BENEFIT PLANS

The Company has qualified pension plans covering certain U.S. employees that have been closed to new participants since 2003. Plans that cover salaried employees provide pension benefits based on the employee’s compensation during the ten years before retirement. The Company’s funding policy for salaried plans is to contribute annually based on actuarial projections and applicable regulations. Plans covering hourly employees and union members generally provide benefits of stated amounts for each year of service. The Company’s funding policy for hourly plans is to make at least the minimum annual contributions required by applicable regulations. Employees of the Company’s operations in countries outside of the United States participate to varying degrees in local pension plans, which in the aggregate are not significant.

The Company has non-qualified pension plans to provide supplemental retirement benefits to certain officers. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. During the first quarter of 2013, the Company recognized a curtailment loss of $1,159 within selling and administrative expense as a result of the departure of certain executive officers.

In July 2013, the Company's board of directors approved the freezing of certain pension and supplemental executive retirement plan benefits effective as of December 31, 2013 for U.S.-based salaried employees.

In addition to providing pension benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Eligible employees may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. Currently, the Company has made no commitments to increase these benefits for existing retirees or for employees who may become eligible for these benefits in the future. Currently there are no plan assets and the Company funds the benefits as the claims are paid.

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the three months ended June 30:



	Pension Benefits						Other Benefits
	2014			2013			2014			2013
Components of net periodic benefit cost
Service cost	$	732		$	3,330		$	—		$	—
Interest cost	5,750			6,956			157			157
Expected return on plan assets	(6,449		)	(8,802		)	—			—
Amortization of prior service (benefit) cost	(39		)	19			(56		)	(122		)
Recognized net actuarial loss	756			5,435			50			105
Net periodic pension benefit cost	$	750		$	6,938		$	151		$	140

The following table sets forth the net periodic benefit cost for the Company’s defined benefit pension plans and other benefits for the six months ended June 30:



	Pension Benefits						Other Benefits
	2014			2013			2014			2013
Components of net periodic benefit cost
Service cost	$	1,464		$	6,661		$	—		$	—
Interest cost	11,500			13,913			314			314
Expected return on plan assets	(12,898		)	(17,605		)	—			—
Amortization of prior service (benefit) cost	(78		)	37			(113		)	(244		)
Recognized net actuarial loss	1,512			10,856			101			211
Curtailment loss (1)	—			1,159			—			—
Net periodic pension benefit cost	$	1,500		$	15,021		$	302		$	281

(1) Curtailment loss during the six months ended June 30, 2013 resulted from the departure of certain executive officers and was recorded within selling and administrative expense in the condensed consolidated statement of operations.

Contributions

The Company is considering making voluntary contributions to its qualified pension plans of approximately $5,000 to $7,500 by the end of 2015. For the six months ended June 30, 2014 and 2013, contributions of $2,813 and $1,597, respectively, were made to the qualified and non-qualified pension plans.