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RETIREMENT PLANS (Tables)
 12 Months Ended
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
  
$
—