Executive Nonqualified Defined Benefit Plan (Tables)

12 Months Ended

Dec. 31, 2013

Benefit Obligation, Amounts Recognized Company's Financial Statements and Principal Assumptions

The Company records a projected benefit obligation representing the present value of future plan benefits when earned by the participant. The following table sets forth the benefit obligation, amounts recognized in the Company’s financial statements and the principal assumptions used:

	2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	1,633		$	1,142
Service cost		355			317
Interest cost		53			45
Actuarial loss		(193	)		129
Net periodic benefit cost		215			491
Benefit obligation at end of year	$	1,848		$	1,633

Fair Value of Plan Assets

The following table sets forth the fair value of the plan assets for the periods ending December 31, 2013 and 2012:

	2013			2012
Change in plan assets:
Plan assets at beginning of year	$	1,548		$	1,098
Actual return on plan assets		59			41
Net contributions		664			386
Actuarial loss		(24	)		(11	)
Exchange rate impact		93			34
Plan assets at end of year	$	2,340		$	1,548

Actuarial Assumptions Used to Determine Benefit Obligation and Net Periodic Service Cost

The W.E.T. defined benefit plan is underfunded by $3,679 and $3,844 as of December 31, 2013 and 2012, respectively. The portion of the net benefit obligation payable within the next 12 months is included in the Company’s consolidated balance sheet within accrued liabilities. The long-term portion of the net benefit obligation is included in pension benefit obligation. The net periodic benefit cost is included in selling, general and administrative expenses in the Company’s consolidated statements of income. The following table describes the actuarial assumptions used to determine the benefit obligation and the net periodic service cost:

	2013
Discount rate		3.46	%
Expected long term rate of return on plan assets		3.80	%

Schedule of Expected Pension Payments

The schedule of expected pension payments made to W.E.T. defined benefit plan participants over the next 10 years is as follows:

Year
2014	$	302
2015		303
2016		302
2017		302
2018		300
2019 - 2023		1,473
Total	$	2,982

W.E.T

Benefit Obligation, Amounts Recognized Company's Financial Statements and Principal Assumptions

W.E.T. records a projected benefit obligation representing the present value of future plan benefits when earned by the participant. The following table sets forth the benefit obligation and amounts recognized in the Company’s financial statements:

	2013			2012
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	5,392		$	4,250
Service cost		—			199
Interest cost		180			195
Paid pension distributions		(291	)		(277	)
Actuarial (gains)/losses		43			912
Past service cost		445			—
Exchange rate impact		250			113
Benefit obligation at end of year	$	6,019		$	5,392