XML 28 R17.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Periodic Benefit Cost
 6 Months Ended
Jun. 30, 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 June 30:
 
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
$
145

 
$
208

 
$
4,153

 
$
4,711

 
$
—

 
$
—

 
$
4,298

 
$
4,919

Interest cost on projected benefit obligations
1,072

 
1,608

 
2,673

 
3,515

 
19

 
35

 
3,764

 
5,158

Expected return on plan assets
(1,945
)
 
(2,394
)
 
(8,341
)
 
(9,340
)
 
—

 
—

 
(10,286
)
 
(11,734
)
Recognition of prior service cost
—

 
—

 
(1,278
)
 
(984
)
 
(469
)
 
(469
)
 
(1,747
)
 
(1,453
)
Recognition of actuarial losses/(gains)
1,902

 
1,907

 
4,563

 
3,817

 
(673
)
 
(843
)
 
5,792

 
4,881

Settlement charge
7,963

 
—

 
—

 
—

 
—

 
—

 
7,963

 
—

Net periodic pension cost/(credit)
$
9,137

 
$
1,329

 
$
1,770

 
$
1,719

 
$
(1,123
)
 
$
(1,277
)
 
$
9,784

 
$
1,771



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 six months ended June 30:

 
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
$
262

 
$
417

 
$
8,383

 
$
9,456

 
$
—

 
$
—

 
$
8,645

 
$
9,873

Interest cost on projected benefit obligations
2,364

 
3,216

 
5,345

 
7,069

 
38

 
69

 
7,747

 
10,354

Expected return on plan assets
(4,044
)
 
(4,788
)
 
(16,681
)
 
(18,639
)
 
—

 
—

 
(20,725
)
 
(23,427
)
Recognition of prior service cost
—

 
—

 
(2,556
)
 
(1,957
)
 
(938
)
 
(938
)
 
(3,494
)
 
(2,895
)
Recognition of actuarial losses/(gains)
3,792

 
3,814

 
9,053

 
7,635

 
(1,346
)
 
(1,685
)
 
11,499

 
9,764

Settlement charge
7,963

 
—

 
—

 
—

 
—

 
—

 
7,963

 
—

Net periodic pension cost/(credit)
$
10,337

 
$
2,659

 
$
3,544

 
$
3,564

 
$
(2,246
)
 
$
(2,554
)
 
$
11,635

 
$
3,669



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 plans 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.