($ in thousands)

2015

2014

2013

Change in benefit obligation:

Benefit obligation at beginning of year

$

3,488

$

2,821

$

2,031

Service cost

—

2

Interest cost

70

106

94

Actuarial (gain) loss

(123

)

1,003

577

Effect of exchange rate changes

(356

)

(442

)

117

Effect of curtailment

—

Benefits paid

(11

)

—

Benefit obligation at end of year

3,068

3,488

2,821

Change in plan assets:

Fair value of plan assets at beginning of year

1,654

1,790

1,630

Actual return of plan assets

40

47

41

Company contributions

34

43

Benefits paid

—

Effect of exchange rate changes

(171

)

(226

)

76

Fair value of plan assets at end of year

1,557

)

1,654

1,790

Funded status

(1,557

)

(1,834

)

(1,031

)

Unrecognized actuarial loss (gain)

1,413

1,911

922

Unrecognized prior service (benefit) cost

—

Additional minimum liability

(1,413

)

(1,911

)

(922

)

Unrecognized transition (asset) liability

—

Net amount recognized

$

(1,511

)

$

(1,834

)

$

(1,031

)

Plan Assets

Pension plan assets were comprised of the following asset categories at December 31,

Equity securities

5.0

%

6.4

%

10.4

%

Debt securities

89.3

%

87.4

%

83.1

%

Other

5.7

%

6.2

%

6.5

%

Total

100

%

100

%

100

%

Components of net periodic benefit cost are as follows:

Service cost

$

—

$

—

$

2

Interest cost on projected benefit obligations

70

106

94

Expected return on plan assets

—

Amortization of prior service costs

—

Amortization of actuarial loss

—

Net periodic benefit costs

$

70

$

106

$

96

The weighted average assumptions used to determine net periodic benefit cost for the years ended December 31, were

Discount rate

2.4

%

2.2

%

3.9

%

Expected return on plan assets

4.0

%

4.0

%

4.0

%

Rate of pension increases

2.0

%

2.0

%

2.0

%

Rate of compensation increase

N/A

The following discloses information about the Company’s defined benefit pension plan that had an accumulated benefit obligation in excess of plan assets as of December 31,

Projected benefit obligation

$

3,068

$

3,488

$

2,821

Accumulated benefit obligation

$

3,068

$

3,488

$

2,821

Fair value of plan assets

$

1,557

$

1,654

$

1,790