Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2015

Although the Company intends for these defined contribution plans to be the primary retirement benefit for most employees, the Company also has several defined benefit plans. The funded status of the defined benefit plans was as follows at December 31:

(in thousands)	2015			2014
Benefit obligation at beginning of year	$	55,396		$	72,582
Service cost		2,692			2,523
Interest cost		1,803			2,390
Foreign currency exchange rate changes		(2,379	)		(1,889	)
Benefits paid		(10,708	)		(23,726	)
Actuarial (gain) loss		(1,173	)		5,858
Curtailment gain		(121	)		(2,342	)
Other		849			-
Benefit obligation at end of year		46,359			55,396
Plan assets at beginning of year		39,520			37,122
Company contributions		10,204			22,402
Foreign currency exchange rate changes		(2,859	)		(2,379	)
Benefits paid		(10,708	)		(23,726	)
Actual gain on plan assets		79			6,101
Plan assets at end of year		36,236			39,520
Funded status	$	(10,123	)	$	(15,876	)
Accumulated benefit obligation	$	45,217		$	54,435

Amount recognized in the consolidated balance sheet

Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)	2015			2014
Accrued employee and retiree benefits	$	(14,129	)	$	(18,258	)
Other accrued expenses		(5,927	)		(7,263	)
Prepaid expenses and other current assets		9,933			9,645
Net liability	$	(10,123	)	$	(15,876	)

Components of annual benefit cost

Components of annual benefit cost:

(In thousands)	2015			2014			2013

Service cost	$	2,692		$	2,523		$	3,260
Interest cost		1,803			2,390			2,557
Expected return on plan assets		(1,210	)		(1,791	)		(1,689	)
Amortization of prior service cost		—			171			172
Recognized actuarial loss (gain)		228			(305	)		3,203
Settlement expense		1,119			1,467			1,177
Curtailment gain		(104	)		(754	)		—
Defined benefit expense	$	4,528		$	3,701		$	8,680

Summary of weighted average assumptions

Weighted average liability assumptions as of December 31:

	2015			2014
Discount rate		3.94	%		3.70	%
Expected return on plan assets		3.40	%		3.32	%
Rate of compensation increase		0.35	%		0.37	%

Weighted average cost assumptions for the year ended December 31:

	2015			2014
Discount rate		3.70	%		3.91	%
Expected return on plan assets		3.32	%		5.12	%
Rate of compensation increase		0.37	%		4.59	%

Amounts recognized in accumulated other comprehensive income

Amounts in accumulated other comprehensive income at December 31 were as follows:

(In thousands)		2015				2014
Unrecognized net actuarial loss		$	5,725			$	7,407

Pension adjustments recognized in accumulated other comprehensive income

The pension adjustments, net of tax, recognized in OCI, were as follows:

(In thousands)	2015			2014			2013

Net actuarial (loss) gain arising during the period	$	(140	)	$	(387	)	$	3,180
Amortization of actuarial loss, included in defined benefit expense		917			1,252			2,006
Amortization of prior service cost, included in defined benefit expense		—			733			108
Pension adjustment, net of tax	$	777		$	1,598		$	5,294

Pension plan assets by asset category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2015 and 2014:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2015 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2014 Using Fair Value Hierarchy
(in thousands)	2015		Level 1		Level 2		Level 3		2014		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	6,064	$	6,064	$	—	$	—	$	6,424	$	6,424	$	—	$	—
International		179		3		176		—		242		—		242		—
International Fixed Income Funds		22,374		711		21,663		—		22,710		960		21,750		—
Other investments		7,619		40		7,579		—		10,144		38		10,106		—
Total assets at fair value	$	36,236	$	6,818	$	29,418	$	—	$	39,520	$	7,422	$	32,098	$	—