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Retirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2014
Reconciliation of Benefit Obligation, Plan Assets, and Funded Status | The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the Pension Plans domestic and foreign locations plan at that measurement dates.
|  | Domestic Pension Plans |  | Foreign Pension Plans |
($ in thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Accumulated benefit obligation |  | $ | 284,365 |  | $ | 264,828 |  | $ | 16,168 |  | $ | 15,150 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in projected benefit obligation: |  |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  | $ | 264,828 |  | $ | 274,497 |  | $ | 16,028 |  | $ | 16,220 |
Service cost |  |  | 192 |  |  | 2,435 |  |  | 83 |  |  | 110 |
Interest cost |  |  | 12,214 |  |  | 11,046 |  |  | 608 |  |  | 536 |
Benefits paid |  |  | (19,021 | ) |  | (13,526 | ) |  | (1,024 | ) |  | (1,297 | )
Actuarial loss (gain) |  |  | 26,152 |  |  | (5,473 | ) |  | 1,468 |  |  | 295 |
Loss due to curtailment |  |  | — |  |  | (4,151 | ) |  | — |  |  | — |
Foreign exchange impact and other |  |  | — |  |  | — |  |  | (995 | ) |  | 163 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at December 31 |  | $ | 284,365 |  | $ | 264,828 |  | $ | 16,168 |  | $ | 16,027 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Assets at fair value at January 1 |  | $ | 314,211 |  | $ | 265,622 |  | $ | 14,867 |  | $ | 13,369 |
Actual return on assets |  |  | 13,961 |  |  | 62,012 |  |  | (2,258 | ) |  | 209 |
Company contributions |  |  | 5,302 |  |  | 103 |  |  | 4,478 |  |  | 2,307 |
Benefits paid |  |  | (19,021 | ) |  | (13,526 | ) |  | (1,024 | ) |  | (1,297 | )
Foreign exchange impact and other |  |  | — |  |  | — |  |  | (935 | ) |  | 279 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets at fair value at December 31 |  | $ | 314,453 |  | $ | 314,211 |  | $ | 15,128 |  | $ | 14,867 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status (plan assets less projected benefit obligations) |  | $ | 30,088 |  | $ | 49,383 |  | $ | (1,040 | ) | $ | (1,160 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The measurement dates for the other post retirement plan were December 31, 2014 and 2013. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the other post retirement plan at that measurement dates.
|  | Other Postretirement Benefit Plan |
($ in thousands) |  | 2014 |  | 2013 |
Accumulated benefit obligation |  | $ | 5,194 |  | $ | 4,916 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in projected benefit obligation: |  |  |  |  |  |  |
Projected benefit obligation at January 1 |  | $ | 4,916 |  | $ | 5,666 |
Service cost |  |  | 4 |  |  | 7 |
Interest cost |  |  | 230 |  |  | 223 |
Actuarial loss (gain) |  |  | 223 |  |  | (798 | )
Benefits paid |  |  | (179 | ) |  | (182 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation at December 31 |  | $ | 5,194 |  | $ | 4,916 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets: |  |  |  |  |  |  |
Assets at fair value at January 1 |  | $ | — |  | $ | — |
Actual return on assets |  |  | — |  |  | — |
Company contributions |  |  | 179 |  |  | 182 |
Benefits paid |  |  | (179 | ) |  | (182 | )
Other |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Assets at fair value at December 31 |  | $ | — |  | $ | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status (plan assets less projected benefit obligations) |  | $ | (5,194 | ) | $ | (4,916 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Components of Prepaid (Accrued) Cost | The components of the prepaid (accrued) cost of the domestic and foreign pension plans, net are classified in the following lines in the Consolidated Balance Sheets at December 31:
