Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Changes in the pension benefit obligation and plan assets

The following table reflects changes in the pension benefit obligation and plan assets for the years ended and as of December 31, 2013 and 2012 (in thousands):

	Pension Benefits
	Years ended December 31,
	2013			2012
Change in benefit obligation:
Benefit obligation at beginning of year	$	29,956		$	26,723
Service cost	831			671
Interest cost	504			651
Plan participant contributions	602			1,602
Benefits paid	(717		)	(668		)
Actuarial loss	(405		)	1,659
Administrative expenses paid	978			—
Settlements	—			(1,417		)
Effect of foreign currency translation	828			735
Projected benefit obligation at end of year	32,577			29,956
Changes in plan assets:
Fair value of plan assets at beginning of year	36,895			33,082
Actual return on plan assets	4,532			2,670
Company contributions	722			732
Plan participant contributions	602			1,602
Benefits paid	(717		)	(668		)
Settlements	—			(1,417		)
Effect of foreign currency translation	1,111			894
Fair value of plan assets at end of year	43,145			36,895
Funded status at end of year	$	10,568		$	6,939

Amounts recognized in balance sheet

Amounts recognized in the consolidated balance sheets consist of (in thousands):

	As of December 31,
	2013		2012
Net long-term pension asset	$	10,568	$	6,939
Accumulated other comprehensive loss consists of the following:
Net prior service cost	865		216
Net loss	1,430		4,770
Accumulated other comprehensive loss before taxes	$	2,295	$	4,986

Net benefit cost and amounts recognized in other comprehensive income (loss)

The components of net periodic pension cost (income) and other amounts recognized in other comprehensive income (loss) before taxes are as follows (in thousands):

	Years ended December 31,
	2013			2012			2011
Components of net periodic pension cost (income):
Service cost	$	831		$	671		$	793
Interest cost	504			651			717
Expected return on plan assets	(1,539		)	(1,403		)	(1,616		)
Prior service cost amortization	44			44			46
Deferred loss amortization	180			216			309
Settlement cost	—			258			—
Net periodic pension cost (income)	$	20		$	437		$	249
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows:
Prior service cost amortization	$	(44	)	$	(44	)	$	(46	)
Gain on value of plan assets	(2,977		)	(1,268		)	(965		)
Actuarial (gain) loss on benefit obligation	(405		)	1,659			735
Plan change	978			—			—
Settlement	—			(258		)	—
Deferred loss amortization	(180		)	(216		)	(309		)
Total recognized in other comprehensive income (loss), before taxes	$	(2,628	)	$	(127	)	$	(585	)
Total recognized in net periodic pension cost (income) and other comprehensive income (loss), before taxes	$	(2,608	)	$	310		$	(336	)

Assumptions used to determine the benefit obligation and net periodic benefit cost

	Years ended December 31,
	2013			2012			2011
Components of net periodic pension cost (income):
Service cost	$	831		$	671		$	793
Interest cost	504			651			717
Expected return on plan assets	(1,539		)	(1,403		)	(1,616		)
Prior service cost amortization	44			44			46
Deferred loss amortization	180			216			309
Settlement cost	—			258			—
Net periodic pension cost (income)	$	20		$	437		$	249
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows:
Prior service cost amortization	$	(44	)	$	(44	)	$	(46	)
Gain on value of plan assets	(2,977		)	(1,268		)	(965		)
Actuarial (gain) loss on benefit obligation	(405		)	1,659			735
Plan change	978			—			—
Settlement	—			(258		)	—
Deferred loss amortization	(180		)	(216		)	(309		)
Total recognized in other comprehensive income (loss), before taxes	$	(2,628	)	$	(127	)	$	(585	)
Total recognized in net periodic pension cost (income) and other comprehensive income (loss), before taxes	$	(2,608	)	$	310		$	(336	)

Assumptions used to determine the benefit obligation and net periodic pension cost (income) are as follows:

	Pension Benefits
	Years ended December 31,
	2013		2012
Weighted-average assumptions used to determine benefit obligation:
Discount rate	2.25	%	1.75	%
Rate of compensation increase	2.50	%	2.50	%
Measurement date	12/31/2013		12/31/2012
Weighted-average assumptions used to determine net periodic pension cost (income):
Discount rate	1.75	%	2.50	%
Expected long-term return on plan assets	4.25	%	4.25	%
Rate of compensation increase	2.50	%	2.50	%
Percentage of the fair value of total plan assets held in each major category of plan assets:
Equity securities	36	%	35	%
Debt securities	21	%	21	%
Real estate	40	%	39	%
Other	3	%	5	%
Total	100	%	100	%

Net prior service costs amortization expense for next fiscal year

Expected amortization during the year ending December 31, 2014 is as follows (in thousands):
Amortization of net prior service costs	$	143

Expected benefit payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (in thousands):

2014	$	1,608
2015	1,921
2016	1,927
2017	1,647
2018	1,815
Years 2019 through 2023	8,631
Total	$	17,549

Fair values of the plans assets

The fair values of the plans assets at December 31, 2013, by asset category, are as follows (in thousands):

			Fair Value Measurements at
			December 31, 2013
	Total		Active Market Prices (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Asset category
Cash:
Held in Swiss Franc, Euro and USD	$	2,650	$	2,650	$	—	$	—
Equity securities:
Investment funds	23,450		23,450		—		—
Real estate investment fund	15,756		—		—		15,756
Fixed income / Bond Securities
Fixed income / Bond securities:	632		632		—		—
Real estate investments:
Real estate investment in specific properties 100% owned by the plan	649		—		—		649
Other assets (accounts receivable, assets at real estate management company)	8		—		8		—
Net assets of pension plan	$	43,145	$	26,732	$	8	$	16,405

Level three defined benefit plan assets

For those financial instruments with significant Level 3 inputs, the following table summarizes the activity for the year by investment type:

Description	Real estate investments
Beginning balance, December 31, 2012	$	14,831
Total unrealized gains included in net gain(1)	1,162
Foreign currency translation adjustments	412
Beginning balance, December 31, 2013	$	16,405

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(1) Total unrealized gains are reported as a component of the pension adjustment in accumulated other comprehensive income in the consolidated statement of stockholders’ equity.