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Net Periodic Pension and Postretirement Benefit Costs
6 Months Ended
Jun. 30, 2014
Net Periodic Pension and Postretirement Benefit Costs  
Net Periodic Pension and Postretirement Benefit Costs

6.Net Periodic Pension and Postretirement Benefit Costs

 

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 8 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

 

The following table sets forth the components of net periodic benefit cost of the US and non-US defined benefit pension plans for the periods presented:

 

 

 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

 

 

US Plans

 

Non-US Plans

 

US Plans

 

Non-US Plans

 

(in millions)

 

2014

 

2013

 

2014

 

2013

 

2014

 

2013

 

2014

 

2013

 

Service cost

 

$

1.7

 

$

2.0

 

$

1.4

 

$

2.3

 

$

3.5

 

$

3.9

 

$

2.9

 

$

4.7

 

Interest cost

 

3.2

 

2.8

 

3.8

 

3.1

 

6.5

 

5.6

 

7.4

 

6.2

 

Expected return on plan assets

 

(5.3

)

(4.6

)

(3.6

)

(3.0

)

(10.5

)

(9.1

)

(7.1

)

(6.0

)

Amortization of net actuarial loss

 

0.1

 

0.5

 

0.8

 

1.2

 

0.2

 

1.0

 

1.6

 

2.5

 

Amortization of prior service credit

 

 

 

(0.1

)

 

 

 

(0.1

)

(0.1

)

Amortization of transition obligation

 

 

 

 

0.1

 

 

 

0.1

 

0.2

 

Net pension cost

 

$

(0.3

)

$

0.7

 

$

2.3

 

$

3.7

 

$

(0.3

)

$

1.4

 

$

4.8

 

$

7.5

 

 

The Company currently anticipates that it will make approximately $16 million in cash contributions to its pension plans in 2014, consisting of $3 million to its US pension plans and $13 million to its non-US pension plans.  For the six months ended June 30, 2014, cash contributions of approximately $6 million were made to the non-US plans.  No cash contributions were made to the US plans during the first half of 2014.

 

The following table sets forth the components of net postretirement benefit cost for the periods presented:

 

 

 

Three Months
Ended June 30,

 

Six Months
Ended June 30,

 

(in millions)

 

2014

 

2013

 

2014

 

2013

 

Service cost

 

$

0.7 

 

$

0.8 

 

$

1.4 

 

$

1.6 

 

Interest cost

 

0.9 

 

1.0 

 

1.8 

 

2.0 

 

Amortization of net actuarial loss

 

0.1 

 

0.3 

 

0.2 

 

0.6 

 

Net postretirement benefit cost

 

$

1.7 

 

$

2.1 

 

$

3.4 

 

$

4.2