Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2014

Compensation and Retirement Disclosure [Abstract]

Changes in the pension benefit obligation and plan assets

The following table reflects changes in the pension benefit obligation and plan assets for the years ended December 31, 2014 and 2013 (in thousands):

	Pension Benefits
	Years ended December 31,
	2014			2013
Change in benefit obligation:
Benefit obligation at beginning of year	$	32,577		$	29,956
Service cost	846			831
Interest cost	697			504
Plan participant contributions	593			602
Benefits paid	(3,018		)	(717		)
Actuarial loss (gain)	4,974			(405		)
Administrative expenses paid	—			978
Effect of foreign currency translation	(3,663		)	828
Projected benefit obligation at end of year	33,006			32,577
Changes in plan assets:
Fair value of plan assets at beginning of year	43,145			36,895
Actual return on plan assets	3,478			4,532
Company contributions	720			722
Plan participant contributions	593			602
Benefits paid	(3,018		)	(717		)
Effect of foreign currency translation	(4,550		)	1,111
Fair value of plan assets at end of year	40,368			43,145
Funded status at end of year	$	7,362		$	10,568

Amounts recognized in balance sheet

Amounts recognized in the consolidated balance sheets consist of (in thousands):

	As of December 31,
	2014		2013
Net long-term pension asset	$	7,362	$	10,568
Accumulated other comprehensive loss consists of the following:
Net prior service cost	853		865
Net loss	3,897		1,430
Accumulated other comprehensive loss before taxes	$	4,750	$	2,295

Net benefit cost and amounts recognized in other comprehensive income (loss)

The components of net periodic pension cost (income) and other amounts recognized in other comprehensive income (loss) before taxes are as follows (in thousands):

	Years ended December 31,
	2014			2013			2012
Components of net periodic pension cost:
Service cost	$	846		$	831		$	671
Interest cost	697			504			651
Expected return on plan assets	(1,784		)	(1,539		)	(1,403		)
Prior service cost amortization	140			44			44
Deferred loss amortization	—			180			216
Settlement cost	420			—			258
Net periodic pension cost	$	319		$	20		$	437
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows:
Prior service cost amortization	$	(140	)	$	(44	)	$	(44	)
Gain on value of plan assets	(1,695		)	(2,977		)	(1,268		)
Actuarial (gain) loss on benefit obligation	4,975			(405		)	1,659
Plan change	—			978			—
Settlement	(420		)	—			(258		)
Deferred loss amortization	—			(180		)	(216		)
Total recognized in other comprehensive income (loss), before taxes	$	2,720		$	(2,628	)	$	(127	)
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes	$	3,039		$	(2,608	)	$	310

Assumptions used to determine the benefit obligation and net periodic benefit cost

Assumptions used to determine the benefit obligation and net periodic pension cost are as follows:

	Pension Benefits
	Years ended December 31,
	2014		2013
Weighted-average assumptions used to determine benefit obligation:
Discount rate	1.00	%	2.25	%
Rate of compensation increase	2.50	%	2.50	%
Measurement date	12/31/2014		12/31/2013
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate	2.25	%	1.75	%
Expected long-term return on plan assets	4.25	%	4.25	%
Rate of compensation increase	2.50	%	2.50	%
Percentage of the fair value of total plan assets held in each major category of plan assets:
Equity securities	33	%	36	%
Debt securities	22	%	21	%
Real estate	40	%	40	%
Other	5	%	3	%
Total	100	%	100	%

Net prior service costs amortization expense for next fiscal year

Expected amortization during the year ending December 31, 2015 is as follows (in thousands):
Amortization of net prior service costs	$	132

Expected benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

2015	$	1,823
2016	1,813
2017	1,437
2018	1,563
2019	1,342
Years 2020 through 2024	7,027
Total	$	15,005

Fair values of the plans assets

The fair values of the plans assets at December 31, 2014, by asset category, are as follows (in thousands):

			Fair Value Measurements at
			December 31, 2014
	Total		Active Market Prices (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category
Cash:
Held in Swiss Franc, Euro and USD	$	973	$	973	$	—	$	—
Equity securities:
Investment funds	23,320		23,320		—		—
Real estate investment fund	16,049		—		—		16,049
Fixed income / Bond Securities
Fixed income / Bond securities:	—		—		—		—
Real estate investments:
Real estate investment in specific properties 100% owned by the plan	—		—		—		—
Other assets (accounts receivable, assets at real estate management company)	26		—		26		—
Net assets of pension plan	$	40,368	$	24,293	$	26	$	16,049

Level three defined benefit plan assets

For those financial instruments with significant Level 3 inputs, the following table summarizes the activity for the year by investment type:

Description	Real estate investments
Beginning balance, December 31, 2013	$	16,405
Total unrealized gains included in net gain (1)	1,431
Foreign currency translation adjustments	(1,787		)
Beginning balance, December 31, 2014	$	16,049

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(1) Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity.