PENSIONS AND OTHER POST-RETIREMENT BENEFITS

9 Months Ended

Sep. 30, 2015

Compensation and Retirement Disclosure [Abstract]

PENSIONS AND OTHER POST-RETIREMENT BENEFITS

During the nine months ended September 30, 2015, the Company approved amendments to both of the U.S. defined benefit pension plans. These amendments will be effective December 31, 2015. The Company also amended its remaining postretirement medical plan that was effective May 1, 2015. The amendments eliminated the accrual of future benefits for all participants in the defined benefit pension plans and the postretirement medical plan. These amendments resulted in a curtailment gain of approximately $7.1 million. As the plans had unrealized losses in excess of the reduction of the projected benefit obligation at the date of amendment, the gain was recorded as a reduction of the projected benefit obligation and a corresponding reduction of unrealized losses within accumulated other comprehensive loss.

The following tables summarize the costs of the Company’s employee pension and other post-retirement benefit plans for the periods indicated (in thousands):



	Pension Benefits						Other Benefits
	Three Months Ended						Three Months Ended
	September 30,			September 30,			September 30,			September 30,
	2015			2014			2015			2014
Service cost	$	1,851		$	1,734		$	(2	)	$	6
Interest cost	3,055			3,335			60			91
Expected return on plan assets	(3,564		)	(3,936		)	—			—
Amortization of prior service cost	—			3			(420		)	(561		)
Recognized actuarial loss	1,158			502			(209		)	154
Net periodic benefit cost	$	2,500		$	1,638		$	(571	)	$	(310	)

For the three months ended September 30, 2015, $1.5 million of pension expense was incurred in cost of sales and $1.0 million was incurred in selling, general, and administrative expenses. For the three months ended September 30, 2014, $0.9 million of pension expense was incurred in cost of sales and $0.7 million was incurred in selling, general, and administrative expenses.



	Pension Benefits						Other Benefits
	Nine months ended						Nine months ended
	September 30,			September 30,			September 30,			September 30,
	2015			2014			2015			2014
Service cost	$	5,626		$	5,202		$	5		$	18
Interest cost	9,283			10,005			221			273
Expected return on plan assets	(10,874		)	(11,808		)	—			—
Amortization of prior service cost	—			9			(564		)	(1,683		)
Recognized actuarial loss	5,490			1,506			(25		)	462
Net periodic benefit cost	$	9,525		$	4,914		$	(363	)	$	(930	)

For the nine months ended September 30, 2015, $5.2 million of pension expense was incurred in cost of sales and $4.3 million was incurred in selling, general, and administrative expenses. For the nine months ended September 30, 2014, $2.8 million of pension expense was incurred in cost of sales and $2.1 million was incurred in selling, general, and administrative expenses.