|  | Domestic Pension Plans |  | Foreign Pension Plans |
($ in thousands) |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Prepaid pension asset |  | $ | 31,581 |  | $ | 55,839 |  | $ | 518 |  | $ | 557 |
Other accrued liabilities |  |  | — |  |  | (4,814 | ) |  | — |  |  | — |
Post retirement obligations |  |  | (1,493 | ) |  | (1,642 | ) |  | (1,558 | ) |  | (1,717 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 30,088 |  | $ | 49,383 |  | $ | (1,040 | ) | $ | (1,160 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The components of the (accrued) cost of the other postretirement benefit plan, net are classified in the following lines in the Consolidated Balance Sheets at December 31:
|  | Other Postretirement Benefit Plan |
($ in thousands) |  | 2014 |  | 2013 |
Other accrued liabilities |  | $ | (342 | ) | $ | (341 | )
Other long-term obligations |  |  | (4,852 | ) |  | (4,575 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | (5,194 | ) | $ | (4,916 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated Other Comprehensive Loss | CTS has also recorded the following amounts to Accumulated Other Comprehensive Loss for the domestic and foreign pension plans, net of tax:
|  | Domestic Plans |  |  |
|  | Foreign Plans |
|  |  |  | Prior Service Cost |  |  |
($ in thousands) |  | Unrecognized Loss |  | Total |  | Unrecognized Loss |
Balance at January 1, 2013 |  | $ | 115,933 |  | $ | 679 |  | $ | 116,612 |  | $ | 4,492 |
Amortization of retirement benefits, net of tax |  |  | (4,509 | ) |  | (277 | ) |  | (4,786 | ) |  | (298 | )
Settlements and curtailments |  |  | (428 | ) |  | (402 | ) |  | (830 | ) |  | — |
Net actuarial (loss) gain |  |  | (31,778 | ) |  | — |  |  | (31,778 | ) |  | 451 |
Foreign exchange impact |  |  | — |  |  | — |  |  | — |  |  | (3 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at January 1, 2014 |  | $ | 79,218 |  | $ | — |  | $ | 79,218 |  | $ | 4,642 |
Amortization of retirement benefits, net of tax |  |  | (3,523 | ) |  | — |  |  | (3,523 | ) |  | (183 | )
Settlements and curtailments |  |  | (106 | ) |  | — |  |  | (106 | ) |  | — |
Net actuarial gain/(loss) |  |  | 20,605 |  |  | — |  |  | 20,605 |  |  | 4,290 |
Foreign exchange impact |  |  | — |  |  | — |  |  | — |  |  | (259 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance at December 31, 2014 |  | $ | 96,194 |  | $ | — |  | $ | 96,194 |  | $ | 8,490 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CTS has also recorded the following amounts to Accumulated Other Comprehensive loss for other postretirement benefit plan, net of tax:
($ in thousands) |  | Unrecognized (Gain) loss |
Balance at January 1, 2013 |  | $ | (261 | )
Net actuarial loss |  |  | (494 | )
​ | ​ | ​ | ​ | ​
Balance at January 1, 2014 |  | $ | (755 | )
Amortization of retirement benefits, net of tax |  |  | 98 |
Net actuarial gain |  |  | 140 |
​ | ​ | ​ | ​ | ​
Balance at December 31, 2014 |  | $ | (517 | )
Projected Benefit Obligation Accumulated Benefit Obligation and Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:
|  | As of December 31, |
($ in thousands) |  | 2014 |  | 2013 |
Projected benefit obligation |  | $ | 4,612 |  | $ | 10,098 |
Accumulated benefit obligation |  |  | 3,860 |  |  | 4,807 |
Fair value of plan assets |  |  | 1,562 |  |  | 1,923 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Pension Income or Postretirement Expense | Net pension expense (income) includes the following components:
|  | Year Ended December 31, |  | Year Ended December 31, |
|  | Domestic Pension Plans |  | Foreign Pension Plans |
($ in thousands) |  | 2014 |  | 2013 |  | 2012 |  | 2014 |  | 2013 |  | 2012 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost |  | $ | 192 |  | $ | 2,435 |  | $ | 2,735 |  | $ | 83 |  | $ | 110 |  | $ | 125 |
