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RETIREMENT PLANS (Tables) | 12 Months Ended
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Dec. 31, 2014
Future Benefit Payments | Expected benefit payments for each of the next five fiscal years and in aggregate for the five fiscal years thereafter are as follows (in thousands):
Year ending December 31, |
2015 |  | $ | 144 |
2016 |  |  | 137 |
2017 |  |  | 264 |
2018 |  |  | 388 |
2019 |  |  | 377 |
2020 through 2024 |  |  | 1,909 |
Changes in Projected Benefit Obligation | The following table summarizes the changes in the projected benefit obligations and plan assets for the year ended December 31, 2014:
|  | December 31, 2014 |
|  | (in thousands) |
Change in projected benefit obligations |  |  |  |
Projected benefit obligations, acquisition |  | $ | 11,678 |
Interest cost |  |  | 364 |
Actuarial losses |  |  | 2,887 |
Benefits paid |  |  | (216 | )
Currency adjustment |  |  | (917 | )
Projected benefit obligations, end of year |  | $ | 13,796 |
Change in plan assets |  |  |  |
Fair value of plan assets, acquisition |  | $ | 11,678 |
Actual return on plan assets |  |  | 2,618 |
Employer contributions |  |  | 2,471 |
Benefits paid |  |  | (216 | )
Currency adjustment |  |  | (1,018 | )
Fair value of plan assets, end of year |  | $ | 15,533 |
Net Plan funding, end of year |  | $ | 1,738 |
Components of Net Periodic Pension Cost | The following table summarizes the components of net period pension costs:
|  | Year Ended December 31, 2014 |
|  | (in thousands) |
Components of net periodic pension cost |  |  |  |
Expected return on plan assets |  | $ | (390 | )
Interest cost on projected benefit obligations |  |  | 364 |
Net periodic pension cost |  | $ | (26 | )
Assumptions Used to Determine Actuarial Present Value Of Projected Benefit Obligation and Net Periodic Pension Benefit Cost | The following are assumptions used to determine the actuarial present value of the projected benefit obligations and net periodic pension benefit cost as of and for the year ended December 31, 2014:
|  | December 31, 2014 |
Discount rate |  |  | 2.19 | %
Expected long-term rate of return on plan assets |  |  | 2.43 | %
Expected Benefit Payments |
Future Benefit Payments | Expected Benefit Payments – Expected benefit payments for each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows (in thousands):
Year ending December 31, |
2015 |  | $ | 232 |
2016 |  |  | 252 |
2017 |  |  | 258 |
2018 |  |  | 274 |
2019 |  |  | 288 |
2020 through 2024 |  |  | 1,706 |

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- Definition Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation and net benefit cost, including assumed discount rates, rate increase in compensation increase, and expected long-term rates of return on plan assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (k) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e1928-114920 + Details
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