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Net Periodic Pension and Postretirement Benefit Costs
 3 Months Ended
Mar. 31, 2016
Net Periodic Pension and Postretirement Benefit Costs  
Net Periodic Pension and Postretirement Benefit Costs

8.Net Periodic Pension and Postretirement Benefit Costs

 

For detailed information about the Company’s pension and postretirement benefit plans, please refer to Note 10 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, 2015.

 

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

 

 

 

March 31,

 

 

 

US Plans

 

Non-US Plans

 

 (in millions)

    

2016

    

2015

    

2016

    

2015

 

Service cost

 

$
1.5

 

$
1.9

 

$
0.8

 

$
1.2

 

Interest cost

 

 
3.4

 

 
3.2

 

 
2.6

 

 
3.0

 

Expected return on plan assets

 

 
(5.0)

 

 
(5.5)

 

 
(2.7)

 

 
(3.4)

 

Amortization of initial net obligation

 

 

 —

 

 

 —

 

 
0.1

 

 

 —

 

Amortization of actuarial loss

 

 
0.2

 

 
0.2

 

 
0.4

 

 
0.6

 

Amortization of transition obligation

 

 

 —

 

 

 —

 

 

 —

 

 
0.1

 

Settlement loss

 

 

 —

 

 

 —

 

 
0.4

 

 

 —

 

Net periodic benefit cost

 

$
0.1

 

$
(0.2)

 

$
1.6

 

$
1.5

 

 

The Company currently anticipates that it will make approximately $5 million in cash contributions to its pension plans in 2016, consisting of $4 million to its non-US pension plans and $1 million to its US pension plans. For the three months ended March 31, 2016, cash contributions of approximately $1 million were made to the non-US plans and less than $1 million to the US plans.

 

During the first quarter of 2015, the Company amended one of its pension plans in Canada to eliminate future benefit accruals for the plan effective April 30, 2015.  This plan curtailment resulted in an improvement in the funded status of the plan by approximately $9 million in the first quarter.  The impact of this plan curtailment on net periodic benefit cost for the first quarter of 2015 was not significant.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months

 

 

 

Ended March 31,

 

(in millions)

    

2016

    

2015

 

Service cost

 

$
0.2

 

$
0.2

 

Interest cost

 

 
0.7

 

 
0.7

 

Amortization of actuarial loss

 

 

 —

 

 
0.1

 

Amortization of prior service credit

 

 
(0.8)

 

 
(0.5)

 

Net periodic benefit cost

 

$
0.1

 

$
0.5