Interest cost |  |  | 12,214 |  |  | 11,046 |  |  | 11,935 |  |  | 608 |  |  | 536 |  |  | 571 |
Expected return on plan assets(1) |  |  | (20,833 | ) |  | (20,217 | ) |  | (21,506 | ) |  | (677 | ) |  | (474 | ) |  | (445 | )
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Prior service cost |  |  | — |  |  | 498 |  |  | 605 |  |  | — |  |  | — |  |  | — |
Loss |  |  | 5,644 |  |  | 7,245 |  |  | 6,062 |  |  | 231 |  |  | 378 |  |  | 296 |
Additional cost due to early retirement |  |  | 172 |  |  | 692 |  |  | 282 |  |  | — |  |  | — |  |  | — |
Curtailment loss |  |  | — |  |  | 651 |  |  | — |  |  | — |  |  | — |  |  | — |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net expense/(income) |  | $ | (2,611 | ) | $ | 2,350 |  | $ | 113 |  | $ | 245 |  | $ | 550 |  | $ | 547 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average actuarial assumptions(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Benefit obligation assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.07 | % |  | 4.84 | % |  | 4.06 | % |  | 3.13 | % |  | 3.85 | % |  | 3.46 | %
Rate of compensation increase |  |  | 0 | % |  | 3.00 | % |  | 3.00 | % |  | 0.48 | % |  | 0.56 | % |  | 0.69 | %
Pension expense/(income) assumptions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.84 | % |  | 4.06 | % |  | 4.91 | % |  | 3.85 | % |  | 3.46 | % |  | 3.86 | %
Expected return on plan assets(1) |  |  | 7.50 | % |  | 7.75 | % |  | 8.00 | % |  | 4.06 | % |  | 3.10 | % |  | 3.00 | %
Rate of compensation increase |  |  | 0 | % |  | 3.00 | % |  | 3.00 | % |  | 0.57 | % |  | 0.69 | % |  | 0.72 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
(2) | During the fourth quarter of each year, CTS reviews its actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Net postretirement expense includes the following components:
|  | Other Postretirement Benefit Plan |
|  | Year Ended December 31, |
($ in thousands) |  | 2014 |  | 2013 |  | 2012 |
Service cost |  | $ | 4 |  | $ | 7 |  | $ | 9 |
Interest cost |  |  | 230 |  |  | 223 |  |  | 255 |
Amortization of unrecognized: |  |  |  |  |  |  |  |  |  |
Gain |  |  | (158 | ) |  | — |  |  | (40 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net (income)/expense |  | $ | 76 |  | $ | 230 |  | $ | 224 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average actuarial assumptions(1) |  |  |  |  |  |  |  |  |  |
Benefit obligation assumptions: |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.07 | % |  | 4.84 | % |  | 4.06 | %
Rate of compensation increase |  |  | 0 | % |  | 0 | % |  | 0 | %
Pension income/postretirement Expense assumptions: |  |  |  |  |  |  |  |  |  |
Discount rate |  |  | 4.84 | % |  | 4.06 | % |  | 4.91 | %
Rate of compensation increase |  |  | 0 | % |  | 0 | % |  | 0 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | During the fourth quarter of each year, CTS reviews its actuarial assumptions in light of current economic factors to determine if the assumptions need to be adjusted.
Asset Allocation and Target Allocation Plan |
|  | Target Allocations |  | Percentage of Plan Assets at December 31, |
Asset Category |  | 2015 |  | 2014 |  | 2013 |
Equity securities(1) |  |  | 60 | % |  | 60 | % |  | 67 | %
Debt securities |  |  | 25 | % |  | 25 | % |  | 20 | %
Other |  |  | 15 | % |  | 15 | % |  | 13 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  |  | 100 | % |  | 100 | % |  | 100 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Equity securities include CTS common stock in the amounts of approximately $26,000,000 (8% of total plan assets) at December 31, 2014 and approximately $29,000,000 (9% of total plan assets) at December 31, 2013.
