International Retirement Plan

12 Months Ended

Dec. 31, 2014

International Retirement Plan [Abstract]

Note 15 International Retirement Plan

The Company sponsors a non-contributory defined benefit pension plan for certain employees of a non-U.S. subsidiary initiated by a predecessor of the subsidiary. The Company maintains insurance contracts that provide an annuity that is used to fund the current obligations under this plan. The net present value of that annuity was $2,981 and $3,144 as of December 31, 2014 and 2013, respectively. The net present value of that annuity is included in “Other assets, net” on the Company’s consolidated balance sheets at December 31, 2014 and 2013. The following table provides a reconciliation of the changes in the projected benefit obligation for the years ended December 31, 2014 and 2013:


(in thousands)	2014		2013
Reconciliation of benefit obligations:
Obligations as of January 1	$	5,987	$	5,240
Service cost		150		144
Interest cost		200		198
Actuarial loss		1,719		302
Benefit payments		(144)		(122)
Effect of foreign currency exchange rate changes		(718)		225
Obligations as of December 31		7,194		5,987
Funded status as of December 31 (net of tax benefit)	$	(7,194)	$	(5,987)

The projected benefit obligation in the table above includes $1,719 and $302 of unrecognized net loss for the years ended December 31, 2014 and 2013, respectively. At December 31, 2014, the Company recorded the $1,719 loss, net of $69 of actuarial amortization and a $515 tax benefit, as a $1,135 adjustment to “Accumulated other comprehensive income” in accordance with ASC 715, “Compensation – Retirement Benefits.” At December 31, 2013, the Company recorded the $302 loss, net of $56 of actuarial amortization and a $78 tax benefit, as a $168 adjustment to “Accumulated other comprehensive income” in accordance with ASC 715, “Compensation – Retirement Benefits.”

The Company has recognized the following amounts in the consolidated balance sheets at December 31, 2014 and 2013:


(in thousands)	2014		2013
Accrued liabilities	$	132	$	127
Other liabilities		7,062		5,860
Projected benefit obligation		7,194		5,987
Accumulated other comprehensive income		(2,211)		(1,076)
Total	$	4,983	$	4,911

The following projected benefit obligation and accumulated benefit obligation were estimated as of December 31, 2014 and 2013:


(in thousands)	2014		2013
Projected benefit obligation	$	7,194	$	5,987
Accumulated benefit obligation	$	6,301	$	5,553

The following table shows the components of net periodic benefit costs and other amounts recognized in other comprehensive income:


(in thousands)	2014		2013
Net periodic benefit cost:
Service cost	$	150	$	144
Interest cost		200		198
Amortization of actuarial loss		69		56
Total	$	419	$	398
Other changes in plan assets and benefit obligations recognized in other comprehensive income:
Net loss		1,135		168
Total expense recognized in net periodic benefit cost and other comprehensive income	$	1,554	$	566

The following assumptions are used to determine benefit obligations as of December 31:

The following benefit payments, including expected future service cost, are expected to be paid:


(in thousands)
Estimated future benefit payments:
2015	$	135
2016		152
2017		155
2018		158
2019		175
2020-2024		1,142

- Definition

The entire disclosure for pension and other postretirement benefits.

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Discount rate

Rate of compensation