XML 23 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
PENSION AND OTHER POST-EMPLOYMENT BENEFITS
 9 Months Ended
Sep. 30, 2018
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract]  
PENSION AND OTHER POST-EMPLOYMENT BENEFITS
PENSION AND OTHER POST-EMPLOYMENT BENEFITS
The following tables set forth the components of the net periodic benefit cost (income) for the Company’s pension and other post-employment benefit plans (in thousands):
 
Pension Benefits
 
Other Benefits
 
Three Months Ended September 30,
 
Three Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Interest cost
$
2,612

 
$
2,390

 
$
30

 
$
43

Expected return on plan assets
(3,997
)
 
(4,615
)
 
—

 
—

Amortization of prior service credit
—

 
—

 
(182
)
 
(371
)
Recognized actuarial loss (gain)
73

 
154

 
(18
)
 
1

Pension settlement charge(1)
628

 
—

 
—

 
—

Net periodic benefit income
$
(684
)
 
$
(2,071
)
 
$
(170
)
 
$
(327
)

(1) The pension settlement charge was related to cash payments from lump sum elections.
 
Pension Benefits
 
Other Benefits
 
Nine Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Interest cost
$
7,620

 
$
7,170

 
$
90

 
$
129

Expected return on plan assets
(13,209
)
 
(13,845
)
 
—

 
—

Amortization of prior service credit
—

 
—

 
(546
)
 
(1,113
)
Recognized actuarial loss (gain)
805

 
462

 
(54
)
 
3

Pension settlement charge(2)
5,236

 
—

 
—

 
—

Net periodic benefit cost (income)
$
452

 
$
(6,213
)
 
$
(510
)
 
$
(981
)
(2) The pension settlement charge was related to the purchase of annuities for certain pension plan retirees as well as cash payments from lump sum elections.
As of September 30, 2018, in connection with the pension settlements, the Company remeasured its pension plans and recorded a $6.4 million reduction to the pension liability. This reduction was primarily driven by a change in the weighted average discount rates used to measure the liabilities. There was no change to the weighted average expected long-term rate of return on plan assets.
During the three and nine months ended September 30, 2018, the Company made a voluntary contribution to the tax-qualified U.S. pension plan for Union Employees of $7.9 million. The Company does not expect to make any additional contributions in 2018.