Summary of Fair Values of Pension Plan | The following table summarizes the fair values of CTS' pension plan assets:
|  | As of December 31, |
($ in thousands) |  | 2014 |  | 2013 |
Equity securities — U.S. holdings(1) |  | $ | 174,153 |  | $ | 175,293 |
Equity securities — non-U.S. holdings(1) |  |  | 14,050 |  |  | 16,866 |
Equity funds — International LP(1) |  |  | 15,636 |  |  | 15,711 |
Equity funds — U.S. LP(1) |  |  | 13,077 |  |  | 12,454 |
Corporate Bonds(2) |  |  | 47,417 |  |  | 50,199 |
Cash and cash equivalents(3) |  |  | 5,889 |  |  | 9,994 |
Debt securities issued by U.S., state and local governments(5) |  |  | 14,484 |  |  | 10,487 |
Partnerships(7) |  |  | 11,239 |  |  | 9,010 |
Long/short equity-focused hedge funds(6) |  |  | 5,367 |  |  | 11,147 |
International hedge funds(4) |  |  | 11,679 |  |  | 10,958 |
Mortgage-backed securities(8) |  |  | 3,796 |  |  | 5,176 |
Fixed annuities(9) |  |  | 12,475 |  |  | 1,620 |
Other asset-backed securities |  |  | 319 |  |  | 163 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total fair value of plan assets |  | $ | 329,581 |  | $ | 329,078 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of Categories in Fair Value Hierarchy | The fair values at December 31, 2014 are classified within the following categories in the fair value hierarchy:
($ in thousands) |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities — U.S. holdings(1) |  | $ | 174,153 |  | $ | — |  | $ | — |  | $ | 174,153 |
Equity securities — non-U.S. holdings(1) |  |  | 14,048 |  |  | 2 |  |  | — |  |  | 14,050 |
Equity funds — International LP(1) |  |  | — |  |  | 15,636 |  |  | — |  |  | 15,636 |
Equity funds — U.S. LP(1) |  |  | — |  |  | 13,077 |  |  | — |  |  | 13,077 |
Corporate Bonds(2) |  |  | — |  |  | 47,417 |  |  | — |  |  | 47,417 |
Cash and cash equivalents(3) |  |  | 5,889 |  |  | — |  |  | — |  |  | 5,889 |
Debt securities issued by U.S. and U.K., state and local governments(5) |  |  | — |  |  | 14,484 |  |  | — |  |  | 14,484 |
Partnerships(7) |  |  | — |  |  | — |  |  | 11,239 |  |  | 11,239 |
Long/short equity-focused hedge funds(6) |  |  | — |  |  | — |  |  | 5,367 |  |  | 5,367 |
International hedge funds(4) |  |  | — |  |  | — |  |  | 11,679 |  |  | 11,679 |
Mortgage-backed securities(8) |  |  | — |  |  | 3,796 |  |  | — |  |  | 3,796 |
Fixed annuity contracts(9) |  |  | — |  |  | — |  |  | 12,475 |  |  | 12,475 |
Other asset-backed securities |  |  | — |  |  | 319 |  |  | — |  |  | 319 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 194,090 |  | $ | 94,731 |  | $ | 40,760 |  | $ | 329,581 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The fair values at December 31, 2013 are classified within the following categories in the fair value hierarchy:
($ in thousands) |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity securities — U.S. holdings(1) |  | $ | 175,293 |  | $ | — |  | $ | — |  | $ | 175,293 |
Equity securities — non-U.S. holdings(1) |  |  | 16,866 |  |  | — |  |  | — |  |  | 16,866 |
Equity funds — International LP(1) |  |  | — |  |  | 15,711 |  |  | — |  |  | 15,711 |
Equity funds — U.S. LP(1) |  |  | — |  |  | 12,454 |  |  | — |  |  | 12,454 |
Corporate Bonds(2) |  |  | — |  |  | 50,199 |  |  | — |  |  | 50,199 |
Cash and cash equivalents(3) |  |  | 9,994 |  |  | — |  |  | — |  |  | 9,994 |
Debt securities issued by U.S. and U.K., state and local governments(5) |  |  | — |  |  | 10,487 |  |  | — |  |  | 10,487 |
Partnerships(7) |  |  | — |  |  | — |  |  | 9,010 |  |  | 9,010 |
Long/short equity-focused hedge funds(6) |  |  | — |  |  | — |  |  | 11,147 |  |  | 11,147 |
International hedge funds(4) |  |  | — |  |  | — |  |  | 10,958 |  |  | 10,958 |
Mortgage-backed securities(8) |  |  | — |  |  | 5,176 |  |  | — |  |  | 5,176 |
Fixed annuity contracts(9) |  |  | — |  |  | — |  |  | 1,620 |  |  | 1,620 |
Other asset-backed securities |  |  | — |  |  | 163 |  |  | — |  |  | 163 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 202,153 |  | $ | 94,190 |  | $ | 32,735 |  | $ | 329,078 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.
(2) | Comprised of investment grade securities of companies in various industries.
(3) | Comprised of investment grade short-term investment funds.
(4) | This fund allocates its capital across several direct hedge-fund organizations. This fund invests with hedge funds that employ "non-directional" strategies. These strategies do not require the direction of the markets to generate returns. The majority of these hedge funds generate returns by the occurrence of key events such as bankruptcies, mergers, spin-offs, etc.
(5) | Comprised of investment grade securities that are backed by the U.S., state or local governments.
(6) | The hedge fund manager utilizes fundamental research and invests in equities both long (seeking price appreciation) and short (expectation that the stock will fall) instruments.
