions are paid or become payable to the
fund. Contributions are accrued based on legislated rates and annual compensation.
Health Benefit Plans—U.S. Holdings partially subsidizes health care benefits for eligible retirees. Employees generally
become eligible for retiree health care benefits when they retire from active service between the ages of 55 and 65. Benefits are
discontinued at age 65. During 2009, U.S. Holdings provided for a one-time special election of early retirement to certain