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RETIREMENT PLANS (Tables)

12 Months Ended

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

X

- 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

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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)

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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)

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+ 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)

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