RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

Future 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,
2016	$	144
2017		294
2018		396
2019		386
2020		375
2021 through 2024		2,003

Changes in Projected Benefit Obligation

The following table summarizes the changes in the projected benefit obligations and plan assets for the years ended December 31, 2015 and 2014:

	Year Ended December 31,
	2015			2014
	(in thousands)
Change in projected benefit obligations
Projected benefit obligations, beginning of year/ acquisition	$	13,796		$	11,678
Interest cost		—			364
Actuarial (gain) loss		(2,492	)		2,887
Benefits paid		(58	)		(216	)
Annuity purchase		(11,008	)		—
Currency adjustment		(238	)		(917	)
Projected benefit obligations, end of year	$	—		$	13,796
Change in plan assets
Fair value of plan assets, beginning of year/ acquisition	$	15,533		$	11,678
Actual return on plan assets		(1,903	)		2,618
Employer (refund) contributions		(2,295	)		2,471
Benefits paid		(58	)		(216	)
Annuity purchase		(11,008	)		—
Currency adjustment		(269	)		(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,
	2015		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	)