The following table sets forth a reconciliation of the benefit obligation, plan assets, plan’s funded status and amounts recognized in the accompanying consolidated balance sheets for both of our defined benefit pension plans (dollars in thousands):
| Year Ended December 31, | ||||||||
| 2013 | 2012 | |||||||
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Change in benefit obligation |
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Benefit obligation at beginning of period |
$ | 352,242 | $ | 316,165 | ||||
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Interest cost |
15,414 | 15,513 | ||||||
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Actuarial loss |
31,420 | 14,447 | ||||||
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Benefits paid |
(8,374 | ) | (8,768 | ) | ||||
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Foreign currency translation |
9,513 | 14,885 | ||||||
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Benefit obligation at end of period |
$ | 400,215 | $ | 352,242 | ||||
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Change in plan assets |
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Fair value of plan asset at beginning of period |
$ | 288,714 | $ | 255,305 | ||||
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Actuarial return on plan assets |
38,328 | 24,175 | ||||||
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Company contributions |
5,508 | 5,886 | ||||||
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Benefits paid |
(8,374 | ) | (8,768 | ) | ||||
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Foreign currency translation |
8,027 | 12,116 | ||||||
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Fair value of plan assets at end of period |
$ | 332,203 | $ | 288,714 | ||||
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Funded status |
$ | (68,012 | ) | $ | (63,528 | ) | ||
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Amounts recognized in the statement of financial position consist of: |
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Non-current liabilities |
$ | (68,012 | ) | $ | (63,528 | ) | ||
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