(7) | Comprised of partnerships that invest in various U.S. and international industries.
(8) | Comprised of investment grade securities in which approximately $941,224 and $1,148,218 are backed by the U.S. government for the years ended December 31, 2014 and December 31, 2013, and the remainder by commercial real estate.
(9) | Comprised of fixed annuity contracts purchased at market value when plan participants retire.
Estimated Future Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:
($ in thousands) |  | Domestic Pension Plans |  | Foreign Pension Plans |  | Other Postretirement Benefit Plan |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2015 |  | $ | 15,652 |  | $ | 413 |  | $ | 342 |
2016 |  |  | 16,532 |  |  | 558 |  |  | 336 |
2017 |  |  | 16,763 |  |  | 421 |  |  | 329 |
2018 |  |  | 16,873 |  |  | 555 |  |  | 322 |
2019 |  |  | 17,124 |  |  | 651 |  |  | 315 |
Thereafter |  |  | 86,449 |  |  | 4,217 |  |  | 1,459 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Summary of 401K and Other Plan Expense | Expenses related to defined contribution plans include the following:
|  | Year Ended December 31, |
($ in thousands) |  | 2014 |  | 2013 |  | 2012 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
401(k) and other plan expense |  | $ | 3,719 |  | $ | 4,651 |  | $ | 5,078 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
International Hedge Fund [Member] |
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy | The table below reconciles the Level 3 international hedge fund assets within the fair value hierarchy:
($ in thousands) |  | Amount |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2012 |  | $ | 10,395 |
Capital contributions |  |  | — |
Realized and unrealized gain |  |  | 563 |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2013 |  | $ | 10,958 |
​ | ​ | ​ | ​ | ​
Capital contributions |  |  | — |
Realized and unrealized gain |  |  | 721 |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2014 |  | $ | 11,679 |
​ | ​ | ​ | ​ | ​
Long-biased hedge fund [Member] |
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy | The table below reconciles the Level 3 long/short equity-focused hedge fund assets within the fair value hierarchy:
($ in thousands) |  | Amount |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2012 |  | $ | 9,937 |
Capital contributions |  |  | 4,650 |
Capital distributions |  |  | (4,697 | )
Realized and unrealized gain |  |  | 1,257 |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2013 |  | $ | 11,147 |
​ | ​ | ​ | ​ | ​
Capital contributions |  |  | — |
Capital distributions |  |  | (6,178 | )
Realized and unrealized gain |  |  | 398 |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 hedge fund assets at December 31, 2014 |  | $ | 5,367 |
​ | ​ | ​ | ​ | ​
Partnership [Member] |
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy | The table below reconciles the Level 3 partnership assets within the fair value hierarchy:
($ in thousands) |  | Amount |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 partnership assets at January 1, 2013 |  | $ | 6,330 |
Capital contributions |  |  | 2,462 |
Net ordinary gain attributable to partnership assets |  |  | — |
Realized and unrealized gain |  |  | 822 |
Capital distributions |  |  | (604 | )
​ | ​ | ​ | ​ | ​
Fair value of Level 3 partnership assets at December 31, 2013 |  |  | 9,010 |
Capital contributions |  |  | 2,570 |
Net ordinary gain attributable to partnership assets |  |  | — |
Realized and unrealized gain |  |  | 1,733 |
Capital distributions |  |  | (2,074 | )
​ | ​ | ​ | ​ | ​
Fair value of Level 3 partnership assets at December 31, 2014 |  | $ | 11,239 |
​ | ​ | ​ | ​ | ​
Annuitization Benefit [Member] |
Reconciliation of Level 3 Hedge Fund Asset Within Fair Value Hierarchy | The table below reconciles the Level 3 fixed annuity contracts within the fair value hierarchy:
($ in thousands) |  | Amount |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 fixed annuity contracts at January 1, 2013 |  | $ | 1,681 |
Purchases |  |  | — |
Benefits paid |  |  | (108 | )
Net gain |  |  | 47 |
​ | ​ | ​ | ​ | ​
Fair value of Level 3 fixed annuity contracts at December 31, 2013 |  |  | 1,620 |
Purchases |  |  | 11,530 |
Benefits paid |  |  | (117 | )
Net loss |  |  | (558 | )
​ | ​ | ​ | ​ | ​
Fair value of Level 3 fixed annuity contracts at December 31, 2014 |  | $ | 12,475 |
​ | ​ | ​ | ​ | ​

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