Pension and Other Postretirement Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Compensation and Retirement 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 December 31, 2015 and 2014 (in thousands):

	Pension Benefits
	Years ended December 31,
	2015			2014
Change in benefit obligation:
Benefit obligation at beginning of year	$	33,006		$	32,577
Service cost	958			846
Interest cost	332			697
Plan participant contributions	523			593
Benefits paid	(3,064		)	(3,018		)
Actuarial loss	1,262			4,974
Plan change	83			—
Effect of foreign currency translation	53			(3,663		)
Projected benefit obligation at end of year	33,153			33,006
Changes in plan assets:
Fair value of plan assets at beginning of year	40,368			43,145
Actual return on plan assets	419			3,478
Company contributions	640			720
Plan participant contributions	523			593
Benefits paid	(3,064		)	(3,018		)
Effect of foreign currency translation	116			(4,550		)
Fair value of plan assets at end of year	39,002			40,368
Funded status at end of year	$	5,849		$	7,362

Amounts recognized in balance sheet

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

	As of December 31,
	2015		2014
Net long-term pension asset	$	5,849	$	7,362
Accumulated other comprehensive loss consists of the following:
Net prior service cost	837		853
Net loss	5,668		3,897
Accumulated other comprehensive loss before taxes	$	6,505	$	4,750

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

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

	Years ended December 31,
	2015			2014			2013
Components of net periodic pension cost:
Service cost	$	958		$	846		$	831
Interest cost	332			697			504
Expected return on plan assets	(1,551		)	(1,784		)	(1,539		)
Prior service cost amortization	136			140			44
Deferred loss amortization	45			—			180
Settlement cost	492			420			—
Net periodic pension cost	$	412		$	319		$	20
Other amounts recognized in other comprehensive income (loss) before income taxes are as follows:
Prior service cost amortization	$	(136	)	$	(140	)	$	(44	)
Loss (gain) on value of plan assets	1,131			(1,695		)	(2,977		)
Actuarial (gain) loss on benefit obligation	1,262			4,975			(405		)
Plan change	83			—			978
Settlement	(492		)	(420		)	—
Deferred loss amortization	(45		)	—			(180		)
Total recognized in other comprehensive income (loss), before taxes	$	1,803		$	2,720		$	(2,628	)
Total recognized in net periodic pension cost and other comprehensive income (loss), before taxes	$	2,215		$	3,039		$	(2,608	)

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

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

	Pension Benefits
	Years ended December 31,
	2015		2014
Weighted-average assumptions used to determine benefit obligation:
Discount rate	0.75	%	1.00	%
Rate of compensation increase	2.50	%	2.50	%
Measurement date	11/30/2015		12/31/2014
Weighted-average assumptions used to determine net periodic pension cost:
Discount rate	1.00	%	2.25	%
Expected long-term return on plan assets	3.75	%	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	29	%	33	%
Debt securities	23	%	22	%
Real estate investment funds	43	%	40	%
Other	5	%	5	%
Total	100	%	100	%

Net prior service costs amortization expense for next fiscal year

Expected amortization during the year ending December 31, 2016 is as follows (in thousands):
Amortization of net prior service costs	$	149

Expected benefit payments

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

2016	$	1,360
2017	1,372
2018	1,431
2019	1,411
2020	1,340
Years 2021 through 2025	7,392
Total	$	14,306

Fair values of the plans assets

The fair values of the plans assets at December 31, 2015 and 2014, by asset category, are as follows (in thousands):

			Fair Value Measurements at
			December 31, 2015
	Total		Active Market Prices (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash:
Held in Swiss Franc, Euro and USD	$	808	$	808	$	—	$	—
Equity securities:
Investment funds	12,292		11,303		989		—
Real estate investment funds	16,917		—		—		16,917
Fixed income / Bond Securities
Fixed income / Bond securities:	8,949		8,949		—		—
Other assets (accounts receivable, assets at real estate management company)	36		—		36		—
Net assets of pension plan	$	39,002	$	21,060	$	1,025	$	16,917

			Fair Value Measurements at
			December 31, 2014
	Total		Active Market Prices (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash:
Held in Swiss Franc, Euro and USD	$	973	$	973	$	—	$	—
Equity securities:
Investment funds	14,481		14,481		—		—
Real estate investment funds	16,049		—		—		16,049
Fixed income / Bond Securities
Fixed income / Bond securities:	8,839		8,839		—		—
Other assets (accounts receivable, assets at real estate management company)	26		—		26		—
Net assets of pension plan	$	40,368	$	24,293	$	26	$	16,049

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, 2014	$	16,049
Total unrealized gains included in net gain (1)	869
Foreign currency translation adjustments	(1		)
Ending balance, December 31, 2015	$	16,917

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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.