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Note 14 - Benefit Plans

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Pension and Other Postretirement Benefits Disclosure [Text Block]

14. Benefit Plans

Medical and Dental Plan

The Company maintains medical and dental benefit plans covering full-time domestic employees of the Company and their dependents. Certain plans are partially or fully self-funded plans under which participant claims are obligations of the plan. These plans are funded through employer and employee contributions at a level sufficient to pay for the benefits provided by the plan. The Company’s contributions to the plans were $11,701, $9,500, and $8,741 for the years ended December 31, 2014, 2013, and 2012, respectively. During 2014, the Company paid premiums of $2,700 for other standard medical benefits covering certain full-time employees.

The Company’s foreign subsidiaries participate in government sponsored medical benefit plans. In certain cases, the Company purchases supplemental medical coverage for certain employees at these foreign locations. The expenses related to these plans are not material to the Company’s consolidated financial statements.

Savings Plan

The Company maintains a defined-contribution 401(k) savings plan for eligible domestic employees. Under the plan, employees may defer receipt of a portion of their eligible compensation. The Company amended the 401(k) savings plans effective January 1, 2009, to add Company matching and non-elective contributions. The Company may contribute a matching contribution of 50% of the first 6% of eligible compensation of employees. The Company may also contribute a non-elective contribution for eligible employees employed on December 31, 2008. Both Company matching contributions and non-elective contributions are subject to vesting. Forfeitures may be applied against plan expenses. The Company recognized $3,400, $3,300 and $3,000 of expense related to this plan in 2014, 2013 and 2012, respectively.

Pension Plans

The Company has a frozen noncontributory salaried and hourly pension plans (Pension Plans) covering certain domestic employees. The benefits under the salaried plan are based upon years of service and the participants’ defined final average monthly compensation. The benefits under the hourly plan are based on a unit amount at the date of termination multiplied by the participant’s years of credited service. The Company’s funding policy for the Pension Plans is to contribute amounts at least equal to the minimum annual amount required by applicable regulations.

The Company uses a December 31 measurement date for the Pension Plans. The table that includes the accumulated benefit obligation; and reconciliation of the changes in projected benefit obligation, changes in plan assets and the funded status of the Pension Plans is as follows:

		Year Ended December 31,
		2014				2013

Accumulated benefit obligation at end of period		$	68,376			$	52,825

Change in projected benefit obligation
Projected benefit obligation at beginning of period		$	52,825			$	59,744
Interest cost			2,591				2,423
Net actuarial loss (gain)			14,791				(7,695	)
Benefits paid			(1,831				(1,647	)
Projected benefit obligation at end of period		$	68,376			$	52,825

Change in plan assets
Fair value of plan assets at beginning of period		$	42,440			$	36,570
Actual return on plan assets			3,110				6,465
Company contributions			1,733				1,052
Benefits paid			(1,831				(1,647	)
Fair value of plan assets at end of period		$	45,452			$	42,440

Funded status: accrued pension liability included in other long-term liabilities		$	(22,924			$	(10,385	)

Amounts recognized in accumulated other comprehensive income
Net actuarial loss		$	(13,243			$	(4,393	)

The actuarial loss for the Pension Plans that was amortized from AOCI into net periodic (benefit) cost during 2014 is $106. The amount in AOCI as of December 31, 2014 that is expected to be recognized as a component of net periodic pension expense during the next fiscal year is $1,228.

The components of net periodic pension (benefit) cost is as follows:

		Year Ended December 31,
		2014				2013				2012
Components of net periodic pension (benefit) cost:
Interest cost		$	2,591			$	2,423			$	2,453
Expected return on plan assets			(2,933	)			(2,520	)			(2,398	)
Amortization of net loss			106				1,108				909
Net periodic pension (benefit) cost		$	(236	)		$	1,011			$	964

Weighted-average assumptions used to determine the benefit obligations are as follows:

		December 31,
		2014				2013
Discount rate - salaried pension plan			3.97	%			4.98	%
Discount rate - hourly pension plan			3.99	%			5.01	%
Rate of compensation increase (1)			n/a				n/a

(1)

No compensation increase was assumed as the plans were frozen effective December 31, 2008.

