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RETIREMENT PLANS
12 Months Ended
Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]  
Retirement Plans
RETIREMENT PLANS:

In connection with the Company's acquisition of Concept in May 2012, the Company sponsors a defined benefit pension plan ("Pension Plan") in accordance with the legal requirements of Switzerland (refer to Note 11, Acquisition, for details on the Concept acquisition). The plan assets, which provide benefits in the event of an employee's retirement, death or disability, are held in legally autonomous trustee-administered funds that are subject to Swiss law. Benefits are based on the employee's age, years of service and salary, and the plan is financed by contributions by both the employee and the Company.

The net periodic benefit cost of the Pension Plan was not material to the Company's financial statements during the years ended December 31, 2013 and 2012. At December 31, 2013, the projected benefit obligation was $7.0 million, the plan assets were $5.1 million and the net pension liability was $1.9 million, and as of December 31, 2012, the projected benefit obligation was $6.0 million, the plan assets were $4.6 million, and the net pension liability was $1.4 million. The Company has recorded the unfunded amount as a liability in its Consolidated Balance Sheet at December 31, 2013 and 2012, under the other liabilities caption. The Company expects to make contributions to the Pension Plan of approximately $0.3 million during 2014. The unrealized actuarial loss on pension benefits, net of tax at December 31, 2013 and 2012 was $0.8 million and $0.6 million, respectively. This amount was reflected in the Consolidated Balance Sheet caption accumulated other comprehensive income (loss) as of December 31, 2013 and 2012.

In accordance with the Compensation-Retirement Benefits Topic of ASC 715-20, the Company recognizes the over-funded or under-funded status of its defined postretirement plan as an asset or liability in its statement of financial position. The company measured the plan assets and benefit obligations as of the date of the fiscal year-end.