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Benefit Plans
3 Months Ended
Mar. 31, 2015
Compensation And Retirement Disclosure [Abstract]  
Benefit Plans

15.

Benefit Plans

The following tables provide information regarding the net periodic benefit costs for the Company’s international pension plans and domestic and international nonpension postretirement plans:

 

 

Pension Costs

 

 

Postretirement Costs

 

 

Three Months Ended

 

 

Three Months Ended

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

March 31,

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Components of Net Periodic Benefit Cost:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

$

0.1

 

 

$

0.2

 

 

$

0.0

 

 

$

0.1

 

Interest cost

 

0.8

 

 

 

1.1

 

 

 

(1.0

)

 

 

0.2

 

Expected return on plan assets

 

(1.4

)

 

 

(1.5

)

 

 

0.0

 

 

 

0.0

 

Amortization of prior service cost

 

0.1

 

 

 

0.1

 

 

 

0.9

 

 

 

(0.4

)

Net periodic benefit cost (income)

$

(0.4

)

 

$

(0.1

)

 

$

(0.1

)

 

$

(0.1

)

 

The Company made cash contributions of approximately $0.6 to its pension plans during the first three months of 2015.  The Company estimates it will be required to make additional cash contributions to its pension plans of approximately $1.8 in the remainder of 2015 to offset 2015 benefit payments and administrative costs in excess of investment returns.

On December 31, 2014, the Company terminated an international defined benefit pension plan under which approximately 270 participants, including approximately 90 active employees have accrued benefits.  The Company anticipates completing the termination of this plan in the second quarter of 2015, once regulatory approvals are obtained.  The Company anticipates a cash requirement of $1.0 to $3.0 to provide for final accrued benefits and estimates a one-time expense of approximately $8.0 to $11.0 ($6.0 to $8.0 after tax) in 2015 when the plan settlement is completed.  This expense is primarily attributable to pension settlement accounting rules which require accelerated recognition of actuarial losses that were to be amortized over the expected benefit lives of participants.  The final cash requirement and estimated expense is subject to change based on valuations at the actual date of settlement.