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Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2014

The funded status by geographical region of all the Company’s retirement plans at December 31, 2014 and 2013 is as follows:



Funded Status (U.S. dollars in thousands)	2014			2013
U.S.	$	(13,124	)	$	(6,181	)
U.K.	(7,742		)	(7,654		)
Other European	(22,977		)	(20,983		)
Funded status – end of year	$	(43,843	)	$	(34,818	)



Change in projected benefit obligation (U.S. dollars in thousands)	2014			2013
Projected benefit obligation – beginning of year	$	81,976		$	83,083
Service cost (1)	1,279			1,491
Interest cost	3,747			3,599
Actuarial (gain) / loss	13,402			(5,091		)
Benefits and expenses paid	(2,761		)	(2,307		)
Foreign currency (gains) / losses	(3,817		)	1,201
Settlements	(702		)	—
Projected benefit obligation – end of year	$	93,124		$	81,976

(1) Service costs include cost of living adjustments on curtailed plans.



Change in plan assets (U.S. dollars in thousands)	2014			2013
Fair value of plan assets – beginning of year	$	47,158		$	39,313
Actual return on plan assets	3,543			6,113
Employer contributions	1,187			2,919
Benefits and expenses paid	(1,932		)	(1,462		)
Foreign currency gains / (losses)	(675		)	275
Fair value of plan assets – end of year	$	49,281		$	47,158
Funded status – end of year	$	(43,843	)	$	(34,818	)
Accrued pension liability	$	43,843		$	34,818

The components of the net benefit cost for the years ended December 31, 2014, 2013 and 2012 are as follows:



Components of net benefit cost (U.S. dollars in thousands)	2014			2013			2012
Service cost	$	1,279		$	1,491		$	1,291
Interest cost	3,747			3,589			3,557
Expected return on plan assets	(2,859		)	(3,096		)	(3,028		)
Amortization of net actuarial loss	812			1,440			915
Transfer from AOCI	—			—			3,363
Net benefit cost	$	2,979		$	3,424		$	6,098

The table below includes disclosure of these rates on a weighted-average basis, for the years ended December 31 as indicated:



	2014						2013
	U.S. Plans		U.K. Plans		Other European Plans		U.S. Plans		U.K. Plans		Other European Plans
Net Benefit Cost – Weighted-average assumptions
Discount rate	4.95	%	4.60	%	3.50	%	4.00	%	4.50	%	4.20	%
Expected long-term rate of return on plan assets	6.50	%	4.60	%	N/A		8.00	%	5.70	%	N/A
Rate of compensation increase	N/A		5.50	%	2.50	%	N/A		4.90	%	2.50	%
Benefit Obligation – Weighted-average assumptions
Discount rate	3.91	%	4.60	%	2.40	%	4.95	%	4.50	%	3.50	%
Rate of compensation increase	N/A		5.50	%	2.50	%	N/A		4.90	%	2.50	%

The assets in the scheme and the expected rates of return were as follows:



(U.S. dollars in thousands, except percentages)	Expected Return on Assets for 2014		Weighted Value at December 31, 2014		Expected Return on Assets for 2013		Weighted Value at December 31, 2013
Equities	7.4	%	$	7,787	6.8	%	$	7,048
Gilts	3.6	%	1,579		3.0	%	1,775
Corporate Bonds	4.6	%	1,594		4.5	%	1,758
Other (cash)	4.0	%	224		3.4	%	133
Total market fair value of assets			$	11,184			$	10,714

The estimated future benefit payments with respect to the U.S. defined benefit pension plans are as follows: