Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2016

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)	2016			2015
Benefit obligation at beginning of year	$	46,359		$	55,396
Service cost		2,091			2,692
Interest cost		1,669			1,803
Foreign currency exchange rate changes		(2,306	)		(2,379	)
Benefits paid		(8,280	)		(10,708	)
Actuarial loss (gain)		1,906			(1,173	)
Curtailment gain		-			(121	)
Other		252			849
Benefit obligation at end of year		41,691			46,359
Plan assets at beginning of year		36,236			39,520
Company contributions		6,947			10,204
Foreign currency exchange rate changes		(3,714	)		(2,859	)
Benefits paid		(8,280	)		(10,708	)
Actual gain on plan assets		4,952			79
Plan assets at end of year		36,141			36,236
Funded status	$	(5,550	)	$	(10,123	)
Accumulated benefit obligation	$	40,743		$	45,217

Amount Recognized in Consolidated Balance Sheet

Amounts recognized in the Consolidated Balance Sheets at December 31:

(in thousands)	2016			2015
Accrued employee and retiree benefits	$	(14,510	)	$	(14,129	)
Other accrued expenses		(765	)		(5,927	)
Other assets		9,725			9,933
Net liability	$	(5,550	)	$	(10,123	)

Components of Annual Benefit Cost

Components of annual benefit cost:

(In thousands)	2016			2015			2014

Service cost	$	2,091		$	2,692		$	2,523
Interest cost		1,669			1,803			2,390
Expected return on plan assets		(1,141	)		(1,210	)		(1,791	)
Amortization of prior service cost		-			-			171
Recognized actuarial loss (gain)		193			228			(305	)
Settlement expense		543			1,119			1,467
Curtailment gain		-			(104	)		(754	)
Defined benefit expense	$	3,355		$	4,528		$	3,701

Summary of Weighted Average Assumptions

Weighted average liability assumptions as of December 31:

	2016			2015
Discount rate		3.48	%		3.94	%
Expected return on plan assets		2.85	%		3.40	%
Rate of compensation increase		0.43	%		0.35	%

Weighted average cost assumptions for the year ended December 31:

	2016			2015
Discount rate		3.94	%		3.70	%
Expected return on plan assets		3.40	%		3.32	%
Rate of compensation increase		0.35	%		0.37	%

Amounts Recognized in Accumulated Other Comprehensive Income

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

(In thousands)			2016				2015
Unrecognized net actuarial loss		$	3,384			$	5,725

Pension Adjustments Recognized in Accumulated Other Comprehensive Income

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

(In thousands)	2016		2015			2014

Net actuarial gain (loss) arising during the period	$	1,312	$	(140	)	$	(387	)
Amortization of actuarial loss, included in defined benefit expense		544		917			1,252
Amortization of prior service cost, included in defined benefit expense		-		-			733
Pension adjustment, net of tax	$	1,856	$	777		$	1,598

Pension Plan Assets by Asset Category

The following table presents the Company’s pension plan assets by asset category as of December 31, 2016 and 2015:

	Fair Value as of December 31,		Fair Value Measurements at December 31, 2016 Using Fair Value Hierarchy						Fair Value as of December 31,		Fair Value Measurements at December 31, 2015 Using Fair Value Hierarchy
(in thousands)	2016		Level 1			Level 2	Level 3		2015		Level 1		Level 2		Level 3
Equity Funds
Domestic	$	5,830	$	5,830	$	—	$	—	$	6,064	$	6,064	$	—	$	—
International		254		106		148		—		179		3		176		—
International Fixed Income Funds		23,156		851		22,305		—		22,374		711		21,663		—
Other investments		6,901		45		6,856		—		7,619		40		7,579		—
Total assets at fair value	$	36,141	$	6,832	$	29,309	$	—	$	36,236	$	6,818	$	29,418	$	—