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Net Periodic Benefit Cost
 3 Months Ended
Mar. 31, 2016
Compensation and Retirement Disclosure [Abstract]  
NET PERIODIC BENEFIT COST
NET PERIODIC BENEFIT COST
Net periodic pension cost for the Company’s defined benefit pension plans and U.S. post-retirement medical plan includes the following components for the three months ended March 31:
 
U.S. Pension Benefits
 
Non-U.S. Pension Benefits
 
Other U.S. Post-retirement Benefits
 
Total
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
 
2016
 
2015
Service cost, net
$
117

 
$
209

 
$
4,145

 
$
4,745

 
$
—

 
$
—

 
$
4,262

 
$
4,954

Interest cost on projected benefit obligations
1,292

 
1,608

 
2,647

 
3,554

 
19

 
35

 
3,958

 
5,197

Expected return on plan assets
(2,099
)
 
(2,394
)
 
(8,247
)
 
(9,299
)
 
—

 
—

 
(10,346
)
 
(11,693
)
Recognition of prior service cost
—

 
—

 
(1,261
)
 
(973
)
 
(469
)
 
(469
)
 
(1,730
)
 
(1,442
)
Recognition of actuarial losses/(gains)
1,890

 
1,907

 
4,473

 
3,819

 
(673
)
 
(843
)
 
5,690

 
4,883

Net periodic pension cost/(credit)
$
1,200

 
$
1,330

 
$
1,757

 
$
1,846

 
$
(1,123
)
 
$
(1,277
)
 
$
1,834

 
$
1,899



As previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company expects to make employer contributions of approximately $19.4 million to its non-U.S. pension plan and employer contributions of approximately $0.5 million to its U.S. post-retirement medical plan during the year ended December 31, 2016. These estimates may change based upon several factors, including fluctuations in currency exchange rates, actual returns on plan assets and changes in legal requirements.

In February 2016 the Company offered approximately 700 former employees, who have deferred vested pension plan benefits, a one-time option to receive a lump sum distribution of their benefits. Eligible participants had 45 days to make their election. Based upon the eligible participant acceptance, $14.6 million will be paid from plan assets to these former employees in the second quarter of 2016 with a corresponding decrease in the benefit obligation to these former employees. The Company will also incur a one-time non-cash settlement charge of approximately $8.3 million during the second quarter of 2016, which will be recorded in other charges (income), net.