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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
RETIREMENT PLANS [Abstract] |
Funded status of defined benefit plan | The funded status of the defined benefit plans was as follows at December 31:
(in thousands) |  | 2014 |  |  | 2013 |
Benefit obligation at beginning of year |  | $ | 72,582 |  |  | $ | 76,957 |
Service cost |  |  | 2,523 |  |  |  | 3,260 |
Interest cost |  |  | 2,390 |  |  |  | 2,557 |
Foreign currency exchange rate changes |  |  | (1,889 | ) |  |  | (703 | )
Benefits paid |  |  | (23,726 | ) |  |  | (5,194 | )
Actuarial loss (gain) |  |  | 5,858 |  |  |  | (4,295 | )
Curtailment gain |  |  | (2,342 | ) |  |  | — |
Benefit obligation at end of year |  |  | 55,396 |  |  |  | 72,582 |
Plan assets at beginning of year |  |  | 37,122 |  |  |  | 35,141 |
Company contributions |  |  | 22,402 |  |  |  | 5,701 |
Foreign currency exchange rate changes |  |  | (2,379 | ) |  |  | (539 | )
Benefits paid |  |  | (23,726 | ) |  |  | (5,258 | )
Actual gain on plan assets |  |  | 6,101 |  |  |  | 2,077 |
Plan assets at end of year |  |  | 39,520 |  |  |  | 37,122 |
Funded status |  | $ | (15,876 | ) |  | $ | (35,460 | )
Accumulated benefit obligation |  | $ | 54,435 |  |  | $ | 68,391 |
Amount recognized in the consolidated balance sheet | Amounts recognized in the Consolidated Balance Sheets at December 31:
(in thousands) |  | 2014 |  |  | 2013 |
Accrued employee and retiree benefits |  | $ | (18,258 | ) |  | $ | (21,206 | )
Other accrued expenses |  |  | (7,263 | ) |  |  | (19,144 | )
Prepaid expenses and other current assets |  |  | 9,645 |  |  |  | 4,890 |
Net liability |  | $ | (15,876 | ) |  | $ | (35,460 | )
Components of annual benefit cost | Components of annual benefit cost:
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Service cost |  | $ | 2,523 |  |  | $ | 3,260 |  |  | $ | 2,583 |
Interest cost |  |  | 2,390 |  |  |  | 2,557 |  |  |  | 2,659 |
Expected return on plan assets |  |  | (1,791 | ) |  |  | (1,689 | ) |  |  | (1,428 | )
Amortization of prior service cost |  |  | 171 |  |  |  | 172 |  |  |  | 1,971 |
Recognized actuarial (gain) loss |  |  | (305 | ) |  |  | 3,203 |  |  |  | 799 |
Settlement expense |  |  | 1,467 |  |  |  | 1,177 |  |  |  | — |
Curtailment gain |  |  | (754 | ) |  |  | — |  |  |  | — |
Defined benefit expense |  | $ | 3,701 |  |  | $ | 8,680 |  |  | $ | 6,584 |
Summary of weighted average assumptions | Weighted average liability assumptions as of December 31:
|  | 2014 |  |  | 2013 |
Discount rate |  |  | 3.70 | % |  |  | 3.91 | %
Expected return on plan assets |  |  | 3.32 | % |  |  | 5.12 | %
Rate of compensation increase |  |  | 0.37 | % |  |  | 4.59 | %
Weighted average cost assumptions for the year ended December 31:
|  | 2014 |  |  | 2013 |
Discount rate |  |  | 3.91 | % |  |  | 3.27 | %
Expected return on plan assets |  |  | 5.12 | % |  |  | 4.76 | %
Rate of compensation increase |  |  | 4.59 | % |  |  | 4.01 | %
Amounts recognized in accumulated other comprehensive income | Amounts in accumulated other comprehensive income at December 31 were as follows:
(in thousands) |  | 2014 |  |  | 2013 |
Prior service cost |  | $ | — |  |  | $ | 1,182 |
Unrecognized net actuarial loss |  |  | 7,407 |  |  |  | 7,944 |
Pension adjustments recognized in accumulated other comprehensive income | The pension adjustments, net of tax, recognized in OCI, were as follows:
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Net actuarial (loss) gain arising during the period |  | $ | (387 | ) |  | $ | 3,180 |  |  | $ | (3,947 | )
Amortization of actuarial loss, included in defined benefit expense |  |  | 1,252 |  |  |  | 2,006 |  |  |  | 526 |
Amortization of prior service cost, included in defined benefit expense |  |  | 733 |  |  |  | 108 |  |  |  | 1,205 |
Pension adjustment, net of tax |  | $ | 1,598 |  |  | $ | 5,294 |  |  | $ | (2,216 | )
Pension plan assets by asset category | The following table presents the Company’s pension plan assets by asset category as of December 31, 2014 and 2013:
|  | Fair value as of December 31, |  |  | Fair Value Measurements at December 31, 2014 Using Fair Value Hierarchy |  |  | Fair Value as of December 31, |  |  | Fair Value Measurements at December 31, 2013 Using Fair Value Hierarchy |
(in thousands) |  | 2014 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | 2013 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Equity Funds |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 6,424 |  |  | $ | 6,424 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,143 |  |  | $ | 6,143 |  |  | $ | — |  |  | $ | — |
International |  |  | 242 |  |  |  | — |  |  |  | 242 |  |  |  | — |  |  |  | 7,294 |  |  |  | — |  |  |  | 7,294 |  |  |  | — |
International Fixed Income Funds |  |  | 22,710 |  |  |  | 960 |  |  |  | 21,750 |  |  |  | — |  |  |  | 23,162 |  |  |  | 1,186 |  |  |  | 21,976 |  |  |  | — |
Other investments |  |  | 10,144 |  |  |  | 38 |  |  |  | 10,106 |  |  |  | — |  |  |  | 523 |  |  |  | 40 |  |  |  | 483 |  |  |  | — |
Total assets at fair value |  | $ | 39,520 |  |  | $ | 7,422 |  |  | $ | 32,098 |  |  | $ | — |  |  | $ | 37,122 |  |  | $ | 7,369 |  |  | $ | 29,753 |  |  | $ | — |

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