Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

Retirement Plans [Abstract]

Benefit obligations

The benefit obligations as of December 31, 2014 and 2013 are as follows:

	Pension Plans
	Domestic						SERP						International
	2014			2013			2014			2013			2014			2013
Change in benefit obligation
Benefit obligation, beginning of year	$	70,709		$	79,958		$	3,086		$	3,690		$	25,627		$	27,033
Service cost		-			-			-			-			674			743
Interest cost		3,310			3,057			33			41			884			658
Actuarial loss/(gain)		11,813			(8,269	)		2			(9	)		5,319			(2,314	)
Benefits paid		(3,160	)		(4,037	)		(732	)		(636	)		(763	)		(808	)
Currency translation affect		-			-			-			-			(5,041	)		315
Settlements		(17,847	)		-			-			-			-			-
Benefit obligation, end of year	$	64,825		$	70,709		$	2,389		$	3,086		$	26,700		$	25,627

Plan assets and funded status of the Domestic Pension Plan

The plan assets and funded status of the Domestic Pension Plan as of December 31, 2014 and 2013 are as follows:

	2014			2013
Change in plan assets
Fair value of plan assets, beginning of period	$	57,743		$	53,900
Actual return on plan assets		2,605			6,894
Contributions		2,324			986
Benefits paid		(3,160	)		(4,037	)
Settlements		(17,847	)		-
Fair value of plan assets, end of period	$	41,665		$	57,743
Unfunded status		(23,160	)		(12,966	)
Accrued benefit cost, end of period	$	(23,160	)	$	(12,966	)

Amounts recognized in AOCI

The amounts recognized in AOCI as of December 31, 2014 and 2013 consist of the following:

	Pension Plans
	Domestic				SERP				International
	2014		2013		2014		2013		2014			2013
Actuarial loss	$	26,042	$	20,373	$	702	$	830	$	9,597		$	4,765
Prior service cost/(benefit)		-		-		172		230		(17	)		(24	)
Total	$	26,042	$	20,373	$	874	$	1,060	$	9,580		$	4,741

Components of net periodic benefit cost

The components of net periodic benefit cost are as follows:

	Pension Plans
	Domestic									SERP						International
	2014			2013			2012			2014		2013		2012		2014			2013			2012
Components of net periodic benefit cost
Service cost	$	-		$	-		$	-		$	-	$	-	$	-	$	674		$	743		$	660
Interest cost		3,310			3,057			3,284			33		41		85		884			658			795
Expected return on plan assets		(4,153	)		(3,826	)		(3,674	)		-		-		-		-			-			-
Amortization of prior service cost/(benefit)		-			-			60			57		57		57		(7	)		(7	)		(7	)
Recognized actuarial loss		522			937			864			131		118		76		149			284			200
Settlement loss		7,170			-			-			-		-		-		-			-			-
Net periodic benefit cost	$	6,849		$	168		$	534		$	221	$	216	$	218	$	1,700		$	1,678		$	1,648

Estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2014

The estimated amounts that will be amortized from AOCI into net periodic benefit cost in 2015 are as follows:

	Pension Plans
	Domestic		SERP		International
Actuarial loss	$	811	$	154	$	359
Prior service cost/(benefit)		-		57		(6	)
Total	$	811	$	211	$	353

Major assumptions used in determining the benefit obligations and net benefit cost

Major assumptions used in determining the benefit obligations are presented in the following table:

	2014	2013
Discount rate:
Domestic Pension Plan	3.85%	4.80%
SERP	1.35%	1.40%
International Pension Plan	2.40%	3.70%
Rate of compensation increase:
International Pension Plan	2.20%	2.50%

Major assumptions used in determining the net benefit cost are presented in the following table:

	2014	2013	2012
Discount rate:
Domestic Pension Plan	4.80%	3.90%	4.45%
SERP	1.40%	1.35%	2.40%
International Pension Plan	3.70%	3.40%	3.40%
Expected return on plan assets:
Domestic Pension Plan	7.25%	7.25%	7.50%
Rate of compensation increase:
International Pension Plan	2.20%	2.50%	2.40%

Expected benefit payments

The following benefit payments are expected to be paid out of the plans:

	Pension Plans
	Domestic		SERP		International
2015	$	3,429	$	609	$	689
2016	$	3,401	$	609	$	699
2017	$	3,470	$	609	$	709
2018	$	3,400	$	609	$	767
2019	$	3,482	$	-	$	824
2020-2024	$	18,054	$	-	$	4,865

Fair values of the Company's pension plan assets by asset category

The fair values of the Company’s pension plan assets by asset category are as follows:

			Fair Value Measurements at December 31, 2014 using:
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Equity securities:
U.S. companies	$	14,513	$	-	$	14,513	$	-
International companies		7,900		-		7,900		-
U.S. fixed income		14,093		-		11,964		2,129
Commodities		3,161		-		3,161		-
TIPS		1,998		-		1,998		-
	$	41,665	$	-	$	39,536	$	2,129
			Fair Value Measurements at December 31, 2013 using:
Asset Category	Total		(Level 1)		(Level 2)		(Level 3)
Equity securities:
U.S. companies	$	20,633	$	-	$	20,633	$	-
International companies		11,157		-		11,157		-
U.S. fixed income		18,736		-		16,660		2,076
Commodities		4,436		-		4,436		-
TIPS		2,781		-		2,781		-
	$	57,743	$	-	$	55,667	$	2,076

Changes in the fair value of the Domestic Plan's Level 3 assets

The following table sets forth a summary of the changes in the fair value of the Domestic Plan’s Level 3 assets, which are annuity contracts with an insurance company, for the year ended December 31, 2014:

	Group Annuity Contract
Balance at December 31, 2013	$	2,076
Net investment gain		53
Balance at December 31, 2014	$	2,129