Weighted-average assumptions used to determine net periodic pension (benefit) cost are as follows:

		Year Ended December 31,
		2014				2013				2012
Discount rate			5.01	%			4.14	%			4.65	%
Expected long-term rate of return on plan assets			6.88				6.95				7.57
Rate of compensation increase (1)			n/a				n/a				n/a

(1)

No compensation increase was assumed as the plans were frozen effective December 31, 2008.

To determine the long-term rate of return assumption for plan assets, the Company studies historical markets and preserves the long-term historical relationships between equities and fixed-income securities consistent with the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. The Company evaluates current market factors such as inflation and interest rates before it determines long-term capital market assumptions and reviews peer data and historical returns to check for reasonableness and appropriateness.

The Pension Plan’s weighted-average asset allocation at December 31, 2014 and 2013, by asset category, is as follows:

						December 31, 2014								December 31, 2013
Asset Category		Target				Dollars				%				Dollars				%
Fixed Income			24	%		$	7,400				16	%		$	7,307				17	%
Domestic equity			49	%			24,373				54	%			23,903				56	%
International equity			17	%			8,869				19	%			7,424				18	%
Real estate			10	%			4,810				11	%			3,806				9	%
Total			100	%		$	45,452				100	%		$	42,440				100	%

The fair values of the Pension Plan's assets at December 31, 2014 are as follows:

		Total				Quoted Prices in Active Markets for Identical Asset (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Mutual fund		$	42,267			$	42,267			$	-			$	-
Other investments			3,185				-				-				3,185
Total		$	45,452			$	42,267			$	-			$	3,185

The fair values of the Pension Plan's assets at December 31, 2013 are as follows:

		Total				Quoted Prices in Active Markets for Identical Asset (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Mutual fund		$	39,759			$	39,759			$	-			$	-
Collective trust			2,681				-				2,681				-
Total		$	42,440			$	39,759			$	2,681			$	-

A reconciliation of beginning and ending balances for Level 3 assets for the year ended December 31, 2014 is as follows:

		Other Investments
Balance as of December 31, 2013		$	-
Purchases			3,100
Realized gains			85
Balance as of December 31, 2014		$	3,185

Mutual Funds - This category includes investments in mutual funds that encompass both equity and fixed income securities that are designed to provide a diverse portfolio. The plan’s mutual funds are designed to track exchange indices, and invest in diverse industries. Some mutual funds are classified as regulated investment companies. Investment managers have the ability to shift investments from value to growth strategies, from small to large capitalization funds, and from U.S. to international investments. These investments are valued at the closing price reported on the active market on which the individual securities are traded. These investments are classified within Level 1 of the fair value hierarchy.

Other Investments - This category includes investments in limited partnerships and are valued at estimated fair value, as determined with the assistance of each respective limited partnership, based on the net asset value of the investment as of the balance sheet date, which is subject to judgment. The Net Asset Value (NAV) is classified within Level 3 of the fair value hierarchy.

Collective Trusts - This category includes public investment vehicles valued using the NAV provided by the administrator of the trust. The NAV is based on the value of the underlying assets owned by the trust, minus its liabilities, and then divided by the number of shares outstanding. The NAV of the trust is classified within Level 2 of the fair value hierarchy.

The Company’s target allocation for equity securities and real estate is generally between 65% - 85%, with the remainder allocated primarily to bonds. The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate.

The Company expects to make estimated contributions of $1,187 to the Pension Plans in 2015.

The following benefit payments are expected to be paid from the Pension Plans:

Year
2015			$	1,888
2016				1,998
2017				2,185
2018				2,319
2019				2,430
2020 - 2024				14,500

Certain of the Company’s foreign subsidiaries participate in local defined benefit or other post-employment benefit plans. These plans provide benefits that are generally based on years of credited service and a percentage of the employee’s eligible compensation earned throughout the applicable service period. Liabilities recorded under these plans are included in accrued wages and employee benefits in the Company’s consolidated balance sheets and are not material.

The entire disclosure for pension and other postretirement benefits.

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