RETIREMENT PLANS (Tables)

12 Months Ended

Dec. 31, 2015

RETIREMENT PLANS

Schedule of weighted-average rates assumed in the actuarial calculations for the pension plan

	2013		2014		2015
Discount rate	5.75	%	5.75	%	5.75	%
Annual salary increase	7.50	%	6.50	%	6.50	%
Expected long-term return on plan assets	7.00	%	7.00	%	6.50	%

Schedule of changes during the year in the projected benefit obligations and in the fair value of plan assets

Changes during the year in the projected benefit obligations and in the fair value of plan assets are as follows for 2014 and 2015 (in thousands):

	2014		2015
Projected benefit obligations:
Balance at beginning of year:	$	12,237	$	14,093
Service cost		612		652
Interest cost		720		766
Benefits and settlements paid		(623)		(1,329)
Actuarial gain		1,129		218
Exchange rate adjustment		18		-
Balance at end of year	$	14,093	$	14,400
Plan net assets:
Balance at beginning of year:	$	12,673	$	13,165
Actual return on plan assets		267		110
Company contributions		832		-
Benefits and settlements paid		(623)		(1,329)
Exchange rate adjustment		16		-
Balance at end of year	$	13,165	$	11,946
Under funded status of plan	$	(928)	$	(2,454)

Schedule of fair values for the pension plan's net assets, by asset category

The fair values for the pension plan’s net assets, by asset category, at December 31, 2015 are as follows (in thousands):

Asset Category	Total		Level 1		Level 2		Level 3
Cash, cash equivalents, money markets and other	$	9,730	$	7,950	$	1,780	$	—
Equity securities		1,760		1,760		—		—
Fixed income securities		456		456		—		—
Total	$	11,946	$	10,166	$	1,780	$	—

Schedule of weighted-average asset allocations, by asset category

	2014		2015
Cash, cash equivalents, money markets and other	80.0	%	81.5	%
Equity securities	13.0		14.7
Fixed income securities	7.0		3.8
Total	100	%	100	%

Schedule of amounts recognized on the Company's consolidated balance sheets

Amounts recognized on the Company’s consolidated balance sheets consist of (in thousands):

	As of December 31,
	2014		2015
Other Liabilities	$	928	$	2,454
Accumulated other comprehensive loss, net of tax		(2,672)		(3,481)

Schedule of amounts recognized in accumulated other comprehensive loss

Amounts recognized in accumulated other comprehensive loss consist of (in thousands):

	2014		2015
Net actuarial loss	$	(3,148)	$	(5,836)
Accumulated other comprehensive loss, pre-tax	$	(3,148)	$	(5,836)
Accumulated other comprehensive loss, net of tax	$	(2,672)	$	(3,481)

Schedule of components of the plan's net periodic pension cost

Components of the plan’s net periodic pension cost are as follows for the years ended December 31, 2013, 2014 and 2015 (in thousands):

	2013		2014		2015
Service cost	$	543	$	612	$	652
Interest cost		665		720		766
Expected return on plan assets		(949)		(848)		(813)
Amortization of unrecognized net actuarial loss		150		218		245
Net periodic pension cost	$	409	$	702	$	850

Schedule of estimated pension benefits

The following estimated pension benefits, which reflect expected future service, as appropriate, are expected to be paid over the next ten years as indicated below (in thousands):

	Pension
Fiscal Year	Benefits
2016	$	643
2017		667
2018		757
2019		614
2020		800
2021 - 2025		5,286
	$	8,767